GlobeNewswire Inc | Mar 8, 2021 04:05PM EST

March 08, 2021

- Operating Income Improved to $7.7Million from an Operating Loss of $0.4Million;Net Income Improved to $3.5Million from a Net Loss of $4.1Million;Adjusted EBITDA More Than Quadrupled from Prior-Year Quarter

- Company Issued New 8.25% Senior Secured Notes due 2028; Proceeds Used to Refinance Its Existing Debt, Retire Warrants to Purchase Approximately OneMillion Shares, and Fully Fund Its New Casino Hotel in Cripple Creek, Colorado

- Construction of Augmented Cripple Creek Project has Restarted; New Casino Hotel is Expected to Open in the Fourth Quarter of 2022

- Third Sports Wagering Provider Launched Operations in December2020;Remaining Three Skins Expected to Begin Operations Shortly

- As of February28,2021, Company Has Approximately $232Million of Cash and Equivalents, Including $180Million in a Construction Reserve Account

LAS VEGAS, March 08, 2021 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the fourth quarter ended December31,2020.

On a consolidated basis, revenues in the fourth quarter of 2020 were $38.3million, versus $39.0million in the prior-year period. Net income for the fourth quarter of 2020 rose to $3.5million, or $0.12 per diluted common share, from a net loss of $4.1million, or $(0.15) per diluted common share, in the prior-year period. Net income in both periods was affected by the accounting for the fair market value of outstanding warrants, which the Company repurchased in February 2021 for $4.0million. Adjusted EBITDA(a) in the 2020 fourth quarter was $9.8million, versus $2.3million in the fourth quarter of 2019. This strong growth primarily reflects new marketing programs and staffing improvements enacted in late 2019 and early 2020 at the Companys properties. Results for the fourth quarter of 2020 also include $0.6million of revenue related to a full quarter of operations for two of the Companys six permitted sports wagering websites and approximately one week of operations from a third sports wagering website. The Company expects the other three websites to begin operations shortly.

For the full year, total revenues declined to $125.6million in 2020 from $165.4million in the prior year, reflecting approximately three months of pandemic-related closures for all of the Companys properties last spring. Net income for 2020 was $0.1million, or $0.01 per diluted common share, compared to a net loss of $5.8million, or $(0.22) per diluted common share, in the prior year. Despite several months of closure, Adjusted EBITDA in 2020 rose 23.3% to $19.7million from $15.9million in 2019, reflecting operational and marketing improvements that bore results in the second half of 2020.

Much like our third quarter, we had a phenomenal fourth quarter, said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. The fourth quarter tends to be seasonally weaker than the third quarter, but our properties continued to perform extremely well adjusted for the seasonality. Adjusted EBITDA for the second half of 2020 was more than the total for all of 2019. We now have approximately eight months of successful reset operations behind us. While capacity restrictions remain, as well as some additional costs related to the pandemic, so do the structural changes that we have made regarding our marketing and the ways we operate. We continue to believe that these results of the past several months are sustainable.

Continued Mr. Lee, Many of the changes to our business operations were in the implementation process prior to the pandemic. For example, at both Bronco Billys and Rising Star, we replaced antiquated slot marketing systems late in 2019. With the improved systems, we are now able to provide a better customer experience, while the improved analytics of those systems have allowed us to eliminate unprofitable marketing offerings that cost us more than the incremental revenue they created.

Physical improvements that we made in recent years have also helped our results. We refurbished the casino and buffet at the Silver Slipper, for example, in 2019. We built a new restaurant at Rising Star, also in 2019, which now supplants the unprofitable buffet we had been operating. The ferry boat service we implemented at Rising Star in 2018 has now become a contributor to our results when one considers the same-day gaming activity of ferry boat passengers, which we can track with the new system.

Our sports skins also continue to go live. In late 2020, an affiliate of Wynn Resorts launched its sports offering through one of our licenses in Colorado. As of today, two of our three permitted skins are live in Colorado and one of our three permitted skins is live in Indiana. We receive a percentage of defined revenues of each skin, subject to annual minimums. Combined, these three sports wagering websites represent a minimum of $3.5million of annualized contractual revenue. We continue to expect our three remaining skins to go live shortly. When all six skins are in operation, we should receive a contractual minimum of $7million per year of sports gaming revenues. Since we incur very little expense related to these operations, almost all of such revenues should result in income.

