Good day, everyone, and welcome to the Full House Resorts Fourth Quarter Earnings Call. Today’s conference is being recorded. At this time, I’d like to turn the conference over to Lewis Fanger, Chief Financial Officer of Full House Resorts. You may now begin.

Alright. Thank you. Good afternoon, everyone. Welcome to our fourth quarter earnings call. As always, before we begin, we remind you that today’s conference call may contain forward-looking statements that we’re making under the Safe Harbor provision of Federal Securities Laws. I would also like to remind you that the company’s actual results could differ materially from the anticipated results in these forward-looking statements. Please see today’s press release under the caption forward-looking statements for the discussion of risks that may affect our results. Also, we may make reference to non-GAAP measures such as adjusted EBITDA and adjusted property EBITDA. For a reconciliation of those measures, please see our website, as well as the various press releases that we issue. And lastly, we’re also broadcasting this conference call at fullhouseresorts.com, where you can find today’s earnings release, as well as all of our SEC filings. And with that all said, we did have a pretty phenomenal quarter. We actually gave you guys a big hint of that on the last time we spoke to you all, but revenues were up 8%, adjusted EBITDA more than doubled up 108% versus last year, part of that was last year’s fourth quarter estimate versus weather, but part it as well was just a wrap up of some new amenities that we’ve been introducing over the last couple of years and our focus on the cost structure including, we’re starting at Silver Slipper. Looking at the properties specifically, Silver Slipper, we do have several new amenities there. There’s the Oyster Bar that opened up in the middle of 2017. A few months ago, we launched the new sports betting area as that all helped lead to great results at that property. It’s really firing on all cylinders right now. If you look at revenues,…

Few things I can expand on from what Lewis said. The Silver Slipper in May. We are renovating the Casino with new carpet wallpaper, table tops, new flooring in the buffet, and it will be different color scheme. So, we're not just replacing the existing carpet with the same carpet. And it will look and feel like a little more high-end place. So, first time it’s been remodeled since it opened a dozen years ago. So, I think it’s going to make a pretty big difference to the place and it kind of continuous what we have been doing. Property has been a pretty consistently for the three years we’ve been here. So, but I think it will go to newer heights this year. At Rising Star, we’re also doing a number of things. We recently introduced a resort free in the hotel, which is pretty common in hotels these days. We no longer operate our buffet at breakfast, but instead we offer a Fairfield Inn or Doubletree Hotel type of buffet that’s kind of free and that’s what you get for your resort fee if you will, but it’s much less expensive for us to have that free buffet than it was to operate the full buffet at the volumes we’re having. We’re actually going to modify one of these distinct restaurants that we can operate at more meals of the day and turn the buffet into something that just operates on weekends, which is frankly something most of our competition in that market is already at. We’re the only people, who have been operating buffet three meals a day, seven days a week, and we’ve already stopped the breakfast portion, and frankly we’re one of the very few people who operate seven days a week lunch and dinner,…

Alright. Let see some questions.

Thank you. [Operator Instructions] We’ll hear first today from David Bain with ROTH Capital.

Great. Thank you and nicely executed quarter. I was hoping you guys could plan on the $40 million casino hotel investment by Triple Crown and Cripple Creek and how that could differ or help, you know I did see one comment by one of your managers that it is a helpful thing, hope what you’re doing and the fist mover advantage matter, they are claiming that they can begin construction this summer.

I think that’s great, but if you were to look at a map, first of, if you look at the Triple Crown property in general, it’s a little convoluted. There was a gift shop, they never bought out, it’s a private company and the owner of that company has got sideways with the owner of the gift shop. So, they have two casinos that abut each other and then a third one that is 25 feet away and they have a whole series of capwalks to kind of go around behind that gets very convoluted and their sense of rival is if you park in a parking garage and you go into those capwalks and their lobby hotels like in the third floor and probably a third of their rooms have no windows. You see the no windows are, I stayed in one once and it was like a textured window that looked out on a light shaft, which is almost the same as no window. And the rooms are really small what they have, and so it is kind of prone to – we will get by, nobody's confused with this. Well, if you look carefully at what they’re building, and they had some sexy renderings, but they have two pieces of land on Myers Avenue, not Bennett Avenue, that are each relatively small and they didn’t ask to close third avenue, but they plan to bridge over. So, they’ve asked City Council to be able to bridge over and they have total rooms on both sides of Third Avenue. Now their Casino is not on Myers. And not even on third Avenue. And so, their sense of arrival in the future will apparently be the same as it is today, which is pull another parking garage, park your…

More rooms, Dave are ultimately going to be better for everyone. If you think about what Dan said earlier about the town clearing out at 6, or 7 at night and what I said about the threat of snow keeps people away because they don’t want to get stranded in Cripple Creek without a room and there are no [indiscernible] and that is not the way that it should be. And so just having more rooms will help reenergize that town to a great degree and we get super excited for our own place. It is all to come.

Look, I would say, I think it is perfect. They are going to add 150 rooms and I think those rooms are going to be in [indiscernible]. That is the best of all rooms. I mean part of the reason Bellagio is so successful was Monte Carlo was built next door and was connected to it. That was by the way by design. We knew Bellagio would get most of the gaming revenue by the people staying at Bellagio, but that to make the numbers work you really needed to have people staying at a less expensive hotel who would also spend part of their gaming revenue at Bellagio. And so, we were the partners in Monte Carlo, which is now part of [indiscernible] and it was part of what made Bellagio a successful. So, it had somebody else build the Monte Carlo, that’s great.

