Luis Chinchilla's questions to FULL HOUSE RESORTS (FLL) leadership • Q1 2025
Question
Asked about recent trends in customer visitation and spending, and followed up with a question about CapEx and liquidity expectations for the second half of the year.
Answer
The company has not observed significant macro-driven changes in customer behavior, attributing any softness to property-specific factors like weather or construction. Regarding financials, liquidity is strong. They plan to fund the initial stages of the permanent American Place from cash flow and refinance their existing debt within the next year to fund the full construction. They have low maintenance CapEx and do not expect to pay cash taxes until at least 2029, giving them flexibility to wait for favorable market conditions.