Full House reports a slight decline in revenue to $44.4 million in the second quarter; Casino projects progress despite supply problems

Casino developer and operator Full House Resorts Tuesday announced results for the second quarter of 2022. Revenue was $44.4 million, down from $47.4 million In the period last year. in addition to, The company published a net loss of $4.4 million, Which includes $1.6 million in pre-opening and development costs. In the same period last year, the company recorded a net income of $5.5 million.

Adjusted EBITDA in 2022 secondly It was a quarter dollar12.1 million for 1 dollar4.9 million in the same period last year, largely due to planned building disturbances in Bronco Belize; The launch of online sports betting in Louisiana, which negatively affected sports betting revenue in Silver Sleeper; And increases in some costs.

Despite these declines, Daniel R Lee, President and CEO of Full House Resorts, celebrated “significant progress” on the company’s growth projects. during the quarter.

“Our casino location in Waukegan, Illinois has been relocated, with the Sprung structure now nearly complete,” he told me.. “We are now installing utilities within the structure for elements such as bathrooms, bars and slot machines, and expect to pour the floor slab within the next month.”

View of the construction site of The Temporary by American Place in Waukegan, Illinois.

The temporary casino in Waukegan, called The Temporary by American Place, is expected to open during the fourth quarter of 2022, And it will be the only casino in Lake County, Illinois once it does. The permanent American Place casino is expected to open by late 2025, Within three years of The Temporary opening.

We have identified and placed orders for nearly 1,000 slot machines from The TemporaryI hired a lot of the management team for the properties, and started hosting job fairs for positions throughout the casino,” added Lee.

Regarding the company’s Chamonix project in Cripple Creek, Colorado, the CEO stated Construction continues at a rapid pace. The CEO said the central tower, which anchors the casino and houses the spa, “has gone overboard.”

The parking lot is complete, and guest rooms above the garage are starting to take shape, the company says. The foundations of the finished guest room tower are currently being completed, and brick and glass are being installed on the facade.

View of the construction site of the Chamonix Casino Hotel in Cripple Creek, Colorado. 

When complete, Chamonix Expected to be one of the largest casino hotels in Colorado Plus the “biggest and most luxurious” casino hotel in Cripple Creek. the place It is expected to open in mid-2023.

Our expected opening dates have been delayed by a few weeks, reflecting supply problems and normal construction challenges. However, our projected investment in each project remains within budgets,” Added Louis Vanger, the company’s chief financial officer.

Chamonix Casino Hotel render.

In Mississippi, revenue of the Silver Slipper Hotel & Casino was $21.1 million in the second quarter of 2022, compared to $24.2 million in the same period last year. Adjusted EBITDA was $5.3 million Reflecting the competitive launch of online sports betting in nearby Louisiana, as well as the increased cost of food and other supplies.

IIn the previous year period, the property was registered second best-a fourth As ever, as – and all company property – benefited from government customer-related stimulus checks due to the COVID-19 pandemic. