Good afternoon and welcome to Full House Resorts First Quarter Earnings Conference Call. All participants will be in listen-only mode. I would now like to turn the conference over to Lewis Fanger, CFO of Full House Resorts. Please go ahead.

Thank you. And good afternoon, everyone. Welcome to our first quarter 2022 earnings call. As always, before we begin, we remind you that today's conference call may contain forward-looking statements that we are 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. For a reconciliation of those measures, please see our website as well as the various press releases that we issue. And lastly, we're 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 said, I'm going to talk about our newest news really quick with Circa Sports, and then let Dan go into Operations and our gross projects. But we did just announce today our newest agreement with Circa Sports to develop and manage the on-site sports book at The Temporary as well as an American Place. If you've been at the Circa Resort here in Las Vegas, you'll know exactly why we're working with them. They have an amazing sportsbook here in town, for the largest in the world. It's three stories tall with a podcast studio. Really fun and great sportsbook. They really embrace sports. If you haven't seen person, you need to. But they also have a mobile app in several states. As a part of our agreement, they'll use our expected sports skin in Illinois to launch their Circa Sports mobile sports app throughout the state. And then usually we don't go into…

Yes, just to point out that the market access fee that we've charged on each of these agreements is not refundable. So we don't take it in income GAAP has this amortized that over the life of the contract, but it's not refundable. And so there is a similar market access fee. So I think it was a total of $3 million on the Churchill deals. Churchill opted to exit the business. Slope, it's surprising because they're really the first people in it, but they're exiting the business. They don't get that back, so we will take an income.

In their case is $1.6 million that was still un -amortized as of December 31st, yeah.

And we take that in --

Between -- in the first quarter, and the time that --

-- between -- they told us they were out in May 15th, when they discontinued operations. And so there's that -- and we are talking with other companies to replace them. So ultimately, there should be a little bigger business net. But we're excited to work with Circa. If you haven't been downtown to see their place, just to put in perspective and you may recall, we live in Las Vegas, been her long time, but they are the most successful new casino to have open in Las Vegas since Wynn open in 2004. There's been a number of failures. but they focused on sports betting more than anyone else and so it's all over the place. It's up by their pool, it's in their casino, and it works, and they're a private company. And they probably do it really better than anyone else and so we're pretty happy to be partnering with them. Let me go back go back to the quarter. It was a pretty decent quarter except that we're up against a really strong quarter last year. We were down, and the biggest piece of that was The Silver Slipper. And if you look at the overall EBDIT, we were at 10.4 versus 12.6 or 12.7. Most of that was at The Silver Slipper, which was down 1.6 in EBDIT. Colorado, which is very truing up with the construction, I mentioned a minute, I was down a couple of million and Nevada which suffered from a wind percentage, share swing, was down about 400,000. Indiana was flat. So let me address Mississippi. There were five things that I think are worth noting. Last year, the government stimulus checks came out in the middle of March. And we definitely saw a lift in our business at that time.…

Yeah. Well, and the big swing, Dan would've been on a table -- table games side. It was 17 percentage point, sorry, 16 percentage point difference in hold share versus last year. When you look at both slot and table, that was roughly $850,000 of lost revenue when comparing this year to last year.

property offset that and they ended up the quarter with flat income. So that's why I view flat as being actually pretty good.

Yeah.

Because they offset some -- headwinds and came in just fine. Colorado is quite torn up with construction at this point. We have no on-site parking. We're running valet parking. We have a parking lot three blocks away, that we have a shuttle bus to. The market as a whole is doing very well since April of last year when they get rid of the betting limits. And so we're down despite the market being up and that's a direct reflection of how torn up the property is. We've actually torn down a good chunk, fairly 25% of the Bronco Billy's building was torn down because it will become part of Chamonix. And then this is a seasonally slow quarter there and so that feeling reasonably we had a loss. We won't have a loss on that over the year. But I also wouldn't expect much income for the year. I think we'll have something, but it's irrelevant. We're building a $250 million place. Do we really care whether we make money this year? Obviously, we care and we're doing the best we can. The construction people, of course, would prefer to just close it. That would make their life easier. But we have 200 employees. They have been loyal employees to us, so we want them to be part of Chamonix. And our customers, we have very loyal customers, who we want them to be part of Chamonix. And so we are expecting and willing to have this construction disruption this year. And Chamonix should open about a year from now. And we will have a much brighter future at that point. In Nevada, the Grand Lodge, at the high top actually had a pretty good winter, is okay. Ski season or certainly better than the year before when…

The only other thing --

Yes. Let me -- let me just tirade a little bit about crazy GAAP. Well, I will tell you. You will see the charges on debt restructuring, and to me, it's a little illogical but we issued another a $100 million of bonds that are the same CUSIP as the bonds we have outstanding now. And as a result, some of the fees that are associated with the issuance of those bonds get expensed under GAAP, and that's why you see the charge. Had we issued them with a different CUSIP, they would've been capitalized, which makes no sense to me at all. But that is GAAP, so we've followed GAAP. And the end result is the charge we take this quarter on that is basically offset by slightly lower interest expense over the life of the bonds, and so it's a big much to do about nothing. But that's what you see there. The only -- we couldn't -- and of course, the bond buyers want to be in the same CUSIP because it's more liquid.

Yes. The only other thing I was going to mention, Dan, it's from a liquidity point-of-view, we still have a lot of cash. And so here in real time, we're sitting on about $318 million of cash with $205 million of that reserve for the build out of Chobani. But on top of all that cash, we still have our $40 million undrawn revolver. The only thing being utilized on that revolver is a $1 million standby letter of credit for the bill out of the temporary in Waukegan. So we've got quite a bit of additional liquidity there, but that's all I had. If you ready for questions.

Before bringing question. The only real supply chain issues we've been dealing with this crap.

Yeah.

We knew.

And Operator, before you go to questions. I actually got two emailed into me from David Bain, who is having connection issues. So I guess I get to ask your questions, Dan. Here's the first: Dan, hoping we could leverage your experience with minor recessions. Major recessions, or macro events that impacted operations from Mirage, Pinnacle Full House, or three-year general industry observations over the years. For regional, the impact was relatively benign based on historical gaming revenue data. We're dealing with a fixed cost base. And then every recession if -- newer recession tends to be a bit different. While real-time trends are not worries than we're getting questions about the back half macro. We would love to hear how you think about the world as it relates to the portfolio. You kind of did that already, but go ahead.

Yes, but we'll recognize when somebody goes to our casinos we're a cheap trip, we're an easy trip. You get in your car with two or three people and drive there. So it's not the cost of gas as it's -- you're not driving very far, so it's not a lot of gas, it's has been split between two or three people, it doesn't add a lot. Whereas when the price of fuel goes up, the price of airfare goes up proportionally more and you're buying a ticket for each person. So it has a much bigger impact on Las Vegas. And then of course, a big part of Las Vegas is a convention business, as in fact there, when you have a recession the companies tighten up on who can go to conventions and so on. So it has a much bigger impact on Las Vegas than it does on the regional casinos in general. And so we've become the stay-vacation-at-home or something. So if you go back and look at the recession in '08 or '09, which was what the great recession -- biggest recession in our lives, regional casinos did just fine. And so I don't think -- I think we'll see not much impact going through it. Now, availability of gas, and if you go way, way back in history when you -- if you were in LA and you can only buy gas on the even days of the week, and you've got to be my age to remember those days, right? Well, then you don't necessarily want to go across the Mojave Desert and find out if you can get gas to go home. But nobody seems to be talking about the availability of gas. They're talking about -- and so I think --…

At all at our opening in six months, Dan. Here is the second question that will open it up to normal Q&A. Are there any changes that you would make now, either in design and development or operations to hedge for a softer consumer, or is it pure execution mode based on real-time trends?

No, nothing really. I wish we could have figured out how to build Chamonix with less disruption to Bronco Billy's, but there really isn't a way. It is what it is. And The Silver Slipper is solid. We have been slowly working and getting entitlements to expand The Silver Slipper someday, but we're so busy building the other two things that it's on the backburner for now. And we do keep inching our way forward with different entitlements, but I think even if everything cleared up tomorrow, I don't think we'd start construction right away because we're busy trying to build what we have. And that's what I do. I think we're in pretty good shape. Maybe some of that is brains and some of that is luck, but I can't figure what else I would do.

These are all assets go for the long term and that's what we're doing.

