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Full House Resorts Announces Three Month And Full Year Results For The Period Ended December 31, 2011

Liquidity and Capital Resources

As of December 31, 2011, Full House had $14.7 million in cash, $26.9 million in outstanding debt (inclusive of swap agreement liability) and $4.3 million of availability on its revolving credit line with Wells Fargo. Subsequent to December 31, 2011, the Company has made an additional principal payment on its credit facility of $1.7 million.

Conference Call Information

The Company will host a conference call and webcast today at 11:00 AM EST. Both the call and webcast are open to the general public.

The conference call number is 888-245-0988; international callers can access the call by dialing 1-913-312-1517. Please call five minutes in advance to ensure that you are connected prior to the presentation. Interested parties may also access the live call on the Internet at www.fullhouseresorts.com (select Investors and then Upcoming Events). Please log on fifteen minutes in advance to ensure that you are connected prior to the call's initiation. Questions and answers will be reserved for call-in analysts and institutional investors. Following its completion, a replay of the call can be accessed for one week on the Internet at the above link or by calling either 877-870-5176 or 1-858-384-5517 and providing passcode 5480309.

Selected unaudited Statements of Operations data for the three months ended December 31,
2011    

Casino Operations - Nevada
 

Casino Operations - Midwest
 

Development/ Management
  Corporate   Consolidated
Revenues   $ 4,971,050   $ 21,705,737   $ 5,842,965   $ -   $ 32,519,752
Selling, general & administrative expense 1,698,866 5,325,993 163,820 1,350,041 8,538,720
Depreciation & amortization 327,298 1,091,470 593,052 2,778 2,014,598
Operating gains - - - - -
Operating income (loss) 175,306 1,091,173 4,355,387 (690,226 ) 4,931,640
Net Income (loss) attributable to the Company 115,707 36,779 1,533,868 (1,207,825 ) 478,529
 
 
2010    

Casino Operations - Nevada
 

Casino Operations - Midwest
 

Development/ Management
  Corporate   Consolidated
Revenues $ 2,117,708 $ - $ 5,773,464 $ - $ 7,891,172
Selling, general & administrative expense 439,791 - 136,835 1,023,309 1,599,935
Depreciation & amortization 237,300 - 593,195 13,912 844,407
Operating gains - - 1,499,432 - 1,499,432
Operating income (loss) 387,460 - 6,542,866 (1,176,658 ) 5,753,668
Net Income (loss) attributable to the Company 257,228 - 2,502,933 (807,608 ) 1,952,553
 

Selected unaudited Statements of Operations data for the full year ended December 31,
2011    

Casino Operations - Nevada
 

Casino Operations - Midwest
 

Development/ Management
  Corporate   Consolidated
Revenues   $ 12,313,161   $ 68,957,305   $ 24,185,594   $ 5,000   $ 105,461,060
Selling, general & administrative expense 3,540,791 16,378,319 610,097 4,899,792 25,428,999
Depreciation & amortization 1,051,176 3,550,241 2,372,446 27,913 7,001,776
Operating gains (losses) (4,500,000 ) - 2,878,468 - (1,621,532 )
Operating income (loss) (3,433,408 ) 4,240,440 23,555,904 (5,189,838 ) 19,173,098
Net Income (loss) attributable to the Company (2,265,815 ) 1,250,237 9,078,382 (5,719,805 ) 2,342,999
 
 
2010    

Casino Operations - Nevada
 

Casino Operations - Midwest
 

Development/ Management
  Corporate   Consolidated
Revenues $ 8,338,757 $ - $ 24,558,372 $ - $ 32,897,129
Selling, general & administrative expense 1,729,554 - 730,035 3,970,256 6,429,845
Depreciation & amortization 960,675 - 2,372,781 87,800 3,421,256
Operating gains - - 5,091,764 - 5,091,764
Operating income (loss) 1,472,935 - 26,545,979 (4,479,875 ) 23,539,039
Net Income (loss) attributable to the Company 976,664 - 9,680,712 (2,988,129 ) 7,669,247
 

