FULL HOUSE RESORTS INC
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
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Notes to Consolidated Financial Statements:
- ORGANIZATION
Formed as a Delaware corporation in 1987, Full House Resorts, Inc. owns, leases, operates, develops, manages, and/or invests in casinos and related hospitality and entertainment facilities. References in this document to “Full House,” the ”Company,” “we,” “our,” or “us” refer to Full House Resorts, Inc. and its subsidiaries, except where stated or the context otherwise indicates.
The Company currently operates seven casinos: six on real estate that we own or lease andone located within a hotel owned by a third party. In December 2023, we began the phased opening of our newest property, Chamonix Casino Hotel (“Chamonix”), located adjacent to our existing Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado. We are currently designing our permanent American Place casino destination, which will be built adjacent to a temporary facility that we opened in February 2023. We are currently permitted to operate the temporary American Place facility until August 2027. Additionally, we benefit from seven permitted sports wagering “skins” –three in Colorado, three in Indiana, andone in Illinois. Other companies currently operate the active online sports wagering websites under their brands, paying us a percentage of revenues, as defined, subject to annual minimum amounts. Regarding our remaining idle skins, we continue to evaluate whether to operate our remaining idle skins ourselves or to have other third parties operate them. However, there is no certainty that we will be able to enter into agreements with replacement operators or successfully operate the skins ourselves.
Starting in the first quarter of 2023, the Company updated its reportable segments to Midwest & South, West, and Contracted Sports Wagering. This change reflects a realignment within the Company as a result of our continued growth. See Note 11 for additional information about the Company’s segments, which are based primarily on geographic regions within the United States and type of income.
The following table presents selected information concerning our casino resort properties as of December 31, 2023:
| | | |
|---|---|---|
| Segments and Properties | | Locations |
| Midwest & South | | |
| American Place* | | Waukegan, IL (northern suburb of Chicago) |
| Silver Slipper Casino and Hotel | Hancock County, MS (near New Orleans) | |
| Rising Star Casino Resort | Rising Sun, IN (near Cincinnati) | |
| West | | |
| Bronco Billy’s Casino and Chamonix Casino Hotel* | Cripple Creek, CO (near Colorado Springs) | |
| Grand Lodge Casino (leased and part of the Hyatt Regency Lake Tahoe Resort, Spa and Casino) | Incline Village, NV(North Shore of Lake Tahoe) | |
| Stockman’s Casino | Fallon, NV (one hour east of Reno) | |
| Contracted Sports Wagering | | |
| Three sports wagering websites (“skins”), one of which is currently idle | | Colorado |
| Three sports wagering websites (“skins”), two of which are currently idle | | Indiana |
| One sports wagering website (“skin”), commenced in August 2023 | | Illinois |
| * | The temporary American Place facility and Chamonix opened on February 17 and December 27, 2023, respectively. |
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