Full House Resorts Inc. Files Definitive Proxy Statement

TL;DR

<b>Full House Resorts, Inc. filed its DEF 14A, detailing significant growth in EBITDA and property count over the last decade, alongside the opening of two new casinos in 2023.</b>

AI Summary

FULL HOUSE RESORTS INC (FLL) filed a Proxy Statement (DEF 14A) with the SEC on April 4, 2024. Full House Resorts, Inc. filed a Definitive Proxy Statement (DEF 14A) on April 4, 2024. The company highlights significant growth over the past decade, with Adjusted EBITDA increasing from $10.5 million in 2014 to $48.6 million in 2023. Full House Resorts now operates seven casinos, up from four properties ten years ago. In 2023, the company opened two new casinos: American Place in Illinois and Chamonix Casino Hotel. The stock price has seen a five-fold increase over 10 years, ending 2023 at approximately $5 per share.

Why It Matters

For investors and stakeholders tracking FULL HOUSE RESORTS INC, this filing contains several important signals. The filing provides shareholders with crucial information regarding company performance, strategic decisions, and future outlook, enabling informed voting on proposals at the upcoming shareholder meeting. The company's narrative emphasizes its turnaround and expansion, aiming to justify its current valuation and future growth prospects to investors despite recent stock price fluctuations.

Risk Assessment

Risk Level: medium — FULL HOUSE RESORTS INC shows moderate risk based on this filing. While the company highlights growth and expansion, the stock price has decreased from its peak, suggesting potential market concerns or overvaluation that could impact future performance.

Analyst Insight

Shareholders should carefully review the proxy statement to understand the company's strategic direction and vote on proposals that align with long-term value creation.

Key Numbers

• 48.6 million — Adjusted EBITDA (2023 total)
• 10.5 million — Adjusted EBITDA (2014 total)
• 7 — Casinos (current number of properties)
• 4 — Properties (number of properties in 2014)
• 5 — Stock Price Increase (five-fold increase over 10 years)
• 12 — Stock Price Peak (peaked about two years ago)
• 5 — Stock Price (ended 2023 at approximately $5 per share)

Key Players & Entities

• FULL HOUSE RESORTS, INC. (company) — Registrant
• American Place (company) — new casino opened in Illinois
• Chamonix Casino Hotel (company) — new casino opened
• Illinois Gaming Board (regulator) — chose company to develop casino

FAQ

Risk Factors

• Stock Price Volatility [medium — market]: The stock price has decreased from a recent peak, indicating potential market concerns or overvaluation that could impact future performance.

Industry Context

Full House Resorts operates in the highly competitive casino and hospitality industry, characterized by significant capital investment, regulatory oversight, and sensitivity to economic conditions.

Regulatory Implications

The company operates under various gaming regulations and licensing requirements imposed by state and local authorities, which can impact operations and expansion plans.

What Investors Should Do

1. Review the full proxy statement for details on board nominations, executive compensation, and other shareholder proposals.
2. Assess the company's growth strategy and financial performance against industry benchmarks.
3. Monitor future filings for updates on the performance of new casino properties and debt covenant compliance.

Key Dates

• 2024-04-04: DEF 14A Filing — Filing of proxy statement with SEC
• 2023-12-27: Chamonix Casino Hotel Opening — Opening of a new casino property
• 2023-02: American Place Opening — Opening of a new casino property

Year-Over-Year Comparison

This filing is a DEF 14A, a proxy statement, and does not directly compare financial performance to a previous filing period. However, the narrative highlights significant operational growth from 2014 to 2023.

