FULL HOUSE RESORTS INC

Previous wording

As of this report date, we currently operate six casinos: five on real estate that we own or lease and one located within a hotel owned by a third party. Additionally, we benefit from seven permitted sports wagering skins – three in Colorado, three in Indiana, and one in Illinois.

Current wording

We currently operate six casinos: five on real estate that we own or lease and one located within a hotel owned by a third party. Additionally, we benefit from seven permitted sports wagering skins – three in Colorado, three in Indiana, and one in Illinois.

Previous wording

Our financial results are dependent upon the number of patrons that we attract to our properties and the amounts those guests spend per visit. While we provide credit at some of our casinos where permitted by gaming regulations, most of our revenues are cash-based, through customers wagering with cash or paying for non-gaming services with cash or credit cards. Our revenues are primarily derived from slot machines, but also include other gaming activities, including table games, keno and sports betting. In addition, we derive a significant amount of revenue from our hotels and our food and beverage outlets. We also derive revenues from our golf course and ferry boat service at Rising Star, our RV parks owned at Rising Star and managed at Silver Slipper, and retail outlets and entertainment. We often provide hotel rooms, food and beverages, entertainment, ferry usage, and golf privileges to customers on a complimentary basis; the value of such services is included as revenue in those categories, offset by contra-revenue in the casino revenue category. As a result, the casino revenues in our financial statements reflect patron gaming wins and losses, reduced by the retail value of complimentary services, the value of free play provided to customers, the value of points earned by casino customers that can be redeemed for services or free play, and adjustments for certain progressive jackpots offered by the Company.

Current wording

Our financial results are dependent upon the number of patrons that we attract to our properties and the amounts those guests spend per visit. While we provide credit at some of our casinos where permitted by gaming regulations, most of our revenues are cash-based, through customers wagering with cash or paying for non-gaming services with cash or credit cards. Our revenues are primarily derived from slot machines, but also include other gaming activities, including table games, keno and sports betting. In addition, we derive a significant amount of revenue from our hotels and our food and beverage outlets. We also derive revenues from our golf course and ferry boat service at Rising Star, our RV parks owned at Rising Star and managed at Silver Slipper, and retail outlets and entertainment. We often provide hotel rooms, food and beverages, entertainment, ferry usage, and golf privileges to customers on a complimentary basis (“comps”); the value of such services is included as revenue in those categories, offset by contra-revenue in the casino revenue category. As a result, the casino revenues in our financial statements reflect patron gaming wins and losses, reduced by the retail value of complimentary services, the value of free play provided to customers, the value of points earned by casino customers that can be redeemed for services or free play, and adjustments for certain progressive jackpots offered by the Company.

Previous wording

We set minimum and maximum betting limits for our slot machines and table games based on market conditions, customer demand and other factors. Our gaming revenues are derived from a broad base of guests that includes both high- and low-stakes players. At Silver Slipper, our sports book operations are in partnership with a company specializing in race and sports betting. At Rising Star, Bronco Billy’s, and American Place, we have contracted with other companies to operate our online sports wagering skins under their own brands in exchange for a percentage of revenues, as defined, subject to annual minimum amounts; the same company that utilizes our online sports skin in Illinois also operates our on-site sports book at American Place. Our operating results may also be affected by, among other things, overall economic conditions affecting the disposable income of our guests, weather conditions affecting access to our properties, achieving and maintaining cost efficiencies, taxation and other regulatory changes, and competitive factors, including but not limited to, additions and improvements to the competitive supply of gaming facilities, as well as pandemics and similar widespread health emergencies.

Current wording

We set minimum and maximum betting limits for our slot machines and table games based on market conditions, customer demand and other factors. Our gaming revenues are derived from a broad base of guests that includes both high- and low-stakes players. At Silver Slipper, our sports book operations are in partnership with a company specializing in race and sports betting. At Rising Star, Chamonix/Bronco Billy’s (through June 2025), and American Place, we have contracted with other companies to operate our online sports wagering skins under their own brands in exchange for a percentage of revenues, as defined, subject to annual minimum amounts; the same company that utilizes our online sports skin in Illinois also operates our on-site sports book at American Place. Our operating results may also be affected by, among other things, overall economic conditions affecting the disposable income of our guests, weather conditions affecting access to our properties, achieving and maintaining cost efficiencies, taxation and other regulatory changes, and competitive factors, including but not limited to, additions and improvements to the competitive supply of gaming facilities, as well as pandemics and similar widespread health emergencies.

