Business
Full House Resorts Announces Strong Fourth Quarter Results
- Operating Income Improved to $7.7 Million from an Operating Loss of $0.4 Million;Net Income Improved to $3.5 Million from a Net Loss of $4.1
About this update from Full House Resorts, Inc.
[{"type":"text","content":"- Operating Income Improved to $7.7 Million from an Operating Loss of $0.4 Million;Net Income Improved to $3.5 Million from a Net Loss of $4.1 Million;Adjusted EBITDA More Than Quadrupled from Prior-Year Quarter - Company Issued New 8.25% Senior Secured Notes due 2028; Proceeds Used to Refinance Its Existing Debt, Retire Warrants to Purchase Approximately One Million Shares, and Fully Fund Its New Casino Hotel in Cripple Creek, Colorado - Construction of Augmented Cripple Creek Project has Restarted; New Casino Hotel is Expected to Open in the Fourth Quarter of 2022 - Third Sports Wagering Provider Launched Operations in December 2020;Remaining Three “Skins” Expected to Begin Operations Shortly - As of February 28, 2021, Company Has Approximately $232 Million of Cash and Equivalents, Including $180 Million in a Construction Reserve Account LAS VEGAS, March 08, 2021 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the fourth quarter ended December 31, 2020. On a consolidated basis, revenues in the fourth quarter of 2020 were $38.3 million, versus $39.0 million in the prior-year period. Net income for the fourth quarter of 2020 rose to $3.5 million, or $0.12 per diluted common share, from a net loss of $4.1 million, or $(0.15) per diluted common share, in the prior-year period. Net income in both periods was affected by the accounting for the fair market value of outstanding warrants, which the Company repurchased in February 2021 for $4.0 million. Adjusted EBITDA(a) in the 2020 fourth quarter was $9.8 million, versus $2.3 million in the fourth quarter of 2019. This strong growth primarily reflects new marketing programs and staffing improvements enacted in late 2019 and early 2020 at the Company’s properties. Results for the fourth quarter of 2020 also include $0.6 million of revenue related to a full quarter of operations for two of the Company’s six permitted sports wagering websites and approximately one week of operations from a third sports wagering website. The Company expects the other three websites to begin operations shortly. For the full year, total revenues declined to $125.6 million in 2020 from $165.4 million in the prior year, reflecting approximately three months of pandemic-related closures for all of the Company’s properties last spring. Net income for 2020 was $0.1 million,...