LAS VEGAS, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced preliminary results for the fourth quarter ended December 31, 2020. The preliminary results are subject to the completion of the final financial statements, including the completion of the annual audit by the Company's independent registered public accounting firm, Deloitte & Touche LLP. The Company's actual results may differ as a result of the Company's financial closing procedures, final adjustments and other developments that may arise between now and the time that the Company's results for the fourth quarter and annual period are finalized.
For the fourth quarter of 2020, consolidated net revenues are expected to be in the range of $37.8 million to $38.5 million, compared to $39.0 million for the fourth quarter of 2019. Consolidated operating income for the fourth quarter of 2020 is expected to be in the range of $7.1 million to $8.0 million, compared to an operating loss of $0.4 million for the fourth quarter of 2019. Net income is expected to be in the range of $1.2 million to $4.0 million for the fourth quarter of 2020, an improvement from a net loss of $4.1 million in the fourth quarter of 2019. Adjusted EBITDA(a) is expected to be in the range of $9.3 million to $10.0 million for the fourth quarter of 2020, versus $2.3 million for the fourth quarter of 2019. As of December 31, 2020, the Company had approximately $38 million of cash and equivalents.
- WinnaVegas Casino today announced a $30 million expansion of its casino near Sloan, Iowa. Plans call for construction of a 100-room hotel and convention facility and the addition of more than 300.
- Sep 23, 2020 The hotel is regularly sold out. HARRIS, MI – An Upper Peninsula casino and resort is stepping up its game with a $33 million expansion aimed at meeting customer demands.
HOTEL EXPANSION PROJECT The Graton Resort & Casino (Resort), owned by the Federated Indians of Graton Rancheria (Tribe), is operated pursuant to federal law and the Tribal-State Compact between the Tribe and the State of California (Compact). The Compact sets.
Additionally, the Company announced today that its board of directors has approved an increase to the size of its planned expansion of Bronco Billy's Casino and Hotel in Cripple Creek, Colorado. As previously noted, in November 2020, Colorado voters approved favorable changes to the state's gaming laws, including the elimination of betting limits and allowing Colorado casinos to offer new table games, such as baccarat and pai gow poker. To reflect the new opportunity created by those changes, the Company has increased the size of its planned Cripple Creek expansion by 67% to approximately 300 luxury guest rooms and suites, from its previously planned 180 guest rooms. Such plans were approved by the Cripple Creek Historic Preservation Commission and Cripple Creek City Council. Final approval requires a second reading by the Cripple Creek City Council, which is scheduled for consideration on February 3. Other planned amenities for the expansion – including a new parking garage, meeting and entertainment space, outdoor rooftop pool, spa, and fine-dining restaurant – remain largely unchanged. The expected investment to complete the Cripple Creek expansion is $180 million, which the Company believes can be financed with debt. Assuming timely completion of such fundraising, the Company intends to build the Cripple Creek expansion in one phase, with completion expected in the fourth quarter of 2022.
(a) Reconciliation of Non-GAAP Financial Measure
The Company utilizes Adjusted Property EBITDA, a financial measure in accordance with generally accepted accounting principles ('GAAP'), as the measure of segment profit in assessing performance and allocating resources at the reportable segment level. Adjusted Property EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each property. The Company also utilizes Adjusted EBITDA (a non-GAAP measure), which is defined as Adjusted Property EBITDA net of corporate-related costs and expenses.
Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, the Company believes this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity. The Company utilizes this measure internally to focus management on year-over-year changes in core operating performance, which it considers its ordinary, ongoing and customary operations and which it believes is useful information to investors. Accordingly, management excludes certain items when analyzing core operating performance, such as the items mentioned above, that management believes are not reflective of ordinary, ongoing and customary operations. A version of Adjusted EBITDA (known as Consolidated EBITDA, as defined in the indenture governing the Company's senior secured notes) is also used to determine compliance with certain covenants.
A reconciliation of Adjusted EBITDA is presented below. However, you should not consider this measure in isolation or as a substitute for net income, cash flows from operating activities, or any other measure for determining our operating performance or liquidity that is calculated in accordance with GAAP. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that, in the future, we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
Full House Resorts, Inc.
