Welcome to the Full House Resorts second quarter 2026 earnings call. At this time, all participants are in a listen only mode. A Q&A session will follow the formal presentation. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Adam Campbell. You may begin. Thank you. Good afternoon, everyone. Welcome to our second quarter earnings call. As always, before we begin, we remind you that today's conference call may contain forward-looking statements that we're making under the safe harbor provision of federal security 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. 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. Lastly, we're also broadcasting this conference call at fullhouseresorts.com, where you can find today's earnings release, as well as all of our SEC filings. With that said, we're ready to go, Lewis. Good afternoon, everyone. We had a strong quarter of growth led by our two newest properties, American Place and Chamonix. On a consolidated basis, revenues grew 5.6% in the second quarter. Adjusted EBITDA increased 19.5%. That growth was led by American Place, which once again had its best quarter ever. I feel like a broken record when I say that, since we've said it so many times. Get used to it because we expect to say it quite a few more times in the future. Revenues at American Place rose 13.4% to $34.8 million. That compares to revenues of $30.7 million in last year's second quarter. Adjusted property EBITDA at American Place rose by 13.8% to $10.1 million, up from $8.9 million in last year's second quarter. Prior to the second quarter, we had never crossed $11 million of monthly gaming revenue, much less $12 million. In May of 2026, we crossed both of those thresholds, reaching $12.7 million. Our temporary American facility has seen consistent growth since it opened. We fully expect that growth to continue even in the temporary facility. In the month of July, we continued to grow. While I don't believe the monthly gaming revenue reports are out quite yet, it was our second-best gaming revenue month ever. Historically, the second half of the year is even better than the first half. At Chamonix, you may recall that we changed marketing agencies late in the fourth quarter and onboarded them in the first quarter. In the second quarter of 2026, with that new ad agency, we launched new, more targeted marketing strategies, made changes to the offers that we send to our guests. Revamped our overall branding, especially on social channels. Those efforts helped revenues rise almost 12% in the quarter. Adjusted property EBITDA was approximately break even for the quarter. We augmented our casino host team recently, adding two more people to that group. A few weeks ago, we added a new casino director with experience at higher quality casinos, having worked at Fontainebleau for 2.5 years and at Wynn in Las Vegas for almost 15 years. As we continue to refine our casino host program and build our high-end business, his experience will be useful to our Colorado team. One stat that I think continues to show the available opportunity in Colorado is win per position per day. For Black Hawk as a whole, that statistic was about $330. We estimate that Monarch, the only other high-quality casino in the entire state, is maybe twice that or north of $600. At Chamonix, we're currently at about half the Black Hawk average. In the near term, our goal is to improve our win per position per day figure of about $175. If we can hit the Black Hawk average and get 70% EBITDA flow through, that results in roughly $30 million of annual EBITDA. If we can get a 15% premium to the Black Hawk average, which would still be a massive discount to Monarch, you approach $40 million of EBITDA. We're not there yet. We don't expect to be there this year or even fully there next year. We do expect to make massive improvement over the coming 18 months. You get there by filling the hotel, which still has significant capacity midweek, and continuing to add names to the database. As an example, we define a VIP guest as someone that generates more than $150 of gaming win in a visit. In the month of June, the strongest part of our database was that VIP group. Leading the growth for all of our rated play was our top segment that spends $750 or more on our gaming floor in a single trip. Our second-best growth segment was the $350-$749 group. Our third best performing segment in our rated database was the $150-$349 group. We are seeing better guests visit Chamonix, and we're seeing them return, in part due to our evolving marketing efforts and expanding database, increasing awareness, and a high-quality product that we built. At our other properties, just a few quick notes. Rising Star was impacted during the quarter by a 42-hour power outage due to a downed power line. As we said last quarter, we tried to move that gaming license to the Fort Wayne area. We weren't successful with those efforts, which was disappointing, we are pretty busy anyway with the construction of our permanent casino in Waukegan. Rising Star does make $several million a year of EBITDA, and we will continue to operate it at its full potential. At Silver Slipper, revenues declined slightly as we continue to eliminate unprofitable business and adjusted property EBITDA slightly improved. We think there's room to improve operating profits at Silver Slipper, including related to controlling food waste at our high-volume buffet, and we're studying things like that in real time. In Lake Tahoe, our Grand Lodge Casino is located within the Hyatt Lake Tahoe. The renovation of that Hyatt continues to disrupt our casino business in the near term, the resort should be spectacular once complete. Work on the cottages and the restaurant across the street, as well as access to the resort's beach, is expected to be complete in late 2027. Regarding our financing, we