Full House Resorts (NYSE Amex US: FLL) today announced results for the three-month and full year periods ended December 31, 2010. Net income attributable to the Company for the three months ended December 31, 2010 was $2.0 million, or $0.11 per common share, compared to $1.0 million, or $0.06 per common share, in the prior-year period. Excluding a $0.7 million impairment charge in the fourth quarter of 2009, net income per common share in the fourth quarter of 2009 was $0.08.
Fourth Quarter 2010 Highlights
- Management fees for Gaming Entertainment (Michigan), LLC (“GEM”), a 50%-owned joint venture that manages FireKeepers Casino, were $5.8 million in the fourth quarter of 2010, compared to management fees of $4.2 million for fourth quarter 2009.
- EBITDA, before unrealized gains on notes receivable, tribal governments and other items net of RAM Entertainment, LLC’s (“RAM”) share of GEM results, was $3.8 million versus $2.9 million in the prior-year period.
- As of December 31, 2010, Full House Resorts had $13.3 million in cash, no outstanding debt and approximately $7.9 million of availability on its revolving credit facility.
“2010 was a banner year for Full House with record revenues and earnings per share, as well as the announcement of our pending acquisition of the Grand Victoria Casino and Resort,” said Andre Hilliou, Chairman and Chief Executive Officer of Full House. “FireKeepers continues to perform admirably, with the casino generating approximately $24.5 million in management fees in 2010, and seeing a 37% year-over-year increase in management fees in the fourth quarter alone. In addition, we are within a few weeks, pending final regulatory approvals, of officially adding the Grand Victoria to the Full House family, which we believe will be a significant driver of long-term value for our shareholders.”