Full House Resorts (FLL) Updates on Bronco Billy’s Casino M&A Deal; Prelim. Q4, FY15 Results Flat with Views

Full House Resorts, Inc. (Nasdaq: FLL) announced that the Colorado Limited Gaming Control Commission has granted the Company licenses for its pending acquisition of Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado. The Company expects to close on its acquisition of Bronco Billy’s before the end of the first quarter of 2016 once it has received all regulatory approvals, besides those from Colorado, and in conjunction with the refinancing of its primary debt.

Additionally, Full House Resorts today announced preliminary results for the fourth quarter and year ended December 31, 2015. The preliminary results are subject to the completion of the final financial statements, including the completion of the annual audit by the Company's independent registered public accounting firm.

For the fourth quarter of 2015, consolidated net revenues are expected to be in the range of $29.9 million to $30.6 million, compared to $26.7 million in the fourth quarter of 2014. Consolidated operating income for the fourth quarter of 2015 is expected to be in the range of $0.5 million to $1.2 million, compared to an operating loss of $4.8 million for the fourth quarter of 2014. Adjusted EBITDA(a) is expected to be in the range of $2.1 million to $2.8 million for the fourth quarter of 2015, an increase from $0.3 million for the fourth quarter of 2014. Net loss is expected to be in the range of $0.8 million to $1.5 million for the fourth quarter of 2015, an improvement from a net loss of $10.5 million in the fourth quarter of 2014.

*** The Street sees Q4 revenue of $30.3 million and loss of $0.01 per share.

For the full-year 2015, consolidated net revenues are expected to be in the range of $124.0 million to $124.7 million, compared to $121.4 million in 2014. Consolidated operating income is expected to be in the range of $4.8 million to $5.5 million for 2015, compared to an operating loss of $13.8 million for 2014. Adjusted EBITDA is expected to be in the range of $13.5 million to $14.2 million for 2015, compared to $10.5 million for 2014. Net loss is expected to be in the range of $0.9 million to $1.6 million for 2015, compared to a net loss of $20.8 million for 2014.

*** The Street sees FY15 revenue of $124.4 million and loss of $0.02 per share.

“We thank the Colorado Limited Gaming Control Commission for its expeditious, thorough, and thoughtful review of our gaming applications and we look forward to being a part of the Cripple Creek community,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “We are also proud of our Company’s significant growth over the past year. We look forward to formally presenting our financial results and welcoming Bronco Billy’s into the Full House family.”

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