- 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
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