Silver Slipper Casino parent company annouces $2.3 million quarterly loss

March 10, 2014

Business, Tourism

Casino_rouletter_wheel RGBThis morning, Full House Resorts (NASDAQ: FLL), owner of Silver Slipper Casino in Hancock County, announced results for the quarter and year ending Dec. 31, 2013.

Net loss attributable to the Las Vegas-based company for the quarter was $2.3 million, or $0.13 per common share, compared to $0.8 million, or $0.04 per common share, in the prior-year period.

At its Silver Slipper, fourth quarter revenue was $11.6 million compared to $12.9 million in the prior-year quarter primarily due to “overall market weakness,” the company said.

“We were disappointed with our fourth quarter results, as increased competition and adverse weather conditions led to lower-than-expected performance,” said Andre Hilliou, Full House chairman and CEO. “On the positive side…construction continues on the hotel at our Silver Slipper property in Mississippi. We remain focused on building Full House as a locals-oriented regional casino company and continue to evaluate opportunities to achieve this end in a measured and conservative manner.”

Operating expenses for the fourth quarter were $32.4 million, down from $38.6 million in the prior-year period. The decrease included $1.1 million of cost reductions at the Silver Slipper, purchased in 2012.

For 2013, Full House had total revenue of $144.7 million, compared to $128.8 million in the prior year, primarily due to additional $38.8 million in revenue from the Silver Slipper.

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