Previous wording

Stockman’s Sale. On August 28, 2024, we entered into an agreement to sell the operating assets of Stockman’s for aggregate cash consideration of $9.2 million, plus certain working capital adjustments at closing. The asset sale was designed to be completed in two phases: the sale of Stockman’s real property for $7.0 million, which closed in the second half of 2024 at a $1.9 million gain; and the sale of certain remaining operating assets for $2.2 million (excluding working capital adjustments), which closed on April 1, 2025 at a $0.2 million loss. Accordingly, as of April 1, 2025, we no longer own or operate Stockman’s Casino.

Current wording

Stockman’s Sale. On August 28, 2024, we entered into an agreement to sell the operating assets of Stockman’s for aggregate cash consideration of $9.2 million, plus certain working capital adjustments at closing. The asset sale was completed in two phases: the sale of Stockman’s real property for $7.0 million, which closed in the second half of 2024 at a $1.9 million gain; and the sale of certain remaining operating assets for $2.2 million (excluding working capital adjustments), which closed on April 1, 2025 at a $0.2 million loss for the six months ended June 30, 2025. Accordingly, as of April 1, 2025, we no longer own or operate Stockman’s Casino.

Previous wording

The following tables summarize our consolidated operating results for the three months ended March 31, 2025 and 2024:

Current wording

The following tables summarize our consolidated operating results for the three and six months ended June 30, 2025 and 2024:

Previous wording

The following discussion is based on our condensed consolidated financial statements for the three months ended March 31, 2025 and 2024.

Current wording

The following discussion is based on our condensed consolidated financial statements for the three and six months ended June 30, 2025 and 2024.

Previous wording

**Revenues.**Consolidated total revenues increased by 7.3% (or $5.1 million) for the three months ended March 31, 2025, compared to the prior-year period. This was primarily due to the continued ramp-up of operations at our two newest properties, American Place and Chamonix.

Current wording

**Revenues.**Consolidated total revenues improved by 0.6% (or $0.5 million) and 3.9% (or $5.6 million) for the three and six months ended June 30, 2025, compared to the prior-year periods, despite completion of the sale of Stockman’s Casino in April 2025. This was primarily due to the continued ramp-up of operations at our two newest properties, American Place and Chamonix.

Previous wording

**Operating Expenses.**Consolidated operating expenses increased by 5.4% (or $3.8 million) for the three months ended March 31, 2025, compared to the prior-year period. These increases were primarily due to the ramp-up of operations mentioned above at American Place and Chamonix, which resulted in increased casino, food and beverage, hotel, and selling, general and administrative expenses. For American Place, these expenses included a $1.6 million increase in casino costs and a $1.5 million increase in selling, general and administrative costs for the three months ended March 31, 2025, compared to the prior-year period. For Chamonix, these expenses included a $2.3 million increase in selling, general and administrative costs for the three months ended March 31, 2025, compared to the prior-year period.

Current wording

**Operating Expenses.**Consolidated operating expenses increased by 4.0% (or $2.8 million) and by 4.7% (or $6.6 million) for the three and six months ended June 30, 2025, compared to the prior-year periods. These increases were primarily due to the ramp-up of operations mentioned above at American Place and Chamonix, which resulted in increased casino and selling, general and administrative expenses.

Previous wording

Compared to the prior-year period, net interest expense for the three months ended March 31, 2025 was relatively flat, primarily due to a combination of reductions in interest rates applied to the revolving credit facility, less capitalized interest due to the completion of Chamonix’s phased opening in October 2024, and reductions in interest income. Our cash balances during the 2025 period were lower, compared to the prior-year period, as we invested cash to complete construction of Chamonix.

Current wording

The decreases in net interest expense for the three and six months ended June 30, 2025 were primarily due to reductions in interest rates applied to the revolving credit facility, as well as a lower outstanding balance on such credit facility, than in the prior-year periods. Interest income also declined compared to the prior-year periods, as we maintained higher cash balances throughout much of 2024 to complete the construction of Chamonix.

