Full House Resorts posts $25M loss for 2023 amidst revenue growth, expansion efforts

Full House Resorts has disclosed a loss of $12.5 million on revenues of $60 million in the fourth quarter of 2023, a 66.4% revenue increase from the fourth quarter of 2022. For the full year, 2023 revenue was $241.1 million, a 47.6% increase from $163.3 million in the prior year, and a net loss of $24.9 million, or $(0.72) per diluted common share, was posted.

The company's net loss was partly due to preopening and development costs related to Chamonix Casino Hotel in Cripple Creek, Colorado. Despite these hardships, Adjusted EBITDA for the full year surged to $48.6 million, reflecting operational performance amidst disruptions. Meanwhile, the surge in revenues was primarily attributed to the opening of The Temporary at American Place, in Waukegan, Illinois. 

The company's President and Chief Executive Officer, Daniel R. Lee, reflected on the performance during the year, emphasizing the opening of the two new casinos in 2023. "After several years of construction, we are entering a new phase for our company," Lee stated.

American Place, which celebrated its one-year anniversary in February 2024, has showcased revenue growth since its inception. Lee highlighted the casino's achievement of setting a new monthly gaming revenue record of $8.2 million in December 2023, as reported by the Illinois Gaming Board.

The Temporary by American Place

Subsequently, American Place continued its upward trajectory by establishing a new monthly revenue record in February 2024. Lee expressed confidence in the continued growth of American Place's gaming revenues in 2024, buoyed by the opening of the high-end North Shore Steaks & Seafood and improving overall awareness of the property.

Currently operating in a temporary facility, American Place has received the necessary approvals to extend its license until August 2027, providing an ample timeframe before the anticipated opening of the permanent facility.

Lee addressed legal challenges surrounding the casino's selection process, expressing confidence in the company's position and anticipating a favorable ruling from the Illinois Supreme Court by early 2025. The comments refer to ongoing litigation from the Potawatomi Band of Indians in Wisconsin, which wants the casino-selection process for Waukegan redone.

Regarding Chamonix Casino Hotel in Colorado, Lee noted its strategic location near Colorado Springs and Denver, highlighting its soft opening in December 2023. He outlined the phased rollout of amenities at Chamonix, including the completion of hotel rooms and parking infrastructure.

Lee emphasized the anticipation surrounding the opening of 980 Prime, Chamonix's steakhouse led by chef Barry Dakake, expected to open in late March. Despite challenges encountered during construction, including adverse weather conditions and logistical hurdles, Lee reiterated the company's commitment to completing all amenities at Chamonix in the coming months.