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Mar 31, 2020
Full House Resorts Q1 2020 Earnings Report
Full House Resorts announced first quarter results, impacted by COVID-19 pandemic and subsequent casino closures.
Key Takeaways
Full House Resorts reported a decrease in net revenues for the first quarter of 2020, down 23.8% to $30.9 million compared to $40.5 million in the prior-year period. The company experienced a net loss of $(4.4) million, or $(0.22) per diluted common share, compared to a net loss of $(1.6) million, or $(0.06) per diluted common share, in the prior-year period. Adjusted EBITDA was $(1.2) million versus $3.6 million in the first quarter of 2019, impacted by the COVID-19 pandemic.
Net revenues decreased by 23.8% to $30.9 million due to COVID-19 related closures.
Net loss was $(4.4) million, or $(0.22) per diluted share.
Adjusted EBITDA was $(1.2) million, down from $3.6 million in the prior year.
Silver Slipper anticipates reopening by May 22, 2020, with all properties expected to have reopened by June 14, 2020.
Forward Guidance
The company anticipates reopening its properties with new safety protocols and expects sports wagering agreements to generate significant annual revenue.
Positive Outlook
- Silver Slipper expected to reopen by May 22, 2020.
- All properties expected to reopen by June 14, 2020.
- Mobile sports wagering providers now licensed in Colorado.
- First mobile sports wagering provider in Colorado expected to launch by end of May 2020.
- Sports wagering agreements are expected to generate at least $7.0 million of annual revenue for ten years.
Challenges Ahead
- COVID-19 pandemic caused temporary shutdowns of casinos.
- Uncertainty remains regarding the full impact of COVID-19 on future operations.
- Construction of parking garage at Bronco Billy’s suspended to conserve capital.
- Discussions continue regarding covenant amendments with lenders.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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