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Best of Chris Sieroty

Gaming Guru

Chris Sieroty
 

Full House Resorts posts $800,000 fourth-quarter loss

7 March 2013

LAS VEGAS -- Full House Resorts, Inc. on Wednesday reported a fourth-quarter loss, as the gaming company completed its acquisition of the Silver Slipper Casino in Mississippi on Oct. 1 and recorded a slight dip in revenues at its Northern Nevada casinos.

The Las Vegas-based company posted a fourth-quarter loss of $800,000, or 4 cents per share, compared with a profit of $500,000, or 3 cents per share, in the same period last year. Excluding $1.4 million associated with the Silver Slipper deal and $300,00 in severance costs, Full House would have reported a $200,000 profit.

Revenue rose 15.2 percent to $37.46 million from $32.52 million.

Analysts surveyed by Yahoo Finance expected the company to report a loss of 1 cent per share on revenues of $38.59 million for the quarter. Analysts' estimates typically exclude special items.

For 2012, Full House reported net income of $27.8 million, or $1.49 a share, compared with $2.3 million, or 13 cents a share, in 2011. Revenue was $121.6 million, compared with $81.3 million in the prior year.

Shares of Full House lost 4 cents, or 1.2 percent, Wednesday to close at $3.29 on the Nasdaq.

Northern Nevada casino revenue was $4.8 million down from $5 million in the fourth quarter of last year. The company operates Stockman's Casino in Fallon and the Grand Lodge Casino in Lake Tahoe.