Previous wording

Income Tax Expense. We recognized an income tax provision of $0.2 million and $0.4 million for the respective three months ended March 31, 2025 and 2024, which resulted in effective income tax rates of (2.2%) and (3.8%), respectively. The change in the effective income tax rate was primarily due to the Company’s projections for pre-tax book income in 2025, as well as changes in valuation allowances.

Current wording

We recognized an income tax benefit of $95,000 and an income tax provision of $0.1 million for the respective three and six months ended June 30, 2025, which resulted in effective income tax rates of 0.9% and (0.6%), respectively. For the respective three and six months ended June 30, 2024, we recognized an income tax benefit of $79,000 and an income tax provision of $0.3 million, which resulted in effective income tax rates of 0.9% and (1.7%), respectively. The changes in the effective income tax rates were primarily due to the Company’s projections for pre-tax book income in 2025, changes in valuation allowances, and the release of deferred tax liabilities in connection with the sale of Stockman’s intangible assets.

Previous wording

We do not expect to pay any federal income taxes or receive any federal tax refunds related to our 2025 results. As we have incurred losses in prior periods, we anticipate any current-year taxable income will be offset by tax carryforwards from prior years. We continue to evaluate, on a quarterly basis, the ability to realize our deferred tax assets and the need for a valuation allowance. The valuation allowance, and the potential reversal of such allowance, have no bearing on the taxes actually paid by the Company.

Current wording

We do not expect to pay any federal income taxes or receive any federal tax refunds related to our 2025 results, as we anticipate an overall taxable loss for the period. We continue to evaluate, on a quarterly basis, the ability to realize our deferred tax assets and the need for a valuation allowance. The valuation allowance, and the potential reversal of such allowance, have no bearing on the taxes actually paid by the Company.

Previous wording

Our Midwest & South segment includes Silver Slipper, Rising Star and American Place. Total revenues for the three months ended March 31, 2025 increased by 4.6% (or $2.5 million). Continuing growth at American Place since its opening in February 2023 offset revenue declines at Silver Slipper and Rising Star.

Current wording

Our Midwest & South segment includes Silver Slipper, Rising Star and American Place. Total revenues for the three and six months ended June 30, 2025 increased by 4.2% (or $2.3 million) and 4.4% (or $4.9 million), respectively. Continued growth at American Place, which opened its temporary facility in February 2023, more than offset revenue declines at Silver Slipper and Rising Star.

Previous wording

Casino revenue increased by 7.7% (or $3.1 million) for the three months ended March 31, 2025. Slot revenue increased by 6.6% (or $2.2 million), while table games revenue increased by 12.6% (or $1.0 million).

Current wording

Casino revenue increased by 7.2% (or $3.1 million) and 7.4% (or $6.2 million) for the three and six months ended June 30, 2025. For the three months ended June 30, 2025, slot revenue increased by 9.6% (or $3.4 million), while table games revenue declined by 3.8% (or $0.3 million). For the six months ended June 30, 2025, slot revenue increased by 8.1% (or $5.6 million) and table games revenue rose by 4.5% (or $0.7 million).

Previous wording

Non-casino revenue declined by 4.3% (or $0.6 million) for the three months ended March 31, 2025, primarily due to decreases in revenues at Silver Slipper. Food and beverage revenue declined by 4.0% (or $0.3 million) for the current-year period, while hotel revenue declined by 15.3% (or $0.3 million).

Current wording

Non-casino revenue declined by 6.1% (or $0.8 million) and 5.2% (or $1.4 million) for the respective three and six months ended June 30, 2025, primarily due to decreases at Silver Slipper. Food and beverage revenue declined by 6.2% (or $0.5 million) and 5.1% (or $0.9 million) for the respective three and six months ended June 30, 2025, while hotel revenue declined by 13.1% (or $0.3 million) and 14.2% (or $0.6 million) for the corresponding periods during the year.

Previous wording

Adjusted Segment EBITDA rose by 3.4% (or $0.4 million) for the three months ended March 31, 2025, reflecting the benefit of the revenue increases mentioned above, as well as a new leadership team at Silver Slipper and its focus on reducing operational expenses. Partially offsetting these improvements were an increase in overall advertising activity, including production costs for new advertisements, additional labor costs related to expanded food options, and a higher gaming tax rate due to higher casino revenues, all at American Place.