completed several important items since our last call, all of which were necessary prior to completing a new debt transaction. The first was the passage of a legislative bill allowing for temporary casinos to operate for a longer period of time. As this bill involved the state legislature, it was a once-a-year process that could only be done when the legislature was in session. That bill was passed in May 2026, though the bill also required approval, or actually required us to request and receive approval of an extension from the Gaming Board. We were granted that Gaming Board approval in June 2026. As a result, we are now permitted to operate our temporary facility until February of 2029. As February of 2029 is beyond the date that we expect to complete our permanent casino, there should be minimal downtime when we transition operations from our temporary to our permanent facility. With a new timeline and more refined construction plans in place, we approached the City of Waukegan for approval of an amendment to our development agreement. As one example, our original development agreement required us to tear down our temporary facility shortly after opening. Rather than do that, we wanted to maintain the Sprung structure for trade shows and use as an entertainment facility. It has bathrooms, bars, and an expansive footprint, so it is well suited to the task. Amongst other things, the approved amendment with the city, lets us retain our temporary facility for five years to see if it makes sense to eventually add a permanent mixed-use facility to our footprint. We also adjusted the dates in our development agreement. Lastly, we know everyone is eager for us to complete the refinancing. We are obviously as well. It's a pretty complicated transaction because we are simultaneously refinancing our existing bonds, financing the construction of a permanent casino, and closing on a new revolving credit facility. While we are not completely through the legal paperwork for that financing, we moved through a large portion of it. The new revolver is more or less complete at this point, with commitments from four different banks, and the paperwork is largely done. All parties continue to work diligently on the balance of the rest of the documentation, and we'll give you more detail once we can. We hope and believe we can get this done in the third quarter. What I missed, Dan? No, I think you did a good job. I'm going to address a couple of things because I addressed it a little differently than Lewis did. We used to report on each property, and a few years ago, we switched to be like most casino companies, where we group them together. Sometimes that masks how well results actually are. In this case, you'll see the Midwest segment up 4.7% in EBITDA. American Place on its own was up almost 14%. Rising Star had a storm that took down a power line. We're kind of at the end of the power grid, and it took them 42 hours to get us back up. Rising Star, instead of making half a million like it did last year, actually lost $100,000 in the quarter. That masked how good the quarter was for American Place. Silver Slipper, which is still our number two property, it's really the third leg of the stool. It's a cash cow. It did $3.4 million in the same quarter of both years. Because it's in that segment and doesn't grow, we think we can grow it, but it's basically a cash cow, it brings down the percentage. The most important one is American Place. It's our number one property. It's the one where we're building a new one, it did really well, a flat Silver Slipper a down Rising Star camouflaged that a little bit. A little bit of the same in the West segment. While we improved results by $1.2 million in American Place, we improved results by $1.1 million at Chamonix. That was going from a loss last year of $1.2 million to just under break even in 2026. If we hadn't had some headhunter fees and so on, we probably would have made a little bit of money. All the trends are positive, we think that will continue. Grand Lodge, Lewis mentioned the renovation. It's kind of hard to recognize this hotel is a high rise in Incline Village, which will never be repeated. The codes have changed. You wouldn't be allowed to build it today. It had a beachfront community that had about a dozen high-end suites and a restaurant called the Lone Eagle, which was the number one grossing restaurant in the entire Hyatt chain, or so I've been told. All that's been torn down. Larry Ellison, who's the owner, is building something new there, which will include a big restaurant and new high-end suites and a whole new beach complex. At the moment, it's a kind of a beach resort on Lake Tahoe without a beach. Without the high-end suites that our customers liked, without the Lone Eagle Restaurant, which they like to eat at. It has other restaurants, that was by far their biggest and best restaurant. We're doing okay there, earnings are off. All of this is supposed to be open next year. They slipped a little bit. They used to say in the first half of next year. I hear they're saying the second half of next year. Knowing what Larry Ellison has built on the island of Lanai in Hawaii, what he's built in Palm Springs, even at the hotel he owns in Palo Alto, I expect it to be spectacular when it's done, we think ultimately that'll be a positive for the casino. At the moment, it's pretty small relative to the rest of our company. Probably will remain small relative to the rest of the company. The fact that it's off a little, understandably, kind of masks a little bit how well we're doing in Colorado. We have a long ways to go in Colorado, we are trending in the right direction. On the financing, look, we want to get this done as fast as anyone else. I think it's 1,500 pages of documents. I have this bad habit of wanting to make sure I read every page, because