Non-GAAP Financial Information
Reconciliation of Net Income and Operating Income to Adjusted EBITDA
(In Millions, Unaudited)
| Preliminary | ||||
| Estimated Results Range(1) | ||||
| Fourth Quarter 2020 | ||||
| Low End | High End | |||
| Net income | $ | 1.2 | $ | 4.0 |
| Income tax benefit | (0.2 | ) | (0.1 | ) |
| Interest expense, net of amounts capitalized | 2.5 | 2.4 | ||
| Adjustment to fair value of warrants and other non-operating items | 3.6 | 1.7 | ||
| Operating income | 7.1 | 8.0 | ||
| Depreciation and amortization | 1.8 | 1.7 | ||
| Loss on disposal of assets and other, net | 0.3 | 0.2 | ||
| Stock-based compensation | 0.1 | 0.1 | ||
| Adjusted EBITDA | $ | 9.3 | $ | 10.0 |
(1) Figures presented are projected estimates for the fourth quarter of 2020.
This press release contains preliminary unaudited and estimated financial results which are subject to the completion of the final financial statements, including the review of those financial statements by the Company's internal accounting professionals and its audit committee, and the completion of the annual audit by the Company's independent registered public accounting firm. The preliminary financial results included in the press release have been prepared by, and are the responsibility of, the Company's management. The Company's actual financial results for the fourth quarter of 2020 have not yet been finalized by management. These results are not a comprehensive statement of all financial results for the fourth quarter of 2020. The Company is required to consider all available information through the finalization of its financial statements and their possible impact on its financial conditions and results of operations for the period. As a result, subsequent information or events may lead to material differences between the information about the preliminary results of operations described in this press release and the results of operations described in the Company's subsequent annual report. Accordingly, you should use caution and not place undue reliance on the preliminary financial results.
Forward-looking Statements
This press release contains statements by Full House and our officers that are 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Some forward-looking statements in this press release include those regarding our expected results of operations; our ability to finance the planned Cripple Creek expansion in the debt capital markets; our ability to obtain final city council approval for the planned Cripple Creek expansion; the expected amenities of the planned Cripple Creek expansion; and the expected construction budget and timeline for the planned Cripple Creek expansion. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of Full House. Such risks include, without limitation, our ability to repay our substantial indebtedness; the potential for additional adverse impacts from the COVID-19 pandemic on our business, constructions projects, indebtedness, financial condition and operating results; actions by government officials at the federal, state or local level with respect to steps to be taken, including, without limitation, additional shutdowns, travel restrictions, social distancing measures or shelter-in place orders, in connection with the COVID-19 pandemic; our ability to effectively manage and control expenses as a result of the pandemic; our ability to complete the planned Cripple Creek expansion project on-time and on-budget; changes in guest visitation or spending patterns due to COVID-19 or other health or other concerns; a decrease in overall demand as other competing entertainment venues re-open; the inability to obtain financing upon reasonable terms or at all, including for projects such as the planned Cripple Creek expansion project; the potential increase in our indebtedness due to the planned Cripple Creek expansion; construction risks and cost overruns; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; the financial performance of our finished projects and renovations; effectiveness of expense and operating efficiencies; general macroeconomic conditions; and regulatory and business conditions in the gaming industry (including the possible authorization or expansion of gaming in the states we operate or nearby states). Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports Full House files with the Securities and Exchange Commission, including, but not limited to, our Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaims any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements.
About Full House Resorts, Inc.
Full House Resorts owns, leases, develops and operates gaming facilities throughout the country. The Company's properties include Silver Slipper Casino and Hotel in Hancock County, Mississippi; Bronco Billy's Casino and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; and Stockman's Casino in Fallon, Nevada. The Company also operates the Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada under a lease agreement with the Hyatt organization. For further information, please visit www.fullhouseresorts.com.
Nation | Tribe: Yocha Dehe Wintun Nation
14455 CA-16
Brooks, California 95606-0065
(530) 796-3118 - General Information
(800) 992-8686 - Toll Free
(888) 77-CACHE - Hotel Reservations
(833) 287-8622 - Bus Service - Info
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Cache Creek Casino opened in 2004. It is located off Hwy 16 in Brooks, CA.
2019-2020 Expansion
After canceling previous plans for expanding its hotel, Cache Creek broke ground on a new hotel on June 1, 2017. The hotel will have 459 guest rooms, more meeting rooms, a ballroom and a new restaurant. A luxury spa reopened in January 2019. Final construction was scheduled for completion in March 2019, however, that date was not met.
