News
Full House Resorts Announces Second Quarter Results
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– Silver Slipper Casino & Hotel Continued Its Growth During the Quarter
– Construction Continues on Parking Garage at Bronco Billy’s Casino & Hotel
– Company Preparing for Sports Wagering in Indiana and Colorado
– Submitted Proposal for New Casino in Waukegan, Illinois
Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the second quarter ended June 30, 2019.
On a consolidated basis, net revenues in the second quarter of 2019 increased 1.1% to $41.7 million from $41.2 million in the prior-year period. Net loss for the second quarter of 2019 was $1.0 million, or $(0.04) per diluted common share, compared to a net loss of $0.7 million, or $(0.02) per diluted common share, in the prior-year period. Net losses in both periods were affected by the accounting for the fair market value of outstanding warrants. Adjusted EBITDA(a) in the 2019 second quarter was $4.3 million versus $4.4 million in the second quarter of 2018.
“Silver Slipper continued its recent growth during the second quarter of 2019, reflecting substantial physical improvements made over the past several years,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “Most recently, in May 2019, we completed a significant renovation of the Silver Slipper’s casino and buffet. The visual impact of the renovated casino is meaningful, with our property looking better than it has at any time in its history. At our Northern Nevada properties, recent construction at the Fallon Naval Air Station seemed to result in fewer air groups visiting town. While the Navy doesn’t disclose such details, recent activity suggests that Naval visitor groups are both beginning to return to town and seem to be larger in size. Lastly, both our Bronco Billy’s and Rising Star properties recently underwent leadership changes, with a new general manager at Bronco Billy’s and several new key property directors at Rising Star. We believe these management changes, along with recent and prospective physical investments, will help achieve near-term growth at both properties.”
Financial results for the second quarter reflect operational improvements at Silver Slipper despite disruptions from the renovation of its casino and its buffet in May 2019, offset by disruption at Rising Star caused by the repaving of the main highway leading to the property. The results also reflect costs from management changes at both Rising Star and Bronco Billy’s, and the impact of the Christmas Casino in Cripple Creek. Specifically related to the Christmas Casino at Bronco Billy’s, the Company incurred additional lease payments for the new facility. During seasonally stronger quarters, such as the third quarter, the Company expects the Christmas Casino to be a net contributor to operating results.
“Both Rising Star and Bronco Billy’s are also preparing for the start of sports wagering in Indiana and potentially in Colorado,” continued Mr. Lee. “Sports wagering will launch on-site at Rising Star in the fall, followed by online sports wagering shortly thereafter throughout Indiana. Through our online sports wagering partners, anyone in the state — including those living in the populous areas around Indianapolis and Northwest Indiana — will be able to conveniently place sports wagers from anywhere in the state via the Internet. Given the positive impact of sports wagering at our Silver Slipper Casino in Mississippi over this past year, we expect sports wagering to have a significant impact at Rising Star. At Silver Slipper, for example, sports wagering directly contributed $443,000 to operating income for the first half of 2019. Silver Slipper has achieved these results despite the lack of online sports wagering. At Rising Star, we anticipate three online sports wagering partners, each offering an online website, in addition to an on-site sportsbook.
“We expect an equally significant impact from sports wagering at Bronco Billy’s in Colorado, where legislators recently approved sports wagering subject to statewide voter approval in November. Should voters approve it, Bronco Billy’s will also have an on-site sportsbook plus three online websites, as the new legislation allows for one mobile ‘skin’ (akin to a website) for each of the three gaming licenses that we hold in Colorado. We believe that sports wagering in Colorado could become available in the middle of next year.”
Concluded Mr. Lee, “We also continued construction on our parking garage at Bronco Billy’s. Most of our other major competitors in this market have their own parking garages. When we complete our garage, guests to our property will finally have easy, covered and direct access from our parking garage into the casino.”
