Full House Resorts, Inc. (NASDAQ:FLL) Q1 2023 Earnings Conference Call May 8, 2023 4:30 AM ET

Company Participants

Daniel Lee - Director, President & Chief Executive Officer

Lewis Fanger - Senior Vice President, Chief Financial Officer, Treasurer

Conference Call Participants

David Bain - B. Riley Securities

Edward Engel - ROTH MKM

Chad Beynon - Macquarie

Ryan Sigdahl - Craig Hallum Capital Group

Jordan Bender - JMP Securities

John DeCree - CBRE

Operator

Greetings, and welcome to the Full House Resorts Inc. First Quarter Earnings Call. At this time, all participants are in a listen only mode. A brief question-and-answer session will follow the formal presentation [Operator Instructions]. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host Lewis Fanger, CFO of Full House Resorts. Thank you, sir. You may begin.

Lewis Fanger

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 are making under the Safe Harbor provision of federal securities laws. I would also like to remind you that the company's actual results could differ materially from the anticipated results in 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, please see our website, as well as the various press releases that we issue. And lastly, we're broadcasting this conference call at fullhouseresorts.com, where you can find today's earnings release, as well as all of our SEC filings.

And so, with all that said, I'll kick it off here and then turn it over to Dan for some clean up. But the big change in the quarter you probably saw was we did change the segments. I think you guys are used to it by now. It's pretty consistent with what you see at a lot of other gaming companies. But we essentially have grouped, regrouped our segments by geography, really a function of our growing scale and expansion. And we think that's the appropriate way for you to look at it, because that's the way we look at it behind the scenes. The Temporary opened quite strong. We had $3.6 million of EBITDA in the quarter, 34% margins. That's in its first one and a half months of opening. So not a full quarter of results there. Results, we think will continue to improve as we continue to expand the amenities and offerings at the property. On April 3, we were permitted to start to open tables at 10:00 a.m. instead of 02:00 p.m. Previously on that date, we were also permitted to increase the max table bets from $1,000 per hand to $2,000.