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ORGANIZATION | 12 Months Ended
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Dec. 31, 2020
ORGANIZATION |
ORGANIZATION | 1. ORGANIZATION Formed as a Delaware corporation in 1987, Full House Resorts, Inc. owns, leases, operates, develops, manages, and/or invests in casinos and related hospitality and entertainment facilities. References in this document to “Full House,” the “Company,” “we,” “our,” or “us” refer to Full House Resorts, Inc. and its subsidiaries, except where stated or the context otherwise indicates. The Company currently operates five casinos; four are part of real estate that we own or lease and one is located within a hotel owned by a third party. The Company is currently constructing a new luxury casino hotel adjacent to its existing facility in Cripple Creek, Colorado. We also benefit from six permitted sports “skins” that we are allowed to operate, three in Colorado and three in Indiana. We have contracted with other companies to operate these online sports wagering sites under their own brands in exchange for a percentage of revenues, as defined, subject to annual minimum amounts. The following table identifies our properties along with their locations:
Property |  | Location
Silver Slipper Casino and Hotel |  | Hancock County, MS (near New Orleans)
Bronco Billy’s Casino and Hotel |  | Cripple Creek, CO (near Colorado Springs)
Rising Star Casino Resort |  | Rising Sun, IN (near Cincinnati)
Stockman’s Casino |  | Fallon, NV (one hour east of Reno)
Grand Lodge Casino (leased and part of the Hyatt Regency Lake Tahoe Resort, Spa and Casino) |  | Incline Village, NV (North Shore of Lake Tahoe)
Cripple Creek Casino and Hotel Project (under construction) |  | Cripple Creek, CO (near Colorado Springs)
The Company manages its casinos based on geographic regions within the United States. See Note 12 for further information. Impact of the COVID-19 Pandemic and Company Response. In March 2020, the World Health Organization declared the outbreak of the novel coronavirus as a pandemic (“COVID-19”). Although COVID-19 continues to spread throughout the U.S. and the world, the number of newly-reported cases has declined from levels seen in late 2020 and early 2021. Additionally, vaccines designed to inhibit the severity and the spread of COVID-19 are now being distributed throughout the world. At the start of the pandemic and continuing through today, COVID-19 has resulted in the implementation of significant, government-imposed measures to prevent or reduce its spread, including travel restrictions, business restrictions, closing of borders, “shelter-in-place” orders and business closures. In March 2020, pursuant to state government orders to prevent the spread of COVID-19, the Company temporarily closed all of its casino properties. As a result, the Company experienced a material decline in its revenues until its properties began reopening when permitted by local authorities. The Company reopened the Silver Slipper Casino and Hotel on May 21, 2020, Grand Lodge Casino and Stockman’s Casino on June 4, 2020, and Bronco Billy’s Casino and Hotel and Rising Star Casino Resort on June 15, 2020. During the shutdown period, the Company evaluated labor, marketing and other costs at its businesses so that, upon reopening, its properties could reopen with significantly lower operating costs. As a result, the Company’s operating performance since reopening in mid-2020 has been stronger than pre-pandemic levels, despite capacity restrictions throughout its casinos and in its restaurants. The extent to which the Company’s financial and operating results in future periods may be affected by COVID-19 will largely depend on future developments, which are highly uncertain and cannot be accurately predicted. Significant uncertainties include the ability to operate; new information which may emerge concerning new strains of COVID-19 and their severity; any additional actions imposed by governmental authorities to contain COVID-19 or minimize its impact; increased operating costs in light of social distancing requirements as a result of COVID-19; and general economic conditions, among others. As of December 31, 2020, the Company had total cash and cash equivalents of $37.7 million. In February 2021, the Company issued the 2028 Notes, which further increased its cash balances, as further described in Note 6 below. Subsequent to such refinancing, as of February 28, 2021, the Company had total cash and cash equivalents of approximately $232 million, which includes $180 million of restricted cash reserved to fund its new Cripple Creek casino hotel, including designing, developing, constructing, equipping and opening the project (the “Cripple Creek Project”).

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