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Sep 30, 2022
Full House Resorts Q3 2022 Earnings Report
Full House Resorts reported a decrease in revenue and a net loss for the third quarter of 2022, while making progress on its new casinos.
Key Takeaways
Full House Resorts announced its Q3 2022 results, with revenues decreasing to $41.4 million from $47.2 million in the prior-year period. The company reported a net loss of $3.6 million, or $0.10 per diluted common share, compared to a net income of $4.6 million, or $0.13 per diluted common share, in the prior-year period. Adjusted EBITDA was $7.8 million versus $13.6 million in the prior-year period.
Revenues in the third quarter of 2022 were $41.4 million, a decrease from $47.2 million in the prior-year period.
Net loss for the third quarter of 2022 was $3.6 million, or a loss of $0.10 per diluted common share.
Adjusted EBITDA in the 2022 third quarter was $7.8 million versus $13.6 million in the prior-year period.
The company is progressing with the construction of its new casinos, The Temporary in Waukegan, Illinois, and Chamonix Casino Hotel in Cripple Creek, Colorado.
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 completion and opening of its new casino projects, The Temporary at American Place and Chamonix Casino Hotel, while managing its existing properties and navigating the competitive landscape.
Positive Outlook
- Expected opening of The Temporary in the next three months, being the only casino in Lake County, Illinois.
- Chamonix project construction progressing with glass installation and drywall work.
- Confidence in existing cash, credit facility, and resources to complete both The Temporary and Chamonix.
- Anticipated investments in growth projects remaining within budgets.
- Expected refurbishment of Bronco Billy’s gaming space near year-end and augmented restaurant capacity in Q1 2023.
Challenges Ahead
- Revenues decreased from $47.2 million in the prior-year period to $41.4 million.
- Net loss of $3.6 million compared to net income of $4.6 million in the prior-year period.
- Adjusted EBITDA decreased to $7.8 million from $13.6 million in the prior-year period.
- Construction disruptions at Bronco Billy’s.
- Increased expenses for property insurance and food costs.