That's what we're doing. Once in a while, we're offered different properties in Las Vegas. We live here, so of course, we look at it. I have had operated casinos in Las Vegas before. But this is not an undeserved market anymore. When you think that California used to be half of Las Vegas visitors, today it's still 30% of Las Vegas visitors. And they have 60 + tribal casinos in California that are newer and just as nice -- many of them are newer and just as nice as casinos in Las Vegas. This is a tough market. And so we've looked at a lot of stuff and not done it. And I think that positions us well at the moment. No, never say never. If somebody offers to sell us Fellatio for $50 million, we try to figure out how to do it but that has not happened.

Let's go into a proper Q&A now.

We will now begin the question-and-answer session. . At this time, we will pause momentarily to assemble our roster. First question comes from Ryan Sigdahl with Craig-Hallum Capital Group. Please go ahead.

Good afternoon, guys. Lewis, you did such a nice job, I thought about just emailing my questions and letting you guys handle it. I'll press forward. I'm curious on -- so congrats on the circus sportsbook. I agree with you, I've been there, it is absolutely fantastic in the best sportsbook in Vegas, it draws people. So curious if you're able to disclose scale in any plans you have on the one that will go in your casino. If it's similar to that or anything to comment, there?

Well, the one in The Temporary, we're trying to build it so quickly. So that'll be a pretty normal sportsbook. We bought two Airstream trailers that are like little food trucks that'll be located near it so that you can get a beer and a cappuccino pretty easily. That's about as creative as we're getting in this tent because we're trying to build it so fast. Now in the permanent casino, we're actually -- I'm looking forward to working with Derek Stevens to try to figure out how to have the best sportsbook in the Midwest. And our design is early enough there that we can do some things there to make it a really kick-ass sportsbook. And it's fun -- it will be fun working with them because they really get into the details of it. He -- I love people like this. He went out of his way to pull a light bulb out of the light display to show how to get a little cover over it so that you can see the brake lights in the sunlight of Las Vegas, the one that has out by the stuff. It's like -- wow, this guy really lives and breathes stuff, which is great. And so I think we have the opportunity to do something in the permanent that would be the best recent sportsbook in the Midwest. And that's -- as I've said many time on these calls, that's a business we've been hesitant to do it ourselves because not only is a unique expertise, but it's a small company.

If we end up with the team and one of our markets in the Super Bowl and -- and we're not -- we're not in there and if the other team has not one of our markets, we'd be unbalanced. He's got enough of a business with a base of here in Las Vegas or people come from all over that he doesn't have that problem. And its private company, so if he -- If he has a bad quarter because the wrong team won the super bowl, he is okay. Right? And so -- so we're happy to partner with them and he's -- he's got the good online stuff and its kind of everybody knows DraftKings. But this guy's private company does pretty good job and the place he has Downtown is like -- I didn't quite realist. I knew up by the scream fully at this big design and they charge like 20 bucks to get out by the pool and on top on the roof. When you go out there, there's like six swimming pools and he kept them heated all winter long. So like not my swimming pools and Las Vegas close in the winter. Here made it so people were out there sitting in heated water in like 50 degree temperatures watching football games in January. And I was like that worked, is all yet worked really well. And I was like good on you. and he had the windows on that side of is hotel tower, the extra thick glass because he knew was blasting sound out by the pool and they didn't want to keep people up, but not. So when somebody told me that they had dinner the other night in the steakhouse on top opinions and they could hear everything going on by his pool a block away, that's when we got extra thick windows on his guestrooms, so he doesn't really hear. So maybe let's play desk to stepping up. Spending this point, whereas the steakhouse on top opinions, and its thicker windows, but this get -- this guy pays attention to his business I like that we try to pay attention to our business, so I think it's going to be really good partnership. And to your -- the beginning of your question, we do expect you're going to walk in to our America play sportsbook and say, wow, that is our goal.

Yeah. That's our goal.

To follow-up on that, I guess the $5 million annual skin fees, does that include only sportsbook online sports betting, or is that also iGaming if legalized? And then secondly, does Circa have online sports betting in Indiana, or Colorado, or is that an opportunity with the Churchill skin?

