GlobeNewswire Inc | Aug 10, 2021 04:05PM EDT

August 10, 2021

- Revenues Increase 226.9% Over Prior-Years Second Quarter

- Operating Income Improved to $12.2Million from an Operating Loss of $4.2Million;Net Income Improved to $5.5Million from a Net Loss of $6.7Million;Adjusted EBITDA Increased to $14.9 Million from an Adjusted EBITDA Loss of $1.4 Million

- Construction of Chamonix Casino Hotel Continues

- Two Sports Wagering Providers Launched Operations in April 2021;Five of Six Permitted Skins are Now Operating

LAS VEGAS, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the second quarter ended June30,2021.

On a consolidated basis, revenues in the second quarter of 2021 were $47.4million, a 226.9% increase from $14.5million in the prior-year period. The prior-year period reflects the pandemic-related closure of all of the Companys properties from mid-March 2020 through late-May 2020 for Silver Slipper, and through June 2020 for its other properties. Net income for the second quarter of 2021 improved to $5.5million, or $0.15 per diluted common share, from a net loss of $6.7million, or $(0.25) per diluted common share, in the prior-year period. Net loss in the 2020 period was affected by an adjustment to the fair market value of outstanding warrants, all of which the Company repurchased and retired in February 2021. Adjusted EBITDA(a) in the 2021 second quarter was $14.9million, versus an Adjusted EBITDA loss of $1.4million in the second quarter of 2020. The strong growth in the 2021 period was due to operational and marketing improvements that bore results beginning in the second half of 2020 and continuing through the second quarter of 2021, as well as the mandated closures noted above. Results for the second quarter of 2021 also include $1.5million of revenue related to the Companys Contracted Sports Wagering segment. Currently, five of the Companys six permitted sports wagering skins in Indiana and Colorado are live, as two additional sports wagering websites launched on April 1 and April 23, 2021. The last remaining sports skin is expected to begin operations in the coming months.

As with last quarter, our financial results continue to benefit from structural changes throughout the company, said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. Revenues in the second quarter of 2021 increased approximately 227%, reflecting the mandated closure of our properties for much of last years second quarter. Adjusted EBITDA increased by more than $16 million to $14.9 million in the second quarter of 2021, reflecting labor and marketing improvements. For the year-to-date period, Adjusted EBITDA totaled $25.7 million. These operating results are significantly above not only the 2020 period, but also meaningfully above any second quarter or first-half results in at least the past five years.

These strong continued results have allowed us to continue to re-invest in, and improve, our properties. For example, with the ramp-up of our new marketing systems at Bronco Billys and Rising Star largely complete, we now look forward to upgrading the casino marketing systems at our two Nevada properties, scheduled for this years fourth quarter. Our Silver Slipper property, after several years of adding new amenities and with a new exterior color scheme, is essentially a new and reinvigorated destination. We also continue to invest in new slot product throughout the Company. In many ways, our current results are the product of several years of investments in our casinos and new technology, as well as the diligent efforts of our team across the country.

Continued Mr. Lee, At our Chamonix project in Cripple Creek, we have completed the major portion of the on-site utility work. Installation of micro-piles for the projects foundation is approximately 25% complete. As construction prepares to go vertical, we recently installed the highest crane tower, in terms of cab height above sea level, in Colorados history. Substantial completion of the project is expected in the fourth quarter of 2022. It is still relatively early in the construction process, so estimates of cost and completion dates still contain substantial uncertainty.

We continue to believe that Colorados gaming markets especially Cripple Creek remain significantly underpenetrated and do not have enough guestrooms. Recent hotel expansions in Cripple Creek and elsewhere in Colorado appear to be performing well. The development plan for our Chamonix site allows us to add an additional hotel wing. We are currently evaluating whether to build this additional hotel wing now, given the ease to do so while we construct the broader Chamonix project. That additional wing, if constructed, would increase the total size of our hotel by 23% to approximately 370 guestrooms. We believe that it could be funded, along with the rest of the project, from our existing cash balances, which totaled $281.5million at the end of the second quarter. Such addition requires approvals from the Cripple Creek Historic Preservation Commission and Cripple Creek City Council.

We also continue to pursue other growth opportunities in the longer-term, including our proposed American Place project in Waukegan, Illinois. The Illinois Gaming Board recently hired a consultant to help evaluate each of the three proposals remaining in the process. We look forward to the opportunity, perhaps later this year, to share our vision for a new casino destination for the Waukegan community.

