Full House Resorts Files 10-Q for June 30, 2024

TL;DR

**FULL HOUSE RESORTS (FHR) 10-Q FILED: Financials for Q2 2024 are IN. Check lease assets/liabilities.**

AI Summary

Full House Resorts Inc. reported its financial results for the period ending June 30, 2024. The company's filing details its assets, liabilities, and equity, including significant figures related to operating and finance leases. Specific dollar amounts and dates are detailed within the full 10-Q report.

Why It Matters

This filing provides investors with a detailed look at Full House Resorts' financial health and operational status as of mid-2024, crucial for understanding its current market position.

Risk Assessment

Risk Level: medium — The company operates in the highly competitive and regulated casino and hospitality industry, which carries inherent financial and operational risks.

Key Numbers

• N/A — Revenue (Specific revenue figures are not detailed in this header section.)
• N/A — Net Income (Specific net income figures are not detailed in this header section.)
• N/A — Total Assets (Specific total asset figures are not detailed in this header section.)

Key Players & Entities

• FULL HOUSE RESORTS INC (company) — Filer of the 10-Q
• 20240630 (date) — Period of report
• 20240806 (date) — Filing date
• LAS VEGAS, NV (location) — Company headquarters

FAQ

Key Financial Figures

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

Filing Documents

• fll-20240630x10q.htm (10-Q) — 2337KB
• fll-20240630xex31d1.htm (EX-31.1) — 16KB
• fll-20240630xex31d2.htm (EX-31.2) — 16KB
• fll-20240630xex32d1.htm (EX-32.1) — 8KB
• fll-20240630xex32d2.htm (EX-32.2) — 8KB
• 0000891482-24-000034.txt ( ) — 9043KB
• fll-20240630.xsd (EX-101.SCH) — 54KB
• fll-20240630_cal.xml (EX-101.CAL) — 68KB
• fll-20240630_def.xml (EX-101.DEF) — 226KB
• fll-20240630_lab.xml (EX-101.LAB) — 439KB
• fll-20240630_pre.xml (EX-101.PRE) — 313KB
• fll-20240630x10q_htm.xml (XML) — 1886KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 Note 9 Subsequent Events 24 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 25 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42 Item 5. Other Information 42 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 6. Exhibits 43

Signatures

Signatures 44 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenues Casino $ 54,685 $ 45,359 $ 106,358 $ 81,346 Food and beverage 10,403 8,673 20,172 16,333 Hotel 3,742 2,348 6,594 4,492 Other operations, including contracted sports wagering 4,662 3,002 10,292 7,317 73,492 59,382 143,416 109,488 Operating costs and expenses Casino 20,719 16,990 41,294 30,334 Food and beverage 10,714 9,030 20,474 16,485 Hotel 2,383 1,228 4,546 2,447 Other operations 990 705 1,781 1,187 Selling, general and administrative 25,285 21,577 50,220 39,806 Project development costs 3 17 3 24 Preopening costs 757 1,086 2,420 11,583 Depreciation and amortization 10,326 8,155 20,951 14,014 Loss on disposal of assets — — 18 — 71,177 58,788 141,707 115,880 Operating income (loss) 2,315 594 1,709 ( 6,392 ) Other (expense) income Interest expense, net ( 11,023 ) ( 5,633 ) ( 21,273 ) ( 10,452 ) Gain on insurance settlement — — — 355 ( 11,023 ) ( 5,633 ) ( 21,273 ) ( 10,097 ) Loss before income taxes ( 8,708 ) ( 5,039 ) ( 19,564 ) ( 16,489 ) Income tax (benefit) provision ( 79 ) 561 337 526 Net loss $ ( 8,629 ) $ ( 5,600 ) $ ( 19,901 ) $ ( 17,015 ) Basic loss per share $ ( 0.25 ) $ ( 0.16 ) $ ( 0.57 ) $ ( 0.49 ) Diluted loss per share $ ( 0.25 ) $ ( 0.16 ) $ ( 0.57 ) $ ( 0.49 ) 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) June 30, December 31, 2024 2023 ASSETS Current assets Cash and equivalents $ 31,061 $ 36,155

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View this 10-Q filing on SEC EDGAR