Full House Resorts(US:FLL)2024-11-06 21:13Revenue Performance - Revenues for the third quarter of 2024 were $75.7 million, a 5.9% increase from $71.5 million in the prior-year period[2] - American Place Casino's revenues rose 17.7% to $28.1 million, with Adjusted Property EBITDA increasing by 13.6% to $7.7 million compared to the third quarter of 2023[8] - Gaming revenues in Cripple Creek, Colorado, increased by 115% year-over-year, with total revenues from Colorado operations rising 178%[4] - Casino revenues increased to $56,116,000 for the three months ended September 30, 2024, compared to $50,240,000 for the same period in 2023, representing a growth of 11.7%[22] - Total revenues for the nine months ended September 30, 2024, reached $219,103,000, up from $181,031,000 in the same period of 2023, marking a 21.0% increase[22] - The Midwest & South segment reported total revenues of $54,510,000 for the three months ended September 30, 2024, an increase of 3.7% compared to $52,553,000 in 2023[25] Adjusted EBITDA and Income - Adjusted EBITDA for the third quarter of 2024 was $11.7 million, down from $20.6 million in the prior-year period due to elevated costs at Chamonix[2] - Adjusted EBITDA for the three months ended September 30, 2024, was $11,742,000, a decrease of 43.2% from $20,630,000 in the same period of 2023[28] - Operating income for the three months ended September 30, 2024, was $2,449,000, a decline from $10,357,000 in the same period of 2023[22] - Net loss for the three months ended September 30, 2024, was $(8,472,000), compared to a net income of $4,593,000 in the same period of 2023[28] - Basic loss per share for the three months ended September 30, 2024, was $(0.24), compared to earnings of $0.13 per share in the same period of 2023[22] Segment Performance - The Midwest & South segment reported revenues of $54.5 million, a 3.7% increase, while Adjusted Segment EBITDA decreased by 12.8% to $10.2 million[8] - The West segment's revenues rose 74.9% to $19.4 million, but Adjusted Segment EBITDA fell to $1.2 million from $2.3 million due to high operating expenses[10] - For the three months ended September 30, 2024, the Midwest & South segment reported an operating income of $4,091, while the Contracted Sports Wagering segment reported an operating income of $2,037, leading to a total adjusted segment EBITDA of $13,484[29] - For the nine months ended September 30, 2024, the Midwest & South segment achieved an operating income of $16,134, with total adjusted segment EBITDA reaching $35,206[31] - The Corporate segment reported an operating loss of $2,538 for the three months ended September 30, 2024, and a loss of $7,698 for the nine months ended September 30, 2024[29][31] Costs and Expenses - Selling, general and administrative expenses rose to $26,738,000 for the three months ended September 30, 2024, compared to $22,017,000 in the same period of 2023, an increase of 21.5%[22] - The total depreciation and amortization for the three months ended September 30, 2024, was $10,493, indicating ongoing investment in asset maintenance[29] - The Corporate segment incurred stock-based compensation costs of $706 for the three months ended September 30, 2024[29] Future Outlook and Risks - The company anticipates future operational performance improvements at Chamonix and American Place, including the ramp-up of operations and potential relocation of Rising Star Casino[33] - The company is facing risks related to substantial indebtedness and potential disruptions in supply chains, which could impact future performance[33] - The company is exploring the potential relocation of Rising Star Casino Resort, which would require state legislature approval[9] Other Notable Events - Chamonix Casino Hotel celebrated its official grand opening, with a marketing campaign set to commence following the event[5] - The company agreed to sell Stockman's Casino for $9.2 million, recognizing a $2.0 million gain from the sale of its real property[12] - The company operates multiple gaming facilities across the U.S., including American Place and Silver Slipper Casino, contributing to its diversified revenue streams[34] - Contracted Sports Wagering revenues decreased by 77.4% to $1,790,000 for the three months ended September 30, 2024, down from $7,905,000 in the same period of 2023[24] - Project development costs for the nine months ended September 30, 2024, included $119, while preopening costs were reported at $2,462[31]