Also, the Indiana Gaming Commission recently issued a request for proposals (RFP) to develop a casino in Terre Haute, Indiana, which is approximately one hour west of Indianapolis. Full House had previously proposed development of a casino in Terre Haute and is considering responding to the RFP.

Second Quarter Highlights and Subsequent Events

-- Mississippi. The Silver Slipper Casino and Hotels 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. We are close to completing the repainting of the exterior of the property with a new color scheme, as well as installation of a brighter, energy-efficient digital sign. For the second quarter of 2021, revenues at Silver Slipper increased 165.7% to $24.2million. Revenues of $9.1million in the second quarter of 2020 reflected the pandemic-related closure of the property from mid-March 2020 until May 21, 2020. Adjusted Segment EBITDA grew to $9.0million in the 2021 second quarter, a 648.6% increase from $1.2million in the prior-year period. Revenue and Adjusted Segment EBITDA in the second quarter of 2019 were $18.9 million and $3.6 million, respectively.The Company has been evaluating the potential construction of an additional hotel tower and related amenities at Silver Slipper, a portion of which would extend out over the adjoining Gulf of Mexico. In contemplation for such potential future expansion, the Company paid $5,000 for an option agreement entered into by the Company on June8,2021 and approved by the Governor of Mississippi on July13,2021 for a 30-year lease of approximately a half-acre of tidelands, with a term extension for another 30 years, if exercised. This initial six-month option can be renewed for three additional six-month increments of $5,000 upon each option renewal. Upon commencement of the land lease, rent during construction would be $10,000 for each six-month period until the earlier of six months after hotel operations have started or December31,2022. Thereafter, annual rent would be $105,300, with adjustments based on the consumer price index at each anniversary. Before construction can commence, additional entitlements are necessary, including certain environmental approvals. There can be no certainty that the tidelands lease option will be exercised or that the contemplated Silver Slipper expansion will be built. -- Indiana. Rising Star Casino Resorts revenues were $10.6 million in the second quarter of 2021, an increase from $2.2million in the second quarter of 2020, when efforts to control the pandemic resulted in the closure of the property from mid-March 2020 until June 15, 2020. Adjusted Segment EBITDA increased to $2.7million in the second quarter of 2021 from a loss of $1.4million in the prior-year period. These 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, and labor efficiencies from more appropriately matching the operating hours of table games and food and beverage outlets to the demand for such services, as well as approximately 2.5 months of closed operations during the 2020 second quarter. Revenue and Adjusted Segment EBITDA in the second quarter of 2019 were $11.6 million and $0.6 million, respectively. -- Colorado. This segment includes Bronco Billys Casino and Hotel and, upon its opening, will include Chamonix Casino Hotel. Revenues for this segment were $6.4 million in the second quarter of 2021, an increase from $1.6 million in the second quarter of 2020, when the property was closed from mid-March 2020 until June 15, 2020 due to efforts to control the pandemic. Adjusted Segment EBITDA rose to $1.8million in the second quarter of 2021 from a loss of $0.2million in the prior-year period. The increase in Adjusted Segment EBITDA was due to an improved customer experience and analytics from Bronco Billys new slot marketing system and labor controls (partially offset by certain labor expenses related to the pandemic), as well as approximately 2.5 months of closed operations during the 2020 second quarter. Revenue and Adjusted Segment EBITDA in the second quarter of 2019 were $6.9million and $0.9million, respectively.As discussed above, construction continues on Chamonix Casino Hotel, located adjacent to Bronco Billys. When complete, Chamonix will include a new casino, approximately 300 luxury guest rooms and suites (and, potentially, a total of 370 guest rooms and suites), parking garage, meeting and entertainment space, outdoor rooftop pool, spa, and fine-dining restaurant. We recently completed all of the major required utility work, including the movement and expansion of existing power, cable, phone, gas, and sanitary and storm sewer lines. Installation of micro-piles to support the foundations are approximately 25% complete. For detailed renderings of the project and two webcams of the construction underway, please visit www.ChamonixCO.com. -- Nevada. This segment consists of the Grand Lodge Casino, which is located within the Hyatt Regency Lake Tahoe luxury resort in Incline Village, and Stockmans Casino, which is located near the Naval Air Station in Fallon. This segment is historically the smallest of the Companys segments. During the second quarter of 2021, the Nevada segment began to recover as destination travel to the Hyatt resumed and pandemic-related restrictions eased. Revenues were $4.7million and $1.1million for the second quarters of 2021 and 2020, respectively, reflecting the temporary closure of Grand Lodge and Stockmans from mid-March 2020 until June 4, 2020. Adjusted Segment EBITDA was $1.4million in the second quarter of 2021, versus a loss of $0.6million in the prior-year period. Revenue and Adjusted Segment EBITDA in the second quarter of 2019 were $4.3million and $0.4million, respectively.