Commented Lewis Fanger, Chief Financial Officer of Full House Resorts, We made significant strides with our balance sheet in recent weeks. In February2021, we issued $310million of new 8.25% senior secured notes, marking our debut with the high-yield debt markets. That debt issuance was important for several reasons. First, it replaced our existing floating rate notes with new fixed rate debt, at largely the same interest rate. Our new notes no longer have a quarterly leverage test that we must meet, thereby eliminating the quarterly waiver fees that we were previously incurring after several months of shutdown operations. Second, we used bond proceeds to redeem all of our outstanding warrants totaling approximately one million shares. Using our closing stock price on February 12, the day we completed the warrant redemption, the net repurchase price would have been more than $6.0million. Our actual repurchase price to redeem the warrants was $4.0million, a 34% discount to such amount. Most importantly, our new debt issuance included $180million of proceeds dedicated to the construction of our Cripple Creek project, enabling us to now build that luxury casino hotel all at once, rather than in phases.

Concluded Mr. Lee, Prior to completing the funding of our Cripple Creek project, we expanded the projects size. In November, Colorado voters eliminated betting limits and permitted new table games, which significantly enhanced the already-favorable feasibility of the project. To address this larger opportunity, we increased the size of our Cripple Creek hotel by 67% to 300 guest rooms, leaving other aspects of the project largely unchanged. For various reasons, this required the approval of the Cripple Creek City Council and the citys Historic Preservation Commission, which we received in January and February. The total remaining investment to complete our Cripple Creek project is approximately $180million, which was fully funded through our recent debt offering. We believe that our project will be transformational for Cripple Creek. It is not an expansion of our existing Bronco Billys casino; it is an entirely new casino hotel, with its own unique name and personality, that happens to be located adjacent to, and behind, Bronco Billys. We look forward to disclosing that name and personality at a future date. With funding complete, we recently restarted construction of the project and plan to welcome guests to our new casino hotel beginning in the fourth quarter of 2022. Bronco Billys will remain open during construction and points earned in the Bronco Billys loyalty program will be redeemable at the new property, which will be connected to Bronco Billys.

Fourth Quarter and Full-Year 2020 Highlights and Subsequent Events

-- Revenues at Silver Slipper Casino and Hotel in the fourth quarter of 2020 increased 8.1% to $18.3million from $17.0million in the prior-year period. Silver Slippers operating results improved despite continuing capacity limitations throughout the propertys casino and dining outlets. Adjusted Property EBITDA grew to $5.1million in the 2020 fourth quarter, an 89.6% increase from $2.7million in the prior-year period. For the full year, Silver Slippers operational performance reflects a focus on marketing and labor improvements, as well as the benefit of numerous investments in the property in recent years. Such investments included a substantial renovation of the casino and the buffet, a renovated porte cochere and other sense-of-arrival improvements, the Beach Club, the Oyster Bar, and the introduction of on-site sports betting. Revenues were $62.5million in 2020, reflecting its pandemic-related closure for more than two months in early 2020, compared to $73.2million in 2019. Adjusted Property EBITDA rose to $14.7million in 2020, an 11.5% increase from $13.2million in 2019, despite being closed for more than two months in Spring2020. -- At Rising Star Casino Resort, revenues declined for the fourth quarter of 2020 to $10.8million from $11.4million. This decline reflects pandemic-related limitations on operations and an increase in competition, as a casino near Louisville replaced its original casino boat with a large new casino in December2019. Additionally, in January2020, racetrack casinos near Indianapolis began offering live table games. Adjusted Property EBITDA was $3.5million in the fourth quarter of 2020, a significant increase from $0.2million in the prior-year period. These strong results reflect the positive impact of a new slot marketing system installed in the fourth quarter of 2019, the launch of an improved loyalty program in June2020, labor efficiencies from more appropriately matching the operating hours of table games and food and beverage outlets to the demand for such services, a full quarter of operations of one of the Companys three permitted sports betting skins in Indiana, and additional sales of free play that the states casinos are permitted to transfer to other casino operators within Indiana. Because Indiana has a progressive gaming tax system and Rising Star is one of the smaller casinos in the state, the property has consistently sold its ability to deduct free play in computing gaming taxes to operators in higher tax tiers, as it is permitted to do under state law. Such sales resulted in $2.1million and $1.0million of revenue in the fourth quarters of 2020 and 2019, respectively.For the full year, revenues and Adjusted Property EBITDA at Rising Star were $31.0million and $3.8million, respectively, in 2020, with both amounts including $1.5million from the sports revenue agreements and reflecting approximately three months of closure in early 2020 due to the pandemic. In 2019, such amounts were $45.6million and $1.3million, respectively, including $0.1million from the sports revenue agreements.

