Full House Resorts Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Full House Resorts Inc. filed its Q1 2024 10-Q, detailing financial performance across its segments and regions.</b>

AI Summary

FULL HOUSE RESORTS INC (FLL) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Full House Resorts Inc. reported its Q1 2024 results on a 10-Q filing. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial statement items like Retained Earnings and Additional Paid-In Capital are detailed as of March 31, 2024. Segment data for Food & Beverage, Casino, Hotel, and Other Operations is provided for both West and Midwest/South regions. The company's business address is located at 1980 Festival Plaza Dr, Ste 680, Las Vegas, NV.

Why It Matters

For investors and stakeholders tracking FULL HOUSE RESORTS INC, this filing contains several important signals. The 10-Q filing provides a detailed look at the company's financial position and operational performance for the first quarter of 2024. Investors can analyze segment-specific revenues and changes in equity accounts to assess the company's growth and financial health.

Risk Assessment

Risk Level: medium — FULL HOUSE RESORTS INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains detailed financial information but does not usually include forward-looking statements or significant new strategic initiatives that would drastically alter risk.

Analyst Insight

Review the segment-specific revenue data and changes in equity accounts to understand the company's performance drivers and financial health.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-09 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• DE — State of Incorporation (State of incorporation)

Key Players & Entities

• FULL HOUSE RESORTS INC (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-09 (date) — Filed as of date
• 1980 FESTIVAL PLAZA DR, STE 680 (address) — Business address
• LAS VEGAS (location) — Business address city
• NV (location) — Business address state
• 7022217800 (phone_number) — Business phone
• 001-32583 (other) — SEC file number

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share FLL The Nasdaq

Filing Documents

• fll-20240331x10q.htm (10-Q) — 1586KB
• fll-20240331xex31d1.htm (EX-31.1) — 16KB
• fll-20240331xex31d2.htm (EX-31.2) — 16KB
• fll-20240331xex32d1.htm (EX-32.1) — 8KB
• fll-20240331xex32d2.htm (EX-32.2) — 8KB
• 0000891482-24-000018.txt (&nbsp;) — 7161KB
• fll-20240331.xsd (EX-101.SCH) — 51KB
• fll-20240331_cal.xml (EX-101.CAL) — 67KB
• fll-20240331_def.xml (EX-101.DEF) — 210KB
• fll-20240331_lab.xml (EX-101.LAB) — 426KB
• fll-20240331_pre.xml (EX-101.PRE) — 299KB
• fll-20240331x10q_htm.xml (XML) — 1342KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 8 Note 1 Organization 8 Note 2 Basis of Presentation and Significant Accounting Policies 8 Note 3 Leases 13 Note 4 Long-Term Debt 16 Note 5 Income Taxes 18 Note 6 Commitments and Contingencies 19 Note 7 Earnings (Loss) Per Share 19 Note 8 Segment Reporting and Disaggregated Revenue 19 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36 Item 5. Other Information 36 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 6. Exhibits 37

Signatures

Signatures 38 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements FULL HOUSE RESORTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended March 31, 2024 2023 Revenues Casino $ 51,673 $ 35,987 Food and beverage 9,769 7,660 Hotel 2,852 2,144 Other operations, including contracted sports wagering 5,630 4,315 69,924 50,106 Operating costs and expenses Casino 20,575 13,344 Food and beverage 9,760 7,455 Hotel 2,163 1,219 Other operations 791 482 Selling, general and administrative 24,935 18,229 Project development costs — 7 Preopening costs 1,663 10,497 Depreciation and amortization 10,625 5,859 Loss on disposal of assets 18 — 70,530 57,092 Operating loss ( 606 ) ( 6,986 ) Other (expense) income Interest expense, net ( 10,250 ) ( 4,819 ) Gain on insurance settlement — 355 ( 10,250 ) ( 4,464 ) Loss before income taxes ( 10,856 ) ( 11,450 ) Income tax provision (benefit) 416 ( 35 ) Net loss $ ( 11,272 ) $ ( 11,415 ) Basic loss per share $ ( 0.33 ) $ ( 0.33 ) Diluted loss per share $ ( 0.33 ) $ ( 0.33 ) See notes to condensed consolidated financial statements. 3 Table of Contents FULL HOUSE RESORTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share data) March 31, December 31, 2024 2023 ASSETS Current assets Cash and equivalents $ 25,682 $ 36,155 Restricted cash 20,606 37,639 Accounts receivable, net of provision for credit losses of $ 1,299 and $ 1,189 5,050 5,332 Inventories 1,935 1,839 Prepaid expenses and other 3,999 3,674 57,272 84,639 Property and equipment, net 459,955 457,907 Operating lease right-of-use assets, net 43,900 44,704 Finance lease right-of-use assets, net 1,983 2,318 Goodwill 21,286 21,286 Other intangible assets, net of accumulated amortization of $ 8,14

View Full Filing

View this 10-Q filing on SEC EDGAR