“Bronco Billy’s will continue to operate during construction of Chamonix, which has just begun,” Lee continued. “When Chamonix opens, we plan to temporarily close Bronco Billy’s for several weeks to extensively refurbish that 29-year-old casino. The New Bronco Billy’s will continue to offer its Western theme under the Bronco Billy’s name and will be connected to the adjoining Chamonix Casino Hotel. Loyalty points earned today at Bronco Billy’s will be redeemable at Chamonix, once it opens, and vice versa.”
Chamonix is being constructed on many of the parking lots used today by Bronco Billy’s customers. To minimize the inconvenience to its guests, Bronco Billy’s will be offering free valet parking from directly in front of the Bronco Billy’s casino on Bennett Avenue. Bronco Billy’s has also leased self-parking lots at the top of Bennett Avenue and will be offering free courtesy bus service to the casino for those who would prefer to self-park.
Bronco Billy’s existing hotel rooms will become unavailable at some point during construction. As noted, in order to be able to continue to provide overnight accommodations for its guests, Bronco Billy’s is acquiring historic Carr Manor, which offers the finest accommodations available today in Cripple Creek. Although the inn is only a short walk from the casino, we will be offering regular shuttle service between Carr Manor and Bronco Billy’s. Members of Bronco Billy’s loyalty program will be able to redeem their points for stays at Carr Manor.
“The November 2020 changes in Colorado’s gaming laws eliminated betting limits and allowed the addition of new table games,” Lee said. “In response, we increased our plans for the new hotel in Cripple Creek, expanding the room base by 67 percent. We believe Chamonix’s upscale atmosphere will be a perfect complement to the refurbished Bronco Billy’s. We look forward to welcoming the first guests to Chamonix in late 2022 and to having the refurbishment of Bronco Billy’s completed prior to the peak summer season in 2023.”
Potential Future Expansion of Silver Slipper Casino and Hotel
Separately, Full House Resorts has finalized terms with the State of Mississippi for an option to lease, for a 30-year period, certain tidelands under the Gulf of Mexico adjacent to the Company’s Silver Slipper Casino and Hotel. The agreement, which is expected to be signed within the next few weeks, will allow the Company to potentially build a future expansion of the Silver Slipper. This expansion, preliminarily estimated to be a $75 million investment, would include a new hotel tower with more than 150 waterfront guest rooms (more than doubling the property’s current guest room count); the property’s first dedicated meeting space; a spa; and a new fine-dining restaurant, all on a pier connected to the existing casino hotel. Any such Silver Slipper expansion project will be subject to customary approvals from the Army Corps of Engineers, gaming industry regulators and other agencies. As such, the timing and construction of a potential expansion is still uncertain.
Cautionary Note Regarding Forward-looking Statements
This press release contains statements by Full House and our 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 can be identified by words such as: “will,” “expect,” “plan,” “estimate,” “schedule,” “believe,” “potential,” “future,” “should,” and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Some forward-looking statements in this press release include those regarding the number of guest rooms and expected amenities for Chamonix and the potential future Silver Slipper expansion; the expected construction budgets for Chamonix and the potential future Silver Slipper expansion; and the completion and opening timelines for Chamonix and for the Bronco Billy’s renovation; the purchase of Carr Manor and nearby parcels in Cripple Creek, Colorado; and the execution of the tidelands option to lease with the State of Mississippi or the future exercise of such option. 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, our ability to repay our substantial indebtedness; the potential for additional adverse impacts from the COVID-19 pandemic on our business, construction projects, indebtedness, financial condition and operating results; actions by government officials at the federal, state or local level with respect to steps to be taken, including, without limitation, additional shutdowns, travel restrictions, social distancing measures or shelter-in-place orders, in connection with the COVID-19 pandemic; our ability to effectively manage and control expenses as a result of the pandemic; our ability to complete our growth and expansion projects on-time and on-budget; changes in guest visitation or spending patterns due to COVID-19 or other health or other concerns; a decrease in overall demand as other competing entertainment venues re-open; our ability to obtain financing upon reasonable terms or at all, including for projects such as the potential future expansion at Silver Slipper; our ability to obtain the necessary approvals and permits for our growth, renovation and expansion projects, such as the potential future expansion at Silver Slipper; construction risks and cost overruns; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; the financial performance of our finished projects and renovations; effectiveness of expense and operating efficiencies; general macroeconomic conditions; and regulatory and business conditions in the gaming industry (including the possible authorization or expansion of gaming in the states we operate or nearby states). Additional information concerning potential factors that could affect our 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, our Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
