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Best of Howard Stutz

Gaming Guru

Howard Stutz
 

Full House reduces quarterly net loss

14 August 2015

Las Vegas-based Full House Resorts reduced its net loss in the second quarter, announcing its results the day after revealing plans for a $650 million gaming development in Indianapolis.

The company, which operates casinos in Northern Nevada, Mississippi and Indiana, said Wednesday it lost $427,000, or 2 cents per share, in the quarter that ended June 30. A year ago, the company lost $8.5 million, or 45 cents per share, due largely to an $11.5 million non-cash impairment charge to the Rising Star Casino Resort in Indiana.

Full House's net revenue in the quarter was $30.7 million, compared with $31.3 million a year ago. The 2014 second quarter included $300,000 in revenue from a tribal management agreement that expired almost a year ago.

"We are very focused on improving profitability at all of our properties," said Full House CEO Dan Lee, who took over in December. "In addition, we continue to evaluate projects that can meaningfully grow our company."

Full House announced plans this week for "American Place" in Indianapolis, a hotel, casino, residential, commercial, and entertainment development. The project requires state and regulatory approval.

"Less than a year into new management's reign, we feel that value is slowly being unlocked," Macquarie Securities gaming analyst Chad Beynon told investors. "Full House is clearly taking a creative approach to improving profitability."