any sentence can screw you. We've been working our way through it. It's a very complex thing we're trying to do, but we've made some really good progress. We needed the extension, because otherwise you had to make the assumption that you were going to close the temporary, and then you'd either have to pay people for not working for a while, or you'd have to lay them off and try to hire them back. It was going to be a real mess. The extension was important. That took state legislature approval. These things always happen on the last day of the legislature. This year, it was absolutely the last day, almost the last hour. They gave us the extension we needed. Well, technically, that had to be signed by the governor. He doesn't do that immediately, so that took a little while. Technically, it authorized the Gaming Board to approve the extension. We had to request that, and then the Gaming Board quite promptly gave it to us. That was important. Well, that was one of the factors we had to change in the development agreement we have with the city, where it had certain dates in it we had to get the permanent done by, and we needed those dates to mirror the state dates. Well, you kind of needed to fix the state first, then we went to the city, and there was a list of things. Lewis mentioned probably the most important commercially is trying to use the temporary casino as an event center, and we think we can do that in very creative ways. Because it's a temporary building, the city, under the building code, can't just approve it to be there forever. They changed the requirement from we were supposed to tear it down when the permanent opened. Now they've said we can keep it open for five years after the permanent opens, and that gives us plenty of time to see if we can put things into it that will drive business to the property. None of that's been in any of our projections. It was kind of a late-minute thought of, "Wait a minute." It was really Bill Richardson, who's developed a lot of casinos, who said to me, "Why are you tearing this down? What a great place for a boat show or all sorts of concerts and everything." He's right. It's not attached to our casino, but it's maybe 100- 150 ft away. We will use it and see if we can make it work as a profit center and as a source of business driving to the casino. The city accommodated that by extending it for five years. I'll bet if we make it a successful part of the community, it's by far the biggest event center like this anywhere between Chicago and Milwaukee. Might even be bigger than anything in Milwaukee. It's bigger than a football field inside. There's a lot of things we can do in this. Of course, it only makes sense if you find the right things to put in it. We will spend a couple of years while we're building to see what we can put in it, and we'll have five years to show that it's successful. My guess is if we need a further extension, we could ask the city, and we'd probably get it. We decide that gives us the confidence to build a permanent exhibit center that's attached to our casino. Getting the state extension was important. Getting the city development agreement to be in accord with that state extension was important. That only happened a few weeks ago. Those were very important steps. When you do this sort of financing, one of the things that happens is a bunch of lawyers pore over everything and make sure the T's are crossed and the I's are dotted. Now they are. I think you mentioned the credit agreement. We have commitments from 4 banks to provide a significant credit agreement going forward. We are working diligently on the source of capital to build out the American Place, and then there'll be a third component, which is the refinancing of the existing bonds. We intend for that to all happen simultaneously. Which sounds complicated, and it is legally complicated, but in a business sense, it's kind of not. The source of capital, any source of capital for building the permanent is going to want to know that the bonds don't mature in the middle of construction. Of course, people refinancing the bonds want to know that you have the money to build the permanent. Everybody wants to make sure we have adequate liquidity. The credit facility, which is one that we anticipate not actually having to use, but it's an important source of liquidity if needed in case there's God knows, another pandemic or something. In some sense, that's sometimes the most complicated piece, and yet we have the commitments for that at this point, and that's all documented. It's just kind of waiting for the other two pieces. We expect to get it all done this quarter. I realize I just repeated a lot of what Lewis said, but it's a lot of stuff. Sometimes you have to hear it twice. On that, we can take questions. Thank you. We will now be conducting a Q&A session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Thank you. Our first question comes from the line of Jordan Bender with Citizens Bank. Please go ahead. Hey everyone, and good afternoon. Thanks for the question. Lewis, Dan, it's obviously been a number of years since you kind of unveiled what the permanent casino will actually look like in terms of size and scope. I guess my question is, over the years of operating the temporary and just kind of understanding the market, has your thinking at all changed around what you want to offer there? I guess the size, the scope. You have a tent now for a couple years. Does that change the dynamic of what ultimately goes into the permanent casino? It's refined it. The size is somewhat dictated by the law. We're anticipating opening with a little less than the total number of gaming units that we're allowed to have. We have a way to expand the casino if it's needed. The machines don't gamble, people gamble. We looked at what we expect the revenues to be and