Northern Nevada struggles in otherwise ‘phenomenal’ quarter for Full House

Northern Nevada made up Full House Resorts Inc.’s smallest operations and its biggest straggler these last few months, according to a company earnings statement.

The Las Vegas-based gaming operator owns five casinos across four states, including two casinos in Northern Nevada; Stockman’s in Fallon and Grand Lodge in Incline Village. The COVID-19 pandemic hit those Nevada properties hardest during the third financial quarter, Full House reported Thursday. Grand Lodge generated $4.1 million in revenue, and Stockman’s brought in $6.3 million, Full House reported.

Grand Lodge Casino, located inside of Hyatt Regency Lake Tahoe resort, sees business from locals, resort visitors, fly-in tourists and convention crowds, the company said. Stockman’s Casino sits about 15 minutes northwest of Naval Air Station Fallon and entertains several pilots who come to train at the “Navy Weapons Fighter School,” or as its better known, “TOPGUN.”

“People are understandably hesitant to fly or attend conventions, and the Navy is understandably restricting the movement of its personnel (from leaving the base) to protect the health of both its servicemembers and the host community,” the company reported.

Overall, the company reported $42 million in revenue during the third financial quarter, down from $44.3 million from the same period last year. Its net income rose from $940,000 during the third quarter last year to $7.7 million this third quarter.

“Net income in both periods was affected by the accounting for the fair market value of outstanding warrants,” the company said in a statement.

President and CEO Daniel Lee called it a “phenomenal” third quarter for Full House. The company opened its properties “conservatively” regarding hours and amenities, Lee said.

“We are pleased that customers have generally responded positively, recognizing that it is possible to operate a casino with appropriate social distancing and health safety measures,” he said. “We think our positive results also reflect that people generally drive rather than fly to our casinos and that we do not rely on potentially pandemic-unfriendly amenities such as shows, nightclubs or convention facilities.”

Shares of Full House, trading as FLL on the NASDAQ, rose 13.45 percent to $3.29 per share by closing time on Friday.

Contact Mike Shoro at mshoro@reviewjournal.com or 702-387-5290. Follow @mike_shoro on Twitter.