Full House Resorts, Inc. Q1 FY2026 earnings call

• Revenues had slight decline but apples-to-apples growth. Adjusted EBITDA increased. Most properties had EBITDA growth. Grand Lodge impacted by refurbishment. American Place temporary casino growing. April gaming revenues good. Chamonix and Bronco Billy's affected by factors like weather, renovations, but new management working on marketing. Focus on improving win per day, hotel occupancy. Working on permanent American Place Casino financing, expect to start construction soon. Have good construction team. Bill to extend temporary casino operation date introduced.

Revenues in first quarter of 2026 were $74.4 million, down from $75.1 million in last year's first quarter. On an apples-to-apples basis, revenues grew by 0.9%. Adjusted EBITDA in first quarter of 2026 was $13.2 million, up from $11.5 million in last year's first quarter. American Place revenues were $31.8 million, up 7%, adjusted property EBITDA rose 8% to $8.3 million. Chamonix and Bronco Billy's revenues were $11.3 million, down from $11.6 million. Adjusted property EBITDA improved from minus $2.3 million in last year's first quarter to minus $1.3 million in this year's first quarter, a 42% improvement.

• Expect to commence construction of permanent American Place Casino within next few weeks. Anticipate opening permanent American place about two years from now. April numbers encouraging, May off to good start. Permanent American Place Casino expected to have much more business than temporary, expect significant revenue and profitability increase.

• Warm weather affected Cripple Creek events and city visitation. Unprofitable promotional activity in prior year. Legal hurdles for Ho-Chunks' casino proposal in Kenosha. Sports betting market dominated by DraftKings and FanDuel, potential new entrants and market turmoil.

Q: On expense, how much more cost cutting left if no revenue uplift?

A: Controlling costs, looking to bring housekeeping in-house, improve laundry service, hired new staff, marketing spend more efficient.

Q: View on Kenosha casino proposal?

A: Ho-Chunks' proposal not likely to impact Full House, legal hurdles long.

Q: Update on American Place financing?

A: Working on it, behind the scenes work extensive, high-yield market stable.

Q: Thoughts on driving new customers to Chamonix?

A: Four-person sales force, new advertising agency, chief marketing officer, new director of marketing, third-party research, April showing good signs.

Q: Database trends and growth at Silver Slipper?

A: Database trends good, Silver Slipper growth from OpEx management and marketing.

Q: Earnings power of permanent American Place Casino?

A: Expected to be much more than temporary, could reach 100 million EBITDA, takes time.

Q: Outlook for sports skins?

A: Sports betting market dominated, some new entrants, potential for more upside if online casinos monetized.