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Mar 31, 2023
Full House Resorts Q1 2023 Earnings Report
Full House Resorts reported a net loss and revenue increase for Q1 2023.
Key Takeaways
Full House Resorts announced a 21% increase in revenue to $50.1 million for the first quarter of 2023. However, the company reported a net loss of $11.4 million, or $(0.33) per diluted common share, which includes $10.5 million of preopening and development costs.
Revenues increased 21.0% to $50.1 million.
The Temporary by American Place officially opened on February 17th.
Full opening of Chamonix Casino Hotel slated for December 26, 2023.
The Temporary by American Place generated $10.4 million of revenue and $3.6 million of Adjusted Property EBITDA.
Full House Resorts
Full House Resorts
Forward Guidance
The company is focused on the upcoming opening of Chamonix and the continued ramp-up of operations at The Temporary.
Positive Outlook
- Illinois Sportsbook Expected to Commence Operations by August 2023
- Full Opening of Chamonix Casino Hotel Slated for December 26, 2023
- Expect 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 on May 12th.
- 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.
- The Company believes that its Illinois sports skin will begin operations by August 2023, pending customary regulatory approvals.
Challenges Ahead
- The company reported a net loss of $11.4 million for the first quarter of 2023
- Results in both periods reflect the temporary loss of all on-site parking and on-site hotel rooms at Bronco Billy’s to accommodate the construction of neighboring Chamonix.
- The current period reflects significant snowfall near Lake Tahoe and in Colorado, adversely impacting guest traffic at our Grand Lodge and Bronco Billy’s properties.
- The results of this segment do not yet include income contribution from the Company’s Illinois sports skin.
- General macroeconomic conditions could impact the company's financial results.