how many machines we need for those revenues. If it's higher than that, we can add machines later. It affected what restaurants we have and the type of restaurants. Frankly, the temporary has done very much what we expected it to do. Notice, we're doing $12 million a month of revenues, roughly, and we've had very little, if any, competitive impact on Rivers, on the Potawatomi Casino up in Milwaukee, or even on the VGTs in Lake County, which are pretty significant competitors. They're all approximately flat. We've increased the gambling per capita by people who live in our area, which is what we expected. Are there little refinements? Of course, there are. Little things like we found quite a few people don't want to have to go through the casino to get to the restaurants. They might have people under 21 with them. We've designed into it ways for people to go to some of our restaurants in what I'd call a family dining room, where you can go with people under 21, enjoy the food, and not be in the casino environment. We've done that a little bit. I think it's as much of looking around and, probably Durango Station had a bigger impact on this design than anything else because Stations did a very good job with it. They did a wonderful food court, and we didn't have a food court in the project in the first place. We've substituted one of the restaurants is now a food court, and the city approved that change in the development agreement. Food hall. Food hall. Yeah, not food court. It's a food hall. It's slightly different. A food court has Burger King and McDonald's in it. A food hall doesn't. Ours is, we're not as big as Durango Station. They were much bigger than we're allowed to build in Colorado, or in Illinois. Nor do we have their budget, but the quality would be very similar to them. They have a very compact back of house. The Sysco truck has to make several stops to get to the restaurants, and that's pretty common to a lot of shopping malls. In the casino business, it had evolved into, and I was part of that at Bellagio, evolved into these massive back of houses that are underneath the casino and tunnels everywhere, so you can get everywhere without crossing the casino. It's like, "You know what? Make Sysco make a couple of stops. Just have a couple different loading docks, and you can save a lot of money in construction." That was a learning from Durango Station that we copied. The Food hall we copied. We think they have a great sports book, ours is somewhat similar. I don't want to say we copied. They'll sue me for trademark copying or whatever that would be because they probably have a trademark on their plans. We didn't exactly copy it, but we learned from it. It's legal to learn from it. Then, there have been four places built in northern Illinois in the last three or four years. We've walked through all of them, studied all of them. The first was the Hard Rock in Rockford. They shifted from a temporary into the permanent, their revenues doubled. They did a good job. We went and looked at it very carefully. They don't have a hotel, they don't have a parking garage, but they do have an event center. Part of our thinking of, well, maybe we should have a place to have events, is drawn from that. They do quite well. They were I think it was $350 million. We will be similar in size, similar in quality without the event center, and our number is 302. Then there was the Wind Creek, new tribal casino on the south side of Chicago. Also a good job. They have a hotel, a high-rise hotel. They have a big parking garage, they did not have a temporary casino, so their budget was like $500 million. That includes about $50 million in upfront fees, to the Illinois Gaming Board, which we paid that as part of the temporary. If you adjust their budget for the upfront fees, the hotel, and the parking garage, you also get to about $300 million. They've done quite well. I've heard from the bankers that they were a little disappointed in their results, but they are dead on with what we had in our econometric model for what they would do at that location. I think ultimately they'll be pleased with their results, and they're doing pretty well. There are a lot of competition in south of Chicago, much less competition where we are north of Chicago. I think they ramped a little slow. They ramped a little, yeah. They're doing just fine now. Yeah, they're doing just fine. Penn did two projects. They had these old riverboats that were not near the freeways and getting pretty tired, and they replaced both of them in the last year. The one in Joliet, they replaced several months ago now, and it's doing much better than it was on the boat. I joked with the guy who oversaw that. Actually, both of the guys who oversaw it used to work for us, and I joked to them. They value engineered out the porte cochere, which I think is kind of stupid in a place where it rains, but otherwise, they did a pretty good job. It also has a parking garage. If you have enough land, we have 40 acres, so we don't have to build a parking garage. It's much cheaper to have surface parking. Even if you have a shuttle bus running around the surface parking to help people get to the facility, it's much cheaper than building a garage. In a lot of markets, including here, people prefer to be in the surface lot. The garage fills last, not first, unless it's a snowstorm or something. They were about, little less than $300 million. They value engineered a lot of stuff out. The most recent one is Hollywood Casino Aurora. They did a good job there. They have a nice food hall. Actually, they do in Joliet too. They have a 229-room hotel. They have a 1,300-car parking garage. If you adjust for that, they're right about $300 million, did a good job. The numbers are pretty early, but I think we're going to see a pretty big lift from what they were doing in