Second Quarter 2019 Highlights and Subsequent Events
- Net revenues at Silver Slipper Casino and Hotel grew 8.0% in the second quarter of 2019 to $18.9 million and Adjusted Property EBITDA rose 12.9% to $3.6 million. In May 2019, we completed a substantial renovation of Silver Slipper, including replacement of the casino’s carpet, as well as the wall coverings and seating areas throughout the buffet. Silver Slipper achieved growth during the second quarter despite temporary disruption from the renovation. Results in April and June were amongst the best months in the casino’s history. For the first half of 2019, Silver Slipper’s net revenues and Adjusted Property EBITDA rose 12.3% and 22.7%, respectively, over the prior-year period.
- At Rising Star Casino Resort, net revenues declined for the second quarter of 2019 to $11.6 million from $12.5 million. Adjusted Property EBITDA of $0.6 million in the second quarter of 2019 compares to $0.8 million in the prior-year period. As mentioned last quarter, the Indiana Department of Transportation began repaving Highway 50, the key road leading to the property, frequently causing traffic delays. That road construction continued to adversely affect operations during the second quarter of 2019. To help offset this, the Company made its new ferry service free, beginning in May. The ferry service showed meaningful increases in usage during the quarter, as well as record usage in July 2019. For example, weekday usage of the ferry boat in July grew 69% versus June, and weekend traffic has increased 56% versus June. As a result of the increased ferry traffic, management has decided to continue to operate the ferry on a free basis, believing the increased traffic is more important to the casino than the ferry revenue.
- Additionally regarding Rising Star, new gaming legislation became effective in Indiana in May 2019. This new legislation contained several items beneficial to Rising Star, including:
• The approval of sports wagering at Indiana casinos. We expect to open an on-site sportsbook at Rising Star in the fall, in conjunction with a partner with unique expertise in sportsbook operations.
• The approval of three mobile “skins” for each casino license. In addition to an on-site sportsbook, the new legislation allows for three mobile “skins” (the industry term for website) for each casino license in the state. Effectively, these “skins” will allow Rising Star to partner with three website brands for online sports wagering via the Internet, regardless of location within the state. Online gaming must be paired with a physical casino, even though customers do not have to be physically in that casino to place a bet. Online sports wagering is expected to go live in Indiana within the next few months.
• The reduction of certain gaming taxes. The new gaming legislation approved a reduction in certain gaming taxes for casino operators in the state, including Rising Star, beginning on July 1, 2021.
• A potential new casino located in Terre Haute. The gaming legislation called for a competitive process for a new casino in Terre Haute, pending local voter approval. Such casino should have little or no impact on Rising Star and the Company is evaluating whether to pursue the potential expansion opportunity.
- At Bronco Billy’s Casino and Hotel, net revenues for the second quarter of 2019 grew 1.2% to $6.9 million from $6.8 million. Adjusted Property EBITDA was $0.9 million and $1.3 million for the second quarters of 2019 and 2018, respectively. Operating expenses increased primarily due to additional costs related to operating the Christmas Casino & Inn, as well as transition costs related to management changes at the property. Operating results also reflect increased marketing activities and an increase to the state’s minimum wage that went into effect on January 1, 2019.
- As mentioned above, the Company is preparing for the launch of sports wagering at Colorado’s casinos. During the second quarter, legislators in Colorado approved sports wagering, subject to statewide voter approval. In addition to on-site sports wagering, the new gaming legislation also allows Internet sports wagering via one mobile “skin” per casino license. In Colorado, the Company has three casino licenses, the maximum allowed for a single company operating in the state. Accordingly, assuming voters approve sports wagering in the November election, the Company expects to partner on three Internet sports wagering sites in Colorado, in addition to an on-site sportsbook, with operations beginning in mid-2020.
- The Company also recently began construction of its new parking garage at Bronco Billy’s, the major component of the property’s Phase One expansion. Phase One includes significant utility relocations; a back-of-house service building, located between the garage and the casino; and pedestrian entrances directly from the garage into the casino. The Company expects to complete the parking garage and related structures in the first half of 2020. Additionally, the Company continues to finalize its plans for the significant Phase Two expansion at Bronco Billy’s. Phase Two is expected to include a new luxury hotel tower, spa, convention and entertainment center, two new restaurants, and a significant upgrade to the Bronco Billy’s casino. Both the new parking garage and the Phase Two expansion will integrate seamlessly with the existing casino. The Company has the funding in place for completion of Phase One and is evaluating its funding alternatives for Phase Two. For renderings of the proposed expansion, as well as a presentation discussing the Company’s analysis of the Cripple Creek market, please visit the investor section of www.fullhouseresorts.com and click on “News and Events/Presentations.”
