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Mar 31, 2022
Full House Resorts Q1 2022 Earnings Report
Full House Resorts reported a decrease in revenue and net income for the first quarter of 2022, but made significant progress on expansion plans, including the start of construction on The Temporary at American Place.
Key Takeaways
Full House Resorts announced its Q1 2022 results with a revenue of $41.4 million, a 1.9% decrease compared to the prior-year period. Net income was $0.1 million, or $0 per diluted common share, which includes $4.4 million of debt modification costs. Adjusted EBITDA was $8.4 million versus $10.8 million in the prior-year period.
Revenues in the first quarter of 2022 were $41.4 million, a 1.9% decrease from $42.2 million in the prior-year period.
Net income for the first quarter of 2022 was $0.1 million, or $0 per diluted common share.
Adjusted EBITDA in the 2022 first quarter was $8.4 million versus $10.8 million in the prior-year period.
Construction has begun on The Temporary at American Place, with an expected opening in Fall 2022.
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 the construction and development of The Temporary at American Place and Chamonix Casino Hotel, expecting them to contribute to the company's growth in the future.
Positive Outlook
- Construction of The Temporary at American Place has begun and is expected to open in Fall 2022.
- Agreement reached with Circa Sports for Internet sports wagering throughout Illinois and on-site sportsbooks at The Temporary and American Place.
- Construction of Chamonix Casino Hotel continues, with an expected opening in the second quarter of 2023.
- The company received a market access fee of $5 million in May 2022 and will also receive payments totaling at least $5 million per year, on an annualized basis, once Circa Sports launches its mobile sports skin in Illinois.
- The company expects to open The Temporary in Fall 2022, pending customary gaming approvals.
Challenges Ahead
- The launch of online sports wagering in nearby Louisiana has resulted in declines in Silver Slipper’s on-site sports wagering operations.
- One of the Company’s contracted parties for sports wagering informed us of its intent to cease operations on May 15, 2022, which will create one available skin in each of Colorado and Indiana.
- Construction disruptions at Bronco Billy’s are impacting revenues and Adjusted Segment EBITDA.
- Adverse hold percentages at Rising Star and Grand Lodge negatively affected results.
- The increase in slot revenues from higher volumes in the first quarter of 2022 offset the decrease in the table games hold percentage.