-- At Bronco Billys Casino and Hotel in Colorado, revenues declined for the fourth quarter of 2020 to $5.7million from $6.1million. The decline was due to state-mandated restrictions on operations in response to the continuing pandemic, including the temporary shutdown of all table games at the property from Spring 2020 until late-February 2021 and a steep reduction in the number of slot machines being operated. Revenues in the fourth quarter of 2020 include $0.3million from two of the Companys three permitted sports wagering websites in Colorado, which launched in June2020 and December2020, respectively. The remaining sports wagering website is expected to commence operations shortly. Adjusted Property EBITDA rose to $1.7million in the fourth quarter of 2020 from a loss of $0.1million in the prior-year period. The increase in Adjusted Property EBITDA was due to an improved customer experience and analytics from Bronco Billys new slot marketing system, labor controls (partially offset by certain labor expenses related to the pandemic), and the launch of two sports skins in 2020. Results also benefited from the closure of the small, free-standing Christmas Casino, which operated from November2018 to September2020. While the unique decor of the small casino resulted in an increase in overall revenues, the increase was not sufficient to offset the additional costs of operations.For the full year, revenues and Adjusted Property EBITDA at Bronco Billys were $20.3million and $4.5million, respectively, in 2020, with both amounts including $0.7million from the sports revenue agreements and reflecting approximately three months of closure in early 2020 due to the pandemic. In 2019, such amounts were $27.5million and $3.0million, respectively. None of Bronco Billys sports agreements were active in 2019.

-- In November2020, Colorado voters approved favorable changes to the states gaming laws, including the elimination of betting limits and allowing Colorado casinos to offer new table games, such as baccarat and pai gow poker. To reflect the new opportunity created by those changes, 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 in January and February2021. Other planned amenities for the new casino hotel including a new parking garage, meeting and entertainment space, outdoor rooftop pool, spa, and fine-dining restaurant remain largely unchanged. The expected remaining investment to complete the Cripple Creek expansion is $180million, which the Company financed through the issuance of new senior secured notes, as further discussed below. With funding fully in place, the Company no longer intends to complete the project in phases, but rather all at once, with an expected opening in the fourth quarter of 2022. In late-February2021, the Company began relocating some significant storm sewers and other underground utilities that transit the project site, allowing construction of the foundations to begin within the next few weeks. A live webcam of the construction project is available at www.BroncoBillysCasino.com. -- The Northern Nevada segment consists of the Grand Lodge and Stockmans casinos and is historically the smallest of the Companys segments. This segment of the Companys operations has been the most negatively affected by the COVID-19 pandemic. Revenues were $3.4million and $4.6million for the fourth quarters of 2020 and 2019, respectively. Adjusted Property EBITDA was $0.4million and $0.6million, respectively. For the full year, revenues were $11.7million in 2020, reflecting approximately three months of pandemic-related closures, versus $19.1million in 2019. Adjusted Property EBITDA was $0.5million in 2020 and $3.2million in 2019.Grand Lodge Casino is located within the Hyatt Regency Lake Tahoe luxury resort in Incline Village, Nevada. Its customer base includes the local community, as well as visitors to the Hyatt. The pandemic has adversely affected visitation to the Hyatt, including visitation for its meeting and convention business. The pandemic also affected the capacity of nearby ski areas this winter. To ensure social distancing, ski areas are currently required to operate their lifts at substantially less than full capacity. Many ski areas have also limited lift ticket sales to attempt to control the resultant lift lines. This has affected visitation to the region, including to the Hyatt and our casino.Stockmans Casino is in Fallon, Nevada, home to a large Naval Air Station, where Navy pilots and crews visit for training. To protect the health of both its servicemembers and the host community, the Navy has restricted much of its personnel from leaving the base.

