Full House reports third-quarter results
Full House has reported revenue growth in the third quarter, a period in which it executed sports betting agreements.
US.- Full House Resorts has announced the results for the third quarter of the year, ended September 30. Net revenues during that period increased by 0.5% to US$44.3 million, while EBITDA was US$5.8 million.
The company said that on a consolidated basis, net revenues rose from US$4 million in the same quarter in 2018. Net income for the three-month period was US$1.6 million, affected by the accounting for the fair market value of outstanding warrants.
Adjusted EBITDA in the third quarter was US$5.8 million, down from US$6.5 million in the same period last year. It reflects strong growth at Bronco Billy’s Casino and Hotel, though offset by road construction and increased marketing to introduce Rising Star’s newest amenities to the surrounding communities.
“The past several months were important months for the future growth of our company,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “Most importantly, we executed six ten-year sports wagering agreements with three different companies, each allowing such companies to conduct mobile and online sports wagering throughout Indiana and Colorado. Additionally, we will have on-site sportsbooks at both Rising Star and Bronco Billy’s.”
“With regard to existing operations,” continued Lee. “New leadership and revamped marketing helped increase both revenue and Adjusted Property EBITDA at Bronco Billy’s. The Christmas Casino at Bronco Billy’s contributed in part to that growth, posting its best revenue month in August, only to surpass that record in September. Work also continues on the new parking garage at Bronco Billy’s, having recently completed significant relocation of the power lines and now moving on to the relocation of storm sewer and sewer lines. We continue to expect to open the parking garage in the middle of next year. Additionally, we are installing the new Konami casino management system in November at Bronco Billy’s. With it, we believe that we will be able to compete and market more effectively.