- The Northern Nevada segment consists of the Grand Lodge and Stockman’s casinos. Combined, Northern Nevada net revenues were $4.3 million and $4.4 million for the second quarters of 2019 and 2018, respectively. Adjusted Property EBITDA for the Northern Nevada segment was $417,000 and $473,000 for the same periods, respectively. Grand Lodge Casino had a lingering heavy snowpack that impeded spring and early summer activities at Lake Tahoe. At Stockman’s Casino, visitor activity at the nearby military base appeared to be below prior-year levels, though improving as the quarter progressed.
- On August 5, 2019, the Company submitted a proposal to construct and operate American Place, a new casino and resort destination in Waukegan, Illinois, approximately 35 miles north of downtown Chicago. This proposal was in response to a “Request for Qualifications and Proposals” published by the City of Waukegan to select a preferred operator per the recent legislation expanding gaming in Illinois. If selected, Full House intends to build a casino with approximately 1,500 slot machines, 60 table games, and a very high-end boutique hotel. For further information about American Place, please visit www.americanplace.us.
- The Company maintains a Facebook page to provide work-in-progress photos to investors of our various growth projects and other activities. To access that Facebook page, please visit www.facebook.com/FHResorts.
Liquidity and Capital Resources
As of June 30, 2019, the Company had $23.9 million in cash and $108.5 million in outstanding senior secured notes. These amounts reflect $10.0 million of additional senior secured notes that the Company issued to its existing lenders in May 2019.
Conference Call Information
The Company will host a conference call for investors today, August 8, 2019, at 4:30 p.m. ET (1:30 p.m. PT) to discuss its 2019 second quarter results. Investors can access the live audio webcast from the Company’s website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (800) 458-4148 or, for international callers, (323) 794-2597.
A replay of the conference call will be available shortly after the conclusion of the call through August 22, 2019. 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 9175680.
(a) Reconciliation of Non-GAAP Financial Measure
The Company utilizes Adjusted Property EBITDA 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, which is defined as Adjusted Property EBITDA net of corporate-related costs and expenses.
Although Adjusted Property EBITDA and Adjusted EBITDA are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”), the Company believes these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity. The Company utilizes these metrics or measures 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 version of Adjusted EBITDA (known as Consolidated EBITDA, as defined in the indenture governing the Company’s senior secured notes) is also used to determine compliance with certain covenants.
In addition, because Adjusted EBITDA is not calculated in accordance with GAAP, it may not necessarily be comparable to similarly titled measures employed by other companies. 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 SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) |
|||||||||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
| Revenues | |||||||||||||||
| Casino | $ | 28,450 | $ | 28,632 | $ | 56,748 | $ | 55,602 | |||||||
| Food and beverage | 8,863 | 8,783 | 17,521 | 16,722 | |||||||||||
| Hotel | 3,051 | 2,582 | 5,766 | 4,865 | |||||||||||
| Other operations | 1,299 | 1,230 | 2,122 | 1,969 | |||||||||||
| Net revenues | 41,663 | 41,227 | 82,157 | 79,158 | |||||||||||
| Operating costs and expenses | |||||||||||||||
| Casino | 11,592 | 11,282 | 23,377 | 22,366 | |||||||||||
