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Full House Resorts Inc . (NASDAQ:FLL) President and CEO Daniel R. Lee has recently engaged in transactions involving the company's common stock, according to a new SEC filing. On two separate dates, Lee sold shares and exercised stock options, resulting in a notable change in his holdings.
On September 11, 2024, Lee exercised options to acquire 718,834 shares of Full House Resorts at a price of $1.25 per share, totaling approximately $909,735. On the same day, he disposed of 180,794 shares at $4.97 each, amounting to a transaction value of around $898,546. These shares were withheld to cover the exercise price of the stock options, as noted in the filing's footnotes.
Additionally, on September 13, Lee exercised options to buy another 8,954 shares, also at the price of $1.25 per share. Subsequently, he sold the same number of shares at a weighted average price of $5.0771, with transactions ranging from $5.00 to $5.12 per share. The total value of this sale was approximately $45,460. The sales were conducted to generate proceeds used to satisfy the tax withholding obligation and the exercise price of the transactions reported in the filing.
Investors tracking insider activity may find these transactions of interest as they represent a change in the direct ownership by the company's President and CEO. Following these transactions, Lee's direct holdings in Full House Resorts have adjusted, reflecting his current investment in the company.
For those interested in the detailed figures and additional information regarding the transactions, the SEC filing provides full disclosure, including footnotes that offer context for the reported activities.
In other recent news, Full House Resorts has sold Stockman's Casino in Nevada to Clarity Game LLC for approximately $9.2 million. This development comes as Full House Resorts shifts its focus to larger properties, including the recently opened Chamonix and upcoming American Place casinos. The company has also reported significant growth at the Chamonix property, with a positive EBITDA for the second quarter of 2024.
Full House Resorts is planning a substantial investment in the American Place project, set to begin construction in August 2025. To finance this project, the company is contemplating issuing new bonds. It aims to boost its midweek room occupancy by attracting group and convention business, setting a target of achieving $10.5 million of monthly gaming revenue with margins over 30%.
Despite facing a lawsuit from the Potawatomi tribe, which could potentially affect the timeline of the American Place project, Full House Resorts remains optimistic about the long-term success of its Chamonix casino. Notably, gaming revenues at Chamonix have more than doubled compared to a year ago. These recent developments underline Full House Resorts' strategic financial planning and commitment to growth.
InvestingPro Insights
As Full House Resorts Inc. (NASDAQ:FLL) navigates through its business endeavors, the company's financial health and market performance remain critical for investors. According to recent data from InvestingPro, Full House Resorts has a market capitalization of approximately $177.83 million. Despite the challenges highlighted by the company's negative P/E ratio of -6.31, which suggests that it is not currently profitable, there is a silver lining as analysts anticipate a significant sales growth in the current year, with a reported revenue growth of 47.08% over the last twelve months as of Q2 2024.
In light of President and CEO Daniel R. Lee's recent stock transactions, it is essential to consider the company's financial stability. One InvestingPro Tip indicates that Full House Resorts operates with a significant debt burden, which could impact its ability to navigate financial markets effectively. Moreover, the company's stock price movements have been quite volatile, which could be a point of consideration for investors looking at the recent insider trading activity.
Nonetheless, it's not all concerning news. Full House Resorts has shown a strong revenue growth, which could be enticing for those looking for companies with potential for sales expansion. This is further supported by the InvestingPro Data that shows a gross profit margin of 53.7% over the same period, indicating that the company is efficiently generating profit from its revenues despite its current lack of profitability.
For investors seeking more in-depth analysis and additional insights, there are 11 more InvestingPro Tips available on the Full House Resorts InvestingPro page, which could provide a more comprehensive understanding of the company's financial health and market position.
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