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Mar 31, 2024
Full House Resorts Q1 2024 Earnings Report
Full House Resorts reported a strong quarter of growth, driven by American Place and the phased opening of Chamonix, with revenues increasing by 39.6%.
Key Takeaways
Full House Resorts announced a 39.6% increase in revenues to $69.9 million for the first quarter of 2024, driven by the continued ramp-up of American Place and the phased opening of Chamonix Casino Hotel. The company reported a net loss of $11.3 million, which included preopening costs and depreciation and amortization charges related to the new facilities. Adjusted EBITDA rose 22.6% to $12.4 million.
Revenues increased 39.6% to $69.9 million, driven by American Place and Chamonix.
American Place revenues reached $25.8 million, with Adjusted Property EBITDA at $7.4 million.
Chamonix Casino Hotel continued its phased opening, with remaining hotel rooms brought online during the quarter.
Net loss was $11.3 million, including preopening costs and depreciation related to American Place and Chamonix.
Revenue by Segment
Forward Guidance
Full House Resorts anticipates continued growth in revenues and profitability as American Place and Chamonix continue to ramp up operations and their customer databases expand.
Positive Outlook
- Expected continued growth at American Place as its database grows.
- Chamonix's full breadth of amenities coming online before Memorial Day.
- Anticipated increase in revenue and profitability as Chamonix seasons and expands its customer base.
- Confidence in the longer-term success of Colorado investment.
- Focus on year-over-year changes in core operating performance.
Challenges Ahead
- Ability to repay substantial indebtedness.
- Ability to finance the construction of the permanent American Place facility.
- Inflation and its potential impacts on labor costs and the price of food, construction, and other materials.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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