Reconciliation of EBITDA before unrealized gains/losses on notes receivable from tribal governments, and other items for the three months ended December 31,
 

 
                   
  Net of Non-Controlling Interest

2011
 

Casino Operations - Nevada
 

Casino Operations - Midwest
 

Development / Management
  Corporate   Consolidated GEM   50%  

Development / Management
  Consolidated
 
Operating income (loss) $ 175,306 $ 1,091,173 $ 4,355,387 $ (690,226 ) $ 4,931,640 $ 4,384,667 $ 2,192,333 $ 2,163,054 $ 2,739,307
 
Add Back:
Rising Star acquisition costs expensed - - 5 - 5

-

-
5 5
Rising Star re-branding costs - (2,647 ) - - (2,647 )

-

-
- (2,647 )
Grand Lodge acquisition costs expensed - - 458 - 458

-

-
458 458
Depreciation and amortization 327,298 1,091,470 593,052 2,778 2,014,598 431,025 215,513 377,539 1,799,085
                               
$ 502,604     $ 2,179,996     $ 4,948,902   $ (687,448 )   $ 6,944,054   $ 4,815,692   $

2,407,846
    $ 2,541,056   $ 4,536,208  

 

 

 

 
 
     
Net of Non-Controlling Interest

2010
 

Casino Operations - Nevada
 

Casino Operations - Midwest
 

Development / Management
  Corporate   Consolidated GEM   50%  

Development / Management
  Consolidated
 
Operating income (loss) $ 387,460 $ - $ 6,542,866 $ (1,176,658 ) $ 5,753,668 $ 5,205,548 $ 2,602,774 $ 3,940,092 $ 3,150,894
 
Add Back:
Rising Star acquisition costs expensed - - 79,133 - 79,133

-

-
79,133 79,133
Depreciation and amortization 237,300 - 593,195 13,912 844,407 431,169 215,585 377,610 628,822
Deduct:
Unrealized gain on notes receivable, tribal governments - - 28,218 - 28,218 - - 28,218 28,218
                               
$ 624,760     $ -     $ 7,186,976   $ (1,162,746 )   $ 6,648,990   $ 5,636,717   $ 2,818,359     $ 4,368,617   $ 3,830,631  
 

Reconciliation of EBITDA before unrealized gains/losses on notes receivable from tribal governments, and other items for the full year ended December 31,
                 
Net of Non-Controlling Interest
2011  

Casino Operations - Nevada
 

Casino Operations - Midwest
 

Development / Management
  Corporate   Consolidated GEM   50%  

Development / Management
  Consolidated
 
Operating income (loss) $ (3,433,408 ) $ 4,240,440 $ 23,555,904 $ (5,189,838 ) $ 19,173,098 $ 20,929,817 $ 10,464,909 $ 13,090,995 $ 8,708,189
 
Add Back:
Rising Star acquisition costs expensed - - 482,084 - 482,084 - - 482,084 482,084
Rising Star re-branding costs - 209,201 - - 209,201 - - - 209,201
Grand Lodge acquisition costs expensed - - 43,535 - 43,535 - - 43,535 43,535
Stockman's Goodwill Impairment 4,500,000 - - - 4,500,000 - - - 4,500,000
Depreciation and amortization 1,051,176 3,550,241 2,372,446 27,913 7,001,776 1,724,340 862,170 1,510,276 6,139,606
Nambé Note Impairment - - 419,703 - 419,703 - - 419,703 419,703
Unrealized loss on notes receivable, tribal governments   -       -     7,864     -       7,864   -     -       7,864     7,864
$ 2,117,768     $ 7,999,882   $ 26,881,536   $ (5,161,925 )   $ 31,837,261 $ 22,654,157   $ 11,327,079     $ 15,554,457   $ 20,510,182
 
     
Net of Non-Controlling Interest
2010  

Casino Operations - Nevada
 

Casino Operations - Midwest
 

Development / Management
  Corporate   Consolidated GEM   50%  

Development / Management
  Consolidated
 
Operating income (loss) $ 1,472,935 $ - $ 26,545,979 $ (4,479,875 ) $ 23,539,039 $ 22,200,684 11,100,342 $ 15,445,637 $ 12,438,697
 
