Full House Resorts reports 23.8% revenue increase in Q2, driven by new properties in portfolio

Full House Resorts has announced its financial results for the second quarter, reporting consolidated revenues of $73.5 million, a 23.8% increase from $59.4 million in the same period last year.

This growth reflects the ongoing ramp-up of operations at Illinois' American Place, which opened in mid-February 2023, and the phased opening of Chamonix Casino Hotel in Colorado, which began in late December 2023.

However, Full House Resorts also reported a net loss of $8.6 million, or $(0.25) per diluted share, for the quarter. This includes $0.8 million in preopening and development costs, as well as depreciation and amortization charges associated with the new American Place and Chamonix facilities.

Meanwhile, Adjusted EBITDA for Q2 2024 rose 34.6% to $14.1 million from $10.5 million in the same quarter last year, driven by performance from American Place and $0.9 million in accelerated revenue from an online sports wagering skin that ceased operations in Colorado.

Chamonix Casino

Daniel R. Lee, President and CEO of Full House Resorts, stated: "Our newest destination casino, Chamonix Casino Hotel in Cripple Creek, Colorado, continues to build its customer base. Since its opening, hotel occupancy has steadily increased, with occupied room-nights rising from approximately 2,100 in January 2024 to approximately 5,900 in June 2024."

The addition of new amenities, including the 980 Prime Steakhouse and a rooftop pool, has contributed to increased visitation. Lee expressed confidence in Chamonix’s long-term earnings potential, anticipating the completion of its spa and the opening of a street-front jewelry store in the third quarter.

Full House also announced the promotion of Angi Truebner-Webb to Vice President and General Manager of the Silver Slipper Casino and Hotel, pending regulatory approvals. Truebner-Webb, who has an MBA from the University of Applied Science in Dresden, Germany, joined Silver Slipper’s finance team in 2010 and has held various leadership roles within the company. She will succeed John Ferrucci, who plans to retire in April 2025.

In the Midwest and South segment, which includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place, revenues increased by 11.1% to $55.5 million, with Adjusted Segment EBITDA rising to $12.3 million. American Place, in particular, saw significant growth, generating $27.2 million in revenue and $7.6 million in Adjusted Property EBITDA.

The West segment, including Grand Lodge Casino, Stockman’s Casino, Bronco Billy’s Casino, and Chamonix Casino Hotel, reported an 87.3% increase in revenues to $15.2 million. Adjusted Segment EBITDA for this segment rose to $0.9 million despite high initial opening costs for Chamonix.

Full House Resorts also extended its lease for Grand Lodge Casino within the Hyatt Regency Lake Tahoe resort. The new lease term extends to December 31, 2034, with an increase in annual rent and other conforming changes.

In the Contracted Sports Wagering segment, which includes on-site and online sports wagering in Colorado, Indiana, and Illinois, revenues were $2.9 million, with Adjusted Segment EBITDA at $2.6 million. This segment was impacted by a provision for credit losses on sports wagering receivables, although a recent settlement agreement is expected to result in a payment to the company in the third quarter of 2024.