Las Vegas-based casino operator Full House Resorts Inc. announced its financial performance for the fourth quarter of 2014 as well as for the whole year.
Net revenues amounted to $26.7 million in the three-month period ended December 31, 2014, as compared to $31.5 million posted last year. The decline was attributed to the launch of casinos in near proximity to the company’s Rising Star property, as well as to an expired casino contract in New Mexico.
The operator’s adjusted EBITDA for the third quarter of 2014 totaled $266,000. By comparison, the sum of $1.6 million was posted for the same period in 2013.
Net loss for the period in question reached $10.5 million, which is $0.56 per common share. A total of $2.3 million, or $0.13 per common share, was posted in the three-month period ended December 31, 2013.
Full House Resorts posted full-year net revenues totaling $121.4 million. By comparison, the amount of $144.7 million was generated back in 2013.
The gambling operator’s adjusted EBITDA decreased from $17.1 million in 2013 to $10.5 million in 2014.
Net loss for the twelve-month period ended December 31, 2014, the company posted net loss of $20.8 million, which is $1.10 per common share. By comparison, net loss amounted to $4.0 million, or $0.21 per common share, for the same period in 2013.
Daniel R. Lee, who was appointed as CEO of Full House Resorts in December 2014, pointed out that the final quarter of 2014 has been a period of transition for the company. As for the whole year, it was a tough one, according to the executive.
Yet, he emphasized that the operator’s Silver Slipper and Northern Nevada casinos have shown considerable improvement in their financial performance in the first months of 2015. As for the Rising Star, Mr. Lee commented that the venue has several new Ohio-based competitors and its revenues have declined significantly since the beginning of the year.
The executive also shared that a luxurious 120-room hotel will be opened at the Silver Slipper Casino in Mississippi at some point in 2015.
Currently, Full House Resorts manages a total of four properties across the United States – Rising Star Casino Resort, a riverboat hotel and casino venue in Rising Star, Indiana, Grand Lodge Casino in Incline Village, Nevada, Silver Slipper Casino in Mississippi, and Stockman’s Casino in Fallon, Nevada.
