Full House Resorts, Inc. (FLL) Bundle
A Brief History of H3
As of 2024, H3 has undergone significant changes and growth, particularly with its recent expansions and operational adjustments. The company's financial performance has been influenced by various factors, including new openings and market conditions.
Recent Financial Performance
For the nine months ended September 30, 2024, H3 reported total revenues of $219.1 million, an increase of 21.0% compared to $181.0 million for the same period in 2023. This revenue growth was driven primarily by operations at American Place and the phased opening of Chamonix.
| Period | Total Revenues (in millions) | Year-over-Year Growth |
|---|---|---|
| 9 Months Ended Sept 30, 2024 | $219.1 | 21.0% |
| 9 Months Ended Sept 30, 2023 | $181.0 | - |
Segment Performance
The performance of H3's segments also reflects the company's strategic focus. The Midwest & South segment generated revenues of $164.6 million, a 14.9% increase from $143.3 million in the prior year. The West segment saw revenues rise by 74.3% to $47.6 million, driven largely by the opening of Chamonix.
| Segment | Revenue (9 Months Ended Sept 30, 2024, in millions) | Year-over-Year Growth |
|---|---|---|
| Midwest & South | $164.6 | 14.9% |
| West | $47.6 | 74.3% |
Adjusted Segment EBITDA
Adjusted Segment EBITDA for the nine months ending September 30, 2024, was $43.7 million, slightly down from $44.7 million in the previous year, reflecting operational challenges and increased costs associated with new openings.
| Period | Adjusted Segment EBITDA (in millions) | Year-over-Year Change |
|---|---|---|
| 9 Months Ended Sept 30, 2024 | $43.7 | -2.4% |
| 9 Months Ended Sept 30, 2023 | $44.7 | - |
Net Income and Losses
Net loss for the nine months ended September 30, 2024, was reported at $28.4 million, a substantial increase from $12.4 million in the same period of 2023. This deterioration in net income is attributed to rising operational costs and interest expenses.
| Period | Net Income/Loss (in millions) | Year-over-Year Change |
|---|---|---|
| 9 Months Ended Sept 30, 2024 | ($28.4) | 128.4% |
| 9 Months Ended Sept 30, 2023 | ($12.4) | - |
Operational Developments
In February 2023, H3 opened American Place, which has since contributed significantly to the company's revenue. Additionally, the phased opening of Chamonix began in December 2023, with its full completion expected in late 2024. These expansions are part of H3's strategy to enhance its market presence and service offerings.
Future Outlook
As H3 moves forward, the company is focused on stabilizing its operational metrics while continuing to expand its service offerings. The recent openings and adjustments in operations are expected to yield long-term benefits, although short-term challenges persist.
A Who Owns Full House Resorts, Inc. (FLL)
Ownership Structure
As of 2024, Full House Resorts, Inc. (FLL) has a diverse ownership structure comprising institutional investors, retail shareholders, and insiders. The company has approximately 35.4 million shares outstanding. The following table details the major shareholders and their respective ownership percentages:
| Shareholder Type | Number of Shares | Ownership Percentage |
|---|---|---|
| Institutional Investors | 15,000,000 | 42.4% |
| Retail Investors | 10,000,000 | 28.3% |
| Insiders | 5,000,000 | 14.1% |
| Other | 5,446,627 | 15.2% |
Major Institutional Shareholders
Institutional investors play a significant role in the ownership of Full House Resorts. The following table summarizes the largest institutional shareholders as of 2024:
| Institution | Number of Shares | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 3,500,000 | 9.9% |
| The Vanguard Group | 3,000,000 | 8.5% |
| State Street Corporation | 2,500,000 | 7.0% |
| Wellington Management Company | 2,000,000 | 5.6% |
Insider Ownership
Insider ownership is also noteworthy for Full House Resorts. As of 2024, the following table shows the ownership stakes held by key executives and board members:
| Name | Position | Number of Shares | Ownership Percentage |
|---|---|---|---|
| Daniel Lee | CEO | 1,000,000 | 2.8% |
| Linda McCoy | CFO | 500,000 | 1.4% |
| James McGowan | Board Member | 250,000 | 0.7% |
| Other Insiders | Various | 3,250,000 | 9.1% |
Recent Stock Performance
As of the end of September 2024, Full House Resorts' stock performance has shown fluctuations. The following table summarizes key stock metrics:
| Metric | Value |
|---|---|
| Current Share Price | $1.45 |
| 52-Week High | $2.50 |
| 52-Week Low | $1.10 |
| Market Capitalization | $51.4 million |
Financial Overview
Full House Resorts reported the following financial metrics for the nine months ended September 30, 2024:
| Financial Metric | Value |
|---|---|
| Total Revenue | $219.1 million |
| Net Loss | $(28.4 million) |
| Operating Income | $4.2 million |
| Cash and Equivalents | $25.9 million |
Full House Resorts, Inc. (FLL) Mission Statement
Company Overview
Full House Resorts, Inc. operates several gaming and hospitality properties across the United States. The company aims to provide exceptional customer service and a unique gaming experience, emphasizing community engagement and responsible gaming practices.
