Full House Resorts, Inc. was expected by analysts to do much better than the reported second-quarter earnings. The company’s results, have been blamed on a weak overall economic recovery across the nation, as well as competition increases that were not taken into account by the analysts. The second-quarter earnings reported by the firm totaled $700,000, which comes to about four cents per share of the company. During the same period last year, the company was able to bring in more than $1.4 million overall, which was one of the best quarters that the company has seen.
However, the company did see a large increase in revenue. This June, they were able to bring and $27.4 million, compared to last June when they brought in $25.2 million. Analysts were expecting slightly increased earnings, likely somewhere in the range of five cents per share. The company was not able to live up to expectations of the analyst, but are hoping for things to pick up in the next quarter.
“Given a stagnating economy and new competition in Ohio, we were satisfied with the results of our Rising Star Casino Resort and very pleased with the strong performance at our Northern Nevada properties,” said Andre Hilliou, Full House Resorts CEO.
Revenue from their Stockman and Grand Lodge Casinos combined were $5.2 million in the second quarter. This was up from just 2 million last year, so the company is seeing some locations see an overall increase in revenue. However, overall they have seen it dive across the board.
The company saw revenues dip across multiple locations, and is hoping to see these numbers fall at some point in the future. They remain hopeful about the future, stating that their upcoming Silver Slipper casino should help them to increase their overall revenue, and give them more locations to work with moving forward. The acquisition of the casino cost them a total of $70 million and was announced in April.