UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported):  May 27, 2020

 

FULL HOUSE RESORTS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

Registrant’s telephone number, including area code: (702) 221‑7800

 

 

Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)

☐  Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))

☐  Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b‑2 of the Securities Exchange Act of 1934 (§240.12b‑2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 7.01   Regulation FD Disclosure

 

On May 27, 2020, Full House Resorts (the “Company”) issued a press release providing a business update after the reopening of its Silver Slipper Casino & Hotel (“Silver Slipper”). The Company cautions that these results from the first five days of Silver Slipper's reopening may not be indicative of results for future periods, nor are they necessarily indicative of results that may be expected from the future reopenings of the Company's other properties. The Company does not intend to update interim results for the Silver Slipper or any of its other casinos in ordinary course.

The Company also provided an update regarding the expected reopening dates for its other casinos. The Company currently expects its Northern Nevada operations to reopen on June 4, 2020, based on yesterday’s guidance from Nevada officials. The Company continues to expect Rising Star Casino Resort to reopen on June 14, 2020, consistent with previous expectations and statements from Indiana officials. The Company does not yet have an official reopening date for Bronco Billy’s Casino & Hotel in Cripple Creek, Colorado. However, on May 22, 2020, state officials said that “the State of Colorado will be issuing guidance around casinos soon.”

A copy of the press release is attached hereto as Exhibit 99.1.

The information contained in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In addition, none of such information shall be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except to the extent specifically referenced in any such filings.

 

Item 9.01   Financial Statements and Exhibits

 

* This exhibit related to Item 7.01 shall be deemed to be furnished and not filed.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Exhibit 99.1

 

Full House Resorts Provides Business Update for Silver Slipper Casino & Hotel

 

LAS VEGAS, May 27, 2020 – Full House Resorts (Nasdaq: FLL) released the following limited and unaudited results from the initial reopening period at Silver Slipper Casino & Hotel (“Silver Slipper”) following its government-mandated closure on March 17, 2020 due to the COVID-19 pandemic. As a result of social distancing and other cautionary measures due to COVID-19, Silver Slipper’s reopened operations were limited in several ways, as required by state and local officials, including: only operating 392 slot machines of 855 total slot machines, only permitting three active positions at table games that normally accommodate six or more persons, and an approximately 50% capacity limitation in restaurants. Total casino win increased 12.3% despite a 15.9% decrease in guest counts.

 

Silver Slipper’s reopening happened to coincide with the Memorial Day holiday weekend, which typically has higher revenues. The Company cautions that these results from the first five days of Silver Slipper's reopening may not be indicative of results for future periods, nor are they necessarily indicative of results that may be expected from the future reopenings of the Company's other properties. The Company does not intend to update interim results for the Silver Slipper or any of its other casinos in ordinary course. It has done so in this instance as Silver Slipper is the first of its casinos to reopen following the mid-March closure of all of its operations. The table below compares results from the five days of operations, up to and including Memorial Day 2020, with results from the five days of operations, up to and including Memorial Day 2019.

 

 

 

The Company currently expects its Northern Nevada operations to reopen on June 4, 2020, based on yesterday’s guidance from Nevada officials. The Company continues to expect Rising Star Casino Resort to reopen on June 14, 2020, consistent with previous expectations and statements from Indiana officials. The Company does not yet have an official reopening date for Bronco Billy’s Casino & Hotel in Cripple Creek, Colorado. However, on May 22, 2020, state officials said that “the State of Colorado will be issuing guidance around casinos soon.”

 

Forward-looking Statements and Risk Factors

This press release may contain forward-looking statements that are neither historical facts nor assurances of future performance, including those regarding our expectations about the current or future financial performance of our properties and the expected timing for the reopening of our various casinos.  Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of the Company. Such risks include, without limitation, the adverse impact of the COVID-19 pandemic on our business, financial condition and operating results, including on our ability to continue as a going concern; actions taken (or to be taken again) by government officials at the federal, state or local level in connection with the COVID-19 pandemic, including, without limitation, temporary shutdowns, travel restrictions, social distancing and shelter-in place orders; our ability to effectively manage and control expenses

during shutdown or reopening periods; the impact of temporary or extended shutdowns on our ability to maintain compliance with the terms and conditions of our indenture and other material contracts; changes in guest visitation or spending patterns due to COVID-19 or other health or other concerns, including a decrease in overall demand after reopening our casinos; the impact of restrictions and social distancing requirements placed on our operations and services after reopening our casinos, including an increase in operational costs; a failure of the global response to contain the COVID-19 pandemic or if a rebound of the virus in the fall; and both general and local economic conditions. 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, its Form 10-Q for the most recent quarter 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.

 

 

About Full House Resorts, Inc.

Full House Resorts owns, leases, develops and operates gaming facilities throughout the country. The Company’s properties include Silver Slipper Casino and Hotel in Hancock County, Mississippi; Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; and Stockman’s 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. Further information about Full House Resorts can be viewed on its website at www.fullhouseresorts.com.

 

Contact:

Lewis Fanger, Chief Financial Officer

Full House Resorts, Inc.

(702) 221-7800

www.fullhouseresorts.com