Benzinga | Jan 19, 2022 08:32AM EST

Full House Resorts Sees Prelim. Q4 Revenues $43M-$43.5M vs $43.24M Est.; Sees FY21 Sales $179.9M-$180.4M vs $180.13M Est.

Full House Resorts, Inc. (NASDAQ:FLL) today announced preliminary results for the fourth quarter ended December 31, 2021. The preliminary results are subject to the completion of the final financial statements and our final closing procedures. The preliminary results have not been audited or reviewed by the Company's independent registered public accounting firm, Deloitte & Touche LLP, and should not be viewed as a substitute for full financial statements prepared in accordance with generally accepted accounting principles. The Company's actual results may differ as a result of the Company's financial closing procedures, final adjustments and other developments that may arise between now and the time that the Company's results for the fourth quarter and annual period are finalized.

For the fourth quarter of 2021, consolidated total revenues are expected to be in the range of $43.0 million to $43.5 million, compared to $38.3 million for the fourth quarter of 2020. Consolidated operating income for the fourth quarter of 2021 is expected to be in the range of $4.9 million to $6.1 million, compared to operating income of $7.7 million for the fourth quarter of 2020. Net income is expected to be in the range of $4.2 million to $5.9 million for the fourth quarter of 2021, compared to $3.5 million in the fourth quarter of 2020. Adjusted EBITDA(a) is expected to be in the range of $7.3 million to $8.5 million for the fourth quarter of 2021, which reflects adverse hold in the Company's Nevada and Indiana segments and approximately $1.7 million of expenses related to corporate initiatives that are not expected to recur in future periods. Adjusted EBITDA for the fourth quarter of 2020 was $9.8 million, including the sale of "free play" at Rising Star for $2.1 million. A similar "free play" sale for $2.1 million also occurred during 2021, but in the third quarter. As of December 31, 2021, the Company had approximately $265 million of cash and equivalents, including approximately $177 million of restricted cash dedicated to the construction of its Chamonix Casino Hotel project.

Given the Company's estimated preliminary results for the fourth quarter, results for the full year are expected to be its highest for at least the past eight years. Consolidated total revenues in 2021 are expected to be in the range of $179.9 million to $180.4 million, compared to $125.6 million in 2020. Consolidated operating income in 2021 is expected to be in the range of $36.9 million to $38.1 million, compared to operating income of $10.5 million in 2020. Net income in 2021 is expected to be in the range of $10.9 million to $12.6 million, compared to $0.1 million in 2020. Adjusted EBITDA in 2021 is expected to be in the range of $46.6 million to $47.8 million, including approximately $2.1 million of expenses related to corporate initiatives that are not expected to recur in future years. Adjusted EBITDA in 2020 was $19.7 million.

Additionally, the Company announced today details regarding its plans for a temporary casino in Waukegan, Illinois. Named The Temporary by American Place, the Company plans to invest approximately $100 million in its temporary facility, which includes significant upfront gaming license payments and the purchase of slot machines that are expected to be transferred to the permanent casino once opened. The Company intends to finance The Temporary with new debt and expects to open the facility in mid-2022 with approximately 1,000 slot machines and 50 table games, subject to regulatory approval. The Company has agreed to purchase approximately ten acres of strategically-important land adjoining the 29-acre casino site to be leased from the City of Waukegan. The temporary casino will be in a "sprung structure" at one end of the combined 39-acre site and will utilize many of the same parking lots that will serve the permanent casino, to be built at the other end. For detailed renderings and a video flythrough of the permanent American Place facility, please