Connor Parks's questions to Full House Resorts Inc (FLL) leadership • Q2 2025
Question
Connor Parks asked about the potential impact of the 'Big Beautiful Bill' on Full House's customers and operations, and also inquired about the financing timeline for the permanent Waukegan facility, including when the company might request an extension on its temporary license.
Answer
President Lewis Fanger and CEO Daniel Lee explained the bill is a net positive. For customers, lower taxes on tips means more disposable income, which is beneficial for gaming spend. For the company, the bill allows for greater accumulation and use of Net Operating Losses (NOLs), potentially extending their tax shield to 2030. Regarding the Waukegan (American Place) financing, management is targeting a construction start by year-end to meet the August 2027 temporary license deadline. While confident they could secure an extension if needed, they noted the high-yield bond market is their preferred financing route and has become more accommodative. They also have backup financing options in place, including REIT financing or a private equity commitment.