Las Vegas-based Full House Resorts looks to Indiana sports betting

Full House Resorts CEO and president Dan Lee expects a new Indiana bill will help the regional casino company compete with the big dogs.

The gambling bill passed the state legislature on April 24, and would allow sports betting and open a competitive process for a new casino in Terre Haute, Indiana. Lee said during an earnings call the approval for sports betting both online and on properties would be a big win for the company.

“We’re treated the same way as some of the big casinos, so what might not be a very big plus for Caesars is actually a pretty big plus for us,” Lee said.

Sports betting opportunity

Indiana Gov. Eric Holcomb can sign or veto the bill. If no action is taken, it becomes law; Lee expects to see a positive outcome for the company on Wednesday.

The bill would only affect one of Full House’s properties. The casino company also owns properties in Mississippi and Colorado, as well as Stockman’s Casino in Fallon, Nevada. It also operates the Grand Lodge Casino in Incline Village in Northern Nevada.

The company may also soon begin work on a new property in Terre Haute, pending the outcome of the bill and local voter approval. Lee said the company was interested in competing to develop a new casino in the area.

“We think it’s a pretty good opportunity,” Lee said. “We know the market. We’re pretty good at proposing new places. I think the gaming commission knows us, we’ve been a good licensee and we have a good relationship with them.”

Lee also mentioned during the earnings call that the company still has interest in acquisition opportunities.

“We do (a nondisclosure agreement) around here about twice a month, so there’s a lot of acquisition opportunities we look at,” he said. “If we see something that makes sense where we think we can add value to it … we look at acquisitions. We do it all the time. But we’re pretty selective.”

Earnings update

Full House’s net revenues from quarter one were up 6.8 percent to $40.5 million, driven by operating efficiencies and improved weather at the Silver Slipper casino, on the Mississippi coast.

That was offset by poor weather in Colorado, flooding and road construction in Indiana, and an adverse table games hold percentage — 5.6 percent below the same period the previous year — in Northern Nevada. Net losses for the quarter were $1.6 million, or 6 cents per share.

Full House shares were down 11 cents to $2.53 a share early Monday afternoon.

Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.