Full House Resorts, Inc. (NASDAQ:FLL) Q1 2024 Earnings Call Transcript

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But the hotels on the strip want that convention holiday here before the weekend because you’re likely to get people who are more prone to gamble and pay more for their rooms in their food retail than you do for meetings and groups anyway that’s just the hotel business.

Lewis Fanger: And time — and time will help to. We know that database will continue to grow. I mean we picked up about 5000 people in that database in the first quarter. That’s going to get kicked into a next level of overdrive in the second and third quarter with better weather. And so with that database it’s obviously important as well.

Unidentified Analyst: Thanks, guys. Best of luck.

Lewis Fanger: Okay. Thank you. Oh, my gosh I think we have time for one last question if you can be quick there.

Operator: Thank you. Your last question comes from David Hargreaves from Barclays. Please go ahead.

David Hargreaves: Hi. Congrats on the successful opening. I’m just wondering if there’s any more adjustments to where the final budget is shaking out? And could you talk about the cadence of pay payments over the next few months. I assume there’s probably some construction payables. Anything you could give us on that would be helpful. Thank you.

Dan Lee: Although there’s a $20 million — and roughly $20 million of restricted cash and the restricted cash account still and that should pay for completion of it. There’s some small amounts outside of that but they’re small and not very material. And so the — when we when we started this process and issued the bonds, the bond buyers and the underwriters, requested that we have a construction reserve account and actually that is kind of nice for us because as a third-party who monitors all the construction expenditures and make sure that you’re in balance that you always have enough money in the construction reserve account to complete the project. And so I think we’re fine and..

Lewis Fanger : it’s been a relatively slow spend from here. A lot of it honestly just sitting and retention for what it’s worth. You know, last month I think our job was like three a little over $3 million. So it’s kind of trickling out at this point, but certainly by the time you head into Well my gosh I my gut says in the third quarter you’ll see that have been exhausted but the but it could drag on slightly longer.

Dan Lee: I mean it gives you an example that we have a big surface parking lot across car and Midway to construction. We were able to buy three houses that finished off the rectangle. So it’s a clear rectangle. Well that makes that parking lot a little bigger than it was before. So there’s some additional curbing and asphalting that wasn’t covered in the construction reserve number and will be paid for separately. But it’s not a big number. That’s the sort of thing you run into.

David Hargreaves: Got it. You guys think you file the queue tonight or assume we?

Lewis Fanger : Yes I think in the next 30 that’s the goal I watch for it. But if you have a really boring that I had David you’ll have that reading for?

David Hargreaves: Yes. Thanks very much. Congrats again.

Lewis Fanger : Thank you.

Dan Lee: Thank you. We done?

Lewis Fanger : Yes. We wrap it up, Dan.

Dan Lee: Thank you, everybody. I would actually urge you to get to these places if you can because they speak for themselves. So when you walk into Germany oh my gosh I actually when you pull up to Germany and say oh my gosh whereas in Waukegan when you fill up you say this looks like a public works fresh. And then when you walk in it surprising even to me sometimes I stepped in there on a weekday two or three weeks ago and worked in and places surprisingly busy unlike a Wednesday night then it’s like okay that’s [indiscernible]. So it is there’s no one replacement to actually visiting these things once in a while. So both for us running it and for you guys investing in it. So anyway thank you very much for your support and we’ll see when couple of months.

Operator: Thank you. This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.

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