Full House Resorts reports Q3 revenue decline

Net loss for the third quarter of 2022 was $3.6m.
Net loss for the third quarter of 2022 was $3.6m.

Full House Resorts has posted $41.4m in Q3 revenue.

US.- Full House Resorts Inc has announced results for the third quarter ended September 30, 2022. The casino operator reported quarterly revenue of $41.4m, down 12 per cent from $47.2m in the same period last year.

Adjusted EBITDA was $7.8m for Q3 2022, down from $13.6m last year. Full House attributed this to new sports wagering competition in Louisiana, stimulus cheques handed out by the US government last year and increases in expenses due to the rising cost of living.

Net loss for the third quarter was $3.6m, or a loss of $0.10 per diluted common share, which includes $2.4m of preopening and development costs. In the prior-year period, net income was $4.6m, or $0.13 per diluted common share, including $335,000 of preopening and development costs. 

Meanwhile the company continues to progress with two new casinos, with the first “on the verge of opening,” according to Daniel R. Lee, president and chief executive officer of Full House Resorts.

“In Waukegan, Illinois, we are installing décor and are preparing for the installation of slot machines this week. We expect to have our entire slot floor installed and ready for testing before the end of November, Lee said.

He added: “The company expects to open the casino within the next three months, the precise opening date is still uncertain. When The Temporary opens, it will be the only casino in Lake County, Illinois, which has a population of approximately 700,000 and ranks as one of the wealthiest counties in the U.S.”

Chamonix project in Cripple Creek, Colorado reached its ‘topping off’ milestone back in September.

Lee said: “Chamonix’s construction continues at a meaningful pace, with glass now being installed on the façade and drywall within the building. When complete, Chamonix will be one of the larger casino hotels in Colorado and the largest and most luxurious casino hotel in Cripple Creek, which is the primary casino destination for the Colorado Springs market.”

“Our anticipated investments in both of these growth projects remain within budgets,” added Lewis Fanger, the company’s chief financial officer. “Importantly in these difficult capital markets, we remain confident that our cash balances, cash flows from operations, and credit line availability will be sufficient to complete both The Temporary and Chamonix. At September 30, 2022, we had $241.8m of cash, including $156.1m of cash that is reserved for the completion of Chamonix. We also have a $40mn credit facility, which remains undrawn.”

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