Full House Resorts, Inc. (NASDAQ:FLL) Q4 2022 Results Conference Call March 7, 2023 4:30 PM ET

Company Participants

Lewis Fanger - Chief Financial Officer

Daniel Lee - President and Chief Executive Officer

Conference Call Participants

David Bain - B. Riley Securities

Ryan Sigdahl - Capital Group

Chad Beynon - Macquarie

Edward Engel - ROTH MKM

Jordan Bender - JMP Securities

John DeCree - CBRE

Operator

Greetings, and welcome to the Full House Resorts Inc., Fourth 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, Chief Financial Officer. Thank you. You may begin.

Lewis Fanger

Thank you, and good afternoon, everyone. Welcome to our fourth 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 Web site, 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 with all that said, Dan, are you ready to begin?

Daniel Lee

Yes, that's great. And usually, Lewis and I are not in the same place today but we'll make it work. Obviously, the big news on this call will be about the temporary casino that we opened at American Place in Waukegan, Illinois. I'd opened at 8:00 PM on February 17th. It took us longer to get it open than we had hoped, but we did find the open at 8:00 PM. Now ignoring the partial day of that day, we had 15 days of operations through Saturday. So half a month. The Sunday numbers I should have shortly, but I didn't have one when I did this. So the win for that half month was $4.1 million, which is run rate of $8.2 million a month or about a $100 million a year. Just to put that in perspective, our whole company last year had $114 million of gaming revenue. So the Temporary’s run rate is about the same as the rest of the company combined. The trends also have been pretty positive. Now the first week when you get a lot of tourists coming in to see the place, we had 23,000 admissions and the second week we had 20,000 admissions. But the win per person in that first week was $80 and the win per person in the second week was $97, almost $98. And that's pretty typical of new places that the tourists all come in at first and then gradually build a base of people who are really there in place to play the slot machines. If you work those numbers out, you'll see it was $1.7 million of win in the first week of operation and that's just a slot one.