That’s very helpful actually. Thank you. I guess, if I could just one more. The New Mexico raising commission, my understanding is that they have a meeting come up on Thursday and this was on their agenda, is the conflict perhaps going to be one of the topics, I don’t know what the channel would call that out in an agenda, but that and then the other question would be, are there changes or anything going on by competitors or is this simply now sort of lying in ways for the injunction and if that is the – if you have any visibility on timing that would be helpful? Thank you.

We really don’t. It’s our understanding that the attorney general told the racing commission that they should not come to a decision while the litigation is outstanding. The litigation I think is scheduled for hearing in April, if I recall correctly. And so, this is not a fast road to anything. And of course, the governor is new in her role and she was a Congresswoman. Now she's Governor, and I’m sure she’s scratching her head thinking what do I do here. And it could be anything from we're going to have a whole new racing commission and start the process all over to we're going to reopen it. So, any of the existing bidders are going to improve their bid to making the Chairman step down. Typically, what happens in a situation like this. All the members submit their letters of resignation and this is true in almost every state, and the new Governor decides, which ones to accept and which ones not to accept. So, we don't know where this is going to shake out. We made what we think is a great proposal for the state of New Mexico. We think it’s the best proposal. We’re standing behind it. We publicly called for this to be a clean honest process and we hope and believe that it will be.

Great. Thanks again, guys.

Thanks David.

[Operator Instructions] And we will hear next from Macquarie’s Chad Beynon.

Good afternoon, guys. It’s Jordan Bender on for Chad. Sorry if you went of this, my line was a little breaking up during the beginning of the call, but do you guys expect an impact from the Sliver Slipper renovation and how long will that last if so?

No, not really. It’s a – well it makes a pretty big change in the place. It’s really just new carpet a wallpaper, the buffet gets some new carpet and furniture as well. And like there is a big yes, but for chiseling out and putting in kind of a nicer [indiscernible], and you just walk around it. So, it’s something that you do during the late-night shift and an off-week and there will be some weeks where you [go in] and one side of the casino will be blue and the other side of the casino will be the new rate, but it shouldn’t be very disruptive.

Okay. Can you give us an update on…sorry?

Casino’s change their carpet all the time and our corporate needed changing. It was getting pretty bare. But we decided we wanted to not just change the carpet to a new copy of the old pattern, we wanted to change the pattern to make it bolder colors and pop a little more and bring in some elements of the sea side location. And so, like the carpet has some palm fronts in it and that sort of thing. And so, we designed it. So, you will walk in and say, wow this is different. Whereas casinos change their carpet all the time. Just replace the cigarette stains and most of the time you don't notice it.

Okay. Can you give us an update on the [indiscernible] study so far on Mississippi and is it starting to drive in the incremental visitation to the property?

Well, the property has done well the last six months. The sports betting is a pretty small part of the [EBDIT]. A few hundred thousand dollars?

Of EBITDA yes. That is right.

Like $200,000 or $300,000 if I remember correctly. And we’ve run a little better whole percentage than you would normally expect and there is absolutely no truth to the rumor that we paid out the rest of the [indiscernible] and kept the Saints out of the Super Bowl. But I was concerned about that because had the Saints been in the Super Bowl, our customers will go to bet on the Saints and it didn’t matter what we did with the line. So, I actually kind of root for the Saints because they are our home team, but on a business sense, I was concerned about them being in the Super Bowl, and they weren't. So, we didn't have a problem. And frankly, our customer counts were up in the last half of the year and certainly the [sports book] probably helped that, but we were running pretty good results even before that. So, I think it’s been a plus, but I wouldn't attribute all or even half of the improvement we had in the year to the sports book.

Yes. If you think about, Jordan, the gross gaming revenue for that place, even excluding the sports book we would have had our record gross gaming revenue quarter for what it’s worth. So, it’s a place that is really inspiring on all cylinders. And there’s been a big shakeup in some of the recent markets and some of the kiosks, kiosks ideas that Dan mentioned we’re using in marketing over there, should adapt to some of the direct mail, but we’re doing a lot of smart things, the team there is doing a great job.

I’ll give you four things that I think were important there. One is the sports book. Although I don't think that’s the first. Second, and this might be the most important one, is the stuff that we did about two years ago. The Oyster bar, palm trees, the Beach Club, you know it’s a much better sense of arrival now than it was two years ago. And it didn’t, I think that has an influence over time. Third, the city of Baton Rouge banned smoking at its Casinos. And you’ll notice that Baton Rouge's casino revenues have been down consistently for the last 9 or 10 months since that came into play. That has certainly helped us because our customers who live on the North show up like [indiscernible] or go out of their driveway they could turn right and go to Baton Rouge, they could turn left and go to [indiscernible] Mississippi, and if they’re smokers and they want to smoke, they can come to our place. We have all sorts of ventilation systems to try and keep our casino from being smoky, but we do allow gamblers to smoke. And then the fourth thing was the Island View Casino, which is one of our biggest components it is – we have two primary competitors right where we are. Hollywood Casino is just a few miles from us, and Island View is a little further down the road in Gulfport, but Island View is a really big property. So, they are kind of a big competitor, may be our biggest competition. And then we also compete with Harrah's Casino in downtown New Orleans because people in North [indiscernible] are equal distance from us as they are at Harrah’s and as I mentioned we compete with some of Baton Rouge.…

Okay. I appreciate. I’ll pass it on. Thanks guys.

Thanks Jordan.

And with no other questions, I’d like to turn things back to you all for closing remarks.

Thank you, guys. Great fourth quarter and look forward to talking to you again in a few months. Thanks everybody.

And that does conclude today's conference. Again, thank you all for joining us.