| Food and beverage | 9,449 | 9,757 | 18,818 | 18,883 | |||||||||||
| Hotel | 2,379 | 2,652 | 4,799 | 5,139 | |||||||||||
| Other operations | 1,072 | 834 | 1,841 | 1,348 | |||||||||||
| Selling, general and administrative | 13,027 | 12,462 | 25,687 | 24,424 | |||||||||||
| Project development and acquisition costs | 142 | 130 | 275 | 167 | |||||||||||
| Depreciation and amortization | 2,083 | 2,038 | 4,174 | 4,206 | |||||||||||
| (Gain) loss on sale or disposal of assets, net | (4 | ) | 69 | (5 | ) | 79 | |||||||||
| 39,740 | 39,224 | 78,966 | 76,612 | ||||||||||||
| Operating income | 1,923 | 2,003 | 3,191 | 2,546 | |||||||||||
| Other (expense) income | |||||||||||||||
| Interest expense, net of capitalized interest | (2,931 | ) | (2,466 | ) | (5,634 | ) | (5,006 | ) | |||||||
| Loss on extinguishment of debt | — | — | — | (2,673 | ) | ||||||||||
| Adjustment to fair value of warrants | 141 | (80 | ) | 101 | 423 | ||||||||||
| (2,790 | ) | (2,546 | ) | (5,533 | ) | (7,256 | ) | ||||||||
| Loss before income taxes | (867 | ) | (543 | ) | (2,342 | ) | (4,710 | ) | |||||||
| Provision for income taxes | 143 | 118 | 285 | 237 | |||||||||||
| Net loss | $ | (1,010 | ) | $ | (661 | ) | $ | (2,627 | ) | $ | (4,947 | ) | |||
| Basic loss per share | $ | (0.04 | ) | $ | (0.02 | ) | $ | (0.10 | ) | $ | (0.20 | ) | |||
| Diluted loss per share | $ | (0.04 | ) | $ | (0.02 | ) | $ | (0.10 | ) | $ | (0.21 | ) | |||
Full House Resorts, Inc.
Supplemental Information
Segment Revenues and Adjusted Property EBITDA
(In Thousands, Unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
| Net Revenues | |||||||||||||||
| Silver Slipper Casino and Hotel | $ | 18,892 | $ | 17,492 | $ | 38,174 | $ | 34,001 | |||||||
| Rising Star Casino Resort | 11,598 | 12,528 | 22,465 | 23,755 | |||||||||||
| Bronco Billy’s Casino and Hotel | 6,877 | 6,795 | 13,317 | 13,037 | |||||||||||
| Northern Nevada Casinos | 4,296 | 4,412 | 8,201 | 8,365 | |||||||||||
| $ | 41,663 | $ | 41,227 | $ | 82,157 | $ | 79,158 | ||||||||
| Adjusted Property EBITDA(1) and Adjusted EBITDA | |||||||||||||||
| Silver Slipper Casino and Hotel | $ | 3,594 | $ | 3,183 | $ | 7,440 | $ | 6,066 | |||||||
| Rising Star Casino Resort | 604 | 776 | 1,007 | 1,269 | |||||||||||
| Bronco Billy’s Casino and Hotel | 876 | 1,256 | 1,491 | 1,961 | |||||||||||
| Northern Nevada Casinos | 417 | 473 | 408 | 460 | |||||||||||
| Adjusted Property EBITDA | 5,491 | 5,688 | 10,346 | 9,756 | |||||||||||
| Corporate | (1,240 | ) | (1,273 | ) | (2,518 | ) | (2,351 | ) | |||||||
| Adjusted EBITDA | $ | 4,251 | $ | 4,415 | $ | 7,828 | $ | 7,405 | |||||||
(1) 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 Information
Reconciliation of Net Income (Loss) and Operating Income (Loss) to Adjusted EBITDA
(In Thousands, Unaudited)
| (In thousands) | Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
| Net loss | $ | (1,010 | ) | $ | (661 | ) | $ | (2,627 | ) | $ | (4,947 | ) | |||
| Provision for income taxes | 143 | 118 | 285 | 237 | |||||||||||
| Interest expense, net of amounts capitalized | 2,931 | 2,466 | 5,634 | 5,006 | |||||||||||
| Loss on extinguishment of debt | — | — | — | 2,673 | |||||||||||
| Adjustment to fair value of warrants | (141 | ) | 80 | (101 | ) | (423 | ) | ||||||||
| Operating income | 1,923 | 2,003 | 3,191 | 2,546 | |||||||||||
| Project development and acquisition costs | 142 | 130 | 275 | 167 | |||||||||||
| Depreciation and amortization | 2,083 | 2,038 | 4,174 | 4,206 | |||||||||||
| (Gain) loss on sale or disposal of assets, net | (4 | ) | 69 | (5 | ) | 79 | |||||||||
| Stock-based compensation | 107 | 175 | 193 | 407 | |||||||||||
| Adjusted EBITDA | $ | 4,251 | $ | 4,415 | $ | 7,828 | $ | 7,405 | |||||||
Full House Resorts, Inc.