Key Financial Figures

• $10.5 million — ties. Total Adjusted EBITDA in 2014 was $10.5 million. It was in technical default on its ban
• $1 — nd behind schedule. The stock was under $1 per share. Today, we have seven casin
• $48.6 m — inos. Total Adjusted EBITDA in 2023 was $48.6 million, with our two newest casinos cont
• $5 — stock price ended 2023 at approximately $5 per share, a five-fold increase from wh
• $12 — ally peaked about two years ago at over $12 per share, at a time when many gaming s
• $5 m — t first, Colorado gaming was limited to $5 maximum bets, with further limits on the
• $50 million — ernal control procedures, plus paid the $50 million up-front licensing fee, allowing us to
• $18.4 million — we opened. The temporary casino earned $18.4 million of Adjusted Property EBITDA in its 10-1
• $325 million — tially fund up to half of the estimated $325 million cost to build the permanent casino. Muc
• $175 million — build the permanent casino. Much of the $175 million investment we've made to date, includin
• $50 m — , including the up-front license fee of $50 million, approximately $16 million of slo
• $16 million — cense fee of $50 million, approximately $16 million of slot machines, the surface parking l
• $450 million — ino in Illinois. Such bond issue totals $450 million dollars, with a fixed interest rate of
• $40 million — tute most of our debt. We also have a $40 million bank credit facility, of which $27 mill
• $27 million — million bank credit facility, of which $27 million is drawn, as well as a capitalized leas

Filing Documents

• fll-20240509xdef14a.htm (DEF 14A) — 1880KB
• fll-20240509xdef14a004.jpg (GRAPHIC) — 12KB
• fll-20240509xdef14a006.jpg (GRAPHIC) — 6KB
• fll-20240509xdef14a007.jpg (GRAPHIC) — 81KB
• fll-20240509xdef14a008.jpg (GRAPHIC) — 72KB
• fll-20240509xdef14a009.jpg (GRAPHIC) — 61KB
• fll-20240509xdef14a010.jpg (GRAPHIC) — 45KB
• fll-20240509xdef14a011.jpg (GRAPHIC) — 46KB
• fll-20240509xdef14a012.jpg (GRAPHIC) — 5KB
• fll-20240509xdef14a013.jpg (GRAPHIC) — 15KB
• 0000891482-24-000010.txt (&nbsp;) — 2353KB

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 21 PROPOSAL TWO : RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 37 PROPOSAL three : ADVISORY VOTE ON EXECUTIVE COMPENSATION 39

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT 40 OTHER MATTERS 42 ANNEX 1 : GAAP TO NON-GAAP RECONCILIATIONS 44 Table of Contents ________________________________________ PROXY STATEMENT ________________________________________ This proxy statement is furnished in connection with the solicitation by the board of directors of Full House Resorts, Inc. (referred to herein as "we", "us", "our" and the "Company") of proxies for use at our 2024 Annual Meeting of Stockholders to be held at 10:00 a.m., Pacific Time, on May 9, 2024, and to any adjournments or postponements. IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE STOCKHOLDER MEETING TO BE HELD ON MAY 9, 2024 This proxy statement, form of proxy and our 2023 Annual Report on Form 10-K are also available free of charge on our website at www.fullhouseresorts.com and at www.proxyvote.com. ________________________________________ ABOUT THE MEETING ________________________________________ How will the annual meeting be conducted and who can attend the annual meeting? This year's annual meeting will be held in person and virtually. You may attend, vote, and submit questions before and during the annual meeting via live audio webcast on the Internet by visiting www.virtualshareholdermeeting.com/FLL2024. You may also attend the annual meeting in person at the Company's headquarters located at 1980 Festival Plaza Drive, Suite 680, Las Vegas, Nevada 89135. All stockholders as of the record date, or their duly appointed proxies, may attend the annual meeting. To attend the annual meeting in person, please note that if you are the beneficial owner of shares held in street name, you will need to bring a copy of a brokerage statement reflecting your stock ownership as of the record date. You will also need a photo ID to gain admission. To be admitted to the annual meeting at www.virtualshareholdermeeting.com/FLL2024, you must enter the control number locat

View Full Filing

View this DEF 14A filing on SEC EDGAR