They -- currently they're in -- they are in Indiana and Colorado. I'm pretty sure they are up and running. They're not interested in being with us in Indiana and Colorado. I think they are up and running. If they're not, it's because they probably have a deal with somebody else. There other companies we're talking with for Indiana and Colorado. That is true. It is not -- they are not in Internet gaming that I'm aware of, but our agreement is strictly for sports bet. If Internet gaming becomes legal in Illinois, then we would be able to do that separately.

Good. One more for me, switching over to the core business. Anything you've seen in March into April, and even early May, given all the macro challenges? Anything impacting the consumer that you've noticed?

I will tell you, April last year was one of the best months in this company's history and I think that was the stimulus checks that came out mid-March. So we don't have our month closed yet, but I think April is going to be a little behind last year. Now it's fairly in the quarter and I hope we can make that up. But I think even our budget showed us being down a little bit in the second quarter. So we have a little bit of a -- I mean, what those stimulus checks work for us? I don't know, but I mentioned earlier it might have been $3 million of income and a good chunk of that would be second quarter comparisons. Apart from that, April was actually a pretty decent month. But you're looking at some portion of the revenues last year were a blip over any April in any year before that. And so this April compared well with that in any prior April, except last year. And other than that, if there is -- you can remember a year ago, you still had mask requirements in some places, we don't have that now. People are back to their normal lives. The senior citizens who disappeared in the pandemic because they're afraid of getting sick and dying, they're now vaccinated and there are. That part of segment is back for us, back to where it was pre -pandemic, which is a good thing. And we've kept some of the younger people. So when I look at the April results, the only thing I see that stands out a little bit is we definitely got a lift last year from the stimulus checks. And I know that the big infrastructure bill was another big government surging money into the economy. But it's not immediate. You didn't go check in your mailbox and that's going to be customers of ours who get a contract to build a new bridge, or build new road and that will eventually end up in the economy and eventually end up with us. But it's not the same as a stimulus check in terms of the immediacy of getting into people's pockets and ending up in our casino -- in our slot machines. And I recognize, but it's not like everybody got a stimulus check and went to a casino. Some people went to a stimulus check and went to a casino. And I think if you we're to -- if you could get the Best Buy numbers, I know the Best Buy here had a line of people buying -- trying to buy televisions and I think it was probably much bigger, positive for Best Buy than it was for us. But it was positive for us for sure.

Thanks. Helpful detail as always, Dan Lee. Good luck, guys.

The next question is from Chad Beynon with Macquarie. Please go ahead.

Hi. Afternoon, guys. Thanks for taking the question. Lewis, you mentioned the current status of the balance sheet. You're at $318 million of cash. So that indicates that you haven't spent much on . Can you just help us think about how the CapEx should look through the remainder of 2022 and what will slip more into’23? Thanks.

Yes. Well, we did spend roughly about $15 million for what it's worth. This is the point at where it really starts to ramp up. So here in the second quarter, like as I say, my gut says we're about $25 million of CapEx here in the second quarter. That's going to ramp up towards $45 million of CapEx in the third quarter, and then maybe a little more from that in the fourth quarter. So it is starting to get in the ramp up base. And if you think about it, just from a site level point-of-view, as you get more people on site showing up, not just for the steel, but now people on the inside with electricians, and plumbers, and that sort of stuff, that's -- by having more cars in the parking lot and people working, that's when you see the number really start to go up. So -- rough figures, that's how it's looking to ramp up from here.

I mean, we actually know the commitments we've made are quite a bit ahead of the money that's actually been spent. And so you commit for somebody to make a light fixture, or furniture, or steel, right? And so some foundry somewhere is making steel to our specifications. We have to buy that, but we don't actually pay for it until it's delivered to the property and accepted by us. And so the commitments are what -- if we look at the construction progress, we have that at the end of March, as showed.

Well, we --

Relatively a small number, like 10% of the 250.

About $45 million.

We've spent out-the-door $45.

Of the $250, we spend $45.

Yeah. But I'll bet our actual commitments that we would be obligated to pay for if we stop construction, for example, is probably at least $45 million.

Yeah. I would agree with that.

It's -- we're well into it at this point. In fact, we're pretty close to the point where we will be able to have the total GMP from our contracted principals. And so most of the risk is behind us at this point.

