Full House Resorts, Inc. (NASDAQ:FLL) Chief Operating Officer John Ferrucci sold 1,501 shares of company stock on June 12, 2024, for a total value of $7,599. The shares were sold at a weighted average price ranging from $5.036 to $5.11, with the reported average being $5.063 per share.
The sale was disclosed in a filing with the Securities and Exchange Commission. In the same filing, it was revealed that Ferrucci also exercised options to acquire 1,501 shares of Full House Resorts common stock at a price of $1.51 per share, totaling $2,266.
Following the transactions, Ferrucci's direct ownership in the company stands at 28,328 shares of common stock. The COO's recent financial moves come as part of the regular financial activities of company executives, providing investors with insights into insider trading patterns.
Full House Resorts, headquartered in Las Vegas, Nevada, operates in the hotels and motels industry, providing hospitality and entertainment services. As with all insider transactions, the sale and purchase of shares by company executives are closely monitored by investors for indications of the company's performance and the confidence of its leaders in the company's future.
Investors and stockholders may request detailed information about the exact number of shares sold at each price within the range from Full House Resorts upon request, as indicated by the footnotes in the SEC filing. The options exercised by Ferrucci vested in three equal annual installments from 2016 to 2018, highlighting a long-term investment in the company's growth and success.
This latest transaction is part of the ongoing financial disclosures required by company executives and provides transparency into the actions of Full House Resorts' management team.
In other recent news, Full House Resorts Inc . has seen significant changes and developments. The company recently announced the resignation of board member Michael Hartmeier, who has been a key contributor to the company's governance. The board has since been restructured, reducing the number of directors from eight to seven, with Lynn Handler appointed as the new Chairperson of the Nominating Committee.
In terms of financial performance, Full House Resorts reported a record 39% increase in gaming revenues at its American Place casino in the first quarter. Despite initial losses at the newly opened Chamonix casino, the company anticipates reaching a break-even point soon. Full House Resorts also announced a 19% decrease in property insurance costs at Silver Slipper, projected to save approximately $900,000 over the next year.
Looking ahead, the company plans to commence construction of a permanent location in Waukegan in August 2025, supported by fundraising efforts over the next 15-18 months. CEO Dan Lee addressed labor issues at new properties, assuring that a stable workforce has been established and these issues should resolve within a year. Full House Resorts is also exploring the potential of offering online sports betting to its customer database.
InvestingPro Insights
As Full House Resorts, Inc. (NASDAQ:FLL) sees insider trading activity, it's important for investors to consider the broader financial context of the company. According to recent data from InvestingPro, Full House Resorts has a market capitalization of $163.14 million. The company's revenue has shown a remarkable growth of 51.71% over the last twelve months as of Q1 2024, with a gross profit margin of 53.82% indicating a strong capacity to generate income relative to its sales.
However, the company's financial health is not without its challenges. Full House Resorts operates with a significant debt burden, and analysts do not anticipate the company will be profitable this year. Moreover, the stock price has experienced a notable decline, with a 1 year price total return of -30.37% as of the latest data. This could be reflective of the volatility in the stock price, which is another aspect that potential investors should consider.
For those looking to delve deeper into the financials and future prospects of Full House Resorts, there are additional InvestingPro Tips available. These include insights on sales growth expectations, cash burn rate, and valuation metrics such as EBIT valuation multiple and free cash flow yield. With these tips, investors can gain a better understanding of the company's performance and make more informed decisions.
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