Advertisement
- HOME
- REGIONAL
- DEVELOPMENT
- ENVIRONMENT
- FEATURES
- FINANCIAL
- INTERNET
- MARKETING
- TECH
- TRENDS
- MORE
- VIDEOS
- RESOURCES
- RESERVATIONS
Full House Resorts (NYSE Amex US: FLL) announced today that it has concluded that the company is required under generally accepted accounting principles to record a pre-tax, non-cash impairment charge of $728,000, the total investment in the Northern Cheyenne management and development project in Montana.
The company intends to continue working with the Northern Cheyenne Nation to pursue the development of a casino near Lame Deer, Montana. However, based on current economic conditions including a difficult credit market for greenfield projects, the company has determined that both the timing and feasibility of this project are difficult to determine. As a result, the company believes that its receivable and contract rights are more appropriately classified as not recoverable. The impact of the impairment, which will be recorded in the fourth quarter of 2009, is expected to have a $480,000 negative impact on net income, or approximately $0.03 earnings per share for the quarter. The company expects to report earnings exclusive of the impairment charge of approximately $0.07 and $0.28 for the quarter and year ending December 31, 2009, respectively.
