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Jun 30, 2022
Full House Resorts Q2 2022 Earnings Report
Full House Resorts reported a decrease in revenue and a net loss for Q2 2022, while making progress on its growth projects.
Key Takeaways
Full House Resorts announced results for the second quarter ended June 30, 2022. The company reported a decrease in revenues to $44.4 million compared to $47.4 million in the prior-year period. Net loss for the quarter was $(4.4) million, or $(0.13) per diluted common share, which includes $1.6 million of preopening and development costs. Adjusted EBITDA was $12.1 million versus $14.9 million in the prior-year period.
Significant progress was made on growth projects, including The Temporary in Waukegan, Illinois and Chamonix Casino Hotel in Cripple Creek, Colorado.
The Temporary is anticipated to open in the fourth quarter of 2022.
Chamonix is currently anticipated to open in mid-2023.
Agreement was reached with Circa Sports for internet and on-site sports wagering in Illinois.
Revenue by Segment
Forward Guidance
The company is focused on the completion of The Temporary and Chamonix, and is anticipated to require additional financing for construction of the permanent American Place facility.
Positive Outlook
- Construction of The Temporary is nearly complete and is anticipated to open in the fourth quarter of 2022.
- Construction of Chamonix continues at a swift pace and is currently anticipated to open in mid-2023.
- Existing cash, credit line availability and cash flows from operations will be sufficient to complete both The Temporary and Chamonix.
- The company has a back-up financing arrangement with a major financial institution.
- Agreement with Circa Sports for internet and on-site sports wagering in Illinois.
Challenges Ahead
- Anticipated opening dates have slipped a few weeks, reflecting supply issues and normal construction challenges.
- Revenues decreased compared to the prior-year period.
- Net loss for the quarter was $(4.4) million.
Historical Earnings Impact
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