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On Friday, Citizens JMP analyst Jordan Bender revised the price target for Full House Resorts (NASDAQ:FLL) shares, reducing it to $4.00 from the previous $5.00, while retaining a Market Outperform rating on the stock. The revision comes as the stock has declined over 34% in the past six months, though InvestingPro data suggests the company is slightly undervalued at its current market capitalization of $118.72 million. Bender’s commentary followed Full House Resorts’ financial performance in the first quarter of 2025, where the company reported mixed results, surpassing revenue expectations but falling short on EBITDA.
Full House Resorts announced a revenue of $75 million, which is a slight increase of 1% compared to the consensus estimates. This figure also represents a 7% year-over-year growth, bolstered by robust expansion in Illinois, contributing to the company’s trailing twelve-month revenue of $297.2 million and impressive gross profit margin of 50.94%. However, the company’s EBITDA came in at $11.5 million, marginally below the consensus of $11.6 million, marking a $1 million year-over-year decline. The shortfall in EBITDA was attributed to adverse weather conditions and less-than-expected performance at the Chamonix property, which affected visitor numbers and increased operational costs.
Despite the setbacks, the company’s management has been proactive in implementing changes across its properties, aiming to improve margins during the more profitable later quarters of the year. Bender noted that the company is anticipating an upturn in EBITDA from the second quarter onwards, with further improvements expected in the third quarter, which is traditionally stronger.
The Chamonix property’s ramp-up has been underwhelming thus far, impacting the company’s financial results and its ability to reduce debt. Nevertheless, the temporary gaming facility in Illinois has been a highlight for Full House Resorts, showing a 13% increase in gaming revenue in the first quarter of 2025, marking its most successful quarter to date.
The adjustment in the price target reflects the mixed financial outcomes and the challenges faced by Full House Resorts in the first quarter, as well as the potential for recovery in the coming months as indicated by the company’s management. InvestingPro analysis reveals several additional challenges, including cash burn concerns and profitability issues. For deeper insights into Full House Resorts’ financial health and growth potential, including 8 more exclusive ProTips and comprehensive valuation metrics, check out the full Pro Research Report available on InvestingPro.
In other recent news, Full House Resorts Inc reported a strong financial performance for the first quarter of 2025. The company announced a 34% increase in revenue for its properties, Chamonix and Bronco Billy’s, and a 21% year-over-year growth in adjusted property EBITDA at Silver Slipper. American Place achieved record gaming revenue in March, approaching $11 million. Despite these positive results, the company’s stock experienced a decline in after-hours trading. Additionally, Full House Resorts is optimistic about its future, with plans to reach $20 million in EBITDA at Chamonix within five years and to double revenues with the development of a permanent American Place facility. Cost-saving initiatives at Silver Slipper have led to over $2 million in annualized savings. Analyst firms, such as Citizens and CBRE (NYSE:CBRE), engaged with the company during its earnings call, seeking insights into strategic plans and market conditions. Lastly, Full House Resorts has extended the maturity date of its revolving credit facility to January 2027, indicating a focus on strengthening its financial position.
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