the old riverboat there as well. We've obviously talked to the people who work for me, joke with me that I'm going to get in trouble because I walk through their back of the house and take pictures of it and everything. I know some of these places better than the CEOs of their own companies because we go to town learning what we can do and what's smart, what they did right, what they did wrong. Yeah. Does it evolve? The basic project is the same, but there's a lot of evolution in small ways. Awesome. I appreciate that answer. Just to follow up, I know it's small, but will you get any business interruption, insurance or proceeds from the downed power lines during the quarter? No. The way business interruption works is you only get it if you have property damage claim, and we were not damaged at all. There was a tornado some distance away, took out the power line to the whole town of Rising Sun, and it took them quite a while to get it back up. Must've been a pretty high-powered power line. You only get business interruption insurance if you have a property claim, and we don't. Perfect. Thank you, guys. Your next question comes from the line of Ryan Sigdahl with Craig-Hallum. Please go ahead. Hey, good afternoon. This is Bill on for Ryan Sigdahl. Thanks for taking our questions. First, I wanted to ask on the financing. I know, I think it was last call, you guys were still sort of working through the legal paperwork, it sounds like that's still going on. Curious, you were talking about the foundation as well, perhaps laying that, maybe doing other little bits of construction. I guess what we'd like to know is what's your confidence in getting this done within the next quarter or so? Well, we are doing some stuff. We've been testing the dirt, because there used to be a mall on this site. You don't want to start moving the dirt around and then find out that you took a pile of bad dirt and spread it all over the property. Now you got a real problem. The guys have been out there testing the dirt. We think it's all clean, but we want to verify that before we start moving it. They have to fix up the fence around it. The biggest thing is not what you see. We authorized the architects to go ahead and complete a bigger chunk of the plans, so we will have full schematic drawings. We were at 75% before. That's like $1.3 million. We can afford to do some stuff before we have the financing in place, and that was one of the things we went ahead on. We've also approved the civil drawings, and that's all to allow us to move ahead more quickly once we have the full financing. Things are happening, most of it behind the scenes. Some pretty significant numbers. Between those two, it's probably $1.5 million, and that'll be spent in the next two months or t hree months. The civil stuff takes a little longer. Now, listen, all the paperwork, nobody is saying this can't get done. Everybody wants to get it done. It's just complicated. You have inter-creditor issues between the three issues, and that all has to be worked out. Sometimes lawyers like to play ping pong, and it goes back and forth, and back and forth, until either Lewis or I say, "Hey, cut it out. Just put the ball in the middle and let's move on." That's been kind of the process. We have one analyst who wrote me kind of an email complaining about how long this was taking. When we're done, I want to send him a set of the documents in paper because it's like 8 in deep. It's like, when you're done reading this, you'll appreciate what this takes. You find things in there that you look at and say, "Well, that doesn't look right." In fact, one of these things, I found something doesn't affect anything currently, but affects stuff way down the road. When the people on the other side of the transaction, I said, "You know, this probably isn't material, and it's way down the road, but it's intellectually wrong." They said, "Yeah, we think we might agree with you on that, but you're the first company out of 30 who's brought that up." Maybe we're too careful. Frankly, we were trying to get everything done before August because we know a lot of Wall Street goes away on vacation over August. Once it was obvious we probably missed that, it was like, okay, well, let's work through August on the details and be ready to go in September. When you have a revolver, those details, if they're slightly off, you can always go back and fix those. When you have longer pieces of paper, like five-year bonds or something, changing that is not easy at all. To Dan's point, there are a lot of potential conflicts that we're just trying to make sure everything's in agreement between the three different sets of docs. As Dan mentioned, this is thousands of pages. It's not like you're reading through 50. To be quite honest, we have a track that we're on that we've been working on for a while. We get phone calls all the time from other people saying, "Hey, could we take a look at this?" We're kind of like, I think the car has left the garage here, and we're moving down the way, and we're 95% sure we're going to get there. If we ran into a big pothole, we do have other people standing by. That's fair. Let's hope for no potholes. Chamonix, I wanted to switch over to there. I know you were talking about last quarter, Dan, about doing a bit of blocking and tackling in terms of Bronco Billy's. Maybe just talk about the improvements at both of those properties given profitability improved sequentially throughout the quarter. Well, it's a little bit on all counts. We're holding the line on expenses. We're growing revenues. We're trying to grow our revenues in an efficient way, we're also making the marketing more efficient. One of the nice things we did this quarter, we have our food and beverage manager, the only person in the management team from before, he was our pastry chef, and he's a