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References in this document to Full House, the Company, we, our, or us refer to Full House Resorts, Inc. and its subsidiaries, except where stated or the context otherwise indicates. Introduction Formed as a Delaware corporation in 1987, Full House Resorts, Inc. owns, leases, operates, develops, manages, and/or invests in casinos and related hospitality and entertainment facilities.
Operating margin is thin at 1.03%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 3.5%, steady but not accelerating.
Negative free cash flow of -$3M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$302M
▲ +3.5% YoY
Net Income (TTM)
-$39M
▲ +1.2% YoY
Op. Margin
1.57%
ROIC
0.80%
Cash Flow & Balance Sheet
FCF (TTM)
$764K
▲ +93.1% YoY
Op. Cash Flow (TTM)
$13M
▼ -28.0% YoY
Net Debt
$501M
Cash & Equiv.
$31M
5Y CAGR: +19.2%
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