Full House Resorts reports profit down from last year
Full House Resorts Inc. today reported a third-quarter profit of $2.2 million, or 12 cents per share, down from $3 million, or 17 cents a share, for the same period last year.
The Las Vegas-based casino operator reported revenues grew from $7.9 million to $8.6 million. Before adjusting for income generated from joint ventures, net income was $4.96 million up from $2.2 million.
Full House is a partner in a casino called FireKeepers in Michigan, the Stockman's casino in Fallon and at the Harrington Raceway in Delaware.
"We continue to be please by the excellent results seen at FireKeepers, with the casino generating approximately $24.6 million in management fees in its first year of operations," said Andre Hilliou, chairman and chief executive of Full House, in an earnings release.
During the third quarter, Full House acquired the Grand Victoria Casino and Resort in Rising Sun, Ind., for about $43 million. The deal was expected to close during the first quarter of 2011.
Hilliou said Grand Victoria was "exactly the type of property we have been seeking to increase long-term value for our shareholders."
As of Sept. 30, Full House had $17.5 million in cash and approximately $7.9 million of availability on its revolving credit line with Nevada State Bank. There was no debt outstanding at the end of the third quarter, the company said.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