very well-known pastry chef. He's written some books and won a bunch of awards. I went to him and basically said, "We need a food and beverage manager. We can't afford you as a pastry chef." He was hesitant. "I don't know." I said, "You're smart. You clearly know how to cook. You clearly care." He said, "Well, would I be allowed to get rid of some deadwood around here?" I said, "Absolutely. "That's why I want you to take the job." He took the job. We had a Mexican restaurant that wasn't very good. In fact, I think it had effectively closed last winter. We weren't even using it. Food was so bad, Lewis and I would joke about how bad it was when we went up there. I sent this guy two cookbooks I got from Amazon of great Mexican cooking. Damned if he didn't cook his way through both books. He showed me the books. They're just dog-eared, and he posted it, and worked his way through it. He introduced a new menu with new recipes. We came up with a new name. It's Don Juan's now. It's in the same place, and it's very popular. It's small. If you go there on a Friday night, you're going to wait more than an hour to get in. Now the food is really good. I'd be willing to say it's probably the best Mexican restaurant in the state of Colorado. Watch out for the margaritas. They're pretty damn good, too. That's the blocking and tackling. Taking a Mexican restaurant with very little CapEx and giving it a new menu, new recipes, new name, new staff. In fact, you can tell when you're there, you can tell this guy cares. We make all the salsas ourself. There's nothing from Sysco. We make our own nachos. We make our own tortillas. Everything's done homemade, if you will. The staff who works there is very proud of the quality of what they're producing. As a CEO, you look around and say, "Okay." Promoting this guy to food and beverage manager was the right move, because now we've taken a restaurant that wasn't doing much, and now you can't get in, and that's great. We need to do more of that, and that was kind of a first little trial. We have a basic coffee shop we need to upgrade as well. We're making some changes in 980 Prime that I think will be better. We're now looking to use it as a brunch on weekends. That's just the food service. Little things you wake up to. We have a little speakeasy that is only open on Fridays and Saturday evenings, and it's got a bunch of slot machines in the bar taps. We're looking at it and say, "Wait a minute. We pay a fee to the city on a monthly basis for every slot machine we have. Why does it make sense for us to have slot machines in this bar tap in a bar that's only open two nights a week? It doesn't make sense." When you run the math, it really doesn't make sense. We're taking those slot machines out and run it as an interesting bar. It is a very interesting bar, but it's stupid for us to have slot machines in it. It was one of those things like, "Why did we do this?" Once you understand, somebody pointed it out to me, I'm like, "Wow. Yeah, that really was dumb. We shouldn't have done that." We're fixing that. Oh, probably the biggest thing, we have a sales and marketing team. When I say sales and marketing, this is different than the casino posts in sales and marketing. We have a team of people whose job it is to fill the hotel. It's about meetings and conventions. We have seven people there now. They're attending meetings, there are conventions of meeting planners, there are associations, there are cold calls, and they're all working their butt off to bring in business. We're starting to put significant business on the books, but that stuff is booked way in advance. That's to help us in 2027 and 2028. If somebody's getting ready to get married, they're not booking their wedding tomorrow. We now have an active sales team who we'll see the dividends in the years ahead. Along those same lines, we had a very competent director of casino operations, and we also had a very competent fellow down in Mississippi. The guy in Mississippi retired. He was retirement age, and he'd been with us a long time. We were sorry to see him go, but he was younger than me. I told him he couldn't leave, but he went anyway. The guy from Colorado wanted to move down there. He had worked with NG before, and we said, "Okay, that's fine." Then I thought, he was pretty good, but let's see if we could find somebody who really knows the high end, who has experience at high-end gamblers. We do have experience with the high end in Illinois. We'll let people gamble $25,000 a hand in Illinois. In fact, the quarter's results were achieved despite one guy beating us for $1 million one night. He gave some of that back. We do get high-end play in our Sprung structure in Illinois. In Colorado, we built the high-end property, and we don't have that much high-end play. We reached out to all the people we knew and found a guy. Got a little lucky. His in-laws live in Cañon City, which is right near Cripple Creek, and his wife wanted to get back closer to her parents. He has moved from Las Vegas. He joined us just a couple weeks ago. He knows how to deal with that high end. He knows how to hire hosts and cater to people who are going to come in and gamble large numbers per hand. Whereas if you look at all of our other people, all these people we've hired, they're all very competent people, but they came from Ameristar, they came from Isle of Capri or Bally's, and those are all fine companies, and they're all fine companies in the regional market, but none of them are really catering to the high end. I wanted to add somebody to the team who has that high-end experience. He had been at Wynn for a long time. That's always great background, that Wynn is great at training people. Then he was at Fontainebleau, which is also an educational experience, perhaps in a different way. We were fortunate to get him, and I think