-- Contracted Sports Wagering. This segment consists of the Companys on-site and online sports wagering skins in Colorado and Indiana. Revenues and Adjusted Segment EBITDA were both $1.5 million in the second quarter of 2021, reflecting the launch of two additional sports wagering skins on April 1 and April 23, 2021. Currently, five of the Companys six permitted sports wagering skins are live. For the second quarter of 2020, when only two sports wagering skins were live, revenues and Adjusted Segment EBITDA were $463,000 and $447,000, respectively. We believe that the Companys last remaining skin will commence operations in the next few months. We receive a percentage of defined revenues of each skin, subject to annual minimums. When all six skins are in operation, we should receive a contractual minimum of $7million per year of annualized revenues, with minimal related expenses.

Liquidity and Capital ResourcesAs of June30,2021, the Company had $281.5million in cash and cash equivalents (including $176.6million of cash reserved for the construction of Chamonix), $310million in outstanding senior secured notes due 2028, and $5.6million in outstanding unsecured loans obtained under the CARES Act. The Company believes that the CARES Act loans will qualify for forgiveness, but there is no certainty that any or all of such loans will be forgiven. The Company also has a $15 million senior secured revolving credit facility, all of which was available to draw upon as of June30, 2021.

2019 ResultsBecause of the pandemic closure period in 2020, the Company is also providing the results from 2019 for the corresponding periods as a supplemental disclosure.

Conference Call InformationThe Company will host a conference call for investors today, August 10,2021, at 4:30p.m. ET (1:30p.m.PT) to discuss its 2021 second 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 (800) 430-8332 or, for international callers, (323)347-3277.

A replay of the conference call will be available shortly after the conclusion of the call through August24,2021. 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 6767582.

(a) Reconciliation of Non-GAAP Financial MeasureThe Company utilizes Adjusted Segment 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 Segment 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 segment. The Company also utilizes Adjusted EBITDA (a non-GAAP measure), which is defined as Adjusted Segment 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 Six Months Ended June30, June30, 2021 2020 2021 2020 Revenues Casino $ 34,647 $ 10,955 $ 66,711 $ 31,706 Food and beverage 7,440 1,994 13,541 8,984 Hotel 2,510 719 4,721 2,693 Other operations,including online/mobile 2,845 843 4,677 1,981 sports 47,442 14,511 89,650 45,364 Operating costs and expensesCasino 11,087 3,470 21,426 13,803 Food and beverage 5,928 2,083 11,288 9,219 Hotel 1,140 377 2,196 1,550 Other operations 551 273 946 835 Selling, general and 14,007 9,796 28,420 22,777 administrativeProject development costs 126 259 173 315 Depreciation and 1,829 1,980 3,629 4,020 amortizationLoss on disposal of 568 439 672 439 assets, net 35,236 18,677 68,750 52,958 Operating income (loss) 12,206 (4,166 ) 20,900 (7,594 )Other (expense) income, netInterest expense, net of (6,670 ) (2,447 ) (11,126 ) (4,938 )capitalized interestGain (loss) on 30 ? (6,104 ) ? extinguishment of debtAdjustment to fair value ? (94 ) (1,347 ) 1,562 of warrants (6,640 ) (2,541 ) (18,577 ) (3,376 )Income (loss) before 5,566 (6,707 ) 2,323 (10,970 )income taxesIncome tax provision 82 (4 ) 284 91 (benefit)Net income (loss) $ 5,484 $ (6,703 ) $ 2,039 $ (11,061 ) Basic income (loss) per $ 0.16 $ (0.25 ) $ 0.07 $ (0.41 )shareDiluted income (loss) per $ 0.15 $ (0.25 ) $ 0.06 $ (0.46 )share Basic weighted averagenumber of common shares 34,156 27,079 30,776 27,077 outstandingDiluted weighted averagenumber of common shares 36,628 27,079 33,156 27,259 outstanding