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDA and Adjusted EBITDA
(In Thousands, Unaudited)
| Three Months Ended June 30, 2019 | |||||||||||||||||||||||
| Operating Income (Loss) |
Depreciation and Amortization |
Gain on Sale of Assets |
Project Development and Acquisition Costs |
Share-Based Compensation |
Adjusted Property EBITDA and Adjusted EBITDA |
||||||||||||||||||
| Casino properties | |||||||||||||||||||||||
| Silver Slipper Casino and Hotel | $ | 2,725 | $ | 869 | $ | — | $ | — | $ | — | $ | 3,594 | |||||||||||
| Rising Star Casino Resort | 11 | 593 | — | — | — | 604 | |||||||||||||||||
| Bronco Billy’s Casino and Hotel | 446 | 434 | (4 | ) | — | — | 876 | ||||||||||||||||
| Northern Nevada Casinos | 268 | 149 | — | — | — | 417 | |||||||||||||||||
| 3,450 | 2,045 | (4 | ) | — | — | 5,491 | |||||||||||||||||
| Other operations | |||||||||||||||||||||||
| Corporate | (1,527 | ) | 38 | — | 142 | 107 | (1,240 | ) | |||||||||||||||
| $ | 1,923 | $ | 2,083 | $ | (4 | ) | $ | 142 | $ | 107 | $ | 4,251 | |||||||||||
| Three Months Ended June 30, 2018 | |||||||||||||||||||||||
| Operating Income (Loss) |
Depreciation and Amortization |
Loss on Disposal of Assets |
Project Development and Acquisition Costs |
Share-Based Compensation |
Adjusted Property EBITDA and Adjusted EBITDA |
||||||||||||||||||
| Casino properties | |||||||||||||||||||||||
| Silver Slipper Casino and Hotel | $ | 2,372 | $ | 811 | $ | — | $ | — | $ | — | $ | 3,183 | |||||||||||
| Rising Star Casino Resort | 172 | 603 | 1 | — | — | 776 | |||||||||||||||||
| Bronco Billy’s Casino and Hotel | 811 | 377 | 68 | — | — | 1,256 | |||||||||||||||||
| Northern Nevada Casinos | 265 | 208 | — | — | — | 473 | |||||||||||||||||
| 3,620 | 1,999 | 69 | — | — | 5,688 | ||||||||||||||||||
| Other operations | |||||||||||||||||||||||
| Corporate | (1,617 | ) | 39 | — | 130 | 175 | (1,273 | ) | |||||||||||||||
| $ | 2,003 | $ | 2,038 | $ | 69 | $ | 130 | $ | 175 | $ | 4,415 | ||||||||||||
Full House Resorts, Inc.