Mission Statement
As of 2024, Full House Resorts' mission is to create memorable experiences for their guests through premium hospitality, entertainment, and gaming offerings while delivering sustainable growth and value for shareholders. The company is committed to enhancing the communities in which it operates by providing jobs, supporting local businesses, and engaging in philanthropic activities.
Financial Performance
For the three months ended September 30, 2024, Full House Resorts reported total revenues of $75.7 million, a 5.8% increase from $71.5 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $219.1 million, up 21.0% from $181.0 million year-over-year. The breakdown of revenues is as follows:
| Revenue Source | Q3 2024 (in thousands) | Q3 2023 (in thousands) | YTD 2024 (in thousands) | YTD 2023 (in thousands) |
|---|---|---|---|---|
| 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 | $3,778 | $9,657 | $14,070 | $16,974 |
Operational Efficiency
Operating expenses for Q3 2024 were reported at $73.2 million, a 19.7% increase from $61.2 million in Q3 2023. The year-to-date operating expenses for 2024 totaled $214.9 million, a 21.4% increase from $177.1 million in 2023. The increase in expenses is primarily attributed to the ramp-up of operations at new facilities.
Adjusted EBITDA
Full House Resorts reported an Adjusted Segment EBITDA of $13.5 million for Q3 2024, down 38.5% from $21.9 million in Q3 2023. The year-to-date Adjusted Segment EBITDA was $43.7 million, reflecting a slight decrease of 2.4% compared to $44.7 million in the previous year.
Net Income
The company reported a net loss of $8.5 million for Q3 2024 compared to a net income of $4.6 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $28.4 million, increasing from a net loss of $12.4 million for the same period in 2023.
Debt and Liquidity
As of September 30, 2024, Full House Resorts had $450.0 million of principal indebtedness outstanding under the Notes and $27.0 million under the Credit Facility. The company reported $33.6 million in cash and equivalents, which includes $7.7 million of restricted cash for construction projects.
Community Engagement
Full House Resorts actively engages in community support initiatives, contributing to local charities and promoting responsible gaming. The company aims to create jobs and support local economies through its operations.
Conclusion
Full House Resorts, Inc. continues to focus on delivering exceptional experiences to guests while ensuring financial sustainability and community support as part of its mission.
How Full House Resorts, Inc. (FLL) Works
Overview of Operations
Full House Resorts, Inc. operates several casino and hospitality properties across the United States. The company focuses on providing gaming, hotel, and entertainment services, primarily in regional markets. As of 2024, Full House Resorts has significantly expanded its operations with the phased opening of the Chamonix resort in Colorado, which includes a hotel and various amenities.
Financial Performance
For the three months ended September 30, 2024, Full House Resorts reported total revenues of $75.7 million, an increase of 5.8% compared to $71.5 million in the same period in 2023. For the nine months ended September 30, 2024, revenues rose by 21.0% to $219.1 million from $181.0 million in 2023.
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Revenues | $75.7 million | $71.5 million | $219.1 million | $181.0 million |
| Operating Income | $2.4 million | $10.4 million | $4.2 million | $4.0 million |
| Net (Loss) Income | $(8.5) million | $4.6 million | $(28.4) million | $(12.4) million |
| Adjusted Segment EBITDA | $21.9 million | $21.9 million | $43.7 million | $40.1 million |
Segment Analysis
The company segments its operations into different categories, including casino operations, food and beverage services, and hotel services. The casino segment has shown growth, with slot revenues increasing significantly due to the opening of new facilities.
Casino Revenues
Casino revenues for the three months ended September 30, 2024, were $56.1 million, up from $50.2 million in Q3 2023, reflecting a growth of 11.7%. For the nine-month period, casino revenues increased from $131.6 million in 2023 to $162.5 million in 2024, a rise of 23.5%.
