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FLL Full House Resorts

Full House Resorts, Inc. is a casino developer and operator based in Summerlin South, Nevada. The company currently operates five casinos. It is known for the involvement of Gulfstream Aerospace founder Allen Paulson, who was CEO from 1994 to 2000, and former Chrysler chairman Lee Iacocca, who was a major investor in the company from 1995 to 2013. Dan Lee has served as CEO since late 2014. The company was incorporated in 1987 as Hour Corp., and changed its name to D.H.Z. Capital Corp. later that year.

Company profile

FLL stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

11 May 21
29 Jul 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
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Cash on hand
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Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 May 21 Caracciolo Kathleen M Common Stock Grant Aquire A No No 0 5,252 0 21,556
19 May 21 Michael A. Hartmeier Common Stock Grant Aquire A No No 0 5,252 0 26,927
19 May 21 Shaunnessy Michael P Common Stock Grant Aquire A No No 0 5,252 0 26,209
19 May 21 Eric J Green Common Stock Grant Aquire A No No 0 5,252 0 89,830
19 May 21 Lee Daniel R Employee Stock Option Common Stock Grant Aquire A No No 3.93 92,093 361.93K 92,093

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

51.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 85 49 +73.5%
Opened positions 44 16 +175.0%
Closed positions 8 6 +33.3%
Increased positions 17 11 +54.5%
Reduced positions 15 10 +50.0%
13F shares
Current Prev Q Change
Total value 765.08M 44.52M +1618.7%
Total shares 17.47M 11.33M +54.2%
Total puts 0 0
Total calls 14.7K 0 NEW
Total put/call ratio
Largest owners
Shares Value Change
Wasatch Advisors 1.35M $11.5M NEW
Driehaus Capital Management 1.33M $11.34M NEW
RK Capital Management 1.23M $10.5M -10.7%
Vanguard 1.21M $10.28M +3.7%
Renaissance Technologies 1.2M $10.22M -4.0%
Kennedy Capital Management 1.17M $9.99M -10.4%
DG Capital Management 1.12M $9.55M NEW
Portolan Capital Management 976.81K $8.31M NEW
Gabelli Funds 715K $6.09M -3.4%
1060 Capital 594.12K $5.06M +22.7%
Largest transactions
Shares Bought/sold Change
Wasatch Advisors 1.35M +1.35M NEW
Driehaus Capital Management 1.33M +1.33M NEW
TETAA Teton Advisors 0 -1.14M EXIT
DG Capital Management 1.12M +1.12M NEW
Portolan Capital Management 976.81K +976.81K NEW
Kettle Hill Capital Management 458.34K +458.34K NEW
Roubaix Capital 344.59K +344.59K NEW
Russell Investments 325.58K +325.58K NEW
Calamos Advisors 313.99K +313.99K NEW
BEN Franklin Resources 0 -305.14K EXIT