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDA and Adjusted EBITDA
(In Thousands, Unaudited)
| Six Months Ended June 30, 2019 | |||||||||||||||||||||||
| Operating Income (Loss) |
Depreciation and Amortization |
Gain on Sale of Assets |
Project Development and Acquisition Costs |
Share-Based Compensation |
Adjusted Property EBITDA and Adjusted EBITDA |
||||||||||||||||||
| Casino properties | |||||||||||||||||||||||
| Silver Slipper Casino and Hotel | $ | 5,725 | $ | 1,716 | $ | (1 | ) | $ | — | $ | — | $ | 7,440 | ||||||||||
| Rising Star Casino Resort | (192 | ) | 1,199 | — | — | — | 1,007 | ||||||||||||||||
| Bronco Billy’s Casino and Hotel | 614 | 881 | (4 | ) | — | — | 1,491 | ||||||||||||||||
| Northern Nevada Casinos | 106 | 302 | — | — | — | 408 | |||||||||||||||||
| 6,253 | 4,098 | (5 | ) | — | — | 10,346 | |||||||||||||||||
| Other operations | |||||||||||||||||||||||
| Corporate | (3,062 | ) | 76 | — | 275 | 193 | (2,518 | ) | |||||||||||||||
| $ | 3,191 | $ | 4,174 | $ | (5 | ) | $ | 275 | $ | 193 | $ | 7,828 | |||||||||||
| Six Months Ended June 30, 2018 | |||||||||||||||||||||||
| Operating Income (Loss) |
Depreciation and Amortization |
Loss on Disposal of Assets |
Project Development and Acquisition Costs |
Share-Based Compensation |
Adjusted Property EBITDA and Adjusted EBITDA |
||||||||||||||||||
| Casino properties | |||||||||||||||||||||||
| Silver Slipper Casino and Hotel | $ | 4,434 | $ | 1,631 | $ | 1 | $ | — | $ | — | $ | 6,066 | |||||||||||
| Rising Star Casino Resort | 28 | 1,232 | 9 | — | — | 1,269 | |||||||||||||||||
| Bronco Billy’s Casino and Hotel | 1,043 | 849 | 69 | — | — | 1,961 | |||||||||||||||||
| Northern Nevada Casinos | 44 | 416 | — | — | — | 460 | |||||||||||||||||
| 5,549 | 4,128 | 79 | — | — | 9,756 | ||||||||||||||||||
| Other operations | |||||||||||||||||||||||
| Corporate | (3,003 | ) | 78 | — | 167 | 407 | (2,351 | ) | |||||||||||||||
| $ | 2,546 | $ | 4,206 | $ | 79 | $ | 167 | $ | 407 | $ | 7,405 | ||||||||||||
Forward-looking Statements
This press release contains statements by Full House 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 press release include those regarding our operating trends and expected results of operations; our future growth prospects; the impact of our finished projects and renovations on our results of operations; our proposed expansion of Bronco Billy’s and expected returns from that project; our construction budgets, time lines, and disruption expectations; expectations regarding our proposal to construct and operate a casino development in Waukegan, Illinois; expectations regarding the approval, timing and financial impact of legalized sports betting in Indiana and Colorado; expectations regarding sports betting partners; the likelihood and potential effects of legislative changes in Indiana; expectations regarding the number of visitors to a military base near Stockman’s Casino and the financial impact thereof; and expectations regarding management changes at Bronco Billy’s and Rising Star. 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, changes in the Company’s business strategies, interest rate risks, the failure to obtain and/or maintain regulatory approvals (including in Colorado, Indiana, Nevada and Mississippi), the ability to obtain financing upon reasonable terms (including for projects such as the Bronco Billy’s expansion), the potential increase in Full House’s indebtedness due to the expansion of Bronco Billy’s, construction risks, dependence on existing management, competition, uncertainties over the development and success of our acquisition and expansion projects, the financial performance of our finished projects and renovations, effectiveness of expense and operating efficiencies, general macroeconomic conditions, regulatory and business conditions in the gaming industry (including the future allowance of live table games at Indiana’s racinos, or the possible authorization or expansion of gaming in nearby states), the ability to execute sports betting agreements with operating partners on reasonable terms, and the potential for Colorado voters to not approve sports betting throughout the state. Additional information concerning potential factors that could affect Full House’s 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, its Form 10-K for the most recently ended fiscal year and the Company’s 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.
Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Full House Resorts Announces Second Quarter Results
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The constantly evolving regulatory landscape offers both challenges and opportunities for iGaming operators. As more regions legalize various forms of online gambling, companies gain access to new markets. With their large populations and increasing internet penetration, emerging markets like Brazil and Nigeria represent lucrative opportunities. However, navigating the diverse regulations in these markets requires agility and strict compliance with local laws to succeed.
- Enhanced Payment Solutions
With digital transactions becoming the norm, the demand for fast, secure, and flexible payment methods is skyrocketing. From digital wallets to instant banking and cryptocurrencies, players expect payment solutions that offer convenience and security. This growing demand is driving innovation in payment processing, giving operators more opportunities to streamline the transaction process while building trust with users.