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

Three Months Ended Six Months Ended June30, June30, 2021 2020 2019 2021 2020 2019 Revenues Mississippi $ 24,239 $ 9,122 $ 18,892 $ 46,596 $ 24,215 $ 38,174 Indiana^(2) 10,577 2,207 11,598 19,167 9,454 22,465 Colorado^ 6,382 1,633 6,877 12,286 6,614 13,317 (2)Nevada 4,715 1,086 4,296 9,083 4,194 8,201 ContractedSports 1,529 463 ? 2,518 887 ? Wagering^(2) $ 47,442 $ 14,511 $ 41,663 $ 89,650 $ 45,364 $ 82,157 AdjustedSegmentEBITDA^(1) andAdjustedEBITDAMississippi $ 8,983 $ 1,200 $ 3,594 $ 16,613 $ 3,032 $ 7,440 Indiana^(2) 2,666 (1,361 ) 604 3,799 (2,851 ) 1,007 Colorado^ 1,839 (199 ) 876 3,548 (669 ) 1,491 (2)Nevada 1,412 (562 ) 417 2,636 (953 ) 408 ContractedSports 1,500 447 ? 2,477 836 ? Wagering^(2)AdjustedSegment 16,400 (475 ) 5,491 29,073 (605 ) 10,346 EBITDACorporate (1,472 ) (910 ) (1,240 ) (3,376 ) (2,029 ) (2,518 )Adjusted $ 14,928 $ (1,385 ) $ 4,251 $ 25,697 $ (2,634 ) $ 7,828 EBITDA

__________(1)The Company utilizes Adjusted Segment EBITDA as the measure of segment operating profit in assessing performance and allocating resources at the reportable segment level.(2)The Company made certain minor reclassifications to 2020 amounts to conform to current-period presentation for enhanced comparability. Such reclassifications had no effect on the previously reported results of operations or financial position.

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

Three Months Ended Six Months Ended June30, June30, 2021 2020 2019 2021 2020 2019 Net income $ 5,484 $ (6,703 ) $ (1,010 ) $ 2,039 $ (11,061 ) $ (2,627 )(loss)Income taxprovision 82 (4 ) 143 284 91 285 (benefit)Interestexpense, net 6,670 2,447 2,931 11,126 4,938 5,634 of amountscapitalized(Gain) loss onextinguishment (30 ) ? ? 6,104 ? ? of debtAdjustment tofair value of ? 94 (141 ) 1,347 (1,562 ) (101 )warrantsOperating 12,206 (4,166 ) 1,923 20,900 (7,594 ) 3,191 income (loss)Projectdevelopment 126 259 142 173 315 275 costsDepreciationand 1,829 1,980 2,083 3,629 4,020 4,174 amortizationLoss (gain) ondisposal of 568 439 (4 ) 672 439 (5 )assets, netStock-based 199 103 107 323 186 193 compensationAdjusted $ 14,928 $ (1,385 ) $ 4,251 $ 25,697 $ (2,634 ) $ 7,828 EBITDA

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

Three Months Ended June30,2021 Adjusted Segment Operating Depreciation Loss on Project Stock- EBITDAand Income and Disposal Development Based Adjusted (Loss) Amortization of Costs Compensation EBITDA AssetsReporting segmentsMississippi $ 7,742 $ 675 $ 566 $ ? $ ? $ 8,983 Indiana 2,073 593 ? ? ? 2,666 Colorado 1,452 385 2 ? ? 1,839 Nevada 1,274 138 ? ? ? 1,412 ContractedSports 1,500 ? ? ? ? 1,500 Wagering 14,041 1,791 568 ? ? 16,400 Other operationsCorporate (1,835 ) 38 ? 126 199 (1,472 ) $ 12,206 $ 1,829 $ 568 $ 126 $ 199 $ 14,928

Three Months Ended June30,2020 Adjusted Segment Operating Depreciation Loss on Project Stock- EBITDAand Income and Disposal Development Based Adjusted (Loss) Amortization of Costs Compensation EBITDA AssetsReporting segmentsMississippi $ 398 $ 802 $ ? $ ? $ ? $ 1,200 Indiana (1,977 ) 616 ? ? ? (1,361 )Colorado (579 ) 376 4 ? ? (199 )Nevada (1,145 ) 148 435 ? ? (562 )ContractedSports 447 ? ? ? ? 447 Wagering (2,856 ) 1,942 439 ? ? (475 )Other operationsCorporate (1,310 ) 38 ? 259 103 (910 ) $ (4,166 ) $ 1,980 $ 439 $ 259 $ 103 $ (1,385 )

