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TheStreet Open House

Full House Resorts Announces Three And Six Months Results For The Period Ended June 30, 2012

Liquidity and Capital Resources

As of June 30, 2012, Full House had $27.9 million in cash and no outstanding debt on its balance sheet. In addition, the Company has funded a $2.5 million deposit on the impending $70 million purchase of the Silver Slipper Casino.

Conference Call Information

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

The conference call number is 888-677-8816; international callers can access the call by dialing 1-913-312-1466. 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 6949213.

 
 

Selected unaudited Statements of Operations data for the three months ended June 30,

         
2012    

Casino Operations - Nevada

 

Casino Operations - Midwest

 

Development/ Management

  Corporate   Consolidated
Revenues $

5,179,224

 

$

22,261,377

 

$ 399,898 $ - $

27,840,499

 

Selling, general & administrative expense 1,569,599 4,644,795 - 1,497,985 7,712,379
Depreciation & amortization 246,693 1,273,862 - 2,015 1,522,570
Operating gains - - 438,084 - 438,084
Operating income (loss) 722,701 1,536,388 748,564 (1,584,474 ) 1,423,179
Net income (loss) attributable to the Company 475,649 1,450,433 (150,200 ) (1,043,403 ) 732,479
 
 
2011    

Casino Operations - Nevada

 

Casino Operations - Midwest

 

Development/ Management

  Corporate   Consolidated
Revenues $ 2,021,239 $ 23,190,637 $ 5,912,294 $ - $ 31,124,170
Selling, general & administrative expense 484,098 5,203,444 130,958 1,170,950 6,989,450
Depreciation & amortization 236,135 1,220,183 593,147 2,676 2,052,141
Operating gains - - 661,270 - 661,270
Operating income (loss) 255,590 1,984,787 5,849,459 (1,259,685 ) 6,830,151
Net income (loss) attributable to the Company 168,773 470,033 2,426,110 (1,668,396 ) 1,396,520
 
 

Selected unaudited Statements of Operations data for the six months ended June 30,

         
2012    

Casino Operations - Nevada

 

Casino Operations - Midwest

 

Development/ Management

 

Corporate

  Consolidated
Revenues

$

10,065,477

 

$

44,891,594

 

$

6,209,768

 

$ -

$

61,166,839

 

Selling, general & administrative expense 3,137,142 9,661,805 136,386 3,337,674 16,273,007
Depreciation & amortization 488,384 2,302,028 593,052 4,401 3,387,865
Operating gains - - 41,200,089 - 41,200,089
Operating income 1,080,587 3,598,691 46,559,835 (3,492,433 ) 47,746,680
Net income (loss) attributable to the Company 709,285 412,459 29,958,606 (4,499,538 ) 26,580,812
 
 
2011    

Casino Operations - Nevada

 

Casino Operations - Midwest

 

Development/ Management

  Corporate   Consolidated
Revenues $ 4,001,078 $ 23,190,637 $ 12,276,681 $ - $ 39,468,396
Selling, general & administrative expense 946,062 5,203,444 283,197 2,210,455 8,643,158
Depreciation & amortization 474,950 1,220,183 1,186,343 22,409 2,903,885
Operating gains - - 2,181,167 - 2,181,167
Operating income (loss) 539,421 1,984,787 12,988,307 (2,850,731 ) 12,661,784
Net income (loss) attributable to the Company 356,184 470,033 5,035,078 (2,857,331 ) 3,003,964
 
               

Reconciliation of adjusted EBITDA before unrealized gains/losses on notes receivable from tribal governments, and other items for the three months ended June 30,

 
 

Net of Non-Controlling Interest

2012  

Casino Operations Nevada

 

Casino Operations Midwest

 

Development/ Management

 

Corporate

 

Consolidated

GEM   50%  

Development/ Management

  Consolidated
 
Operating income (loss) $ 722,701 $ 1,536,388 $ 748,564 $ (1,584,474 ) $ 1,423,179 $ - $ - $ 748,564 $ 1,423,179
 
Add Back:
Stock based compensation expensed - - - 310,401 310,401 - - - 310,401
Silver Slipper acquisition costs expensed - - 89,417 - 89,417 - - 89,417 89,417
Depreciation and amortization 246,693 1,273,862 - 2,015 1,522,570 - - - 1,522,570
 
Deduct:
(Gain) Loss on sale of joint venture   -     -     (438,084 )     -       (438,084 )   -     -       (438,084 )     (438,084 )
$ 969,394   $ 2,810,250   $ 399,897     $ (1,272,058 )   $ 2,907,483   $ -   $ -     $ 399,897     $ 2,907,483  
 
 

Net of Non-Controlling Interest

2011  

Casino Operations Nevada

 

Casino Operations Midwest

 

Development/ Management

  Corporate   Consolidated GEM   50%  

Development/ Management

  Consolidated
 
Operating income (loss) $ 255,590 $ 1,984,787 $ 5,849,459 $ (1,259,685 ) $ 6,830,151 $ 5,350,940 $ 2,675,470 $ 3,173,989 $ 4,154,681
 
Add Back:
Stock based compensation expensed - - - 103,470 103,470 - - - 103,470
Rising Star acquisition costs expensed - - 12,424 - 12,424 - - 12,424 12,424
Unrealized loss on notes receivable, tribal governments - - 32,439 - 32,439 - - 32,439 32,439
Depreciation and amortization   236,135     1,220,183     593,147       2,676       2,052,141     431,120     215,560       377,587       1,836,581  
$ 491,725   $ 3,204,970   $ 6,487,469     $ (1,153,539 )   $ 9,030,625   $ 5,782,060   $ 2,891,030     $ 3,596,439     $ 6,139,595  
 