Current wording

Adjusted Segment EBITDA rose by 3.9% (or $0.5 million) and 3.6% (or $0.9 million) for the respective three and six months ended June 30, 2025, benefiting from revenue growth at American Place as mentioned above, as well as a new leadership team at Silver Slipper and its focus on reducing operational expenses. Partially offsetting these improvements were an increase in overall advertising activity, additional labor costs related to expanded food options, and a higher average gaming tax rate due to higher casino revenues, all at American Place.

Previous wording

Our West segment includes Bronco Billy’s, Chamonix, Grand Lodge, and Stockman’s, the sale of which was completed on April 1, 2025 (see Note 3). The market in Cripple Creek, Colorado, is typically seasonal, favoring the summer months. Our Nevada operations have historically been seasonal, with the summer months accounting for a disproportionate share of annual revenues. Additionally, snowfall levels during the winter months can often affect operations, as Grand Lodge is located near several major ski resorts. While Grand Lodge typically benefits from a “good” snow year, resulting in extended periods of operation at the nearby ski areas, excessive snow levels can also result in challenging driving conditions or the closure of roads leading to the property.

Current wording

Our West segment includes Bronco Billy’s, Chamonix, Grand Lodge, and Stockman’s (until the completion of its sale in April 2025). The market in Cripple Creek, Colorado, is typically seasonal, favoring the summer months. Our Nevada operations have also historically been seasonal, with the summer months accounting for a disproportionate share of annual revenues. Additionally, snowfall levels during the winter months can often affect operations, as Grand Lodge is located near several major ski resorts. While Grand Lodge typically benefits from a “good” snow year, resulting in extended periods of operation at the nearby ski areas, excessive snow levels can also result in challenging driving conditions or the closure of roads leading to the property.

Previous wording

Non-casino revenue increased by 91.8% (or $2.1 million) for the three months ended March 31, 2025. Food and beverage revenue increased by $0.6 million and hotel revenue rose by $1.3 million for the 2025 period, largely due to Chamonix’s phased opening through October 2024 and its continuing ramp-up of operations. Guest volume increases from Chamonix’s new hotel also benefited food and beverage venues throughout Chamonix and Bronco Billy’s.

Current wording

Non-casino revenue rose by 3.9% (or $0.1 million) and 38.3% (or $2.2 million) for the respective three and six months ended June 30, 2025. Food and beverage revenue declined by 16.5% (or $0.3 million) during the second quarter due to the sale of Stockman’s, but rose 11.7% (or $0.3 million) for the six months ended June 30, 2025. Hotel revenue rose by 15.8% (or $0.3 million) and 63.1% (or $1.6 million) for the corresponding 2025 periods, largely due to the completion of Chamonix’s phased opening in October 2024 and its continuing ramp-up of operations. Guest volume increases from Chamonix’s new hotel also benefited food and beverage venues throughout Chamonix and Bronco Billy’s.

Previous wording

Corporate expenses for the respective three months ended March 31, 2025 declined by 35.8% (or $0.7 million), compared to the prior-year period, primarily due to decreases in accrued bonus compensation and certain third-party professional services fees. Corporate expenses were $1.3 million and $2.1 million for the three months ended March 31, 2025 and 2024, respectively.

Current wording

Corporate expenses for the three months ended June 30, 2025 rose by $0.5 million when compared to the prior-year period, primarily due to increases in third-party professional services fees. Corporate expenses for the six months ended June 30, 2025, decreased by $0.2 million when compared to the prior-year period, primarily due to decreases in accrued bonus compensation and certain third-party professional services fees. Corporate expenses were $2.1 million and $1.6 million for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, corporate expenses were $3.4 million and $3.7 million, respectively.

Previous wording

The following table presents a reconciliation of net loss and operating income (loss) to Adjusted EBITDA:

Current wording

The following table presents a reconciliation of net loss and operating (loss) income to Adjusted EBITDA:

Previous wording

At March 31, 2025, we had $30.7 million of cash and equivalents. Over the last several years, we invested in two large construction projects that are now open to the public: the temporary facility at American Place, which opened in February 2023, and Chamonix, which opened in phases between December 2023 and October 2024. Such construction activity is now complete and their operations are in their ramp-up periods. We estimate that between $10 million and $15 million of cash is used in our day-to-day operations, including on-site cash in our slot machines, change and redemption kiosks, and cages. We believe that current cash balances, together with the available borrowing capacity under our revolving credit facility and cash flows from operating activities, will be sufficient to meet our liquidity and capital resource needs for the next 12 months of operations.

