Q1 2024 Full House Resorts Inc Earnings Call Transcript
Key Points
- Full House Resorts Inc (FLL) reported a significant increase in gaming revenues at American Place, with a 39% rise compared to April 2023.
- The company's EBITDA performance has improved, with American Place generating approximately $3 million per month, doubling the EBITDA from the previous year.
- Full House Resorts Inc (FLL) successfully reduced property insurance costs at Silver Slipper by 19%, saving about $900,000 over the next 12 months.
- The opening of new amenities such as the 980 Prime steakhouse and the upcoming pool and spa are expected to draw more visitors and enhance guest experience.
- The company has a strategic plan in place for the construction and financing of the permanent facility at American Place, ensuring continued operation and growth.
- Full House Resorts Inc (FLL) faced challenges due to severe winter weather, which impacted key weekend revenues and caused power outages affecting operations.
- The company reported an adjusted property EBITDA loss of $400,000 in the first quarter due to excess costs in the early stages of new openings.
- There were operational challenges in staffing, particularly in Waukegan, where licensing requirements and language barriers complicated the hiring process.
- The company's properties in Northern Nevada and other locations experienced a downturn due to weather impacts and competitive pressures.
- Full House Resorts Inc (FLL) is still in the early stages of raising funds for the construction of the permanent facility at American Place, with significant financial planning and execution pending.
Greetings and welcome to the Full House Resorts First Quarter Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Lewis Banga, CFO of Full House Resorts. Thank you, please.
Thank you, and good afternoon, everyone. Welcome to our first quarter earnings call. As always, before we begin, we remind you that today's conference call may contain forward-looking statements that we're making under the safe harbor provision of federal security laws.
I would also like to remind you that the Company's actual results could differ materially from these anticipated from the anticipated results and these forward-looking statements, please see today's press release under the caption Forward-Looking Statements for the discussion of risks that may affect our results. Also, we may make reference to non-GAAP measures such as adjusted EBITDA. For a reconciliation of those measures,
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