And then -- and then if it helps you as well, Chad, for the temporary, we're about $7 million of spend here so far of the $100. The -- a big number, the fee that's due to the Gaming Commission that doesn't happen until after the doors open. But what was that number, Alex? $32 million?

Shortly after it opens I think $32 million.

The slot machines are $20.

We don't pay for those until they're delivered.

Yeah. And so here in the second quarter, you could have a sizable number. So far it's just a lot of deposits, but you could have a number that's in the ballpark of $30 million here this quarter and then the balance in 3Q should prep for an October opening.

And, Lewis, sorry if I missed this, what was the reason why the opening day got pushed back? Was that just more certainty in giving the licensing and the permits and everything? Just going to be a hair later than I think what you said.

Yes, maybe I was a little optimistic. I was like, okay, we need to get this tent here, so we actually paid them a little premium to get the tent quickly while the tent has to go up on a foundation. We went to the town, so we just want to build this quick ring foundation so we can start building a tent, and then we'll design the parking lots and everything else. They were like, "No, hold on. We want to look at the whole thing, review it in its entirety. We need to first hire outside consultants. " And there's a process they have to go through to hire outside consultants. As a municipality they can't just pick somebody, they have their own little RFP. And so they hired the outside consultants we had to get up to speed on the process. And literally, so we designed all the parking lots, and then their outside consultant wanted the handicap parking to be in a different spot, so that the people in their wheel chairs wouldn't have to cross any traffic. And we've pointed out that that's not actually what the ADA Code requires, and we wanted it to be very much like Red Rock Casino here, which works very well. And we went back and forth on that. So eventually we got there, and we pulled the building permit on Friday. And by the way, they've been working with us -- they've been very good work with, as has been the Gaming Commission. I think we were a little too optimistic about how quickly we could get going. With hindsight, they were probably right to -- in fact, we got a message from the Gaming Commission at one point that was actually very clear, and they said, we were rushing, so you want the Gaming taxes, and you want the employment. And they're like, "It's more important to do it right than you do it fast." And I remember I get that message. Okay, that's pretty clear. And it was very simple statement. And so we were like, Okay, take a deep breath, let's design it and meet their approval and so on. And so we now have, I mean it took us seven weeks longer than we had hoped in order to get the permit to put this in. And I think that was a function of us being overly optimistic of that process. And I think they forced us to go down a more methodical process which would hindsight was by the smart thing to do anyway. And as a result, will open in the fall instead of the summer. This leads into the permanent and that's a 30-year business. So whether you open in October or July on the grand scheme of things and the overall shareholder value, it's more important to do it right than to it fast.

Yeah agree. And then separately and I think we've heard from all of the operators a lot of your competitors and other companies and other markets. It sounds like the reinvestment rates for players hasn't really changed and everyone continues to be rational. I guess the big market for you guys, Mississippi, you called out some of the things that caused a little bit of a decline, but within that region is Biloxi and base St. Louis being rational at this point, and then the properties across the Louisiana line as well. Thanks.

Recognize, we compete more probably with Harrah's in downtown New Orleans and the Fair Grounds than we do with Biloxi. Biloxi is pretty way east of us. And even the casinos in Baton Rouge are probably more important competitors than Biloxi. Bay St. Louis and Gulfport are important. And yes, they are being rational. We deal with this little bit like, should we stop offering crab? Should we put quantity limits on the crab? But two-thirds of the buffet is cooked and so we've just bitten the bullet buying crab and hopefully it's only for these prices for a limited period of time because it's important to our customers. So maybe that's being a little irrational, but putting a perspective, our buffet is now $50 on a weekend in the evening. The average person per buffet eats two pounds of crab. At $17 a pound, that's $34 with the crab, before you get to stakes or any other cost of food, let alone the payroll. So if somebody really does eat two pounds of crab, and on average they do, we are upside down on the buffet. And I could raise the price even more but two-thirds are comped anyway, so it doesn't matter. So I could take crab off the buffet and our current earnings be better but that's what we're known for. And so it's like we'll sustain the pain for a little while longer and hopefully guys are going catch a lot of crab. It's crap seasons right now so hopefully this will come back to normal.

Okay. Perfect. Thanks guys, and congrats on the circuit partnership.

Thanks.

Thanks, Chad.

The next question is from Edward Engel with ROTH Capital. Please go ahead.