Current wording

At June 30, 2025, we had $32.1 million of cash and equivalents. Over the past several years, we invested in two new casinos (one of which has a hotel) that are now open to the public: the temporary facility at American Place, which opened in February 2023, and Chamonix, which opened in phases between December 2023 and October 2024. Such construction activity is now complete and their operations are in their ramp-up periods. We estimate that between $10 million and $15 million of cash is used in our day-to-day operations, including on-site cash in our slot machines, change and redemption kiosks, and cages. We believe that current cash balances, together with the available borrowing capacity under our revolving credit facility and cash flows from operating activities, will be sufficient to meet our liquidity and capital resource needs for the next 12 months of operations.

Previous wording

**Cash flows – operating activities.**On a consolidated basis, cash used in operations during the three months ended March 31, 2025 was $9.5 million, compared to cash used in operations of $4.4 million in the prior-year period. Trends in our operating cash flows tend to follow trends in operating income, excluding non-cash charges, but are also affected by changes in working capital. During the current period, we benefited from strong performance at American Place, as well as operational improvements at Silver Slipper. Early inefficiencies related to Chamonix’s phased opening adversely affected cash flows from operating activities in both periods.

Current wording

**Cash flows – operating activities.**On a consolidated basis, cash used in operations during the six months ended June 30, 2025 was $1.6 million, compared to cash provided by operations of $5.7 million in the prior-year period. Trends in our operating cash flows tend to follow trends in operating income, excluding non-cash charges, but are also affected by changes in working capital. The change in operating cash flows for the six months ended June 30, 2025, as compared to the prior-year period, was primarily related to the timing of working capital spending, and to a lesser extent, decreased operating income.

Previous wording

**Cash flows – investing activities.**On a consolidated basis, cash used in investing activities during the respective three months ended March 31, 2025 and 2024 was $2.9 million and $22.6 million, both primarily related to the construction of Chamonix.

Current wording

**Cash flows – investing activities.**On a consolidated basis, cash used in investing activities during the respective six months ended June 30, 2025 and 2024 was $3.8 million and $33.9 million, both primarily related to the construction of Chamonix. During the recent period, we completed the surface parking lots at Chamonix, construction of which had been affected by a delay in receiving city approvals and the practical inability to pave during the winter months.

Previous wording

**Cash flows – financing activities.**On a consolidated basis, cash provided by financing activities during the three months ended March 31, 2025 was $2.8 million, compared to cash used in financing activities of $0.5 million in the prior-year period. During 2025, net borrowings from the Credit Facility increased by an additional $3.0 million.

Current wording

**Cash flows – financing activities.**On a consolidated basis, cash used in financing activities during the six months ended June 30, 2025 was $2.7 million, compared to cash used in financing activities of $0.9 million in the prior-year period. During 2025, we paid down net borrowings from the Credit Facility by $2.0 million.

Previous wording

**Long-term Debt.**At March 31, 2025, we had $450.0 million of principal indebtedness outstanding under the Notes and $30.0 million outstanding under the Credit Facility. We also owe $1.5 million related to our finance lease of a hotel at Rising Star. With the exception of the Credit Facility, all of our debt is at fixed interest rates. See Note 5 for details on our debt obligations.

Current wording

**Long-term Debt.**At June 30, 2025, we had $450.0 million of principal indebtedness outstanding under the Notes and $25.0 million outstanding under the Credit Facility. We also owe $1.4 million related to our finance lease of a hotel at Rising Star. With the exception of the Credit Facility, all of our debt is at fixed interest rates. See Note 6 for details on our debt obligations.

Previous wording

**Capital Investments.**In addition to normal maintenance capital expenditures, we expect to make significant capital investments once we commence construction of the permanent American Place facility, which could begin as early as the second half of 2025.

Current wording

**Capital Investments.**In addition to normal maintenance capital expenditures, we expect to make significant capital investments once we commence construction of the permanent American Place facility, which could begin in the second half of 2025.

Previous wording

American Place. We were selected by the IGB to develop and operate American Place in Waukegan, Illinois. While the larger permanent facility is under development, we are operating the temporary American Place facility, which opened in February 2023. We expect to internally generate a portion of the needed funds to complete American Place, but we will likely need additional financing. While there is no certainty that we will be able to do so, we intend to arrange such additional funding through the refinancing of our existing debt. Such debt is currently callable and otherwise scheduled to mature in February 2028.