that's going to pay off in the long term because that's one of the things, if you compare us with Monarch, one of the biggest differences is that high end. They are very good at dealing to the high end, and to date, we have not been. Thanks for the color. Yeah. You got it. Probably have time for two more questions, Dan. Sorry, that was a long question. A long answer. Simple question. Your next question comes from the line of Chad Beynon with Macquarie. Please go ahead. Hi, Dan Lee. Thanks for taking my question. Congrats and good luck on the progress in the final stages of the financing. I'm sure within that stack of legal documents, there's probably some language around M&A, I wanted to ask about it as well. It seems like there's a lot of chatter around single properties and multi-properties that could hit the market here. Just wanted to test your temperature on your appetite for those. Thanks. Well, we're a small company. We're pretty busy. I mean, we're trying to fix Colorado and build American Place permanent. It's not high on our list to go take on a third challenge at the same time. If something were offered to us that was very cheap, you'd try to figure it out, you look at the other side and say, "Okay, how are we going to pay for this?" We're pretty heavily levered. You're right, and the financing would probably limit us, and our existing debt limits us as to additional debt. Our new debt would also limit us as to additional debt. We certainly don't want to issue equity at these prices. We think our equity will ultimately be worth much more than it is today. Either organizationally or financially, I'm not sure how we could do an acquisition. You could always merge with somebody, but you're effectively using your equity again, and our equity is cheap. Never say never. If something was given to us that was just so cheap, you'd try to find a REIT to buy it, and we get the operating company or something. You try to find some creative way if it were really cheap. A lot of times when stuff is being offered, it's got hair on it, right? I was told that there was a lawyer we worked with for a long time at Pinnacle, who's retired now, who told me we'd probably never make an acquisition. I said, "Why do you say that?" He says, "Because you guys read the documents, and you run the numbers, and you look at the tax ramifications and everything." He says, "The buyers are almost always the dumbest buyer willing to pay the highest price, and you're not the dumbest buyer." He's not wrong. In our career, with very little things we've bought. On occasion, we look at a lot of stuff. When you look down the list of what we bought, it's a pretty small list. That goes from way back when I worked with Steve Wynn to Pinnacle to here. We look at things, you always learn something. I mean, somebody did show me something the other day we could acquire without any capital, without any equity, without any debt. Just kind of assume it's some of the debt that's on it and not even guarantee that debt. Had me scratch my head. You get into organizationally, is that really what we want to do. Look, if this conversation were three years later, Chad, I think it'd be a different answer from us. Three years from now. Yeah. Three years from now. Where pro forma for the opening of the permanent casino, the leverage profile is going to be on the lighter side. That's okay. If now is not the time, I'm sure there will be things for sale in three years too, that may or may not make sense. Yeah. Yep. Makes a lot of sense. Thank you. On American Place, just kind of looking at the strong May results that you talked about with gross gaming revenue close to $13 million, and July the second best. How should we think about flow-through or margin opportunity if the property continues to grow at GGR levels, certainly well above GDP, maybe not at these current levels, but, yeah, just help us think about flow-through in general. Thanks. I think July was similar, if not stronger. July, well, July was not as good as May. Okay. We're- Pretty similar. Yeah. If you go back and look at every month since we opened, just about every month showed growth over the same month of the previous year. If it didn't, it was probably because some guy beat us for $1 million, like I mentioned a minute ago. It's shown very steady growth. Now, it can't do that forever. At some point, you're so busy on a Saturday night, people can't find a slot machine. That is part of why you have to build the permanent. The permanent casino has much more capacity than the temporary. Remember the numbers offhand? It was 35% more slot machines and 60% more tables- Right. if I remember correctly. Yeah, something like that. At some point, you kind of need the permanent to continue to show the growth. We're not capped out yet. It continues to grow. In terms of the margin expansion, we're running 29%+ margins pretty consistently, which is pretty decent in a market with a pretty high tax rate. That is after paying rent to the city of $3 million a year, a little north of $3 million a year. We also rent the kitchens and the office space. The office space is in construction trailers, essentially. The kitchens are from a company called Kitchens To Go. Between those two, it's almost a million and a half dollars a year. Really, if you adjust for that, our margins are in the low 30s. As the revenues grow, one of the issues here is you keep ending up in a higher tax tier. To grow the revenues and keep margins flat is actually an accomplishment. I don't expect our margins to get to 40%. You only get to 40% if you're an Indian tribe not paying much in taxes, generally. I think we can- Do mid-30s in the permanent mid to mid 30s in the permanent. Yeah. Once you're not paying in the permanent, we won't have rented kitchens, and we won't have rented construction trailers. We have the right to buy