First-Half Success for Full House Resorts Incorporated

American casino operator Full House Resorts Incorporated has announced its first-half aggregated revenues increased by almost 31% year-on-year to over $143.4 million thanks to positive contributions from a pair of new casino properties in Colorado and Illinois.

The Las Vegas-headquartered firm is responsible for seven gambling-friendly enterprises spread across the United States, including the 129-room Silver Slipper Casino Hotel in Mississippi as well as Indiana’s much larger Rising Star Casino Resort. The Nasdaq-listed operator founded 37 years ago, also runs Nevada’s Grand Lodge Casino and Stockman’s Casino Fallon establishments alongside Bronco Billy's Casino and Hotel in Colorado.

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Fresh Facilities

As part of a long-considered expansion plan, Full House Resorts Incorporated opened the doors to the first stage of its new Chamonix Casino Hotel venue in the small Colorado community of Cripple Creek in December. This four-star operation features seven restaurants and bars, a 300-room hotel, and a casino hosting ten gaming tables and approximately 220 slots.

This premiere came some ten months after Full House Resorts Incorporated had debuted the temporary forerunner to its coming American Place Casino development in the Illinois city of Waukegan. This interim property is located about 30 miles north of Chicago’s O’Hare International Airport and comes complete with a trio of restaurants, a bar, and a casino with around 1,000 slots and 50 gaming tables. 

Fiscal Fortitude 

Full House Resorts Incorporated revealed its aggregated casino revenues for the six months to the end of June swelled by an impressive 30.7% year-on-year to reach $106.3 million as its overall earnings before interest, tax, depreciation, and amortization for the period rose by 28.6% to beyond $26.5 million. 

The Nevada company disclosed this came after a spectacular second quarter in which its aggregated revenues had hit almost $73.5 million, which represented a year-on-year boost of 23.8%, to push its associated earnings before interest, tax, depreciation, and amortization up by 34.5% to above $14.1 million.

Corporate Confidence

In an official filing, the President and Chief Executive Officer for Full House Resorts Incorporated, Daniel Lee, explained he is optimistic about the future as the new Chamonix Casino Hotel is performing well and continuing to build its customer base. The experienced figure additionally divulged his company has even more reasons to be positive after recently extending the lease for its Grand Lodge Casino by another ten years to the end of 2034. 

Nevertheless, Lee went on to declare his firm’s net loss for the first six months of 2024 had disappointingly grown by 16.9% year-on-year to $19.9 million as a result of ‘pre-opening and development costs’ alongside ‘depreciation and amortization charges’ linked to its new Chamonix Casino Hotel and American Place Casino facilities. 

“The early guest response to Chamonix Casino Hotel continues to be very good, reinforcing our confidence in its long-term earnings potential,” Lee said. 

“Since its opening, hotel occupancy has steadily increased with occupied room-nights rising from approximately 2,100 in January of 2024 to approximately 5,900 in June of 2024.”

Coming Conveniences

To further fuel investor enthusiasm, Lee stated the nine-story Chamonix Casino Hotel is set to unveil even more amenities over the coming months, including a street-front jewelry store and a spa offering aromatherapy and deep-tissue massage services. 

He asserted the property premiered its 980 Prime steakhouse just in time for the ‘commencement of the busier summer season’ and now features a range of facilities ‘unparalleled in the region in their quality and beauty’.

“As of June 30, 2024, we had $44.7 million in cash and cash equivalents, including $13.6 million of cash reserved under our bond indentures to complete the construction of Chamonix Casino Hotel,” Lee said. 

“Our debt consisted primarily of $450 million in outstanding senior secured notes due in 2028, which became callable at specified premiums in February of 2024, and $27 million outstanding under our revolving credit facility.”