-- On February12,2021, the Company closed on its issuance of $310million of new 8.25% senior secured notes due 2028 (the 2028 Notes). The proceeds from the offering were used to redeem all $106.8million of the Companys senior secured notes due 2024 (the 2024 Notes) and to redeem all outstanding warrants totaling 1,006,568shares. Additionally, the proceeds will be used to fund the Companys expansion project in Cripple Creek, Colorado, to pay expenses related to the offer and sale of the 2028 Notes, and for general corporate purposes. -- The Company continues to be one of three bidders for the opportunity to build a new casino in Waukegan, Illinois, an area midway between Chicago and Milwaukee with high population density and no existing casino. The Companys proposal involves construction of a temporary casino, which would generate tax revenues and jobs quickly. Profits from the temporary casino would help fund a permanent casino on the same site, to be named American Place. The site is owned by the City of Waukegan and would be leased by the Company. In October2020, the Company signed a commitment letter with a multi-billion-dollar investment management firm that has experience with casino construction projects. The commitment letter anticipates fully funding the project with non-recourse development capital. The Company would be required to invest $25million in the project as equity, will own no less than 60% of the project, and will receive management fees for operating the casino and related amenities. The commitment letter is conditioned upon the Company being awarded the Waukegan casino license by the Illinois Gaming Board and the investment firms further due diligence review, among other items.

Liquidity and Capital ResourcesAs of December31,2020, the Company had $37.7million in cash and cash equivalents, $106.8million in outstanding senior secured notes due 2024, and $5.6million in outstanding unsecured loans obtained under the CARES Act. As discussed above, in February2021, the Company issued $310million of new senior secured notes due 2028 and used a portion of the proceeds to redeem all $106.8million of its outstanding 2024 Notes. As of February28,2021, the Company had approximately $232million of cash and equivalents (including $180million held in a construction reserve account).

Conference Call InformationThe Company will host a conference call for investors today, March8,2021, at 4:30p.m. ET (1:30p.m.PT) to discuss its 2020 fourth quarter results. Investors can access the live audio webcast from the Companys website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (866) 248-8441 or, for international callers, (323) 289-6576.

A replay of the conference call will be available shortly after the conclusion of the call through March22,2021. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (844) 512-2921 or, for international callers, (412) 317-6671 and using the passcode 6818562.

(a) Reconciliation of Non-GAAP Financial MeasureThe Company utilizes Adjusted Property EBITDA, a financial measure in accordance with generally accepted accounting principles (GAAP), as the measure of segment profit in assessing performance and allocating resources at the reportable segment level. Adjusted Property EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each property. The Company also utilizes Adjusted EBITDA (a non-GAAP measure), which is defined as Adjusted Property EBITDA net of corporate-related costs and expenses.

Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, the Company believes this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity. The Company utilizes this metric or measure internally to focus management on year-over-year changes in core operating performance, which it considers its ordinary, ongoing and customary operations and which it believes is useful information to investors. Accordingly, management excludes certain items when analyzing core operating performance, such as the items mentioned above, that management believes are not reflective of ordinary, ongoing and customary operations.

A reconciliation of Adjusted EBITDA is presented below. However, you should not consider this measure in isolation or as a substitute for operating income, cash flows from operating activities, or any other measure for determining our operating performance or liquidity that is calculated in accordance with GAAP. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that, in the future, we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

FULL HOUSE RESORTS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(In thousands, except per share data)

Three Months Ended Year Ended December31, December31, 2020 2019 2020 2019 Revenues Casino $ 27,196 $ 25,998 $ 90,812 $ 113,390 Food and 5,170 8,286 19,766 35,069 beverageHotel 2,206 2,692 7,410 11,535 Otheroperations,including 3,697 2,040 7,601 5,438 online/mobilesports 38,269 39,016 125,589 165,432 Operatingcosts and expensesCasino 9,863 16,658 33,749 50,673 Food and 4,925 4,827 19,378 33,950 beverageHotel 1,110 463 3,773 5,608 Other 414 951 1,855 3,557 operationsSelling,general and 12,253 13,881 47,585 56,052 administrativeProjectdevelopment ? 534 423 1,037 costsDepreciationand 1,798 2,068 7,666 8,331 amortizationLoss ondisposal of 245 3 684 8 assets, net 30,608 39,385 115,113 159,216 Operating 7,661 (369 ) 10,476 6,216 income (loss)Other expense, netInterestexpense, net (2,494 ) (2,666 ) (9,823 ) (10,728 )of capitalizedinterestAdjustment tofair value of (1,757 ) (1,069 ) (598 ) (1,230 )warrants (4,251 ) (3,735 ) (10,421 ) (11,958 )Income (loss)before income 3,410 (4,104 ) 55 (5,742 )taxesIncome tax(benefit) (90 ) 29 (92 ) 80 expenseNet income $ 3,500 $ (4,133 ) $ 147 $ (5,822 )(loss) Basic earnings(loss) per $ 0.13 $ (0.15 ) $ 0.01 $ (0.22 )shareDilutedearnings $ 0.12 $ (0.15 ) $ 0.01 $ (0.22 )(loss) pershare Basic weightedaverage numberof common 27,114 27,029 27,094 26,980 sharesoutstandingDilutedweightedaverage number 28,428 27,029 27,784 26,980 of commonsharesoutstanding