                 

Reconciliation of adjusted EBITDA before unrealized gains/losses on notes receivable from tribal governments, and other items for the six months ended June 30,

 

Net of Non-Controlling Interest

2012  

Casino Operations Nevada

 

Casino Operations Midwest

 

Development/ Management

  Corporate   Consolidated GEM   50%  

Development/ Management

  Consolidated
 
Operating income (loss) $ 1,080,587 $ 3,598,691 $ 46,559,835 $ (3,492,433 ) $ 47,746,680 $ 4,773,279 $ 2,386,640 $ 44,173,195 $ 45,360,040
 
Add Back:
Stock based compensation expensed - - - 620,802 620,802 - - - 620,802
Silver Slipper acquisition costs expensed - - - 120,583 120,583 - - - 120,583
Depreciation and amortization 488,384 2,302,028 593,052 4,401 3,387,865 431,025 215,513 377,539 3,172,352
 
Deduct:
(Gain) Loss on sale of joint venture   -     -     (41,200,089 )     -       (41,200,089 )   -     -       (41,200,089 )     (41,200,089 )
$ 1,568,971   $ 5,900,719   $ 5,952,798     $ (2,746,647 )   $ 10,675,841   $ 5,204,304   $ 2,602,153     $ 3,350,645     $ 8,073,688  
 
 
 

Net of Non-Controlling Interest

2011  

Casino Operations Nevada

 

Casino Operations Midwest

 

Development/ Management

  Corporate   Consolidated GEM   50%  

Development/ Management

  Consolidated
 
Operating income (loss) $ 539,421 $ 1,984,787 $ 12,988,307 $ (2,850,731 ) $ 12,661,784 $ 11,133,091 5,566,546 $ 7,421,761 $ 7,095,238
 
Add Back:
Stock based compensation expensed - - - 103,470 103,470 - - - 103,470
Rising Star acquisition costs expensed - - - 482,079 482,079 - - - 482,079
Unrealized loss on notes receivable, tribal governments - - 7,864 - 7,864 - - 7,864 7,864
Depreciation and amortization   474,950     1,220,183     1,186,343       22,409       2,903,885     862,290     431,145       755,198       2,472,740  
$ 1,014,371   $ 3,204,970   $ 14,182,514     $ (2,242,773 )   $ 16,159,082   $ 11,995,381   $ 5,997,691     $ 8,184,823     $ 10,161,391  
 
     

FULL HOUSE RESORTS, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

 

Three months ended June 30,

Six months ended June 30,

2012

   

2011

2012

 

2011

Revenues
Casino $

25,352,136

 

$ 23,212,583 $ 51,067,608 $ 24,753,635
Food and beverage 1,414,983 1,373,777 2,741,811 1,786,360
Hotel 135,387 207,173 250,896 207,173
Management fees 399,899 5,912,434 6,209,768 12,276,676
Other operations   538,094     418,203     896,756     444,552  
  27,840,499     31,124,170     61,166,839     39,468,396  

Operating costs and expenses

Casino

14,551,368 13,011,458 29,322,095 13,533,914
Food and beverage 1,409,446 1,366,867 2,584,469 1,839,641
Hotel 148,490 180,707 292,924 180,707
Other operations 1,337,261 1,268,607 2,488,949 1,268,607
Project development and acquisition costs 173,890 86,059 270,939 617,867
Selling, general and administrative 7,712,379 6,989,450 16,273,007 8,643,158
Depreciation and amortization   1,522,570     2,052,141     3,387,865     2,903,885  
  26,855,404     24,955,289     54,620,248     28,987,779  
Operating gains
Gain on sale of joint venture 438,084 -- 41,200,089 --
Equity in net income of unconsolidated joint venture, and related guaranteed payments -- 693,709 -- 2,189,031
Unrealized losses on notes receivable, tribal governments   --     (32,439 )   --     (7,864 )
  438,084     661,270     41,200,089     2,181,167  

Operating income

  1,423,179     6,830,151     47,746,680     12,661,784  
Other income (expense)
Interest expense -- (917,844 ) (733,150 ) (1,128,478 )
Gain (loss) on derivative instrument -- (350,343 ) 8,472 (350,343 )
Other income (expense), net 1,900 (1,889 ) 5,665 (1,502 )
Loss on extinguishment of debt   --     --     (1,719,269 )   --  
Other income (expense), net   1,900     (1,270,076 )   (2,438,282 )   (1,480,323 )
Income before income taxes 1,425,079 5,560,075 45,308,398 11,181,461
Income tax expense   692,600     1,457,134     16,546,414     2,863,997  
Net income 732,479 4,102,941 28,761,984 8,317,464
Income attributable to non-controlling interest in consolidated joint venture   --     (2,706,421 )   (2,181,172 )   (5,313,500 )
Net income attributable to the Company $ 732,479   $ 1,396,520   $ 26,580,812   $ 3,003,964  
 
Net income attributable to the Company per common share $ 0.04   $ 0.08   $ 1.42   $ 0.17  
 
Weighted-average number of common shares outstanding   18,677,081     18,223,081     18,675,372     18,115,381  
 

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 190-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 also operates the Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada on the north shore of Lake Tahoe under a five-year lease agreement with the Hyatt organization.

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