Financial report summary

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Risks
  • A prolonged closure of our casinos would negatively impact our ability to service our debt.
  • We face significant competition from other gaming and entertainment operations.
  • We may face revenue declines if discretionary consumer spending drops due to an economic downturn.
  • We cannot assure you that any of our contracted sports betting parties, through the use of our permitted website “skins,” will be able to compete effectively, that our contracted sports parties will have the ability and/or willingness to sustain sports betting operations should they experience an extended period of unprofitability, or that we will have the ability to replace existing partners or vendors on similar terms as our existing revenue guarantees.
  • Marine transportation is inherently risky, and insurance may be insufficient to cover losses that may occur to our assets or result from our ferry boat operations.
  • We derive our revenues and operating income from our casino resort properties located in Mississippi, Colorado, Indiana and Nevada, and are especially subject to certain risks, including economic and competitive risks, associated with the conditions in those areas and in the states from which we draw patrons.
  • Adverse weather conditions, road construction, gasoline shortages and other factors affecting our facilities and the areas in which we operate could make it more difficult for potential customers to travel to our properties and deter customers from visiting our properties.
  • Our results of operations and financial condition could be materially adversely affected by the occurrence of natural disasters, such as hurricanes, pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases such as the coronavirus pandemic, or other catastrophic events, including war, terrorism and gun violence.
  • Several of our properties, including Silver Slipper, Bronco Billy’s and Rising Star, are accessed by our customers via routes that have few alternatives.
  • We may incur property and other losses that are not adequately covered by insurance, including adequate levels of Weather Catastrophe Occurrence/Named Windstorm, Flood and Earthquake insurance coverage for our properties.
  • We depend on our key personnel.
  • Higher wage and benefit costs could adversely affect our business.
  • We face the risk of fraud and cheating.
  • Win rates for our gaming operations depend on a variety of factors, some beyond our control.
  • The concentration and evolution of the slot machine manufacturing industry could impose additional costs on us.
  • Our business may be adversely affected by legislation prohibiting tobacco smoking.
  • We are subject to risks related to corporate social responsibility and reputation.
  • We are engaged from time to time in one or more construction and development projects, including the new Cripple Creek casino hotel, and many factors could prevent us from completing them as planned.
  • The construction costs for the new Cripple Creek casino hotel may exceed budgeted amounts plus contingencies, which may result in insufficient funds to complete the expansion of Bronco Billy’s.
  • There is no assurance that the new Cripple Creek casino hotel will not be subject to additional regulatory restrictions, delays, or challenges.
  • There is no assurance that the new Cripple Creek casino hotel will be successful.
  • Failure to comply with the terms of our disbursement agreement could limit our access to funds.
  • We face a number of challenges prior to opening new or upgraded facilities.
  • We may face disruption and other difficulties in integrating and managing facilities we have recently developed or acquired, or may develop or acquire in the future.
  • The construction of the new Cripple Creek casino hotel may inconvenience customers and disrupt business activity at the adjoining Bronco Billy’s casino.
  • Additional growth projects or potential enhancements at our properties may require us to raise additional capital.
  • The casino, hotel and resort industry is capital intensive, and we may not be able to finance expansion and renovation projects, which could put us at a competitive disadvantage.
  • We may face risks related to our ability to receive regulatory approvals required to complete certain acquisitions, mergers, joint ventures, and other developments, as well as other potential delays in completing certain transactions.
  • If we fail to obtain necessary government approvals in a timely manner, or at all, it can adversely impact our various expansion, development, investment and renovation projects.
  • Insufficient or lower-than-expected results generated from our new developments and acquired properties may negatively affect our operating results and financial condition.
  • Our significant indebtedness could adversely affect our financial health and prevent us from fulfilling our obligations.
  • The indenture governing the 2028 Notes imposes restrictive covenants and limitations that could significantly affect our ability to operate our business and lead to events of default if we do not comply with the covenants.
  • To service our indebtedness, we will require a significant amount of cash. Our ability to generate cash depends on many factors beyond our control.
  • We may not be able to generate sufficient cash flows to service all of our indebtedness and fund our operating expenses, working capital needs and capital expenditures, and we may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
  • We depend on our subsidiaries for certain dividends, distributions and repayment of our indebtedness, including the 2028 Notes.
  • Our ability to obtain additional financing on commercially reasonable terms may be limited.
  • Our loans under the CARES Act may be subject to regulatory review.
  • We and our subsidiaries may still be able to incur substantially more debt, which could further exacerbate the risks described above.
  • We face extensive regulation from gaming and other regulatory authorities and the cost of compliance or failure to comply with such regulations may adversely affect our business and results of operations.
  • Changes in legislation and regulation of our business could have an adverse effect on our financial condition, results of operations and cash flows.
  • Stockholders may be required to dispose of their shares of our common stock if they are found unsuitable by gaming authorities.
  • We are subject to environmental laws and potential exposure to environmental liabilities.
  • We are subject to litigation which, if adversely determined, could cause us to incur substantial losses.
  • Our ferry boat service is highly regulated, which can adversely affect our operations.
  • Our gaming operations rely heavily on technology services and an uninterrupted supply of electrical power and if we experience damage or service interruptions, we may have to cease some or all of our operations, which will result in a decrease in revenue.
  • Our information technology and other systems are subject to cyber-security risk, misappropriation of customer information and other breaches of information security.
  • Our ability to utilize our net operating loss, or NOL, carryforwards and certain other tax attributes may be limited.
  • The market price for our common stock may be volatile, and investors may not be able to sell our stock at a favorable price or at all.
  • The exercise of outstanding options to purchase common stock may result in substantial dilution and may depress the trading price of our common stock.
Management Discussion
  • Revenues. Consolidated total revenues for the three-months ended March 31, 2021 were constrained by requirements to maintain “social distancing” during the ongoing COVID-19 pandemic, including reductions in the number of slot machines we are permitted to operate, the number of people that we can accommodate at each table game, the seating capacity of our bars and restaurants, and restrictions on the types of food service we can offer. Despite these constraints, total revenues increased due largely to approximately two weeks of property closures in the 2020 period, as noted above, as well as improved spending levels per guest at Silver Slipper. Food and beverage revenues declined in the first quarter of 2021, due to pandemic-related operating constraints and fewer food-related marketing offers. Hotel revenue improved, as our hotels were generally permitted to operate in the 2021 period without operating restrictions. Of note, “Other Non-casino Revenues” includes $1.0 million of revenue related to our mobile sports operations for the three-month period ended March 31, 2021. See “Operating Results – Reportable Segments” below for details.
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