{"id":193385,"date":"2021-11-29T07:46:14","date_gmt":"2021-11-29T15:46:14","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=193385"},"modified":"2021-11-29T11:19:17","modified_gmt":"2021-11-29T19:19:17","slug":"full-house-stock-has-major-potential-via-colorado-illinois-projects","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/full-house-stock-has-major-potential-via-colorado-illinois-projects\/","title":{"rendered":"Full House Could Be Next Big Regional Gaming Story, Says Analyst"},"content":{"rendered":"

Full House Resorts (NASDAQ:FLL) stock could be the next hit among regional gaming equities, and the shares offer significant upside potential, says an analyst.<\/p>\n

\"Full
A full parking lot at Bronco Billy’s in Colorado, seen above. The company and another project there could be catalysts for Full House stock. An analyst forecasts 65 percent upside. (Image: YouTube)<\/figcaption><\/figure>\n

In a note to clients today, Roth Capital analyst Edward Engel restarts coverage of the Silver Slipper operator with a \u201cbuy\u201d rating and a $16 price target. That implies upside of 65.1 percent from the Nov. 26 close. The shares are up 1.75 percent in early trading on Engel’s call.<\/p>\n

FLL is transitioning from a micro-cap gaming stock to a national operator of scale,\u201d<\/strong> said the analyst. \u201cSimilar to gaming stocks making this transition last decade, we expect FLL’s valuation to expand as its earnings before interest, taxes, depreciation and amortization (EBITDA) doubles, and potentially triples over the next three to four years.\u201d<\/strong><\/p><\/blockquote>\n

In addition to Bronco Billy\u2019s in Cripple Creek, Colo. and the Silver Slipper in Mississippi, Full House runs a pair of gaming properties in Nevada and one in Indiana. The company is also in the process of completing Charmonix<\/a> Casino Hotel, which will be located adjacent to Bronco Billy’s.<\/p>\n

Colorado, Illinois ‘Transformational’<\/h2>\n

Roth’s Engel says the Charmonix project<\/a>, which is a higher-end venue than Bronco Billy’s, is expected to open in early 2023. That, along with Full House’s pursuit of an integrated resort in Waukegan, Ill., could be major catalysts for the shares down the road.<\/p>\n

\n

The analyst’s $16 price target includes $4 a share attributable to the Colorado expansion, and $3.50, assuming the operator wins the Waukegan license. He notes Charmonix could drive 20 percent-plus return on investment, as the venue could lure a higher-end clientele that indulges in longer overnight stays and spends more cash. Engel also notes the addition of a classier venue in Cripple Creek could boost table game yields, bridging the gap with Black Hawk — Colorado’s other gaming town.<\/p>\n<\/div>\n

In Illinois, the Waukegan project could be \u201ctransformational\u201d for Full House, says Engel.<\/p>\n

\u201cWe believe this opportunity offers 15 percent-plus return on investment, where the project is outside of Chicago and in suburbs with low gaming penetration,\u201d <\/strong>notes the analyst. \u201cFull House is spending $300 million to $400 million here, which we believe offers an EBITDA opportunity of $55 million.\u201d<\/strong><\/p>\n

He says Illinois regulators should make a decision on the Waukegan winner in January. The analyst is assigning $2 a share to Full House’s price due to Illinois, which implies 60 percent probability the operator is chosen to run the Waukegan venue. Assuming that happens, the per-share value of that event grows to $3.50.<\/p>\n

Bold Comparisons<\/h2>\n

Engel says Full House is the next regional gaming operator of scale, following in the footsteps of the likes of Bally’s (NYSE:BALY)<\/a>, Golden Entertainment (NASDAQ:GDEN), and Eldorado Resorts, which is now Caesars Entertainment (NASDAQ:CZR).<\/p>\n

Those companies and others saw EBTIDA multiples double and triple after EBITDA topped the $100 million mark.<\/p>\n

\u201cBy achieving scale, we believe Full House will exit this development cycle as a higher quality business, with a lower cost of capital and greater flexibility to pursue transformational developments and mergers and acquisitions opportunities,\u201d <\/strong>concludes Engel.<\/p>\n","protected":false},"excerpt":{"rendered":"

Full House Resorts (NASDAQ:FLL) stock could be the next hit among regional gaming equities, and the shares offer significant upside potential, says an analyst. In a note to clients today, Roth Capital analyst Edward Engel restarts coverage of the Silver Slipper operator with a \u201cbuy\u201d rating and a $16 price target. That implies upside of […]<\/p>\n","protected":false},"author":46,"featured_media":193386,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[],"acf":[],"yoast_head":"\nFull House Stock Has Major Potential Via Colorado, Illinois Projects<\/title>\n<meta name=\"description\" content=\"Full House stock could be next great regional gaming equity story, says Roth Capital analyst Edward Engel.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/full-house-stock-has-major-potential-via-colorado-illinois-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Full House Stock Has Major Potential Via Colorado, Illinois Projects\" \/>\n<meta property=\"og:description\" content=\"Full House stock could be next great regional gaming equity story, says Roth Capital analyst Edward Engel.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/full-house-stock-has-major-potential-via-colorado-illinois-projects\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-29T15:46:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-29T19:19:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/FLL.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/full-house-stock-has-major-potential-via-colorado-illinois-projects\/\",\"url\":\"https:\/\/www.casino.org\/news\/full-house-stock-has-major-potential-via-colorado-illinois-projects\/\",\"name\":\"Full House Stock Has Major Potential Via Colorado, Illinois Projects\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/full-house-stock-has-major-potential-via-colorado-illinois-projects\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/full-house-stock-has-major-potential-via-colorado-illinois-projects\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/FLL.jpg\",\"datePublished\":\"2021-11-29T15:46:14+00:00\",\"dateModified\":\"2021-11-29T19:19:17+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Full House stock could be next great regional gaming equity story, says Roth Capital analyst Edward Engel.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/full-house-stock-has-major-potential-via-colorado-illinois-projects\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/full-house-stock-has-major-potential-via-colorado-illinois-projects\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/full-house-stock-has-major-potential-via-colorado-illinois-projects\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/FLL.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/FLL.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Bronco Billy's in Colorado and another project there could be catalysts for Full House stock. 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