Hi. Thank you for taking my question. I'm just wondering, Golden Nugget acquired Wildwood in Cripple Creek, I was wondering if you've heard if any plans that they have for that property?

I haven't. I actually viewed that positively. Wildwood was a screwed up property. They buried the parking garage underneath it, which is an odd decision because land in Cripple Creek is not that expensive. And there are three ways to park a car: you can do the surface parking, which is really most of our parking, even at Chamonix will be surface parking, but we do have a garage coming in. And in surface parking is like $2,000 or $3,000 a space. You can build a garage and that's about $30,000 a space. You can bury the garage. Cosmo was built in Las Vegas with a buried garage, a lot it's a buried garage. And you're digging a big hole in the ground and putting a garage in that hole, and then putting the hotel on top of it. That's really expensive, not only digging the hole, but then you have to all sorts of special ventilation. And even with the special ventilation and sprinklers, and all that stuff, it's still not a very pleasant garage. Every time I might go down to Cosmo, I hate that garage. And why they would do that in Cripple Creek? I have no idea. So they've got a five-story deep parking garage, and the lowest floor floods all the time because it's underneath the water table. And then they built a pretty simple casino on top of it, I think there's been $80 million. It went bust really fast. And then one of the key guys became a debtor in positions that are running it and they got maneuver it and it got sold to a out of Scottsdale who owned it. So it's run by this guy, owned by a . And I think he saw what we were saying about how the town needs more hotel rooms. So he persuaded the to build this little hotel with 100 rooms. It's a stick-built motel, it's like a Fairfield inn. It passed. And it's actually across the street from his casino. But we've heard that it doubled their income from like $5 million to $10 million a year.

That's what we heard, yeah.

Which is great. I mean, it kind of proves our point and we're going to have a high-end 300 room hotel. And so watching their little motel open a year ago, their income went up a lot and then Tillman buys it. Well Tillman is actually a pretty good casino Operator and recognize I worked for Steve when I worked before that at Drexel Burnham, was at Mike Milton. Biggest eagle I've met was Tilman Fertitta, right? But he's good at running as business, he is actually really good at running this business, so we will hand that off. And he's probably be proud, say it's a big Eagle. But and so I expect them to commend and fix it up and do things with it and which the right. And Scott steel probably wasn't willing to do. And I think that's an important part of turning Cripple Creek into a better destination. So I -- I think it's great that golden like it's coming there and I would expect them to fix it up and he is kind of on the edge of town now he is on the edge of town as you come into town. But everybody wants to come down to the main street anyway. So it's like the M Resort. It's in Las Vegas technically, it's on the strip, but it's not we really where you want to be. And so I think -- but I think a little bit of money into that property will enhance it and enhance the experience of the town. And I don't think we would have done it and I'll bet Tillman will. And so when I heard that, I thought that's probably a good thing. I've met Tillman a couple of times. He's actually a nice guy. Big ego, but not a bad guy. And maybe he's earned the right type of big ago. So great.

Thanks, Dan. And Dan, technically we're out of time, but if you can keep it short, we've got one last question.

Alright.

The next question is from -- yes. The next question is from David Levine with MidOcean. Please go ahead.

Hey, David.

Hey guys, how is it going? I appreciate the time. A couple if I could squeeze them in. First one just on The Temporary. Anything left that we should know about? That's major in terms of approvals. I noticed in the press release, it just said subject to customary regulatory approvals. Wasn't entirely sure what that related to. I know that a lot of these are not a big deal, but just wanted to confirm. And then it has your outlook change at all in terms of what you've called out in terms of what that The Temporary can do from an EBITDA perspective or you still feel pretty good about that? Thanks.