Full House Resorts, Inc.Supplemental InformationSegment Revenues and Adjusted Property EBITDA(In Thousands, Unaudited)

Three Months Ended Year Ended December31, December31, 2020 2019 2020 2019 Revenues Silver Slipper $ 18,334 $ 16,961 $ 62,513 $ 73,201 Casino and HotelRising StarCasino Resort^ 10,802 11,419 31,028 45,620 (1)Bronco Billy?sCasino and Hotel 5,707 6,076 20,316 27,507 ^(1)Northern Nevada 3,426 4,560 11,732 19,104 Casinos $ 38,269 $ 39,016 $ 125,589 $ 165,432 AdjustedProperty EBITDA^ (2) and AdjustedEBITDASilver Slipper $ 5,140 $ 2,711 $ 14,669 $ 13,159 Casino and HotelRising StarCasino Resort^ 3,493 167 3,841 1,330 (1)Bronco Billy?sCasino and Hotel 1,683 (74 ) 4,479 3,000 ^(1)Northern Nevada 376 645 454 3,161 CasinosAdjusted 10,692 3,449 23,443 20,650 Property EBITDACorporate (890 ) (1,128 ) (3,789 ) (4,710 )Adjusted EBITDA $ 9,802 $ 2,321 $ 19,654 $ 15,940

(1)Includes amounts related to the propertys contracted sports revenue in 2020.(2)The Company utilizes Adjusted Property EBITDA as the measure of segment operating profit in assessing performance and allocating resources at the reportable segment level.

Full House Resorts, Inc.Supplemental InformationReconciliation of Net Income (Loss) and Operating Income (Loss) to Adjusted EBITDA(In Thousands, Unaudited)

Three Months Ended Year Ended December31, December31, 2020 2019 2020 2019 Net income $ 3,500 $ (4,133 ) $ 147 $ (5,822 )(loss)Income tax(benefit) (90 ) 29 (92 ) 80 expenseInterestexpense, net of 2,494 2,666 9,823 10,728 amountscapitalizedAdjustment tofair value of 1,757 1,069 598 1,230 warrantsOperating income 7,661 (369 ) 10,476 6,216 (loss)Projectdevelopment ? 534 423 1,037 costsDepreciation and 1,798 2,068 7,666 8,331 amortizationLoss on disposal 245 3 684 8 of assets, netStock-based 98 85 405 348 compensationAdjusted EBITDA $ 9,802 $ 2,321 $ 19,654 $ 15,940

Full House Resorts, Inc.Supplemental InformationReconciliation of Operating Income (Loss) to Adjusted Property EBITDA and Adjusted EBITDA(In Thousands, Unaudited)

Three Months Ended December31,2020 Adjusted Property Operating Depreciation Loss on Stock- EBITDAand Income and Disposal Based Adjusted (Loss) Amortization of Compensation EBITDA AssetsCasino propertiesSilverSlipper $ 4,239 $ 657 $ 244 $ ? $ 5,140 Casino andHotelRisingStar 2,872 621 ? ? 3,493 CasinoResort^(1)BroncoBilly?s 1,341 342 ? ? 1,683 Casino andHotel^(1)NorthernNevada 236 140 ? ? 376 Casinos 8,688 1,760 244 ? 10,692 Other operationsCorporate (1,027 ) 38 1 98 (890 ) $ 7,661 $ 1,798 $ 245 $ 98 $ 9,802

Three Months Ended December31,2019 Adjusted Property Operating Depreciation Loss on Project Stock- EBITDA and Income and Disposal Development Based Adjusted (Loss) Amortization of Costs Compensation EBITDA AssetsCasino propertiesSilverSlipper $ 1,856 $ 855 $ ? $ ? $ ? $ 2,711 Casinoand HotelRisingStar (459 ) 626 ? ? ? 167 CasinoResortBroncoBilly?s (473 ) 396 3 ? ? (74 )Casinoand HotelNorthernNevada 492 153 ? ? ? 645 Casinos 1,416 2,030 3 ? ? 3,449 Other operationsCorporate (1,785 ) 38 ? 534 85 (1,128 ) $ (369 ) $ 2,068 $ 3 $ 534 $ 85 $ 2,321

(1)Includes amounts related to the propertys contracted sports revenue.

