Full House revenue rises 47% in 2023

Full House Resorts has reported that its full-year revenue increased to $241.1m.

US.- Full House Resorts has reported net revenue of $241.1m for 2023. That’s a rise of 47.6 per cent year-on-year. These results reflect the February 2023 opening of American Place, as well as $5.8m of accelerated revenue under sports wagering agreements with third-party operators that ceased operations during the third quarter of 2023. 

Daniel R. Lee, president and chief executive officer of Full House Resorts, said: “After several years of construction, we are entering a new phase for our company. We opened two new casinos during 2023: American Place in Waukegan, Illinois, and Chamonix, in Cripple Creek, Colorado. Our first new casino – American Place – celebrated its one-year anniversary a few weeks ago.” 

“In December, American Place reached a new monthly gaming revenue record of $8.2m. It subsequently set a new monthly all-time record for revenues in February 2024, despite it being a short month. We expect American Place’s gaming revenues to continue to grow in 2024,” Lee added.

The net loss in 2023 was $24.9m, which includes $15.7m of preopening and development costs, primarily related to the Chamonix construction project, and significant depreciation and amortisation charges related to the temporary American Place facility. Adjusted EBITDA was $48.6m in 2023, rising 51.1 per cent from $32.1m in the prior-year period.

For the fourth quarter of 2023, Full House reported revenue of $60m, a 66.4 per cent increase from $36.1m in the prior-year period. Net loss for the fourth quarter of 2023 was $12.5m. Adjusted EBITDA rose 87.4 per cent to $7.3m, compared to $3.9m in the prior-year period.