I feel really good about it. Literally this was better deal than I thought it was when we got the deal. I was -- we got the deal. I -- I've been to Waukegan a few times. It's a down low cross built town. And then I started looking around, I'd to say, wait a minute, Lake County, Waukegan is the capital city of Lake County. And Lake County is like 700,000 people. Waukegan is only 80,000. And Lake County is one of the wealthier counties in the country. And really there are some neighborhoods pretty close to us that are pretty wealthy. And that's like -- in fact, I went down to Cosmo this weekend to specifically eat at China Poblano because we have a big American restaurant, burgers and pizza, what you'd expect, and then we had another restaurant we kept labeling it Estech. And it's like, we'll, what is ethnic because the population is 22% Hispanic, and 8% Asian. But the Asians gamble. And so which is -- well, China Poblano is both. It's Chinese and Mexican and actually works pretty well. So we actually have trademarked the name Senora Wong, and we're going to have Senora Wong, which will be Asian and Mexican. And so you start running into stuff like that. And the other regulatory they recognized in our business, you need approval of a Gaming Commission at every step of the way, as it should be. And so they're constantly looking over your shoulder, it takes their approval. I will tell you so far, while it took Illinois a long time to decide who would get this license. But since they chose us, they've been very nice to work with. They have an agent who is assigned to us, been very reasonable. He is…

In terms of the customary approval thing, that's like no, you just don't think that's really a big deal, just from the --

No.

Yeah. And to help you out, David, Illinois is one of those states, as are many, where you don't get your gaming license until the second before you open. So you're going to see that language up until we open, not -- just so you don't get freak out. It will continue for another quarter or two.

You'll see that same language when we refer to Colorado. I think you'll see that same language. Any casino company building any casino anywhere is subject to gaming approvals.

Yes.

And if I could just squeeze one in on Colorado. Obviously, you're still a year out, so there's a lot to do. But anything major that we should be looking for in terms of major milestones that could cause issues or you'll feel a lot more comfortable once it's complete? I know I've probably ask this question over the course of last couple of months, but I'm just curious your thoughts on that, like anything major? The timeline where you feel like the major hurdles are coming.

For example, we're just about to open, or we've done it yet, we're about to open a new table games at a different part of Bronco Billy's so we can take the old table games pit and refurbish it. And we're going to be doing lots of stuff like that in the next year. Moving shit around within Bronco Billy's is going to be confusing for everybody but it's what you have to do to do it. There is a milestone. There's a point we're getting there where we have, as I mentioned at GMP, contract from HP. But otherwise, we're at the point where the stuff is just unreal since I just finished it. Helenka is sitting here as the head designer. She and I did have an epiphany about two weeks ago that one of the cages in Bronco Billy's was designed in the wrong place and the bathrooms were on the wrong place. We swapped it. And it was an oversight shift. That shouldn't have been there. And so we're at the point where you really try hard not to make changes like that because we just want the construction people to finish. And so there's purposely trying to keep my fingers out of it because I know that change orders at this point are expensive. And in Chamonix it's -- and even if that was in Bronco Billy's, it was a little later in the process than Chamonix. And Chamonix we're trying not to make any changes at all.

One, I said one last --

Just let the construction guys build it. They are building it now. And literally, I said to our head of construction, I said the other day, I said, "If you need me to jump on anybody because they're not being timely, let me know. But otherwise, just build what we told you to build. " Let them do it.

What's your last question there, David?

Yes, thanks. So just so I get the sportswear wagering stuff right. So with this new Circa deal, obviously it's going into kick in when -- once The Temporary opens. It will be $9 million on sports wagering, with an upside If you get additional partners in Indiana and Colorado for those two skins, and then upside also on Circa. So it's kind of $9 million at minimum with upside. Is that the right way to think about sports wagering?

There's a gap. We lose Churchill May 15th.

Well, if the $9 million doesn't have Churchill in it, yes.

Right. No, but you --

Run rate. I'm just saying run rate. Yeah.

Yeah, we're currently seven. We're going to lose three, and we pick up five.

That's right.

But there's several months here where we are at four.

Right.

Yes.

Yes.

Well, the $9 million is the way to think about it, like the base case kind of run rate with potential. You are getting those other ones back.

And we will get something for the other schemes. We just don't have it under contract yet.

And just a modest correction to what you said there, David. Technically we share on the revenue with all the schemes. So it's not just potential for additional upside with Circa, it's potential upside with all of them. But you are right, it's $9 million with more to come, hopefully.

Yeah.

Alright, guys. Thanks a lot.

You got it. Thanks, David.

This concludes our question-and-answer session, and I'll turn the conference back over to Dan Lee for any closing remarks.

Now, I wish it we are better day in the market because I think we have a pretty good situation here and -- but we got taken down along with everyone else and hopefully we'll grow out of it eventually. Thank you everybody for listening to us on a rough day.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.