Item 2.02 Results of Operations and Financial Condition
On January 25, 2021, Full House Resorts, Inc. (the "Company") issued a press
release announcing its preliminary results for the fourth quarter ended
December 31, 2020. A copy of the press release is attached hereto as
Exhibit 99.1.
Item 7.01 Regulation FD Disclosure
On January 25, 2021, the Company issued a press release announcing that its
board of directors has approved an increase to the size of its planned expansion
of Bronco Billy's Casino and Hotel in Cripple Creek, Colorado. Reflecting recent
changes to the state's gaming laws, the Company increased the size of its
planned Cripple Creek expansion by 67% to approximately 300 luxury guest rooms
and suites, from its previously planned 180 guest rooms. Such plans were
approved by the Cripple Creek Historic Preservation Commission and Cripple Creek
City Council. Final approval requires a second reading by the Cripple Creek
City Council, which is scheduled for consideration on February 3. The expected
investment to complete the Cripple Creek expansion is $180 million, which the
Company believes can be financed with debt. Assuming timely completion of such
fundraising, the Company intends to build the Cripple Creek expansion in one
phase, with completion expected in the fourth quarter of 2022. A copy of the
press release is attached hereto as Exhibit 99.1.
Forward-looking Statements
This Current Report on Form 8-K (and the exhibits attached hereto) contains
statements by the Company and its officers that are "forward-looking statements"
within the meaning of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements are neither historical
facts nor assurances of future performance. Some forward-looking statements in
this report include those regarding the Company's expected results of
operations; its ability to finance the planned Cripple Creek expansion in the
debt capital markets; its ability to obtain final city council approval for the
planned Cripple Creek expansion; the expected amenities of the planned Cripple
Creek expansion; and the expected construction budget and timeline for the
planned Cripple Creek expansion. Because forward-looking statements relate to
the future, they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are outside of the
control of the Company. Such risks include, without limitation, the Company's
ability to repay our substantial indebtedness; the potential for additional
adverse impacts from the COVID-19 pandemic on its business, constructions
projects, indebtedness, financial condition and operating results; actions by
government officials at the federal, state or local level with respect to steps
to be taken, including, without limitation, additional shutdowns, travel
restrictions, social distancing measures or shelter-in place orders, in
connection with the COVID-19 pandemic; the Company's ability to effectively
manage and control expenses as a result of the pandemic; the Company's ability
to complete the planned Cripple Creek expansion project on-time and on-budget;
changes in guest visitation or spending patterns due to COVID-19 or other health
or other concerns; a decrease in overall demand as other competing entertainment
venues re-open; the inability to obtain financing upon reasonable terms or at
all, including for projects such as the planned Cripple Creek expansion; the
potential increase in the Company's indebtedness due to the planned Cripple
Creek expansion; construction risks and cost overruns; dependence on existing
management; competition; uncertainties over the development and success of its
expansion projects; the financial performance of its finished projects and
renovations; effectiveness of expense and operating efficiencies; general
macroeconomic conditions; and regulatory and business conditions in the gaming
industry (including the possible authorization or expansion of gaming in the
states the Company operates or nearby states). Additional information concerning
potential factors that could affect the Company's financial condition and
results of operations is included in the reports the Company files with the
Securities and Exchange Commission, including, but not limited to, its Form 10-K
for the most recently ended fiscal year and its other periodic reports filed
with the Securities and Exchange Commission. The Company is under no obligation
to (and expressly disclaims any such obligation to) update or revise its
forward-looking statements as a result of new information, future events or
otherwise. Actual results may differ materially from those indicated in the
forward-looking statements.
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Item 9.01 Financial Statements and Exhibits
(d) Exhibits
No. Description
99.1 Press Release of the Company dated January 25, 2021*
* This exhibit related to Items 2.02 and 7.01 shall be deemed to be furnished
and not filed.
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