美國會計方面的留學生essay寫作-Financial overview of Full House Resorts

 

Background of company 

Full House Resorts Inc was found in 1987, which is a casino developer and operator, the headquartered located in Las Vegas, Nevada of United States. It was listed on NASDAQ in 1993, the stock code is FLL.O, and the SIC code is 7011, it belong to Resorts & Casinos industry Service sector. The mainly business is gaming and related operations. It own five casinos, which includes Rising Star Casino Report、Stockman’s Casino、Grand Lodge Casino、Buffalo Thunder Casino and Silver Slipper Casino. The Rising Star Casino Report located in Indiana, Stockman’s Casino and Grand Lodge Casino located in Nevada, Buffalo Thunder Casino located in New Mexico, Silver Slipper Casino located in Mississippi. It has more than 100 thousand square feet of gaming space with more than 3500 slot, 110 table games and more than 300 gaming machines. The company has the whole casino industry chain, it not only development and investment casino, but also operation the casino, actually it also enter into the related industry, such as hotel and golf course. The company is famous in United State, due to the company has two casino in Las Vegas, While it has many casinos in Las Vegas, the competitors includes MGM Mirage 、Caesars Entertainment corporation and so on, as more and more companies operation casino in Las Vegas, New Mexico, Indiana and Mississippi, the competition will become more seriously. 

公司背景

浪漫滿屋度假村公司成立于1987年，是一個賭場開發商和運營商，總部設在位于拉斯維加斯-美國內華達州。它于1993年在納斯達克上市，股票代碼為FLL.O ，而SIC代碼是7011 ，它屬于度假村及賭場??業服務部門。主要業務是博彩及相關業務。它擁有五間娛樂場，包括新星賭場報告，畜牧業的賭場，大旅館賭場，布法羅雷霆賭場和銀色拖鞋賭場。后起之秀賭場舉報位于印第安納州，畜牧業的賭場和大旅館賭場位于內華達州，布法羅雷霆賭場設在新墨西哥州，銀拖鞋賭場位于密西西比州。它擁有超過3500插槽超過10萬平方呎的博彩場地， 110張賭臺及超過300臺博彩機。公司擁有整個賭場的產業鏈，它不僅發展及投資賭場，而且操作的賭場，實際上它也進入相關行業，如酒店和高爾夫球場。該公司是著名的美國州，因為該公司有兩個在拉斯維加斯的賭場，雖然它有很多賭場在拉斯維加斯，競爭對手包括米高梅，凱撒娛樂公司等，在拉斯維加斯越來越多的企業經營賭場拉斯維加斯，新墨西哥州，印第安納州和密西西比州，競爭會變得更加嚴重。

 

The company has more than 1000 employees, and loyal to the company. The established excellent corporate governance structure and internal control system, it includes the shareholders’ meeting, Board of directors, audit committee, compensation committee, nominating committee, compliance committee. It has six director in Board of directors, Andre M. Hilliou is Chairman and Chief Executive Officer, Deborah J.Pierce is Chief Financial Officer, Mark J. Miller is the Chief Operating Officer. These managers all have rich experience of casino, and try best to created valuation for shareholders. From the independent auditors’ conclusions, the opinion audit was qualified last three years, actually the audit opinion had never unqualified. The company has been carry out the internal control and information disclosure according to the law and regulation. #p#分頁標題#e#

 

Since the company listed in NASQA, the stock price also growth, in the present three years, the stock price is relatively stable. The fluctuation is small. Now the stock price is 2.81. 

       Figure 1 the stock price of Full House Resorts

 

Data resource: Yahoo Finance 

 

Financial overview 

According to the financial reports of company from 2010 to 2012, in the income statement of company, the total revenues of company increase quickly, in 2012, the growth of revenue was 22.09%, while the margin gross ratio decrease very year, due to the increase of cost. The margin gross profit was 42.09% in 2012, decrease 9% compare to 2011. The expense of company also increase quickly, in 2012, the growth of operating expenses increase 19.91%, the net income of company was 27.83million $ in 2012, and increase 1087.96%. in summary, the operation results of company was excellent. 

         

Table 1 the income statement of company

　 2010 2011 2012

Total Revenue 32,897 105,461 128,760

Growth 　 220.58% 22.09%

Cost of Revenue 4,176 51,443 74,563

Gross Profit 28,721 54,018 54,197

Margin gross ratio 87.31% 51.22% 42.09%

Total Operating Expenses 10277 38151 45748

　Growth 　 271.23% 19.91%

Operating Income 23,539 19,173 49,638

Net Income 7,669 2,343 27,834

Growth 　 -69.45% 1087.96%

Data resource: Yahoo Finance  Unite: thousands $

 

From the balance sheet of company, as the development of company’s operation, the total assets of company increase every year, the total assets of company was 162.72million $ in 2012, and growth was 71.98%. that was mainly due to the non current assets increase quickly. particularly the goodwill. For the liabilities, the total liabilities was 81.59million $ in 2012, and growth was 84.12%. that is due to the non current liabilities. The total stockholders equity of company was 81.138millin $,a and increase 61.28%. in summary, the situation of asset of company also excellent.

          

Table 2 the balance sheet of company 

　 2010 2011 2012

Total Current Assets 17175 23214 32339

Non Current Assets 39276 71404 130386

Total Assets 56451 94618 162725

Total Current Liabilities 1546 17186 15332

Non Current Liabilities 7692 27128 66260

Total Liabilities 9238 44314 81592

Total Stockholder Equity 47212 50304 81133

Data resource: Yahoo Finance  Unite: thousands $

 

From the cash flow of company, the Cash Flow From Operating Activities was -4.3million $ in 2012, Cash Flows From Investing Activities was 45.27 million in 2012, Cash Flows From Financing Activities was -35.07 million in 2012, and change in cash and cash equivalents was 5.896 in 2012. 

 

Table 3 the Cash Flow of company

　 2010 2011 2012

Total Cash Flow From Operating Activities 18067 27007 -4301

Total Cash Flows From Investing Activities -497 -22725 45271

Total Cash Flows From Financing Activities -134740 -2869 -35074

Change In Cash and Cash Equivalents 4096 1413 5896

Data resource: Yahoo Finance   Unite: thousands $

 

In summary, as the business development, the total asset also become more and more. the operation preference of company increase very year, the total revenue and net income of company has quickly growth, the bad was the margin gross ratio decreased from 2010 to 2012. For the cash flow, the operating activities cash flow is negative, it may affect the debt ability and operation, while thankfully to the Cash Flows From Investing, the company acquire the large cash flow from the Investing. The company should improve the margin gross profit and the cash flow create ability.

 

Reference 

1 Christian Gollier. Financial analysis of listed cororation.Journal of Public Economics, 2002

2 LEBAS MICHEL,EUSKE KEN. A Conceptual and Operational Delineation of Performance .Business Performance Measurement Theory and Practice. 2002, :89-93 . 

3 Charles T. Horngren. Introduction to Management  Accounting. Prentice Hall.1998