- Adjusted EBITDA, as defined below, for the second quarter of 2012 was $2.9 million versus $6.1 million in the prior-year period. Adjusted EBITDA for the second quarter of 2012 excludes a $0.4 million gain from the Company’s sale of its interest in GEM and the FireKeepers management agreement. Prior-year period adjusted EBITDA results include $2.9 million from GEM, which was sold at the end of March 2012, and $0.7 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 second quarter of 2011 was $2.6 million.
- At its Rising Star Casino Resort for the second quarter 2012, the Company recorded revenue of $22.3 million compared to revenue of $23.2 million in the prior-year quarter. Rising Star EBITDA for the second quarter 2012 was $2.8 million versus $3.2 million in the prior-year quarter partially due to a lower table games hold percentage in the second quarter 2012.
- Nevada casino revenues (Stockman’s and Grand Lodge) for the second quarter of 2012 were $5.2 million compared to $2.0 million in the prior-year period, primarily due to the addition of the Grand Lodge Casino in September 2011. EBITDA for the second quarter 2012 doubled from $0.5 million last year to $1.0 million this year.
- Management fees and success fees from the Pueblo of Pojoaque Buffalo Thunder Casino and Resort in Santa Fe, New Mexico for the second quarter 2012 were $0.4 million, related to the Company’s three-year management agreement with the Pueblo which commenced on September 23, 2011.
- As of June 30, 2012, Full House Resorts had $27.9 million in cash and no outstanding debt on its balance sheet.
- On May 2, 2012, the Company announced it had obtained financing commitments for a new $55 million first lien and a $20 million second lien credit facility to be used to fund the previously announced $70 million acquisition of all of the outstanding membership interest of the entity operating the Silver Slipper Casino in Hancock County, Mississippi. The agreements are subject to customary documentation and closing conditions, and the Company expects to close on the acquisition early in the fourth quarter.
Full House Resorts (NYSE Amex US: FLL) today announced results for the three- and six-month periods ended June 30, 2012. Net income attributable to the Company for the three months ended June 30, 2012 was $0.7 million, or $0.04 per common share, compared to net income of $1.4 million, or $0.08 per common share, in the prior-year period. Excluding a $0.4 million gain on the sale of the Company’s interest in Gaming Entertainment (Michigan), LLC (“GEM”), and its FireKeepers management agreement and Silver Slipper related acquisition costs in the second quarter of 2012, the Company would have reported net income attributable to the Company per common share of $0.03 for the three months ended June 30, 2012. Second Quarter 2012 Highlights