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TheStreet Open House

Full House Resorts Announces Three And Nine Months Results For The Period Ended September 30, 2011

Stocks in this article: FLL

Full House reported third quarter net loss attributable to the Company per common share of $0.06 for the three months ended September 30, 2011, as compared to $0.12 for the three months ended September 30, 2011. Exclusive of the aforementioned charges, net income per common share in the third quarter 2011 would have been $0.11.

Nine Month 2011 Results

For the nine months ended September 30, 2011, Full House reported casino, food and beverage, hotel and other revenue of $54.6 million, compared to revenue of $6.3 million in the prior-year period, primarily due to the addition of the Rising Star Casino Resort during the second quarter of 2011. In addition during the nine months ended September 30, 2011, Full House recorded GEM management fees of $18.3 million for FireKeepers Casino, compared to management fees of $18.7 million for the prior-year period.

The Company recorded equity in net income and related guaranteed payments from the Delaware operation of $3.3 million, a 9% decrease from the prior-year period, as the agreement between the Company and Harrington Raceway, Inc. terminated at the end of August 2011.

Operating expenses for the nine months ended September 30, 2011 were $57.1 million compared to $10.8 million in the prior-year period, primarily due to the addition of the Rising Star Casino Resort. The Company also recorded $0.4 million of stock compensation expense for the nine-month period ended September 30, 2011, compared to approximately $17,000 in the nine months ended September 30, 2010.

Operating income for the nine months ended September 30, 2011 was $14.2 million, compared to operating income of $17.8 million in the prior-year period. Absent $5.7 million in impairment and one-time charges, operating income for the nine months ended September 30, 2011 would have been $19.9 million. EBITDA was $16.0 million versus $11.3 million in the prior-year period.

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