Full House Resorts, Inc.Supplemental InformationReconciliation of Operating Income (Loss) to Adjusted Property EBITDA and Adjusted EBITDA(In Thousands, Unaudited)

Year Ended December31,2020 Adjusted Property Operating Depreciation Loss on Project Stock- EBITDA and Income and Disposal Development Based Adjusted (Loss) Amortization ofAssets Costs Compensation EBITDACasino propertiesSilverSlipper $ 11,421 $ 3,004 $ 244 $ ? $ ? $ 14,669 Casinoand HotelRisingStarCasino 1,363 2,478 ? ? ? 3,841 Resort^(1)BroncoBilly?sCasino 3,025 1,450 4 ? ? 4,479 and Hotel^(1)NorthernNevada (562 ) 581 435 ? ? 454 Casinos 15,247 7,513 683 ? ? 23,443 Other operationsCorporate (4,771 ) 153 1 423 405 (3,789 ) $ 10,476 $ 7,666 $ 684 $ 423 $ 405 $ 19,654

Year Ended December31,2019 Adjusted Property Operating Depreciation Loss on Project Stock- EBITDAand Income and Disposal Development Based Adjusted (Loss) Amortization of Costs Compensation EBITDA AssetsCasino propertiesSilverSlipper $ 9,700 $ 3,454 $ 5 $ ? $ ? $ 13,159 Casino andHotelRisingStar (1,096 ) 2,426 ? ? ? 1,330 CasinoResortBroncoBilly?s 1,297 1,700 3 ? ? 3,000 Casino andHotelNorthernNevada 2,562 599 ? ? ? 3,161 Casinos 12,463 8,179 8 ? ? 20,650 Other operationsCorporate (6,247 ) 152 ? 1,037 348 (4,710 ) $ 6,216 $ 8,331 $ 8 $ 1,037 $ 348 $ 15,940

(1) Includes amounts related to the propertys contracted sports revenue.

Cautionary Note Regarding Forward-looking StatementsThis press release contains statements by Full House and our 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 can be identified by words such as: anticipate, intend, plan, believe, project, expect, future, should, will and similar references to future periods. Some forward-looking statements in this press release include those regarding our expected results of operations; our anticipated use of proceeds from the issuance of the 2028 Notes; our expected construction budget, estimated completion date, and the opening timeline for the Cripple Creek project; our expectations regarding our sports revenue agreements with third-party providers, including the expected revenues and expenses and the expected timing for the launch of the sports betting skins related thereto; and our expectations regarding the Waukegan proposal, including our ability to obtain the casino license and, if we are awarded such license, to obtain financing. Forward-looking statements are neither historical facts nor assurances of future performance. 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 Full House. Such risks include, without limitation, our ability to repay our substantial indebtedness; the potential for additional adverse impacts from the COVID-19 pandemic on our business, construction 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; our ability to effectively manage and control expenses as a result of the pandemic; our 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 continue to re-open; construction risks, disputes and cost overruns; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; the financial performance of our 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 we operate or nearby states). Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports Full House files with the Securities and Exchange Commission, including, but not limited to, PartI, Item1A. Risk Factors and Part II, Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our 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. Therefore, you should not rely on any of these forward-looking statements.

About Full House Resorts, Inc.Full House Resorts owns, leases, develops and operates gaming facilities throughout the country. The Companys properties include Silver Slipper Casino and Hotel in Hancock County, Mississippi; Bronco Billys Casino and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; and Stockmans Casino in Fallon, Nevada. The Company also operates the Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada under a lease agreement with the Hyatt organization. The Company is currently constructing a new luxury hotel and casino in Cripple Creek, Colorado, adjacent to its existing Bronco Billys property. Further information about Full House Resorts can be viewed on its website at www.fullhouseresorts.com.

Contact:Lewis Fanger, Chief Financial OfficerFull House Resorts, Inc.702-221-7800www.fullhouseresorts.com