Full House revenue rises 33.7% in Q2 2023
Full House Resorts has reported that its second-quarter revenue increased to $59.4m.
US.- Full House Resorts has reported financial results for the quarter ended June 30. The company has reported revenue of $59.4m, up 33.7 per cent compared to the same period last year.
Adjusted EBITDA decreased by 13 per cent to $10.5m in Q2 2023. Its net loss was $5.6m. President and CEO Daniel Lee credited the opening of The Temporary by American Place, the operator’s Chicagoland property, in February for its growth.
Casino accounted for a majority of the Q2 revenue at $45.3m, a rise of 55.8 per cent year-on-year. Food and beverage revenue was $8.6m, while hotel revenue hit $2.3m. Other operations, which include contracted sports wagering, generated $3m, down by 45.9 per cent.
Operating costs totalled $58.7m for the quarter, a rise of 62.5 per cent from Q2 2022. The higher operating costs caused a sharp decline in operating income which fell from $8.2m to $594,000.
Lee said: “The Temporary by American Place completed its first full quarter of operations, recording $20.3m in revenue and $4.1m in Adjusted Property EBITDA. The trends at The Temporary are similar to those of many other successful casinos.
“The number of visitors surged at the opening in mid-February and then, after a short lull, has grown steadily since April. Meanwhile, its win per admission, while still less than more-established casinos in Illinois, has grown steadily since opening, as regular players replace people who were more tourists than gamblers.”
Lee also mentioned work at the Full House Chamonix casino: “At our Chamonix project in Cripple Creek, Colorado, meaningful construction continues, with exteriors now largely complete. Within the main hotel tower, our contractor is completing guest rooms and we anticipate beginning the installation of furniture shortly.
“The extensive millwork in the casino and high-end restaurant is also underway. We expect to begin taking hotel reservations for Chamonix shortly. We look forward to welcoming guests to our Chamonix Casino Hotel on December 26, 2023. It will be the first luxury casino hotel in the Colorado Springs area, and we believe it will be one of the best casino hotels in the entire Midwest.”
