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In a recent development, Full House Resorts Inc ., a hospitality and casino company, has announced a change in its independent registered public accounting firm. On March 14, 2025, the company’s Audit Committee approved the engagement of Ernst & Young LLP (EY) to perform audit services for the fiscal year ending December 31, 2025.
Concurrently, the Audit Committee has terminated the services of Deloitte & Touche LLP (Deloitte), which had been the company’s auditor until the date of the change. Full House Resorts stated that Deloitte’s audit reports for the fiscal years ended December 31, 2024, and December 31, 2023, did not contain any adverse opinions or disclaimers and were not qualified or modified regarding audit scope or accounting principles.
The company also confirmed that there were no disagreements or reportable events between Full House Resorts and Deloitte during the fiscal years mentioned and up to March 14, 2025. Deloitte has been provided with the disclosure in the Current Report on Form 8-K and requested to furnish a letter to the U.S. Securities and Exchange Commission (SEC) regarding their agreement with the company’s disclosure, as required by regulation.
Full House Resorts noted that it had not consulted EY for any accounting, auditing, or financial reporting advice that influenced the company’s decision-making during the last two fiscal years and up to the engagement date.
The change in auditors is detailed in the company’s Form 8-K filed with the SEC, which includes a letter from Deloitte to the SEC dated March 18, 2025, as an exhibit. The filing confirms the company’s commitment to maintaining high standards of financial reporting and audit integrity.
This management decision comes as Full House Resorts continues to operate in the hotels and motels industry, with its principal executive offices located in Las Vegas, Nevada. The company, which generated revenues of $292 million in the last twelve months with a 51% gross margin, is incorporated in Delaware and trades on The Nasdaq Stock Market LLC under the ticker symbol (NASDAQ:FLL). Trading near its 52-week low of $3.77, detailed analysis and valuation metrics are available in the comprehensive Pro Research Report on InvestingPro, part of the platform’s coverage of over 1,400 US stocks.
In other recent news, Full House Resorts reported a challenging fourth quarter for 2024, with earnings per share falling short of expectations at -$0.35, compared to the forecasted -$0.23. Revenue also missed projections, coming in at $72.96 million against an anticipated $75.78 million. Despite these setbacks, the company saw significant revenue growth at its American Place property, with a 42% increase year-over-year. Analysts from Macquarie and Citizens JMP maintained their ratings on Full House Resorts, with both setting a price target of $5.00, reflecting a cautious outlook on the company’s near-term performance. Macquarie noted that while the company’s EBITDA was up 42% year-over-year, the property EBITDA fell short of consensus expectations by 4%. Meanwhile, Citizens JMP expressed confidence in the long-term potential of the company, citing the anticipated substantial EBITDA generation from future developments. Full House Resorts is also planning to start permanent construction at its Illinois property in 2025, with completion aimed for August 2027, which is expected to double revenues at American Place. The company ended the previous year with a cash balance of $40 million and plans to reduce its debt and generate positive free cash flow throughout the year.
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