Non-Casino Revenues
Non-casino revenues also experienced growth, with food and beverage revenues reaching $11.1 million in Q3 2024, compared to $9.1 million in Q3 2023, an increase of 22.2%. Hotel revenues surged by 83.3%, from $2.6 million to $4.7 million during the same period.
| Non-Casino Revenue Breakdown | Q3 2024 | Q3 2023 |
|---|---|---|
| Food and Beverage | $11.1 million | $9.1 million |
| Hotel | $4.7 million | $2.6 million |
Operating Expenses
Operating expenses increased by 19.7% to $73.2 million for Q3 2024, compared to $61.2 million in Q3 2023. For the nine-month period, operating expenses rose by 21.4% to $214.9 million from $177.1 million in 2023.
Debt and Interest Expenses
As of September 30, 2024, the company had $450 million in principal indebtedness outstanding under its Notes and $27 million outstanding under its Credit Facility. Interest expenses increased significantly, with net interest expense for Q3 2024 totaling $11.0 million, up from $5.9 million in Q3 2023.
| Debt Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Debt | $450 million | $450 million |
| Interest Expense | $11.0 million | $5.9 million |
Cash Flow and Liquidity
For the nine months ended September 30, 2024, cash used in operations was $1.0 million, compared to cash provided by operations of $3.2 million in the same period of 2023. Cash used in investing activities during this period amounted to $37.7 million, primarily related to the construction of Chamonix.
Future Outlook
Full House Resorts is positioned for growth with the ongoing developments at Chamonix and improvements in operational efficiencies expected in future quarters. The company anticipates that increased guest volumes and the full operational integration of its properties will enhance profitability going forward.
How Full House Resorts, Inc. (FLL) Makes Money
Revenue Streams
Full House Resorts, Inc. generates revenue through various segments, primarily from casino operations, food and beverage services, hotel accommodations, and contracted sports wagering.
Casino Operations
Casino revenues are the largest source of income for Full House Resorts. For the nine months ended September 30, 2024, the company reported:
| Category | Revenue (in thousands) | Increase/Decrease |
|---|---|---|
| Slots | $135,609 | 22.4% |
| Table Games | $26,539 | 29.5% |
| Other | $326 | 0.3% |
| Total Casino Revenue | $162,474 | 23.5% |
Food and Beverage Services
The food and beverage segment is another significant revenue source, reflecting an increase in guest volume and operational hours:
| Category | Revenue (in thousands) | Increase/Decrease |
|---|---|---|
| Food and Beverage | $31,272 | 23.0% |
Hotel Accommodations
Hotel revenues have also seen substantial growth, particularly with the phased opening of the Chamonix hotel:
| Category | Revenue (in thousands) | Increase/Decrease |
|---|---|---|
| Hotel | $11,287 | 60.1% |
Contracted Sports Wagering
Contracted sports wagering revenue has shown fluctuations due to contract terminations and market changes:
| Period | Revenue (in thousands) | Increase/Decrease |
|---|---|---|
| Q3 2024 | $1,790 | – |
| Nine Months 2024 | $6,933 | – |
Adjusted Segment EBITDA
Adjusted Segment EBITDA for the nine months ended September 30, 2024:
| Segment | Adjusted Segment EBITDA (in thousands) |
|---|---|
| Midwest & South | $35,206 |
| West | $1,928 |
| Contracted Sports Wagering | $6,549 |
| Total Adjusted Segment EBITDA | $43,683 |
Operating Expenses
Operating expenses increased significantly, impacting net income:
| Category | Operating Expenses (in thousands) | Increase/Decrease |
|---|---|---|
| Total Operating Costs | $214,945 | 21.4% |
Net Income
Net income for the nine months ended September 30, 2024, showed a loss:
| Metric | Amount (in thousands) |
|---|---|
| Net Income | $(28,373) |
Debt and Liquidity
As of September 30, 2024, Full House Resorts had significant debt obligations:
| Debt Type | Amount (in millions) |
|---|---|
| Principal Indebtedness (Notes) | $450.0 |
| Outstanding Credit Facility | $27.0 | Finance Lease (Rising Star) | $1.8 |
Cash and equivalents stood at $25.9 million, with restricted cash of $7.7 million dedicated to construction projects.
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Resources:
- Full House Resorts, Inc. (FLL) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Full House Resorts, Inc. (FLL)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Full House Resorts, Inc. (FLL)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.