$25.8 million profit for Full House Resorts
Full House Resorts Inc. posted their 1st-quarter net income of $25.8 million, or $1.38 per share, compared with net income of $1.6 million, or $0.9 a share, for the same quarter in 2011.
The Las Vegas-based company that develops, manages and owns casinos, attributed a majority of its 1st -quarter results to record revenue of $22.6 million generated by its Rising Star Casino in Rising Sun, Ind.
Analysts expected earnings of $0.8 per share. “It’s a very newsworthy and positive 1st quarter, as our Rising Star casino resort continues to exceed expectations and we closed … the sale of our interest in the GEM management agreement,” Full House Resorts Chairman and CEO Andre Hilliou said. Poker Room
Hilliou said the company also benefited itself from the close of its 50% joint venture with GEM in the FireKeepers Casino for $97.5 million. Full House used a part of the proceeds to pay off its outstanding debt of $25.3 million.
As of March 31, Full House had $38.3 million in cash and no outstanding debt.
“We started off the quarter with the major announcement of our acquisition of the Silver Slipper Casino,” Hilliou said. “We recently obtained financing for the acquisition, commenced the licensing process in Mississippi and expect to close on the acquisition in the third quarter.”
Hilliou said the $75 million acquisition will significantly change the face of the company, “from a casino management firm to an owner-operator of strong locals-oriented casinos.”
For the quarter, Full House reported revenue of $27.5 million from gambling, food and beverage, and hotel, up from $2 million in the same period in 2011. Operating income for the quarter was $46.3 million, compared with $5.8 million in the 1st quarter of 2011.
Operating expenses for the quarter were $27.8 million compared with $4 million in the 1st quarter of 2011.
Full House owns/manages casinos in Nevada, New Mexico and Indiana. The company’s Nevada properties include Stockman’s Casino in Fallon and a 5-year lease casino at the Hyatt Regency Lake Tahoe Resort in Incline Village.
Full House reported its Nevada gaming properties posted $233,636 in net income for the 1st -quarter, compared with $187,507 in 2011.
Full House also has a 3-year contract to manage Buffalo Thunder Casino in Santa Fe, N.M. The contract that took effect in Sept 23rd, earned the company $500,000 in the first quarter.
Shares of Full House Resorts were unchanged Wednesday at $2.97 on the New York Stock Exchange’s AMEX market. Some 56,000 shares were traded, roughly twice the normal volume.