out the lease from the city, and part of the involved financing involves taking that out at some point. You won't have rent, at which point the EBITDA margins are probably in the mid-30s. If it helps you, in the month of May, we did $4.4 million of EBITDA on that $12.7 million of gaming revenue. Obviously, there's other food and beverage and some other revenue on top of that. It was a very good month for us all in. One of the little nuances is we're not allowed to comp alcohol. That's a good thing because we make a profit on our alcohol in Illinois. Most other markets, they may show a profit on the income statement because of the way accountants have some crazy ways of accounting for things. In Colorado and some of our other markets, most of our beverage sales are really given away. If it applies to all of the competition, I'd rather we have to charge because we can make money on it. Thank you both very much. Appreciate it. Thanks, Chad. All right. We only have time for one last question now, Dion. Your last question comes from the line of John DeCree with CBRE. Please go ahead. Hi, Lewis. Dan. Thanks for taking me here. Dan, quickly, high level. I know earlier you talked about some of the site work, soil testing, drawings happening for the permanent. Assuming the financing's ready in 3Q, how quickly do you think you guys would be ready to start hard construction? Then, broadly speaking, what's your latest thinking for timeline? I think we talked 18-24 months in the past, not sure if that's still kind of the right timeframe until you get the permanent up and running. Yeah, it's still the right timeframe. It's 18-24 months. It might not favor the 18 anymore. It might be more like two years. Like if opening in the third quarter of 2028, probably a good guess. Now, recognize, some of this stuff, when you end up with that range, because, in the construction agreements, there's a lot of work that happens before the building's enclosed, and that depends on weather. In the subcontracts with the subcontractors, there's always something in there for expected number of rain days based on the historic weather patterns of Waukegan, Illinois. If it rains more than you expect or rains more midweek than you expect, it takes a little longer. This is not a very complicated building. Almost all of it's one level. There's one small part in the back of the house that's got a second level. There's no basement. There's no high rise. No parking garage. No parking garage. It can be built pretty quickly. Roughly, we're in the third quarter now, so two years from now is probably a good guess. Yeah. Okay. The way that things are working behind the scenes, there's a lot of stuff that happens sequentially. As Dan mentioned earlier, we've got the earth moving plans. We've got the foundation plans. Both of those things will take several months just to get done. As that work is getting done, then they complete work on, I'm making up another plan, Dan. They'll be working on electrical plans, and while the electrical's going in, you've got people working on the fit out on the interior. It's all kind of sequential. We have enough to truly be on the ground, running pretty quickly. Look, to be honest, our existing debt has limitations on additional debt. Until we refinance, those limitations are there. We'd like Colorado to be making some money. So far it's achieved breakeven in the quarter. We're watching our spending pretty carefully, but we're confident enough that we have gone ahead and are spending a million and a half on the plans and some additional money on the site, so that the date stops slipping on when we can open. You obviously need to move the plans along. We have done the foundation plans. We've done the earth-moving plans. The next step in the earth moving is a $3 million contract, for the guys to actually be there. We have to move a swale and all this stuff, $3 million. We probably will not release that because it's $3 million until we have the financing tied together. Got it. Thanks, Dan. Lewis, if I could sneak one more in not sure. Yeah. If you touch this one, but not sure. All in cost of financing where you sit today, I guess to ask as broadly as possible, is it within kind of the range you've expected to the extent you share a comment? It is, I think yes. It's not six and it's not 12. Look, I'm trying to think of what I can tell you. It's what you would expect for a leveraged company. We're a weird hybrid. We're not an Indian tribe building something from nothing, and we're not Boyd, who could build a $300 million casino out of cash flow. Yeah. If you just look at other companies like us that are leveraged and doing a project, you would conclude that the cost of borrowing is in the high single digits. Some components of it might be in very low double digits, and a blended number is hopefully still in single digits. Yeah, I was going to say, I think it still blends to a pretty decent spot. We're- There's other aspects like some of the financing we're looking at allows us to avoid construction period interest. That's a pretty big saver for us if we can draw the money down as needed. There's a lot of different levers here. Look, we own a lot of the equity. It's an important part of both of our net worths. We're trying to get the best deal we can for our shareholders. Totally. Appreciate all the color today, guys. Thanks. Yeah. Thank you. Well, I think we're done. Yeah. That's it, Dion. This now concludes- Thank you, everybody. our Q&A session. I would like to turn the floor back over to Lewis Fanger, President and Chief Financial Officer, for closing comments. I'll turn it over to you, Dan. Well, I think we covered everything, and, hopefully next time we can talk openly about having refinanced everything. Thank you for your time and your patience. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.