Future Implications
The Expanding Role of AI and Blockchain
AI and blockchain are not just current trends, but they are poised to play an even more significant role in iGaming’s future. As AI technology evolves, more sophisticated algorithms will emerge, enabling real-time adaptation to player behavior and preferences. Blockchain’s application may extend beyond transparency and security, transforming game mechanics and player interactions potentially redefining how games are designed and played.
Shifting Player Preferences
Player expectations will continue to evolve toward immersive, interactive experiences. As Virtual Reality (VR) and Augmented Reality (AR) become more mainstream, they will significantly influence the future of iGaming. Players will demand more engaging, lifelike environments, pushing the industry to create innovative game formats and features that offer deeper immersion and entertainment value.
Regulatory Developments
The regulatory environment will continue to evolve, and iGaming operators must stay agile to navigate future changes. New regulations may increasingly emphasize responsible gaming and player protection, influencing platform design and operational practices. A more harmonized regulatory framework across jurisdictions could provide stability while requiring operators to prioritize compliance.
Integrating Emerging Technologies
Technologies like 5G and edge computing are set to revolutionize iGaming by enabling faster, more reliable connectivity. This will allow for more complex game designs and real-time player interactions, opening new avenues for innovative gaming experiences. As these technologies mature, operators will have greater opportunities to differentiate their offerings. The potential of these emerging technologies to revolutionize iGaming is truly exciting and promising for the industry’s future.
Final Thoughts
The iGaming industry is on the cusp of significant transformations, driven by technological advancements and shifting player demands. Innovations like live dealer games, blockchain integration, AI, ML, and enhanced personalization are just the beginning. As the industry evolves, staying ahead of these trends will be critical for operators looking to thrive in an increasingly dynamic environment.
At Digicode, we are constantly exploring new technologies and refining our solutions to meet the evolving needs of our clients. Our focus on adaptability and foresight ensures that our clients are not just keeping pace with the industry—they’re leading it.
The post Innovations Redefining iGaming: What Operators Need to Know appeared first on European Gaming Industry News.
A partnership between game developer Turbo Games and iGaming solution provider and aggregator Slotegrator began in November 2022 via the APIgrator game integration solution. Since then, the collaboration has been developing successfully — and now it’s time to analyze what made it successful.
Turbo Games has noticed how the new technologies spreading throughout the industry can work for the good of brand transparency and player loyalty: “We can already see how blockchain technology has made it possible to make betting checks more accessible to players. All you need is a blockchain-hash and a decoder service. We think we will continue to move in this direction. Many traditional online casinos do not offer the possibility to check the bet. Sooner or later we all have to come to this. Perhaps the development of artificial intelligence will help here, because we are already seeing its involvement in all spheres of human life.”
Turbo Games specializes in provably fair games. Provable fairness is a concept where players can verify their wins or losses using blockchain technology — the outcome of the game is dictated by a smart contract and is absolutely random, barring the possibility of any human involvement. Using cryptographic hashing algorithms, the gambling site and the player’s device both generate seeds (random strings of numbers). Players receive a key that allows them to check the results; if the results are the same as the game round they witnessed, it proves that there was no foul play.
According to statistics from Turbo Games, the audience for provably fair games is mostly between 18 and 25 years old. However, there are also players aged 35-40 who prefer traditional games but would like to try something new, and have turned their attention to provably fair games.
There are good odds that the technology of provably fair games will become more popular, if not even commonplace, because it gives players a feeling of transparency and proves that the business is trustworthy without the need to search through dozens of reviews. Whereas many innovations in iGaming simply add entertainment, provable fairness addresses security concerns and reassures players that they’re not being exploited, which is invaluable.
Provably fair games are beneficial for both players and online casinos. Vadim Potapenko, Head of Sales at Turbo Games, comments: “It often happens that the users are not satisfied with the result, because gambling is not only about big wins, but also possible losses. By allowing them to check the fairness of a bet, we make life easier for platforms and players. Of course, this allows us to communicate with partners and users that we work honestly and that’s why they should trust our games.”
