Full House Resorts (NYSE Amex US: FLL) today announced results for the three-month period ended March 31, 2011. Net income attributable to the Company for the three months ended March 31, 2011 was $1.6 million, or $0.09 per common share, compared to $2.0 million, or $0.11 per common share, in the prior-year period. Excluding $0.5 million in acquisition costs, net income attributable to the Company per common share in the first quarter of 2011 would have been $0.11.
First Quarter 2011 Highlights and Subsequent Events
- Management fees for Gaming Entertainment (Michigan), LLC (“GEM”), a 50%-owned joint venture that manages FireKeepers Casino, were $6.4 million in the first quarter of 2011, compared to management fees of $6.2 million for first quarter 2010.
- EBITDA, before unrealized gains (losses) on notes receivable, Grand Victoria transaction costs and other items net of RAM Entertainment, LLC’s (“RAM”) share of GEM results, was $4.0 million versus $3.9 million in the prior-year period.
- As of March 31, 2011, Full House Resorts had $11.4 million in cash, $33.0 million in outstanding debt and approximately $5.0 million of availability on its new revolving credit facility.
- On April 1, 2011, the Company closed on the acquisition of the Grand Victoria Casino and Resort located in Rising Sun, Indiana.
“The first quarter of 2011 was another strong quarter for Full House, with continued strong revenue and earnings per share, as well as completing our acquisition of the Grand Victoria Casino and Resort,” said Andre Hilliou, Chairman and Chief Executive Officer of Full House. “FireKeepers continues to perform admirably despite new competition in the marketplace. We are excited about the new 242-room hotel being built adjacent to the casino, and when it opens in late summer or early fall of 2012 it will further enhance the competitiveness of the FireKeepers casino. We are also pleased to own the Grand Victoria; the property and its strong management team have a great amount of potential, and we expect it to drive significant long-term value for our shareholders in the years to come.”