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Sep 30, 2024
Full House Resorts Q3 2024 Earnings Report
Full House Resorts reported a net loss for Q3 2024, with revenue up slightly year-over-year driven by American Place and Colorado operations and the grand opening of Chamonix Casino Hotel.
Key Takeaways
Full House Resorts announced its Q3 2024 results, showing a revenue increase to $75.7 million compared to $71.5 million in the prior year. However, the company reported a net loss of $8.5 million, or $(0.24) 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 $11.7 million, down from $20.6 million in the prior year.
Revenues increased significantly compared to the third quarter of 2023.
Chamonix Casino Hotel celebrated its official grand opening.
American Place Casino continued its expected ramp-up of operations, with revenues rising 17.7% in the third quarter of 2024.
Agreed to sell Stockman’s Casino for $9.2 million.
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
The company is excited for its future permanent American Place facility and confident in Chamonix's earnings potential.
Positive Outlook
- Further growth at American Place in 2025 and beyond.
- Gaming revenues continued to set new monthly records in Cripple Creek, Colorado.
- Hotel occupancy rose dramatically during the third quarter in Colorado.
- Commencing first post-opening awareness campaign for Chamonix.
- Transition from temporary American Place casino into a permanent casino facility.
Challenges Ahead
- Construction of permanent American Place casino is on hold, pending litigation.
- Active storm season in the Silver Slipper’s Mississippi Gulf Coast area adversely impacted visitation to the property.
- Absence of a sports wagering agreement that ceased operating in Colorado after April 2024.
- High operating expenses of new casino in Colorado that was not yet fully open.
- American Place same-store Adjusted Segment EBITDA decreased (48.8)%
Revenue & Expenses
Visualization of income flow from segment revenue to net income