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Mar 31, 2021
Full House Resorts Q1 2021 Earnings Report
Full House Resorts announced strong first quarter results with revenue increase and improved profitability.
Key Takeaways
Full House Resorts reported a 36.8% increase in revenue to $42.2 million compared to the prior-year period. The net loss improved to $3.4 million, and Adjusted EBITDA increased to $10.8 million from a loss of $1.2 million in the first quarter of 2020.
Revenues increased 36.8% over the prior-year quarter.
Operating income improved to $8.7 million from an operating loss of $3.4 million.
Net loss improved to $3.4 million from a net loss of $4.4 million.
Adjusted EBITDA increased to $10.8 million from an Adjusted EBITDA loss of $1.2 million.
Full House Resorts
Full House Resorts
Full House Resorts Revenue by Segment
Revenue by Segment
Contracted Sports Wagering Revenue
CapyFin.com Forward Guidance
Full House Resorts is focused on strategic growth and operational improvements. Key initiatives include the construction of Chamonix Casino Hotel, potential expansion of the Silver Slipper, and pursuing the American Place proposal.
Positive Outlook
- Construction of Chamonix Casino Hotel is underway and expected to open in the fourth quarter of 2022.
- Two more sports wagering providers launched operations in April 2021.
- Strengthened balance sheet through the issuance of new senior secured notes and an equity offering.
- Fully funded the Chamonix Casino Hotel growth project.
- Focus on marketing and labor improvements at Silver Slipper Casino and Hotel.
Challenges Ahead
- The COVID-19 pandemic had an adverse effect on the Nevada segment.
- The pandemic affected visitation to the Hyatt, including visitation for its meeting and convention business.
- The Navy has restricted much of its personnel from leaving the base.
- Construction risks, disputes and cost overruns.
- Competition and regulatory and business conditions in the gaming industry.