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Dec 31, 2022
Full House Resorts Q4 2022 Earnings Report
Full House Resorts announced Q4 2022 results, which included the opening of The Temporary by American Place, continued construction at Chamonix Casino Hotel, a new sports skin agreement in Colorado, and an extension of the Grand Lodge Casino lease agreement.
Key Takeaways
Full House Resorts reported a decrease in revenues to $36.1 million and a net loss of $7.0 million for the fourth quarter of 2022, impacted by adverse weather, construction disruptions, and increased expenses. The Temporary by American Place officially opened on February 17th.
The Temporary by American Place officially opened on February 17th and received positive guest feedback.
Construction continues at Chamonix Casino Hotel, with an opening expected in the second half of 2023.
A new sports skin agreement was executed in Colorado.
The lease agreement to operate Grand Lodge Casino in Lake Tahoe was extended to December 31, 2024.
Full House Resorts
Full House Resorts
Full House Resorts Revenue by Segment
Revenue by Segment
Contracted Sports Wagering Revenue
CapyFin.com Forward Guidance
This press release contains forward-looking statements regarding expected construction budgets, estimated commencement and completion dates, expected amenities, and our expected operational performance for Chamonix and American Place, including The Temporary; and our expectations regarding our ability to replace any terminated sports wagering contracts in Colorado and Indiana, our ability to operate sports wagering contracts ourselves and the success of any new sports wagering contracts or operations in Colorado, Indiana or Illinois.
Positive Outlook
- Expected construction budgets
- Estimated commencement and completion dates
- Expected amenities
- Expected operational performance for Chamonix and American Place, including The Temporary
- Expectations regarding our ability to replace any terminated sports wagering contracts in Colorado and Indiana, our ability to operate sports wagering contracts ourselves and the success of any new sports wagering contracts or operations in Colorado, Indiana or Illinois.
Challenges Ahead
- Our ability to repay our substantial indebtedness
- Inflation and its potential impacts on labor costs and the prices of food, construction, and other materials
- The effects of potential disruptions in the supply chains for goods, such as food, lumber, and other materials
- General macroeconomic conditions
- Our ability to effectively manage and control expenses