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Full House Resorts Announces Three And Nine Months Results For The Period Ended September 30, 2012

Stocks in this article: FLL

Please replace the release with the following corrected version due to revisions: The Company’s press release issued earlier today reporting the financial results for the three and nine months ended September 30, 2012 contained an inadvertent classification error with respect to management revenues included in the incorrect column in the Adjusted EBITDA tables. The complete corrected financial information is included with this release.

The corrected release reads:


Full House Resorts (NYSE MKT: FLL) today announced results for the three- and nine-month periods ended September 30, 2012. Net income attributable to the Company for the three months ended September 30, 2012 was $2.1 million, or $0.11 per common share, compared to a net loss of $1.1 million, or $0.06 per common share, in the prior-year period. Excluding non-cash impairment charges of $4.9 million and rebranding and acquisition costs of $0.2 million for the prior-year quarter, net income attributable to the Company per common share in the third quarter of 2011 would also have been $0.11.

Third Quarter 2012 Highlights and Subsequent Events

  • 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.

“We were pleased with our third quarter performance, as we saw steady performance at our Rising Star Casino Resort despite the increased competition in Ohio, as well as strong performance at our Northern Nevada properties,” said Andre Hilliou, Chairman and Chief Executive Officer of Full House. “Further, we were excited at the beginning of October to complete our acquisition of the Silver Slipper Casino and welcoming their staff to the Full House family. The Silver Slipper is a well-designed and efficient property located in a stable market with a strong management team in place, and we believe we can leverage our corporate resources and experience to further improve the Silver Slipper’s profitability and create additional long-term shareholder value.”

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