Current wording

American Place. We were selected by the IGB to develop and operate American Place in Waukegan, Illinois. While the larger permanent facility is under development, we are operating the temporary American Place facility, which opened in February 2023. We expect to internally generate a portion of the needed funds to complete American Place, but we will likely need additional financing. While there is no certainty that we will be able to do so, we intend to arrange such additional funding concurrent with the refinancing of our existing debt. Our existing bonds are currently callable and otherwise scheduled to mature in February 2028.

Previous wording

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) for which the Private Securities Litigation Reform Act of 1995 provides a safe harbor. These forward-looking statements can be identified by use of terms such as “believes,” “expects,” “anticipates,” “estimates,” “plans,” “intends,” “objectives,” “goals,” “aims,” “projects,” “forecasts,” “future,” “possible,” “seeks,” “may,” “could,” “should,” “will,” “might,” “likely,” “enable,” or similar words or expressions, as well as statements containing phrases such as “in our view,” “we cannot assure you,” “although no assurance can be given,” or “there is no way to anticipate with certainty.” Examples of forward-looking statements include, among others, statements we make regarding our plans, beliefs or expectations regarding our growth strategies; our expected construction budgets, estimated commencement and completion dates, expected amenities, and our expected operational performance for the American Place permanent facility; our expectations regarding our ability to generate operating cash flow and to obtain debt financing on reasonable terms and conditions for the construction of the permanent American Place facility; our expectations regarding our ability to refinance our outstanding debt; our investments in capital improvements and other projects, including the amounts of such investments, the timing of commencement or completion of such capital improvements and projects, and the resulting impact on our financial results; our sports wagering contracts with third-party providers, including the expected revenues and expenses and our expectations regarding the operation and usage of our available idle sports wagering contracts, our ability to replace any terminated sports wagering contracts or our ability to operate sports wagering contracts ourselves; adequacy of our financial resources to fund operating requirements and planned capital expenditures and to meet our debt and contractual obligations; expected sources of revenue; anticipated sources of funds; anticipated or potential legislative actions; beliefs in connection with our marketing efforts; factors that affect the financial performance of our properties; adequacy of our insurance; competitive outlook; outcome of legal and litigation matters; impact of recently issued accounting standards; and estimates regarding certain accounting and tax matters, among others.

Current wording

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) for which the Private Securities Litigation Reform Act of 1995 provides a safe harbor. These forward-looking statements can be identified by use of terms such as “believes,” “expects,” “anticipates,” “estimates,” “plans,” “intends,” “objectives,” “goals,” “aims,” “projects,” “forecasts,” “future,” “possible,” “seeks,” “may,” “could,” “should,” “will,” “might,” “likely,” “enable,” or similar words or expressions, as well as statements containing phrases such as “in our view,” “we cannot assure you,” “although no assurance can be given,” or “there is no way to anticipate with certainty.” Examples of forward-looking statements include, among others, statements we make regarding our plans, beliefs or expectations regarding our growth strategies; our expected construction budgets, estimated commencement and completion dates, expected amenities, and our expected operational performance for the American Place permanent facility; our expectations regarding our ability to generate operating cash flow and to obtain debt financing on reasonable terms and conditions for the construction of the permanent American Place facility; our expectations regarding our ability to refinance our outstanding debt; our investments in capital improvements and other projects, including the amounts of such investments, the timing of commencement or completion of such capital improvements and projects, and the resulting impact on our financial results; our expectations regarding the effect of management changes and operational improvements at our properties, including Chamonix; our sports wagering contracts with third-party providers, including the expected revenues and expenses and our expectations regarding the operation and usage of our available idle sports wagering contracts, our ability to replace any terminated sports wagering contracts or our ability to operate sports wagering contracts ourselves; adequacy of our financial resources to fund operating requirements and planned capital expenditures and to meet our debt and contractual obligations; expected sources of revenue; anticipated sources of funds; anticipated or potential legislative actions; beliefs in connection with our marketing efforts, including our revamped marketing strategy at Chamonix; factors that affect the financial performance of our properties; adequacy of our insurance; competitive outlook; outcome of legal and litigation matters; impact of recently issued accounting standards; and estimates regarding certain accounting and tax matters, among others.