Business
Full House Resorts Announces Strong First Quarter Results
- Revenues Rose 36.8% Over Prior-Year Quarter - Operating Income Improved to $8.7 Million from an Operating Loss of $3.4 Million;Net Loss Improved to $3.4
About this update from Full House Resorts, Inc.
[{"type":"text","content":"- Revenues Rose 36.8% Over Prior-Year Quarter - Operating Income Improved to $8.7 Million from an Operating Loss of $3.4 Million;Net Loss Improved to $3.4 Million from a Net Loss of $4.4 Million;Adjusted EBITDA Increased to $10.8 Million from an Adjusted EBITDA Loss of $1.2 Million - Company Strengthened Its Balance Sheet andFully Funded Its Chamonix Casino Hotel Growth Project in Cripple Creek, Colorado - Construction of Chamonix Casino Hotel is Underway,With Its Opening Expected in the Fourth Quarter of 2022 - Two Sports Wagering Providers Launched Operations in April 2021;Five of Six Permitted “Skins” are Now Operating LAS VEGAS, May 10, 2021 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the first quarter ended March 31, 2021. On a consolidated basis, revenues in the first quarter of 2021 were $42.2 million, a 36.8% increase from $30.9 million in the prior-year period. The prior-year period reflected the temporary pandemic-related closure of all of the Company’s properties beginning in mid-March 2020. Net loss for the first quarter of 2021 improved to a net loss of $3.4 million, or $(0.13) per diluted common share, from a net loss of $4.4 million, or $(0.22) per diluted common share, in the prior-year period. Net loss in both periods was affected by adjustments to the fair market value of outstanding warrants, all of which the Company repurchased and retired in February 2021. Net loss in the first quarter of 2021 was also affected by costs related to the early extinguishment of debt. Adjusted EBITDA(a) in the 2021 first quarter was $10.8 million, versus an Adjusted EBITDA loss of $1.2 million in the first quarter of 2020. The strong growth in the 2021 period reflects operational and marketing improvements that bore results beginning in the second half of 2020 and continuing through the first quarter of 2021. Results for the first quarter of 2021 also include $1.0 million of revenue related to a full quarter of operations for three of the Company’s six permitted sports wagering websites. During the second quarter of 2021, two more sports wagering “skins” commenced operations; the last remaining sports skin is expected to begin operations in the coming months. “Our first quarter results continued to benefit from structural changes that we began to implement before the pandemic-related sh...