- Adjusted EBITDA, as defined below, for the third quarter of 2012 was $4.7 million versus $6.2 million in the prior-year period. Prior-year period adjusted EBITDA results include $2.9 million from Gaming Entertainment (Michigan), LLC (“GEM”), which was sold at the end of March 2012, and $1.1 million in equity in net income from the Company’s Delaware management agreement, which expired in August 2011; excluding those agreements, adjusted EBITDA in the third quarter of 2011 would have been $2.2 million.
- At its Rising Star Casino Resort for the third quarter 2012, the Company recorded revenue of $22.3 million compared to revenue of $24.1 million in the prior-year quarter. Rising Star adjusted EBITDA for the third quarter 2012 was $2.7 million versus $2.6 million in the prior-year quarter primarily due to lower benefits expense and marine operating costs in the third quarter of 2012.
- Northern Nevada casino revenue for the third quarter of 2012 was $7.4 million compared to $3.3 million in the prior-year period. Adjusted EBITDA for the third quarter 2012 was $2.6 million, an increase from $0.6 million in the prior-year period. The improvement in revenue and adjusted EBITDA is primarily due to the addition of the Grand Lodge Casino lease in September 2011.
- As of September 30, 2012, Full House Resorts had $21.5 million in cash and no outstanding debt on its balance sheet.
- On October 1, 2012, the Company announced it had completed the $70 million acquisition of Silver Slipper Casino Venture LLC, doing business as the Silver Slipper Casino in Hancock County, Mississippi. The acquisition was funded with $70 million of debt and approximately $6.7 million of cash on hand for working capital and fees.
Full House Resorts Announces Three And Nine Months Results For The Period Ended September 30, 2012
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.