Loading...
Docoh

Full House Resorts (FLL)

Full House Resorts owns, leases, develops and operates gaming facilities throughout the country. The Company's properties include Silver Slipper Casino and Hotel in Hancock County, Mississippi; Bronco Billy's Casino and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; and Stockman's Casino in Fallon, Nevada. The Company also operates the Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada under a lease agreement with the Hyatt organization. The Company is currently constructing a new luxury hotel and casino in Cripple Creek, Colorado, adjacent to its existing Bronco Billy's property.

Company profile

Ticker
FLL
Exchange
CEO
Daniel Lee
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
FHR Atlas LLC • FHR-Colorado LLC • FHR-Illinois LLC • Gaming Entertainment (Indiana) LLC • Gaming Entertainment (Kentucky) LLC • Gaming Entertainment (Nevada) LLC • Richard and Louise Johnson, LLC • Silver Slipper Casino Venture LLC ...
IRS number
133391527

FLL stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 Aug 22
16 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 298.39M 298.39M 298.39M 298.39M 298.39M 298.39M
Cash burn (monthly) 7.05M (no burn) (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 11.07M n/a n/a n/a n/a n/a
Cash remaining 287.32M n/a n/a n/a n/a n/a
Runway (months of cash) 40.8 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
24 May 22 Fanger Lewis A. Common Stock Buy Acquire P No No 6.0642 16,083 97.53K 106,000
20 May 22 Fanger Lewis A. Common Stock Buy Acquire P No No 6.4475 12,000 77.37K 89,917
19 May 22 adams kenneth robert Common Stock Grant Acquire A No No 0 7,407 0 112,030
19 May 22 Braunlich Carl G Common Stock Grant Acquire A No No 0 7,407 0 19,718
55.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 95 99 -4.0%
Opened positions 8 20 -60.0%
Closed positions 12 13 -7.7%
Increased positions 26 41 -36.6%
Reduced positions 41 30 +36.7%
13F shares Current Prev Q Change
Total value 182.51M 375.48M -51.4%
Total shares 18.93M 21.06M -10.1%
Total puts 144.2K 137.4K +4.9%
Total calls 41K 104.7K -60.8%
Total put/call ratio 3.5 1.3 +168.0%
Largest owners Shares Value Change
BLK Blackrock 2.05M $19.71M +0.7%
Vanguard 1.66M $15.97M +0.8%
Driehaus Capital Management 1.64M $15.74M -1.4%
Wasatch Advisors 1.34M $12.9M +1.1%
RK Capital Management 1.19M $11.47M -9.6%
Portolan Capital Management 1.17M $11.29M -36.1%
Renaissance Technologies 944.59K $9.08M -7.4%
Gabelli Funds 589.5K $5.67M +0.3%
Balyasny Asset Management 586.28K $5.63M +7.7%
Geode Capital Management 582.37K $5.6M +3.6%
Largest transactions Shares Bought/sold Change
Portolan Capital Management 1.17M -664.3K -36.1%
Kettle Hill Capital Management 406.38K -382.74K -48.5%
HN Saltoro Capital 54.43K -169.29K -75.7%
Two Sigma Investments 19.9K -166.27K -89.3%
Bridgeway Capital Management 0 -156.1K EXIT
CastleKnight Management 249.97K +131.67K +111.3%
Arrowstreet Capital, Limited Partnership 0 -131.39K EXIT
RK Capital Management 1.19M -126.2K -9.6%
Two Sigma Advisers 108.6K -78.2K -41.9%
Renaissance Technologies 944.59K -75.8K -7.4%

Financial report summary

?
Risks
  • The outbreak of COVID-19 (coronavirus) has significantly impacted the global economy, including the gaming industry, and could have a material adverse effect on our results of operations, cash flows and liquidity.
  • 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 contractual revenue minimums.
  • 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.
  • Our Mississippi casino hotel currently generates a significant percentage of our revenues and Adjusted EBITDA. Our ability to meet our operating and debt service requirements is dependent, in part, upon the continued success of that property.
  • We derive our revenues and operating income from our properties located in Mississippi, Colorado, Indiana and Nevada, and expect to commence operations in Illinois, 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.
  • Some of our operations are located on leased property. If the lessor of the Grand Lodge Casino exercises its buyout rights or if we default on this or certain of our other leases, the applicable lessors could terminate the affected leases and we could lose possession of the affected casino.
  • 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, including as a result of climate change, such as hurricanes, floods, wildfires, 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 and our ability to attract and retain employees.
  • 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 rely on, among other things, trademarks, licenses, confidentiality procedures, and contractual provisions to protect our intellectual property rights and we may be unable to protect or may not be successful in protecting our intellectual property rights.
  • 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 Chamonix and American Place, and many factors could prevent us from completing them as planned.
  • The construction costs for our growth projects, including Chamonix and American Place, may exceed budgeted amounts plus contingencies, which may result in insufficient funds to complete these projects or the need to raise additional capital.
  • There is no assurance that our growth projects, including Chamonix and American Place, will not be subject to additional regulatory restrictions, delays, or challenges.
  • There is no assurance that our growth projects, including Chamonix and American Place, will be successful.
  • Failure to comply with the terms of our disbursement agreement related to Chamonix 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 Chamonix may inconvenience customers and disrupt business activity at the adjoining Bronco Billy’s casino.
  • The permanent American Place facility, 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 Notes and the Credit Facility impose 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 Notes and any borrowings under the Credit Facility.
  • Our ability to obtain additional financing on commercially reasonable terms may be limited.
  • The obligations under the Notes and the Credit Facility are collateralized by a security interest in substantially all of our assets, so if we default on those obligations, the holders of the Notes and lenders under the Credit Facility could foreclose on our assets. In addition, the existence of these security interests may adversely affect our financial flexibility.
  • 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. 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 decreased by $3.1 million and $3.8 million for the respective three- and six-month periods ended June 30, 2022, primarily due to the absence of government stimulus programs of the same scale as in the prior-year periods; the competitive launch of online sports wagering in nearby Louisiana, which adversely affected our in-house sportsbook in Mississippi; and planned construction disruptions at Bronco Billy’s to advance the completion of our Chamonix project. Additionally, our revenues were impacted by factors that are inherently hard to quantify, as discussed in the “Recent Developments – COVID-19 Pandemic Update” section above. These include inflationary pressures, which could affect the spending pattern of customers, as well as labor shortages for us to efficiently meet the demands of potential customers. These declines in revenue were offset, in part, by “Other Non-casino Revenues” that included $2.2 million and $5.0 million of revenue related to our Contracted Sports Wagering segment for the respective three and six months ended June 30, 2022, versus $1.5 million and $2.5 million, respectively, in the prior-year periods.

Content analysis

?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Avg
New words: advertising, AETR, attributed, canceled, directly, discrete, exaggerate, exceeding, hard, incomparable, methodology, modest, movement, organizational, reclassified, slight, steakhouse
Removed: added, affecting, began, Conversely, driven, elimination, meaningfully, NaN, prepaid, unrestricted