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Full House Resorts Inc. Message Board

  • josejosb josejosb Jul 30, 2013 6:31 PM Flag

    If. Brean. Thinks. FLL. Has. A good balance sheet

    They needs to look at. LACO. And ARHNk. Thentheynwill see balance sheets of gold,,,they are lost. Don't believe FLL. Can service debt and maintain the. Properties and new machines,,,don't anyone wonder why Andre has had so. Many jobs?????

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    • Hey Jose, nice call on the balance sheet assessment.

      Here's the Brean brief:

      July 30, 2013

      "Brean Capital lowered its estimates for Full House Resorts following monthly gaming revenue out of Indiana. Despite lowered estimates, the firm still likes the stock given its stellar balance sheet and management experience in operating gaming properties. Shares remain Buy rated with a $4.50 price target."

      FLL had long-term debt as of March 31, 2013 of $63,750,000 -- versus $33,431,000 in current assets minus $16,639,000 in current liabilities.

      FLL had goodwill of $22,127,000 and other intangible assets of $17,544,000.

      All this doesn’t strike me as a stellar balance sheet. After all, it might not be too easy to liquidate their $83,341,000 in property and equipment (their owned casinos) if needed.

      I do like the fact that Brean is following the Indiana gaming revenues. I was tracking that for years as the Rising Sun property's revenues slowly floated downstream.

      I look for FLL to test $2.60 again following earnings.


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