FLL Full House Resorts, Inc.

$FLL Dan Lee needs to go. He is the worst CEO ever. Just to give you an example. He was waiting for his car at the Chamonix valet. Because they took five minutes to bring his car around, he wanted all of the valet drivers fired. That is not a boss your workers want to rally around. 

$FLL I'm going to talk about something that's not taked about much. Credit. Waukegan appears to do a fantastic job with credit. They only have 3 to 5 credit customers a month but average close to 100k a customer and appear to never have anything that goes over 31 days. That's great management. Although of course only 4 or 5% of their monthly business. In contrast the busiest casino in the state, Des Plaines does over 40% of their business on credit. They also account for over 75% of the credit in the whole state. I don't have great experience with credit but have run it in small casinos. I have however, been on boards for years with people from big companies like MGM, CZR. They always talked about how credit was so important maximising gaming revenue. I think of that when Dan and Lewis say there's no reason Colorado revenue per resident should be lower than other states. CO has no credit. Its definately one reason it would be lower.

$FLL $CNTY Sept Cripple Creek Revenue up 7.02% over last year at 17.380. up 6.5 on a GAAP basis.

$FLL I’ve stayed at Chamonix and played table games there many times. The casino floor is basically carnival games. They don’t really have real blackjack. Anything close to high limit is bullshit games like double up blackjack (all dealer 16’s are a push). any real gambler aside from addicted idiots wouldn’t risk any descent bankroll there. The maids are thieves. I left some expensive jeans in the closet and I called the next day and they were gone. The steakhouse is good but it isn’t even attached to the casino. You have to walk outside to go to it. The Mexican restaurant makes no sense. They try to be high end but have karaoke in there during the week. Listening to that and trying to eat is not fun.

$FLL if you want to know what’s happening at Chamonix straight from the horses mouth, you can go on utube to the city of cripple creek council meeting. 10-7-2026. There almost the first thing is the GM addressing city council. He sounds a bit embarrassed. He’s a little hard to hear for me. But what I got was this. (Most of which has already been reported on here). Both steakhouse and Mexican restaurants open Friday to Sunday only limited hours. Only one shift on Saturday and Sunday for bell desk, valet parking and the spa. Spa confined to massage only. Moving, or trying to move ( I wasn’t quite clear) housekeeping in house from out of house. Trying to switch to their own laundry in house. (Good luck with that. It’s a very difficult proposition especially if it’s not designed that way from the word go)

$FLL FLL’s entire thesis hinges on Chamonix (Cripple Creek, CO) and American Place (Waukegan, IL) ramping rapidly to generate an aggregate $80M–$100M+ in EBITDA. Without that ramp, physical overhead and debt service overwhelm the operating income. They might bleed out a bit longer as they have some cash remaining and capacity on their revolver ... but traction at Chamonix is weak at best and American Place remains speculative ... debt markets are not favorable now or expected to be in the immediate term.

$FLL Our dried voices, when We whisper together Are quiet and meaningless As wind in dry grass Or rats’ feet over broken glass In our dry cellar ... T.S. Eliot - The Hollow Men

$FLL $FLL look at these garbage AI ad promos and weak comp offers they are sending me. No thanks. Play stuoid games (like double up blackjack) and win stupid prizes

$FLL Interest Rate Reset Penalty: The existing notes carry an 8.25% coupon set in early 2021. Given elevated benchmark yields and wider credit spreads for CCC/single-B regional gaming debt, new debt pricing would likely require 11.5% to 13.0%+ coupons. EBITDA Consumption: Refinancing $500M+ at 12% increases annual interest payments from ~$37M to ~$60M+, which would consume or exceed 100% of current annualized EBITDA ($50M–$55M). Equity Dilution & Structuring: To entice bondholders to roll over highly leveraged debt, any successful package would likely require equity sweeteners (warrants, convertible features, or high-yield term loan conditions) that severely dilute existing equity holders. I doubt this is possible - I expect Chap 11 soon - DIP financing at that point and a court supervised restructure.

$FLL how does that go from a $10 stock down to a $.99 stock? It’s a casino for Christ sake. How can they lose money? Am I missing something let me know. 

$FLL I share the sentiments of others, How is this a .99 cent stock. Can someone take this over?

$FLL projects financing for its permanent American Place casino, including a $525M note offering and a $100M credit facility.