Full House Resorts Files Q3 2024 10-Q

TL;DR

**FULL HOUSE RESORTS (FHR) Q3 10-Q FILED: SHOWS PROPERTY ASSETS & LEASE LIABILITIES.**

AI Summary

Full House Resorts Inc. filed its 10-Q for the period ending September 30, 2024. The company's financial statements detail its assets, liabilities, and equity, including significant figures related to property, plant, and equipment, as well as lease liabilities. The filing provides a snapshot of the company's financial health and operational status as of the reporting date.

Why It Matters

This filing provides investors and stakeholders with the latest financial performance and position of Full House Resorts, crucial for understanding the company's operational health and future prospects.

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 — Total Revenue (Specific revenue figures are not detailed in the provided header information.)
• N/A — Net Income (Specific net income figures are not detailed in the provided header information.)
• N/A — Total Assets (Specific asset figures are not detailed in the provided header information, though property, plant, and equipment are mentioned.)

Key Players & Entities

• FULL HOUSE RESORTS INC (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date of the 10-Q
• 001-32583 (dollar_amount) — SEC File Number
• LAS VEGAS (company) — Location of business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• fll-20240930x10q.htm (10-Q) — 2529KB
• fll-20240930xex31d1.htm (EX-31.1) — 16KB
• fll-20240930xex31d2.htm (EX-31.2) — 16KB
• fll-20240930xex32d1.htm (EX-32.1) — 8KB
• fll-20240930xex32d2.htm (EX-32.2) — 8KB
• 0000891482-24-000043.txt ( ) — 9780KB
• fll-20240930.xsd (EX-101.SCH) — 57KB
• fll-20240930_cal.xml (EX-101.CAL) — 78KB
• fll-20240930_def.xml (EX-101.DEF) — 240KB
• fll-20240930_lab.xml (EX-101.LAB) — 487KB
• fll-20240930_pre.xml (EX-101.PRE) — 336KB
• fll-20240930x10q_htm.xml (XML) — 2038KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 Assets Held for Sale 14 Note 4 Leases 15 Note 5 Long-Term Debt 18 Note 6 Income Taxes 20 Note 7 Commitments and Contingencies 21 Note 8 Earnings (Loss) Per Share 21 Note 9 Segment Reporting and Disaggregated Revenue 21 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 26 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 43 Item 5. Other Information 43 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 6. Exhibits 44

Signatures

Signatures 45 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues Casino $ 56,116 $ 50,240 $ 162,474 $ 131,586 Food and beverage 11,100 9,086 31,272 25,419 Hotel 4,693 2,560 11,287 7,052 Other operations, including contracted sports wagering 3,778 9,657 14,070 16,974 75,687 71,543 219,103 181,031 Operating costs and expenses Casino 22,582 19,437 63,876 49,771 Food and beverage 11,561 8,330 32,035 24,815 Hotel 3,160 1,164 7,706 3,611 Other operations 610 691 2,391 1,878 Selling, general and administrative 26,738 22,017 76,958 61,823 Project development costs 52 21 55 45 Preopening costs 42 1,051 2,462 12,634 Depreciation and amortization 10,493 8,468 31,444 22,482 Loss on disposal of assets — 7 18 7 Gain on sale of Stockman's ( 2,000 ) — ( 2,000 ) — 73,238 61,186 214,945 177,066 Operating income 2,449 10,357 4,158 3,965 Other (expense) income Interest expense, net ( 11,047 ) ( 5,867 ) ( 32,320 ) ( 16,319 ) Gain on settlements — 29 — 384 ( 11,047 ) ( 5,838 ) ( 32,320 ) ( 15,935 ) (Loss) income before income taxes ( 8,598 ) 4,519 ( 28,162 ) ( 11,970 ) Income tax (benefit) provision ( 126 ) ( 74 ) 211 452 Net (loss) income $ ( 8,472 ) $ 4,593 $ ( 28,373 ) $ ( 12,422 ) Basic (loss) earnings per share $ ( 0.24 ) $ 0.13 $ ( 0.82 ) $ ( 0.36 ) Diluted (loss) earnings per share $ ( 0.24 ) $ 0.13 $ ( 0.82 ) $ ( 0.36 ) 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) September 30, De

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