Full House Resorts reports Q1 results
The operator said that results improved significantly from the prior-year period.
US.- Full house Resorts has announced its financial results for the first quarter of the year ending March 31. Net revenues in the first quarter of 2019 increased 6.8% to US$40.5 million from US$37.9 million in the prior-year period.
The company said that net loss for the first quarter improved to a net loss of US$1.6 million from a net loss of US$4.3 million in the prior year period. Net loss in both periods was affected by the accounting for the fair market value of outstanding warrants, as well as a charge in 2018 related to the refinancing of most of the company’s outstanding debt on better terms.
Adjusted EBITDA in the 2019 first quarter grew 19.6% to US$3.6 million from US$3 million in the first quarter of 2018. The improvement was largely attributable to operating efficiencies and improved weather at Silver Slipper, the Company’s largest contributor. This was partly offset by an adverse table games hold percentage at Grand Lodge, snowfall at Bronco Billy’s over some key weekend periods, and disruption at Rising Star caused by both flooding and the repaving of the main highway leading to the property.
”The first quarter of 2019 was another period of growth for our company,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “We implemented operating improvements in the first half of 2018 at Silver Slipper, building on the physical improvements made in recent years. This resulted in solid results at our most significant property.”