Three Months Ended June30,2019 Adjusted Segment Operating Depreciation Gain on Project Stock- EBITDAand Income and Disposal Development Based Adjusted (Loss) Amortization of Costs Compensation EBITDA AssetsReporting segmentsMississippi $ 2,725 $ 869 $ ? $ ? $ ? $ 3,594 Indiana 11 593 ? ? ? 604 Colorado 446 434 (4 ) ? ? 876 Nevada 268 149 ? ? ? 417 ContractedSports ? ? ? ? ? ? Wagering 3,450 2,045 (4 ) ? ? 5,491 Other operationsCorporate (1,527 ) 38 ? 142 107 (1,240 ) $ 1,923 $ 2,083 $ (4 ) $ 142 $ 107 $ 4,251

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

Six Months Ended June30,2021 Adjusted Segment Operating Depreciation Loss on Project Stock- EBITDAand Income and Disposal Development Based Adjusted (Loss) Amortization of Costs Compensation EBITDA AssetsReporting segmentsMississippi $ 14,690 $ 1,335 $ 588 $ ? $ ? $ 16,613 Indiana 2,590 1,209 ? ? ? 3,799 Colorado 2,732 732 84 ? ? 3,548 Nevada 2,359 277 ? ? ? 2,636 ContractedSports 2,477 ? ? ? ? 2,477 Wagering 24,848 3,553 672 ? ? 29,073 Other operationsCorporate (3,948 ) 76 ? 173 323 (3,376 ) $ 20,900 $ 3,629 $ 672 $ 173 $ 323 $ 25,697

Six Months Ended June30,2020 Adjusted Segment Operating Depreciation Loss on Project Stock- EBITDAand Income and Disposal Development Based Adjusted (Loss) Amortization of Costs Compensation EBITDA AssetsReporting segmentsMississippi $ 1,386 $ 1,646 $ ? $ ? $ ? $ 3,032 Indiana (4,089 ) 1,238 ? ? ? (2,851 )Colorado (1,436 ) 763 4 ? ? (669 )Nevada (1,685 ) 297 435 ? ? (953 )ContractedSports 836 ? ? ? ? 836 Wagering (4,988 ) 3,944 439 ? ? (605 )Other operationsCorporate (2,606 ) 76 ? 315 186 (2,029 ) $ (7,594 ) $ 4,020 $ 439 $ 315 $ 186 $ (2,634 )

Six Months Ended June30,2019 Adjusted Segment Operating Depreciation Gain on Project Stock- EBITDAand Income and Disposal Development Based Adjusted (Loss) Amortization of Costs Compensation EBITDA AssetsReporting segmentsMississippi $ 5,725 $ 1,716 $ (1 ) $ ? $ ? $ 7,440 Indiana (192 ) 1,199 ? ? ? 1,007 Colorado 614 881 (4 ) ? ? 1,491 Nevada 106 302 ? ? ? 408 ContractedSports ? ? ? ? ? ? Wagering 6,253 4,098 (5 ) ? ? 10,346 Other operationsCorporate (3,062 ) 76 ? 275 193 (2,518 ) $ 3,191 $ 4,174 $ (5 ) $ 275 $ 193 $ 7,828

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; the potential further expansion of the Chamonix hotel and our ability to fund the project from existing cash balances; our expected construction budget, estimated completion date, expected amenities, and our expected operational performance for Chamonix; our expectations regarding our sports wagering contracts with third-party providers, including the expected revenues and expenses and the expected timing for the launch of the sports betting skins related thereto; our intentions regarding the potential future expansion at Silver Slipper, including the exercise of the tidelands lease option or receipt of any entitlements thereto; our expectations regarding the Waukegan proposal, including the timing of the RFP process, our ability to obtain the casino license and, if we are awarded such license, to obtain financing; and our intentions regarding a response to the Indiana Gaming Commissions request for proposal to develop a casino in Terre Haute, Indiana. 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, including the emergence of variants, 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 Chamonix 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; inflation and its potential impacts on labor costs and the prices of food, construction, and other materials; the effects of potential disruptions in the supply chains for goods, such as food, lumber, and other materials; 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; Stockmans Casino in Fallon, Nevada; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. The Company is currently constructing Chamonix Casino Hotel, a new luxury hotel and casino in Cripple Creek, Colorado, and is one of three finalists for consideration by the Illinois Gaming Board to develop a casino in Waukegan, Illinois. For further information, please visit www.fullhouseresorts.com.

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