Ayvar Gabidullin, Business Development Manager at Slotegrator, adds that “this type of game is now becoming more and more popular and has great potential for both players and game providers in the future. On the part of the player, the advantage is that the player can always be sure that his game is fair and he can independently check any of his bets. And for the game provider, this also simplifies the process of implementing casino games, since now it will not be necessary to obtain the appropriate certificates from independent laboratories before launching new games, they can immediately enter the market with these games and where anyone can check the result and make sure that that there is no cheating with players. Many game providers are starting to look towards this type of game. And as far as I see, many operators are starting to think about adding these games.”
What do players in 2023 need? The iGaming industry is all about reputation and trust. Players have a huge number of platforms to choose from, making them pickier and pickier. There’s an abundance of forums where players leave reviews, so if players view a brand as untrustworthy, there are plenty of places they can share their opinion. Provable fairness not only stops that from happening, it provides evidence to the contrary, giving players something else to talk about.
Slotegrator also recommends investing time and effort into localization and creating an effective and detailed marketing strategy — before trying provably fair technology players need to get to the platform, and there is no acquisition without marketing.
ABOUT SLOTEGRATOR
Since 2012, Slotegrator has been one of the iGaming industry’s leading software and business solution providers for online casino and sportsbook operators.
The company’s main focus is software development and support for online casino platforms, as well as the integration of game content and payment systems.
The company works with licensed game developers and offers a vast portfolio of casino content: slots, live casino games, poker, virtual sports, table games, lotteries, casual games, and data feeds for betting.
Slotegrator also provides consulting services in gambling license acquisition and business incorporation.
More information: https://slotegrator.pro/
ABOUT TURBO GAMES
Turbo Games — a provably fair games provider that belongs to Turbo Stars company — has an ambitious goal to establish widespread recognition throughout the iGaming world. Even though it is young, the company consists of professionals who have been working on the brand for over five years and are even planning to introduce a new brand for a wider audience soon.
Turbo Games also works in Europe, India, and South Africa, where the company sees the most potential and expects the same “hype” as in Brazil.
The portfolio of Turbo Games consists of 21 titles, including well-known games like Mines, Crash X, DoubleRoll, Hi-Lo, and Plinko. The studio releases a game every month. However, not all games are developed from scratch. Wicket Blast and Spin Strike, the last two releases, are based on cricket and the Indian Premier League. Crash X remains the most popular fast game in the Turbo Games portfolio, and the studio reports that crash games enjoy stable levels of popularity. Overall, the main focus of the brand is provably fair games.
More information: https://turbogames.io/
Looking to take your career to the next level in the games industry? Then, Nordic Game Talents is the place to be! Games Factory Talents has teamed up with Nordic Game to bring you Nordic Game Talents.
From Oct 27-29, the online and interactive event is dedicated to recruitment and career building in the creative & games industry within the Nordic region. The event empowers participants to be part of a bigger community and motivates them to explore new paths in achieving their career goals.
Hiring creative & games studios – Supercell, Funcom, Panzerdog, Tactile Games, Gamecan, Fingersoft, Dazzle Rocks, Redhill Games to name a few from the Nordic region will be participating in the event. These studios will share information on their latest projects, work culture and what it takes to be part of their team. The individual games associations from Finland, Denmark, Sweden, Norway and Estonia will share insights through live sessions on the booming games industry in their respective countries. Career development topics pertinent to job seekers like – How to have a successful first interview, Creative Portfolio reviews will also be discussed.
Experienced game industry professionals and individuals beginning their careers from around the world are welcome to join the event. One-to-one interviews with the hiring studios can be scheduled through the event platform. A great opportunity to get to know the studios and network with game professionals from around the world.
Participating in the event
As a job seeker attending Nordic Game Talents, take a few minutes to fill out a simple registration form. After filling the registration form you will receive a link to the online event platform – PINE, to join the event on 27th October. Participants joining Nordic Game Talents will also receive a free-of-charge pass to the Nordic Game Conference.
To view the complete agenda, please click here and to learn more about the event please visit Games Job Fair
About Games Factory Talents
A Helsinki-based talent attraction agency dedicated to the games & creative industry. Our services include direct recruitment, organizing game job fairs and managing a community of game industry professionals through our GameDev Talent Board.
To learn more about Games Factory Talents visit – Games Factory Talents
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