Las Vegas Sun

February 9, 2010

Currently: 45° | Complete forecast | Log in

LV-based Full House Resorts sees revenue increase

Wednesday, Nov. 11, 2009 | 10:31 a.m.

Las Vegas-based Full House Resorts Inc. reported higher revenue and its profit grew in the third quarter as the FireKeepers Casino in Battle Creek, Mich., opened Aug. 5.

The company earned $3 million or 17 cents per share vs. a profit in the year-ago quarter of $539,000 or 3 cents. Revenue of $7.9 million was up from $2.4 million.

Management fees from Gaming Entertainment (Michigan) LLC, a 50 percent-owned joint venture related to the Huron Band of Indians' FireKeepers Casino – were $5.8 million.

FireKeepers has a 107,000-square-foot gaming floor with 2,680 slot machines, 78 table games, a 120-seat poker room, a bingo hall and five restaurants.

"The first two months of operations at FireKeepers Casino exceeded our expectations in terms of revenue and operating margins, and we are very proud of the work accomplished by the management team," Andre Hilliou, chairman and chief executive officer of Full House, said in a statement Monday.

He said Full House continues to generate free cash flow and, with no required current debt repayments or maturities, is "in a strong position to take advantage of acquisition opportunities going forward."

The Michigan performance was offset by a decrease in casino and food and beverage revenue of $220,506, or 12 percent; and $55,951, or 11 percent; respectively.

That was primarily due to continued economic weakness in the Northern Nevada market, where Full House owns the Stockman’s Casino in Fallon. It has 265 gaming machines, four table games and a keno game.

Also, Full House said a dispute emerged regarding management fees for Harrington Raceway and Casino in Delaware. The company's partner in June initiated arbitration of the dispute.

"Management has engaged counsel and is contesting the claim. At this stage of the dispute, based in part on counsel’s advice, the company is unable to predict the outcome or estimate the minimum amount of potential loss, if any, and accordingly, has made no provision for this matter," Full House said in its financial report.

Full House has also been working with the Northern Cheyenne Nation of Montana for the development and management of a casino on tribal land.

Discussion: 1 comment so far…

Comments are moderated by Las Vegas Sun editors. Our goal is not to limit the discussion, but rather to elevate it. Comments should be relevant and contain no abusive language. Comments that are off-topic, vulgar, profane or include personal attacks will be removed. Full comments policy.

  1. I like this little company. Keep up the good work!

Post a comment

Commenting requires registration.

Comments are moderated by Las Vegas Sun editors. Our goal is not to limit the discussion, but rather to elevate it. Comments should be relevant and contain no abusive language. Comments that are off-topic, vulgar, profane or include personal attacks will be removed. Full comments policy.

If you would like to submit your comment as a letter to the editor, you may submit it here.

Username:
Password: (Forgotten your password?)

OR Create an account (It's free)

Spotlight

Signing Day

Signing Day

Eight locals highlight first recruiting class at UNLV for new coach

Miss America

Miss America

Stories, photos and videos from this year's pageant

CES 2010

CES 2010

Full coverage of the International Consumer Electronics Show

CityCenter

CityCenter

The definitive guide to MGM Mirage's newest property

New Year's Eve

New Year's Eve

Full coverage of New Year's Eve 2009

Sights Unseen

Sights Unseen

A collection of our favorite images that didn't run in 2009

2020 Vision

2020 Vision

As a new decade begins, the Sun looks 10 years ahead

Bottoming Out

Bottoming Out

Gambling addiction in Las Vegas

Funny Face

Funny Face

Carrot Top's stage act a mask of contradictions

Renewable Energy

Renewable Energy

A detailed look at where renewable-energy sources are located in the state

A gamble in the sand

A gamble in the sand

The history of Las Vegas

Guest Gauge

Guest Gauge

The weekend crowd forecast for Las Vegas

  • Most Read
  • Discussed
  • Most E-mailed

Calendar »

  • 9 Tue
  • 10 Wed
  • 11 Thu
  • 12 Fri
  • 13 Sat