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Dec 31, 2023
Full House Resorts Q4 2023 Earnings Report
Full House Resorts announced Q4 2023 results with a significant revenue increase and the opening of Chamonix Casino Hotel.
Key Takeaways
Full House Resorts reported a 66.4% increase in revenue to $60.0 million for Q4 2023, primarily driven by the opening of American Place. However, the company experienced a net loss of $12.5 million, influenced by preopening costs related to Chamonix and depreciation charges for American Place. Adjusted EBITDA rose 87.4% to $7.3 million.
Revenues increased by 66.4% to $60.0 million in Q4 2023, driven by the opening of American Place.
Net loss for Q4 2023 was $12.5 million, including preopening costs for Chamonix and depreciation for American Place.
Adjusted EBITDA increased by 87.4% to $7.3 million in Q4 2023.
Chamonix Casino Hotel began its phased opening on December 27, 2023.
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 anticipates significant free cash flow generation due to reduced capital expenditures and expected earnings from new facilities. They also expect to fund the construction of the permanent American Place facility with operating cash flows and debt capital markets.
Positive Outlook
- Significant free cash flow generation expected in the next few years.
- Operating cash flows should be able to fund significant portions of the construction cost for the permanent American Place facility.
- Company remains highly confident in its ability to fund the remaining balance for American Place construction in the debt capital markets.
- State of Illinois passed legislation allowing operation of temporary American Place facility until August 2027.
- Benefit from significant tax-loss carryforwards and accelerated depreciation related to new developments.
Challenges Ahead
- Construction of the permanent American Place facility will require approximately two years.
- Significant portion of the project’s capital expenditures not expected until the second half of 2026 and during 2027.
- Lawsuit filed against the City of Waukegan and the Illinois Gaming Board could cause delays.
- Ruling by the Illinois Supreme Court is anticipated by early 2025.
- Construction continues at Chamonix.
Revenue & Expenses
Visualization of income flow from segment revenue to net income