Full House Resorts(FLL) - 2024 Q4 - Annual Results

Revenue Growth - Quarterly revenues increased by 21.5% to $73.0 million compared to$60.0 million in the prior-year period[2] - Full-year revenues for 2024 were $292.1 million, a 21.2$241.1 million in 2023[3] - Revenues for the American Place Casino rose 27.5% in Q4 2024 and 42.4% for the full year compared to 2023[5] - Revenues for Colorado operations increased by 161.1% in Q4 2024 and 159.9% for the full year[1] - Total revenues for Q4 2024 reached $72,962,000, a 21.6$60,029,000 in Q4 2023[25] - Casino revenues increased to $54,406,000 in Q4 2024, up 20.4$45,347,000 in Q4 2023[25] - Year-to-date revenues for 2024 totaled $292,065,000, a 21.2$241,060,000 in 2023[25] Adjusted EBITDA - Adjusted EBITDA for the fourth quarter of 2024 was $10.4 million, reflecting a 42.0$7.3 million in the prior-year period[2] - Adjusted Segment EBITDA for Q4 2024 was $10,356,000, representing a 42.2$7,295,000 in Q4 2023[32] - Adjusted Segment EBITDA for the year 2024 was $48,648,000, marginally up from$48,557,000 in 2023[32] - The total adjusted EBITDA for the year ended December 31, 2024, was $48,648,000, up from$48,557,000 in 2023, indicating a slight increase year-over-year[35] - The Midwest & South segment achieved an adjusted EBITDA of $45,737,000 for the year ended December 31, 2024, compared to$39,028,000 in 2023, indicating strong performance in this region[35] Operating Income and Loss - Net loss for Q4 2024 was $12,299,000, slightly improved from a net loss of$12,482,000 in Q4 2023[32] - Basic loss per share for Q4 2024 was $0.35, consistent with$0.36 in Q4 2023[25] - For the three months ended December 31, 2024, Full House Resorts reported an operating income of 4,496,000 in the Midwest & South segment, compared to a loss of 894,000 in the same period of 2023, representing a significant improvement[33] - The West segment reported an operating loss of $7,890,000 for the three months ended December 31, 2024, compared to a loss of$3,669,000 in the same period of 2023, reflecting ongoing challenges in this segment[34] - The corporate segment incurred an operating loss of $968,000 for the three months ended December 31, 2024, compared to a loss of$1,854,000 in the same period of 2023, showing improved cost management[34] Future Plans and Projects - The company plans to break ground on the permanent American Place casino later in 2025, with completion expected by August 2027[6] - Full House Resorts anticipates growth projects, including the construction of the permanent American Place facility, with expected operational performance improvements[36] - The company expects to generate operating cash flow and secure debt financing for its growth projects, although it acknowledges potential risks related to construction and market conditions[36] - The company is focused on managing expenses effectively and completing construction projects on time and within budget to enhance overall financial performance[36] Segment Performance - The Midwest & South segment revenues were $55.0 million in Q4 2024, a 12.1$49.1 million in the prior-year period[12] - Midwest & South segment revenues for Q4 2024 were $55,026,000, a 12.1$49,094,000 in Q4 2023[26] - Contracted Sports Wagering revenues decreased to $1,858,000 in Q4 2024, down 20.8$2,347,000 in Q4 2023[28] - Same-store total revenues for the Midwest & South segment decreased by 0.8% in Q4 2024 compared to Q4 2023[28] - Contracted Sports Wagering generated an operating income of $2,954,000 for the three months ended December 31, 2024, consistent with the previous year’s performance[33] - Full House Resorts operates multiple gaming facilities across the U.S., including American Place and Silver Slipper Casino, contributing to its diversified revenue streams[37]