Overview

• U.S. casino operator's Q1 revenue declined and missed analyst expectations

• Adjusted EBITDA rose 14.7% yr/yr, driven by growth at several casino properties

• Net loss narrowed to $8.2 mln from $9.8 mln a year earlier

Outlook

• Company expects permanent American Place casino to open in 18 months to two years

• Full House Resorts anticipates refinancing existing bonds as part of planned casino financing

• Company expects continued operational improvement at Chamonix/Bronco Billy’s in coming quarters

Result Drivers

• AMERICAN PLACE GROWTH - Revenue at American Place Casino rose 7.1%, driven by increased awareness, popularity, and an expanding player database, according to CEO Daniel R. Lee

• COLORADO OPERATIONS - Profitability at Chamonix/Bronco Billy’s improved significantly due to operational enhancements and new management hires, despite a slight revenue decline

• REVENUE HEADWINDS - Overall revenue was negatively impacted by the sale of Stockman’s Casino and the termination of a sports wagering agreement

Company press release: ID:nGNX2Q9XTT

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$74.40 mln	$77.22 mln (5 Analysts)
Q1 EPS		-$0.23
Q1 Net Income		-$8.2 mln
Q1 Operating Income		$2.35 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the casinos & gaming peer group is "buy"

• Wall Street's median 12-month price target for Full House Resorts Inc is $4.00, about 58.7% above its May 6 closing price of $2.52

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