Full House posts 21% revenue rise in Q1, announces Colorado's Chamonix casino opening date

Full House Resorts has reported revenue of $50.1 million, a 21% rise year-on-year, for the first quarter of the year. However, despite the strong revenue growth, the business also announced a widened net loss of $11.4 million, of which $10.5 million in development costs were associated with the opening of The Temporary in Waukegan, Illinois. Along with the report, officials announced the opening date for Colorado’s Chamonix project, to debut in Q4 this year.

Adjusted EBITDA for Q1 rose by 21% to $10.1 million, partly driven by the opening of The Temporary on February 17 this year. The Midwest & South segment, which includes the aforementioned property along with the Silver Slipper Casino and the Rising Star Casino Resort, saw its revenue rise to $40.8 million, a 36.2% increase from $29.9 million in the prior-year period. 

The Q1 results reflect approximately 1.5 months of operations at The Temporary, which generated $10.4 million of revenue in its first reporting period. Located approximately 30 minutes north of O’Hare International Airport, The Temporary by American Place is the only casino in Lake County, Illinois. The permanent American Place casino is expected to cost about $400 million and will feature a casino with 1,640 slot machines, 100 gaming tables and a sportsbook.

The Temporary's opening ceremony in February

“This was a transformational quarter for our company, with the first phase of our American Place project now open and already contributing meaningfully to our financial results,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “Its marketing database currently consists of approximately 25,000 people and continues to grow steadily. As The Temporary’s database continues to expand and its remaining amenities come online, we expect continued growth in the property’s revenue and profit contributions.”

Since February’s soft opening of The Temporary, the company has continued to ramp up operations. In early April, the venue’s second restaurant — Asia-Azteca, serving a fusion of Mexican and Asian cuisines — began welcoming guests. And on May 12, Full House expects to begin 24-hour casino operations on weekends, as well as the removal of all restrictions on table game limits and table game operating hours. 

“We expect to complete our opening of The Temporary with the addition of 22 more table games by June, followed by the opening of our fine-dining restaurant and an on-site sportsbook. In contrast, we have generally operated only 28 table games since opening,” explained the CEO.

Opening date set for Cripple Creek’s Chamonix

The company also continues to make progress at its Chamonix project in Cripple Creek, Colorado. The casino and hotel, named for the French Alps community near the Italy and Switzerland borders, is expected to be the poshest and biggest revenue driver in the Full House portfolio upon completion, along with Waukegan’s American Place.

Chef Barry Dakake, known for leading Barry’s Downtown Prime and N9NE Steakhouse in Las Vegas, has agreed to operate the company’s fine dining restaurant at the Chamonix Casino Hotel, the firm revealed in its Q1 update. But most importantly, an opening date for the much-awaited project has now been revealed.

“We also have finalized an opening day for Chamonix: December 26, 2023,” announced Lee. “On that day, we expect to open with a near-complete experience, with all three of our hotel towers, our new casino, fine dining restaurant, and parking garage. We look forward to welcoming our first guests to what we believe will be the most unique casino destination in Colorado.”

Construction continues at Cripple Creek's Chamonix

While the timeline is slightly longer than the mid-2023 opening that was previously expected, the wait is set to pay off. “At our Chamonix project, we have ‘topped out’ the elevator towers and are working on the guest room and meeting areas,” detailed Lee. “We believe Chamonix will be the first high-quality casino hotel in Cripple Creek when it opens in the fourth quarter of 2023.”

American Place and Chamonix are expected to be the primary revenue drivers for Full House in the long term. On a standalone basis, either venue is expected to be larger in top line terms than the operator’s current portfolio combined.

"We expect it to meaningfully grow the market’s gaming revenue and generate a strong return on investment for our company, similar to what has occurred in Black Hawk when higher-quality casinos have been added to that market,” the CEO further said of Chamonix.