In early January 2020 the Yocha Dehe Wintun Nation fired and replaced the general contractor of the expansion project for non-performance. A new completion date has not been announced. See Story
News Headlines
Cache Creek Casino Resort reopens June 8May 29, 2020 - Cache Creek Casino Resort will reopen June 8 at noon. All guests and workers will be required to wear masks and pass a temperature check when entering. Slots and table games will be limited for social... Read moreCache Creek Casino offers daily Bay Area bus serviceJanuary 30, 2020 - Cache Creek Casino now provides a new motorcoach service to and from 23 cities in the greater Bay Area. The new bus service named 'Cache Creek Casino Direct' began operating Jan.20.
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January 13,2018 - More details for the new expansion project were released today during the Woodland chamber of commerce luncheon. The presentation was for the Cache Creek Casino expansion. This will add... Read more Headlines continued...Click For Practice Play
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Open 24 hours daily74,720 square-foot casino
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January 13,2018 - More details for the new expansion project were released today during the Woodland chamber of commerce luncheon. The presentation was for the Cache Creek Casino expansion. This will add... Read more Headlines continued...Click For Practice Play
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Open 24 hours daily74,720 square-foot casino
2,400 slot machines - 200 in non-smoking area.
122 table games - Blackjack, Pai Gow poker, Mini-Baccarat, etc
High Stakes Table Area
- 2 Baccarat tables
- 12 Blackjack tables
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Restaurants
Chang Shou
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Harvest Buffet
Canyon Cafe
The Deli
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Sweets, Etc.
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Resort Hotel
200-room luxury hotel
Day Spa
Gym
Swimming pool
Golf course
Reservations: (888) 77-CACHE
On June 1, 2017 construction began on a new hotel tower that will add 459 rooms, a new restaurant, pool, ballroom and more meeting space.
Driving Directions
From the Bay Area: Take Interstate 80 East to Interstate 505 North. Go approximately 20 miles, exit on Highway 16/Esparto, turn left at the light. Follow Highway 16 through Esparto, Capay and on to Cache Creek Casino Resort.
From Sacramento: Take Interstate 5 North through Woodland to the Esparto/Highway 16 exit. Turn left, then travel three miles to first stoplight. Turn right onto Highway 16, follow through the towns of Esparto and Capay and on to Cache Creek Casino Resort.
News Articles
Cache Creek Casino Resort reopens June 8
May 29, 2020
Cache Creek Casino Resort will reopen June 8 at noon. All guests and workers will be required to wear masks and pass a temperature check when entering. Slots and table games will be limited for social distancing. Poker will be temporarily suspended. Harvest Buffet, buses and valet service are also suspended.
Video courtesy of Cache Creek Casino Resort.
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Cache Creek Casino offers daily Bay Area bus service
January 30, 2020
Cache Creek Casino Resort began a new motorcoach service Jan. 20 named 'Cache Creek Casino Direct' to provide daily rides to and from 23 cities in the greater Bay Area.
Interested riders can select a pick-up location and reserve a seat at cachecreekcasinodirect.com. All riders must be 21 or older and a Cache Club Member with valid photo ID. Non-members can join for free upon arrival at the casino.
The Bay Area cities served by Cache Creek Casino Direct are Alameda, Antioch, Concord, Daly City, Fairfield, Hayward, Hercules, Millbrae, Milpitas, Newark, Oakland Chinatown, Pittsburg, Redwood City, Richmond, San Bruno, San Francisco, San Jose, San Leandro, San Mateo, Santa Clara, Union City, Vacaville and Vallejo.
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Cache Creek Casino Resort fires hotel construction contractor
January 13, 2020
Cache Creek Casino Resort has terminated its contract with Swinerton, the general contractor building Cache Creek's $180 million hotel expansion. The construction project includes two new hotel towers with 459 more guest rooms and suites, a pool complex, additional restaurants, and an event/entertainment center.
Construction began in May 2017 and was scheduled for completion in March of last year, however, it has not been finished.
