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Full House Resorts hopes to open all casinos by 14 June13 May 2020In an announcement regarding its first quarter results today, Full House Resorts said that it "anticipates" reopening Silver Slipper Casino in Bay Saint Louis, Mississippi by 22 May with all other properties expected to resume operations by 14 June. “The likely first of our properties to reopen is also our most important property, the Silver Slipper," said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. "It appears that the Silver Slipper and other casinos in Mississippi, armed with new safety protocols, will reopen by May 22, just in time for Memorial Day weekend. Lee added that other properties are expected to follow shortly thereafter, including, Stockman's Casino and Grand Lodge Casino in Nevada expected to reopen before the end of May, Bronco Billy's Casino in Colorado expected to reopen in early June, and Rising Star Casino Resort in Indiana expected to reopen on 14 June. "Given the fluid nature of the coronavirus situation, these dates may change, but we look forward to welcoming back our guests and employees in relatively short order," he added. “We have spent the last several weeks of the shutdown examining many aspects of our business, from how we sanitize our properties to how we interact with and entertain our guests. "We began using infrared devices to test employee temperatures prior to our casino shutdowns. We now also intend to screen guest temperatures when we reopen. We also intend to allow customers to block adjoining slot machines to ensure social distancing, and we will provide gloves, masks and hand sanitizer to our employees and guests. "In some locations, we are installing dividers between our most popular slot machines. We will also continuously wipe and disinfect our slot machines, paying particular attention to high-touch surfaces, such as buttons and screens. In our restaurants, we are spacing our tables more widely apart and, where appropriate, installing separating screens." The company has also "reset and relaunched" the marketing programs at Rising Star and Bronco Billy’s casinos, installing a new slot system. "We believe this new slot system is a huge improvement and, at Rising Star in particular, replaced a system that was 17 years old," Lee said. Additionally, the company's first mobile sports wagering provider in Colorado is expected to launch operations by the end of this month. "In Colorado, we are also permitted three sports wagering websites, and all three operators of those skins received their gaming licenses in April 2020. When all of our sports wagering websites have commenced operations – which we believe will be by the third quarter of this year – our sports wagering revenue guarantees should total at least $7.0 million per year," he said. “Online sports wagering made significant strides during the first quarter." For instance, in Indiana Full House had its first full quarter of one of its three permitted sports wagering websites and it "contributed $0.4 million to Rising Star's financial results." "We expect our two other websites in Indiana to launch shortly, pending the receipt of customary regulatory approvals," Lee said. "Our three sports wagering providers are significant operators in the gaming and/or sports book industry. As mobile sports wagering ramps up, we believe it should contribute a significant portion of the Company’s income." Due to the COVID-19 pandemic, all of the company’s casinos were forced to close in mid-March 2020. As a result, on a consolidated basis, net revenues in the first quarter of 2020 decreased 23.8% to $30.9 million from $40.5 million in the prior-year period. Net loss for the first quarter of 2020 was $4.4 million. “We are now approximately two months into the shutdown of our properties,” said Lee. “These and other government-mandated closures appear to have helped slow the spread of the coronavirus. With the worst days of the pandemic hopefully behind us, we are now beginning to look forward to reopening our properties and safely welcoming back our customers and employees." |