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):  March 15, 2020

 

FULL HOUSE RESORTS, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

    

001‑32583

    

13‑3391527

(State or other jurisdiction
of incorporation)

 

(Commission
File Number)

 

(I.R.S. Employer
Identification No.)

 

One Summerlin
1980 Festival Plaza Drive, Suite 680
Las Vegas, Nevada

    

89135

(Address of principal executive offices)

 

(Zip Code)

 

 

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

 

 

 

 

 

N/A

 

(Former name or former address, if changed since last report)

 

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:

 

 

 

 

 

 

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

Common stock, $0.0001 par value per share

 

FLL

 

The Nasdaq Stock Market LLC

 

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 8.01    Other Events.

 

On March 15, 2020, Full House Resorts, Inc. (the “Company”) announced that pursuant to an order from the Indiana Gaming Commission it was temporarily suspending operations at Rising Star Casino Resort in Rising Sun, Indiana for at least two weeks, beginning on March 16, 2020.  The Company has also temporarily paused construction of its new parking garage at Bronco Billy’s Casino & Hotel in Cripple Creek, Colorado, which was still early in the construction phase.  The press release is filed herewith as Exhibit 99.1 and incorporated herein by reference.  

On March 16, 2020, the Company announced that, pursuant to state government orders, it is temporarily closing Silver Slipper Casino & Hotel in Hancock County, Mississippi, until further notice and Bronco Billy’s Casino & Hotel in Cripple Creek, Colorado, for at least 30 days, beginning on March 17, 2020.  The press release is filed herewith as Exhibit 99.2 and incorporated herein by reference.

Item 9.01   Financial Statements and Exhibits.

 

 

 

 

 

 

(d)

Exhibits

 

 

 

No.

 

Description

 

99.1

 

Press Release of the Company dated March 15, 2020

 

99.2

 

Press Release of the Company dated March 16, 2020

 

 

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.

 

    

Full House Resorts, Inc.

 

 

 

Date: March 17, 2020

 

/s/ Lewis A. Fanger

 

 

Lewis A. Fanger, Senior Vice President, Chief Financial Officer & Treasurer

 

EXHIBIT 99.1

 

IMAGE - IMAGE1.JPEG

 

FULL HOUSE RESORTS TO TEMPORARILY SUSPEND OPERATIONS
AT ITS RISING STAR CASINO RESORT IN INDIANA

 

LAS VEGAS, March 15, 2020 -- Full House Resorts, Inc. (NASDAQ: FLL) announced today that, pursuant to an order from the Indiana Gaming Commission, it will temporarily suspend operations at its Rising Star Casino Resort on March 16, 2020 for a period of at least two weeks. 

 

The Company has also temporarily paused construction of its new parking garage at Bronco Billy’s Casino & Hotel in Cripple Creek, Colorado, which is still early in the construction phase.

 

“These are challenging times.  Our primary concern has always been the health and well-being of our guests and employees,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts.  “We know of no instances of COVID-19 at any of our resorts.  However, we understand the magnitude of this public health emergency and the necessity to take certain actions.  We look forward to welcoming back all of our guests and employees as soon as possible.”

 

Continued Mr. Lee, “As of December 31, 2019, the Company had $29.9 million in cash and equivalents.  Approximately $15 million of this amount was designated for construction of the parking garage and approximately $10 million is used in daily operations.  In these uncertain times, the Company chose to pause construction of its parking garage out of an abundance of caution.  We intend to resume construction if and when conditions warrant.”

 

Forward-looking Statements

This press release may contain 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, without limitation, those regarding the coronavirus (COVID-19) and our expectations regarding the reopening of Rising Star and the length of time the IGC will require casinos in the state to remain closed. 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, disruptions in our operations and loss of revenue due to pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases such as the coronavirus; general macroeconomic conditions; changes in guest visitation or spending patterns due to health or other concerns; and regulatory and business conditions in the gaming industry. 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.

 

About Full House Resorts, Inc.

Full House Resorts owns, 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 and on its Facebook page at www.facebook.com/FHResorts.

 

Contact:

Lewis Fanger, Chief Financial Officer

Full House Resorts, Inc.

(702) 221-7800

www.fullhouseresorts.com

 

 

EXHIBIT 99.2

 

IMAGE - IMAGE1.JPEG

 

FULL HOUSE RESORTS TO TEMPORARILY SUSPEND OPERATIONS
IN MISSISSIPPI AND COLORADO

 

LAS VEGAS, March 16, 2020 -- Full House Resorts, Inc. (NASDAQ: FLL) announced today that, pursuant to state government orders, it is temporarily closing Silver Slipper Casino & Hotel in Hancock County, Mississippi, until further notice and Bronco Billy's Casino & Hotel in Cripple Creek, Colorado, for at least 30 days, beginning on March 17, 2020. 

 

As disclosed yesterday, the Company has also temporarily paused construction of its new parking garage at Bronco Billy’s, which is still in the early stages of construction.

 

“These are challenging times.  Our primary concern has always been the health and well-being of our guests and employees,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts.  “We know of no instances of COVID-19 at any of our resorts.  However, we understand the magnitude of this public health emergency and the necessity to take certain actions.  We look forward to welcoming back all of our guests and employees as soon as possible.”

 

Continued Mr. Lee, “As of December 31, 2019, the Company had $29.9 million in cash and equivalents.  Approximately $15 million of this amount was designated for construction of the parking garage and approximately $10 million is used in daily operations.  In these uncertain times, the Company chose to pause construction of its parking garage out of an abundance of caution.”

 

Forward-looking Statements

This press release may contain 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, without limitation, those regarding the coronavirus (COVID-19) and our expectations regarding the reopening of Silver Slipper and Bronco Billy’s and the length of time that state government authorities will require casinos in Mississippi and Colorado to remain closed. 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, disruptions in our operations and loss of revenue due to pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases such as the coronavirus; general macroeconomic conditions; changes in guest visitation or spending patterns due to health or other concerns; and regulatory and business conditions in the gaming industry. 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.

 

About Full House Resorts, Inc.

Full House Resorts owns, 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 and on its Facebook page at www.facebook.com/FHResorts.

 

Contact:

Lewis Fanger, Chief Financial Officer

Full House Resorts, Inc.

(702) 221-7800

www.fullhouseresorts.com