Kari Stout-Smith, the General Manager of Cache Creek, said the reasons for terminating Swinerton includes 'non-performance, poor quality control and multiple missed milestones'. He explained:
'Significant efforts were made, including hiring an independent scheduling expert to ensure the project was delivered on-time and in accordance with the parties' contract. Despite ongoing efforts, it was determined the agreed-upon standards of quality would not be met. Ultimately, and only after an unsuccessful attempt to develop a constructive path forward with the current general contractor and multiple missed deadlines, the decision to terminate was reached. We have assessed the current state of the project and hired the necessary resources to complete the expansion, with a focus on the high quality that we and our guests expect.'
Anthony Roberts, tribal chairman of the Yocha Dehe Wintun Nation, added:
'This decision was reached following considerable contemplation and more than one year of good-faith attempts to get the project completed. We are disappointed. This is not the outcome we expected, but we are fully committed to delivering a world-class product to guests of our casino resort.'
Hill International, Inc. will replace Swinerton and finish the project. Hill is a global company that has worked on other casino projects including Wynn Encore, The Cosmopolitan Resort & Casino, Tropicana Hotel & Casino and Northern Quest Resort.
A new opening date for the hotel expansion has not been determined. It is expected to be sometime in 2020.
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Cache Creek Casino partners with San Francisco 49ers
September 24, 2019
Cache Creek Casino Resort is now a promotional partner of the San Francisco 49ers. Cache Creek has similar partnerships with other professional sports teams - Golden State Warriors, Sacramento Kings, San Jose Sharks and the Oakland A's.
The multi-year agreement provides for co-branded TV/radio ads, digital media campaigns and in-stadium co-branded signage. In addition:
Cache Creek will offer special fan promotions at Levi's® Stadium and at the casino throughout the season.
Cache Creek will be the presenting sponsor of the 49ers pre-game and post-game radio shows.
Cache Creek Casino Resort will launch 49ers Faithful activations around Levi's® Stadium for the 2019 season.
Cache Creek will provide digital prize giveaways for fans at each game.
Creek Casino Resort signage will appear on the visiting players tunnel behind the northwest end zone.
Cache Creek will be the presenting sponsor of the Faithful Appreciation game in the December Rams-49ers game.
Cache Creek will host an onsite guest engagement location.
Cache Creek will sponsor special VIP guests experiences.
The multi-year partnership was announced Sep. 19 by the San Francisco 49ers. In a released statement, Brent Schoeb, Chief Revenue Officer of the team, said
'As premiere entertainment providers rooted in Northern California, the 49ers are excited to welcome Cache Creek Casino Resort as a corporate partner supporting our efforts to bring the game to 49ers fans everywhere. As Cache Creek continues to expand its entertainment destination, it will afford the 49ers Faithful new opportunities on game days and non-game days for many seasons to come.'
The 49er-Cache Creek partnership also includes the tribal owners of Cache Creek Casino, the Yocha Dehe Wintun Nation. The tribe will promote its Seka Hills brand of specialty foods including olive oils, wine, honey, nuts, beef jerky and beef sticks.
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Cache Creek Casino expansion opens later in 2018
January 13, 2018
More details for the new expansion project were released today during the Woodland chamber of commerce luncheon. The presentation was for the Cache Creek Casino expansion. This will add an event center, 459 hotel rooms, and a restaurant. The casino is owned by the Yocha Dehe Wintun Nation.
300 jobs will be created by the expansion project.
Club 88 can host 750 guests. The new event center will be able to double the number of guests. The casino is hopeful that the new center will attract more entertainment and larger acts.
Renovations will also be occurring at Chang Shou, Common Cafe, and C2 restaurants. Chang Shou will have 64 seats. Common Cafe will also increase seating for 40 to 50 guests. The new hotel tower will be the new location for C2.
Firekeepers Casino Hotel Expansion
A satellite office in Natomas will be the location for hiring and recruiting for the new jobs being added at Cache Creek. The office will open in March. Hiring will begin in June.
The casino employee base is made up of 40 percent Woodland residents. When the expansion is completed, it is expected that more Woodland residents will be working there.
Other plans for the expansion include an adult only pool, larger spa, conference and ballrooms, and a sushi restaurant.
2019 is the estimated construction completion date.
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News Headlines Continued
06.01.2017 Cache Creek begins hotel expansion construction04.05.2017 Cache Creek Casino plans $200 million hotel expansion
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