Full House Resorts(US:FLL)2025-11-06 21:39Financial Performance - Total revenues for Q3 2025 were $77,950,000, representing a 3.0% increase from $75,687,000 in Q3 2024[113] - Casino revenues increased by 6.6% to $59,823,000 in Q3 2025, compared to $56,116,000 in Q3 2024[114] - Operating income for Q3 2025 was $3,436,000, a 40.3% increase from $2,449,000 in Q3 2024[113] - Net loss for Q3 2025 was $7,678,000, a 9.4% improvement from a net loss of $8,472,000 in Q3 2024[113] - Adjusted EBITDA for the three months ended September 30, 2025, was $14.8 million, compared to $11.7 million for the same period in 2024, representing a 26.4% increase[144] - For the nine months ended September 30, 2025, Adjusted EBITDA was $37.4 million, slightly down from $38.3 million in the prior year, indicating a 2.3% decrease[144] - The net loss for the three months ended September 30, 2025, was $7.7 million, compared to a net loss of $8.5 million in the same period of 2024, showing a 9.4% improvement[144] Revenue Sources - Slot coin-in for Q3 2025 was $831,917,000, a 3.7% increase from $802,072,000 in Q3 2024[114] - Table game drop increased by 4.9% to $58,449,000 in Q3 2025, compared to $55,733,000 in Q3 2024[114] - Consolidated total revenues increased by 3.0% (or $2.3 million) for the three months ended September 30, 2025, and 3.6% (or $7.9 million) for the nine months ended September 30, 2025, driven by operations at American Place and Chamonix[118] - Total revenues for the Midwest & South segment increased by 7.0% (or $3.8 million) for the three months ended September 30, 2025, with American Place achieving a 14.0% revenue increase[130] - Total revenues for the West segment declined by 7.2% (or $1.4 million) for the three months ended September 30, 2025, but improved by 1.1% (or $0.5 million) for the nine months ended September 30, 2025[135] - Revenues for the Contracted Sports Wagering segment declined to $1.6 million for the three months ended September 30, 2025, down from $1.8 million in the prior-year period[140] Expenses and Debt - Consolidated operating expenses rose by 1.7% (or $1.3 million) for the three months ended September 30, 2025, and 3.7% (or $7.9 million) for the nine months ended September 30, 2025, primarily due to increased expenses at American Place and Chamonix[119][120] - Net interest expense for the three months ended September 30, 2025, was $11.1 million, relatively flat compared to $11.0 million in the prior-year period[122] - Long-term debt stood at $450.0 million under the Notes and $30.0 million under the Credit Facility as of September 30, 2025[159] - The company has significant outstanding debt, with principal debt maturing in February 2028, which may require additional financing for planned capital expenditures[157] - The company estimates a total of $53.5 million will be due to the Illinois Gaming Board over six years, impacting future cash flows[160] Investments and Facilities - The company opened a temporary facility at American Place in February 2023 and is designing a permanent gaming facility[96] - The construction budget for the permanent American Place facility is approximately $302 million, excluding capitalized interest[162] - The company expects to internally generate a portion of the needed funds for American Place but will likely require additional financing[162] - Capital expenditures may fluctuate based on strategic investments in new or existing facilities, with no assurance of project completion or success[163] - The company has opened two new casinos, with operations currently in their ramp-up periods, contributing to future revenue growth[152] Corporate Governance and Future Outlook - Adjusted EBITDA is used as a key performance measure, reflecting the company's focus on operational efficiency[110] - Forward-looking statements include expectations regarding growth strategies, construction budgets, and operational performance for the American Place facility[168] - The company cannot assure the success of any additional projects or that they will be pursued[164] - The company undertakes no obligation to publicly update forward-looking statements unless required by law[170] - Critical accounting estimates and policies have not significantly changed since the end of 2024[167] Other Notable Events - The sale of Stockman's Casino was completed for $9.2 million, with a gain of $1.9 million on the real property sale[104] - The sports wagering agreement in Indiana was extended through December 2031, with a prepayment of $1.5 million[105] - Corporate expenses decreased by $0.3 million and $0.5 million for the three and nine months ended September 30, 2025, respectively, compared to the prior-year periods[141] - Effective income tax rates for the three months ended September 30, 2025, were 0.2%, compared to 1.5% in the prior-year period, due to projections for pre-tax book income[123] - The lease for the Grand Lodge at Hyatt Lake Tahoe expires on December 31, 2034, with potential early termination upon significant renovation[165] - Existing bonds are callable and scheduled to mature in February 2028, indicating potential refinancing needs[162]