Add Back:
Rising Star acquisition costs expensed - - 163,205 - 163,205 - - 163,205 163,205
Depreciation and amortization 960,675 - 2,372,781 87,800 3,421,256 1,724,675 862,338 1,510,443 2,558,918
Unrealized loss on notes receivable, tribal governments   -      

-
    2,900     -       2,900   -     -       2,900     2,900
$ 2,433,610     $ -   $ 29,084,865   $ (4,392,075 )   $ 27,126,400 $ 23,925,359   $ 11,962,680     $ 17,122,185   $ 15,163,720
 

FULL HOUSE RESORTS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
       
 
Three months

ended December 31,
Twelve months

ended December 31,
2011   2010 2011   2010
Revenues  
Casino $ 24,880,125 $ 1,665,994 $ 74,708,091 $ 6,529,773
Food and beverage 1,248,455 428,866 4,517,072 1,728,879
Hotel 166,570 -- 600,088 --
Management fees 5,837,818 5,773,464 24,185,587 24,473,066
Other operations 386,784   22,848   1,450,222 165,411
32,519,752   7,891,172   105,461,060 32,897,129
Operating costs and expenses

Casino
14,309,887 538,098 42,508,624 2,159,199
Food and beverage 1,197,609 515,058 4,469,488 2,016,394
Hotel 165,721 -- 546,212 --
Other operations 1,293,466 -- 3,918,584 --
Project development and acquisition costs 68,111 139,438 792,747 423,160
Selling, general and administrative 8,538,720 1,599,935 25,428,999 6,429,845
Depreciation and amortization 2,014,598   844,407   7,001,776 3,421,256
27,588,112   3,636,936   84,666,430 14,449,854
Operating gains (losses)
Equity in net income of unconsolidated joint venture, and related guaranteed payments

--

1,471,214
3,306,035 5,094,664
Impairment losses -- -- (4,919,703 ) --
Unrealized gains (losses) on notes receivable, tribal governments

--
 

28,218
  (7,864 ) (2,900 )
  --   1,499,432   (1,621,532 ) 5,091,764
Operating income 4,931,640 5,753,668

 
19,173,098

 
23,539,039

Other income (expense)
Interest expense (822,243 ) (47,402 ) (2,838,205 ) (58,368 )
Loss on derivative instrument 50,864 -- (513,328 ) --
Other income (expense), net 768   2,689   8,056 120,750
Income before income taxes 4,161,029 5,708,955 15,829,621 23,601,421
Income tax expense   (1,372,229 )   (1,371,409 )   (3,239,599 ) (5,739,430 )
Net income 2,788,800 4,337,546 12,590,022 17,861,991
Income attributable to non-controlling interest in consolidated joint venture   (2,310,271 )   (2,384,993 )   (10,247,023 ) (10,192,744 )
Net income attributable to the Company $ 478,529 $ 1,952,553 $ 2,342,999 $ 7,669,247
 

Net income attributable to the Company per common share
$ 0.03 $ 0.11 $ 0.13 $ 0.43
 
Weighted average number of common shares outstanding   18,673,681   18,007,681   18,397,599 18,005,390
 

About Full House Resorts, Inc.

Full House owns, develops and manages gaming facilities. The Company owns the Rising Star Casino Resort in Rising Sun, Indiana. The Rising Star Riverboat Casino has 40,000 square feet of gaming space with almost 1,300 slot and video poker machines and 37 table games. The property includes a 201-room hotel, a pavilion with five food and beverage outlets, an 18-hole Scottish links golf course and a large, multi-purpose Grand Theater for concerts and performance events as well as meetings and conventions. In addition, Full House owns Stockman’s Casino in Fallon, Nevada which has 8,400 square feet of gaming space with approximately 260 gaming machines, four table games and a keno game. The Company has also commenced a five-year lease agreement for the Grand Lodge Casino at Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada on the north shore of Lake Tahoe, as well as acquiring the operating assets and certain liabilities related to the Grand Lodge Casino.

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