Full House Resorts (FLL) Preliminary Impairment Charges for Q3 of $4.5 Million
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Price: $2.09 +6.09%
Financial Fact:
Selling, general and administrative: 12.81M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Selling, general and administrative: 12.81M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Full House Resorts (NYSE: FLL) today announced it expects to take a third quarter 2011 non-cash goodwill impairment charge of approximately $4.5 million ($2.7 million on an after-tax basis) related to its Stockman’s Casino.
The charge is being recognized due to a decline of operating results at Stockman’s resulting from the weak economic conditions in Northern Nevada and slower than expected improvement from changes made in marketing programs.
In addition, the Company expects to record a valuation charge against its remaining tribal receivables in the amount of $420,000 ($257,000 on an after-tax basis) as a result of slower than expected progress by the Nambe Pueblo in securing financing for their proposed casino facility amid a weak credit environment.
The charge is being recognized due to a decline of operating results at Stockman’s resulting from the weak economic conditions in Northern Nevada and slower than expected improvement from changes made in marketing programs.
In addition, the Company expects to record a valuation charge against its remaining tribal receivables in the amount of $420,000 ($257,000 on an after-tax basis) as a result of slower than expected progress by the Nambe Pueblo in securing financing for their proposed casino facility amid a weak credit environment.
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