Full House Resorts Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Full House Resorts Inc. has submitted its 2023 annual report (10-K) detailing financial performance and business operations.</b>

AI Summary

FULL HOUSE RESORTS INC (FLL) filed a Annual Report (10-K) with the SEC on March 15, 2024. Full House Resorts Inc. filed its 2023 Form 10-K on March 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Delaware and headquartered in Las Vegas, Nevada. The SIC code for Full House Resorts Inc. is 7011 (Hotels & Motels). The filing includes detailed financial information and business operations for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking FULL HOUSE RESORTS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Full House Resorts' financial health, operational segments, and strategic initiatives for the fiscal year 2023, crucial for investors to assess performance and future outlook. Understanding the details within this report is essential for stakeholders to evaluate the company's financial position, including its assets, liabilities, equity, and operational revenues across different segments.

Risk Assessment

Risk Level: medium — FULL HOUSE RESORTS INC shows moderate risk based on this filing. The company operates in the highly competitive casino and hospitality industry, which is subject to economic downturns, regulatory changes, and evolving consumer preferences, posing significant risks to revenue and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges in the casino and hospitality sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-15 — Filing Date (Date of filing)
• 7011 — SIC Code (Hotels & Motels)
• 001-32583 — SEC File Number (SEC filing identifier)

Key Players & Entities

• FULL HOUSE RESORTS INC (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240315 (date) — Filing date
• LAS VEGAS (location) — Business address city
• NV (location) — Business address state
• DE (location) — State of incorporation
• 7011 (industry_code) — Standard Industrial Classification
• 001-32583 (filing_id) — SEC file number

FAQ

Risk Factors

• Competition [high — market]: The company faces intense competition from other casino and hotel operators, which could adversely affect its market share and profitability.
• Gaming Regulations [high — regulatory]: The company's operations are subject to extensive and complex gaming laws and regulations, which can change and impact its business.
• Indebtedness [medium — financial]: The company has significant debt obligations, and its ability to service this debt could be impacted by its financial performance.
• Dependence on Key Personnel [medium — operational]: The success of the company may depend on the continued service of its key executives and management team.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-15: 10-K Filing Date — Date the annual report was officially submitted to the SEC.

Key Financial Figures

• $0.0001 — nge on Which Registered Common Stock, $0.0001 per Share FLL The Nasdaq Stock Mark

Filing Documents

• fll-20231231x10k.htm (10-K) — 2779KB
• fll-20231231xex4d1.htm (EX-4.1) — 26KB
• fll-20231231xex21d1.htm (EX-21.1) — 20KB
• fll-20231231xex23d1.htm (EX-23.1) — 3KB
• fll-20231231xex31d1.htm (EX-31.1) — 14KB
• fll-20231231xex31d2.htm (EX-31.2) — 13KB
• fll-20231231xex32d1.htm (EX-32.1) — 7KB
• fll-20231231xex32d2.htm (EX-32.2) — 6KB
• fll-20231231xex97d1.htm (EX-97.1) — 68KB
• fll-20231231xex99d1.htm (EX-99.1) — 135KB
• 0000891482-24-000007.txt (&nbsp;) — 12378KB
• fll-20231231.xsd (EX-101.SCH) — 74KB
• fll-20231231_cal.xml (EX-101.CAL) — 110KB
• fll-20231231_def.xml (EX-101.DEF) — 320KB
• fll-20231231_lab.xml (EX-101.LAB) — 671KB
• fll-20231231_pre.xml (EX-101.PRE) — 493KB
• fll-20231231x10k_htm.xml (XML) — 2434KB

Business

Item 1. Business 7

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 35

Cybersecurity

Item 1C. Cybersecurity 36

Properties

Item 2. Properties 37

Legal Proceedings

Item 3. Legal Proceedings 37

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 37 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38

[Reserved]

Item 6. [Reserved] 38

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 39

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 54

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 55

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 87

Controls and Procedures

Item 9A. Controls and Procedures 87

Other Information

Item 9B. Other Information 87

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 87 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 88

Executive Compensation

Item 11. Executive Compensation 88

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 88

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 88

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 88 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 89

Form 10-K Summary

Item 16. Form 10-K Summary 92

SIGNATURES

SIGNATURES 93 2 Table of Contents Cautionary Statement Regarding Forward-Looking Statements This Annual Report on Form 10-K 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 Chamonix and American Place; our expectations regarding the legal proceedings related to the process whereby we were granted the gaming license for American Place; 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 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

Business

Item 1. Business. 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. Introduction 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. We currently operate seven casinos: six on real estate that we own or lease and one 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, and one 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 them 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. 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

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View this 10-K filing on SEC EDGAR