For the final quarter of 2021, Full House Resorts expects net revenue to rise from $38.5m to between $43m-$43.5m year-on-year.
US.- Full House Resorts has made a preliminary trading update for 2021, with positive projections for Q4 performance. It predicted Q4 2021 net revenue of around $43m, a $4.5m uplift on 2020.
Consolidated operating income for the fourth quarter of 2021 is expected to be in the range of $4.9m to $6.1m, compared to operating income of $7.7m for the fourth quarter of 2020. Net income is expected to be in the range of $4.2m to $5.9m for the fourth quarter of 2021, compared to $3.5m in the fourth quarter of 2020.
Adjusted EBITDA is expected to be in the range of $7.3m to $8.5m for the fourth quarter, which reflects adverse hold in the Company’s Nevada and Indiana segments and approximately $1.7m of expenses related to corporate initiatives that are not expected to recur in future periods. Adjusted EBITDA for the fourth quarter of 2020 was $9.8m, including the sale of “free play” at Rising Star for $2.1m.
A similar “free play” sale for $2.1m also occurred during 2021, but in the third quarter. As of December 31, 2021, the company had approximately $265m of cash and equivalents.
Full House also took the opportunity to provide an update on future projects. The company plans to invest $100m in a temporary casino in Illinois this year, to be called The Temporary by American Place. It expects the facility to be open by mid-2022 with around 1,000 slot machines and 50 gaming tables.
Finally, Full House announced that it will increase the amount of investment going into the new Chamonix Casino Hotel, a luxury facility currently under construction in Colorado. The new budget is set at $250m, reflecting supply chain issues, inflation and an adverse construction industry. The project is expected to launch in Q2 2023.