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Full House Resorts, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $75,687,000 from $71,543,000 in the same quarter the previous year. This increase is attributed to the continued ramp-up of operations at American Place, which opened in February 2023.
Operating expenses for the quarter increased to $73,238,000 from $61,186,000 in the previous year, primarily due to the commencement of operations at American Place and Chamonix, leading to higher casino, food and beverage, hotel, and administrative costs.
The company reported an operating income of $2,449,000 for the quarter, compared to $10,357,000 in the previous year, with the decline attributed to increased expenses.
Interest expense, net, rose to $11,047,000 from $5,867,000, primarily due to reductions in capitalized interest as construction projects neared completion.
Net loss for the quarter was $8,472,000, compared to a net income of $4,593,000 in the previous year. The loss is attributed to higher operating and interest expenses.
Cash used in operating activities was $993,000, while cash used in investing activities was $37,697,000, mainly for the construction of Chamonix.
Full House Resorts had cash and equivalents of $33,600,000 as of September 30, 2024. The company believes its current cash balances, available credit, and cash flows from operations will be sufficient to meet its liquidity needs for the next 12 months.
The filing details the company's ongoing projects, including the phased opening of Chamonix and the operation of the temporary American Place facility.
Full House Resorts does not anticipate any federal income tax payments or refunds related to its 2024 results due to losses in prior periods.
The company continues to evaluate opportunities for growth and development, including capital investments at existing properties and the development of new facilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Full House Resorts Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.