Full House Resorts Q3 2024 Earnings Report
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 Geographic Location
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)%