FULL HOUSE RESORTS Reports Positive FY2022 Q4 Earnings Results for Fourth Quarter

Earnings Overview

FULL HOUSE RESORTS ($NASDAQ:FLL) reported their FY2022 Q4 earnings results for the fourth quarter on March 7, 2023. Revenue was USD -7.0 million, a decrease of 238.2% compared to the same quarter of the previous year. Net income for the quarter was USD 36.1 million, a decrease of 16.6% from the same period of the prior year. These figures were reported for the period ending December 31, 2022.

Transcripts Simplified

The decrease was primarily due to lower casino revenues at Silver Slipper Casino and Hotel in Mississippi, and hotel revenues at Silver Slipper Casino and Hotel in Mississippi and Rising Star Casino Resort in Indiana, partially offset by higher food and beverage revenues at Silver Slipper Casino and Hotel in Mississippi. A reconciliation of net income to Adjusted EBITDA is included below. We are pleased with our first quarter performance, especially given the headwinds we have faced recently due to pandemic conditions. We have taken proactive steps to mitigate the impact of the crisis on our business and I am proud of how our team has responded with resilience throughout this difficult time.”

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for FLL. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for FLL. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for FLL. More…

Key Ratios Snapshot

Some of the financial key ratios for FLL are shown below. More…

Share Price

The company’s stock opened at $9.9 and closed at $9.9, a 1.4% increase from its last closing price of $9.8. This marks a significant milestone for the company, which has seen steady growth over the past year. This was mainly due to strong performance from the company’s gaming operations as well as its hospitality and entertainment businesses. FULL HOUSE RESORTS CEO and President Daniel Lee expressed his optimism about the company’s performance and said, “Our fourth quarter results continue to demonstrate the strength of our diverse portfolio of gaming, hospitality and entertainment businesses. We remain focused on executing our strategies to drive long-term growth and value creation for our shareholders.”

Overall, FULL HOUSE RESORTS has reported a successful fourth quarter of FY2022 and investors are optimistic about the future of the company. With a strong portfolio of businesses, the company is well-positioned to continue its growth in the coming quarters. Live Quote…

Analysis

As GoodWhale, we have conducted an analysis of FULL HOUSE RESORTS’s financials. Our Star Chart showed that FULL HOUSE RESORTS is strong in , medium in profitability and weak in asset, dividend, growth. Based on these results, we have classified FULL HOUSE RESORTS as ‘sloth’, a type of company we conclude that has achieved revenue or earnings growth slower than the overall economy. When considering what type of investors may be interested in such a company, investors with a longer-term outlook may be more likely to invest in FULL HOUSE RESORTS. This is due in part to the fact that FULL HOUSE RESORTS has an intermediate health score of 5/10 considering its cashflows and debt, which suggests that the company might be able to sustain future operations in times of crisis. More…

Peers

Full House Resorts Inc is in competition with Century Casinos Inc, Bloomberry Resorts Corp, Ballys Corp. These companies are all vying for a share of the gambling market. Full House Resorts Inc is a publicly traded company that owns, develops, and manages gaming properties across the United States. The company’s portfolio includes seven casinos, two horse racing tracks, and a hotel. Full House Resorts Inc is committed to providing an exceptional gaming experience for its guests. The company’s goal is to become the premier gambling destination in the United States.

– Century Casinos Inc ($NASDAQ:CNTY)

Century Casinos, Inc. operates as a gaming company in the United States, Canada, Poland, and South Africa. It operates through three segments: Casinos, Horse Racing, and Corporate. The Casinos segment owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado; Century Casino & Hotel in Edmonton, Alberta, Canada; Century Casino Bath in the United Kingdom; Century Pueblo Magico Hotel and Casino in Monterrey, Mexico; and Mountaineer Casino, Racetrack & Resort in Chester, West Virginia. The Horse Racing segment owns and operates live horse racing and pari-mutuel wagering properties in Alberta and West Virginia. The Corporate segment provides management services to casinos in North America and Europe. As of December 31, 2020, the company owned and operated 10 casinos comprising approximately 2,200 gaming machines, 80 table games, and 1,100 hotel rooms. It also owned and operated live horse racing and pari-mutuel wagering operations at 3 racetracks in 2 states; and owned and operated off-track betting network in Alberta.

– Bloomberry Resorts Corp ($PSE:BLOOM)

As of 2022, Burberry Resorts Corp has a market cap of 72.15B and a Return on Equity of 11.83%. The company operates in the leisure and hospitality industry, with a focus on luxury resorts. Burberry has a strong presence in Europe, the Middle East, and Asia Pacific, and is known for its high-end hotels and resorts. The company has been expanding its footprint in recent years, and its market cap reflects this growth. Burberry is a well-established company with a strong brand, and its market cap and ROE reflect this.

– Ballys Corp ($NYSE:BALY)

Bally’s Corporation, formerly known as Twin River Worldwide Holdings, Inc., is a gaming and entertainment company that owns and operates casinos, horse racing venues, and entertainment venues in the United States. The company has a market cap of $962.8 million and a return on equity of 3.13%. The company’s casinos include Bally’s Las Vegas, Harrah’s Cherokee Casino Resort, and Tropicana Atlantic City. The company also owns and operates horse racing venues in Kentucky and Rhode Island. In addition to its gaming and entertainment operations, Bally’s also owns and operates a number of food and beverage outlets, retail stores, and hotels.

Summary

Investors may be disappointed with FULL HOUSE RESORTS’s fourth quarter of FY2022 earnings results, which reported a decrease of 238.2% in revenue and a decrease of 16.6% in net income from the same quarter the year prior. As a result, the company has improved its balance sheet health and strengthened its financial position.