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Sep 30, 2023
Full House Resorts Q3 2023 Earnings Report
Full House Resorts announced strong Q3 2023 results, marked by significant revenue growth and improved net income, driven by the opening of The Temporary by American Place and contributions from contracted sports wagering.
Key Takeaways
Full House Resorts reported a strong third quarter with a 72.8% increase in revenues to $71.5 million and a net income of $4.6 million. Adjusted EBITDA rose by 165.9% to $20.6 million, reflecting the positive impact of The Temporary by American Place and $5.8 million of accelerated revenue for two sports wagering agreements that ceased operations during the third quarter of 2023.
Revenues increased by 72.8% to $71.5 million, driven by the opening of The Temporary by American Place.
Net income improved to $4.6 million, or $0.13 per diluted common share.
Adjusted EBITDA rose by 165.9% to $20.6 million.
The Temporary by American Place generated $23.9 million of revenue and $6.8 million of Adjusted Property EBITDA.
Full House Resorts
Full House Resorts
Full House Resorts Revenue by Segment
Revenue by Segment
Midwest & South Revenue
CapyFin.comWest Revenue
CapyFin.comContracted Sports Wagering Revenue
CapyFin.com Forward Guidance
Full House Resorts is focused on the opening of Chamonix Casino Hotel in Cripple Creek, Colorado, slated for December 26, 2023, and the continued ramp-up of operations at The Temporary by American Place in Waukegan, Illinois. The company expects The Temporary's results to improve as its database expands and costs normalize.
Positive Outlook
- Opening of Chamonix Casino Hotel on December 26, 2023.
- Continued improvement expected at The Temporary by American Place.
- Expansion of The Temporary's guest database.
- Normalization of marketing, labor, and other early costs at The Temporary.
- Bronco Billy's expected to benefit from integration with Chamonix.
Challenges Ahead
- Potential impacts of inflation on labor costs and the price of food, construction, and other materials.
- Effects of potential disruptions in the supply chains for goods.
- General macroeconomic conditions.
- Legal or regulatory restrictions, delays, or challenges for construction projects.
- Construction risks, disputes and cost overruns.
Revenue & Expenses
Visualization of income flow from segment revenue to net income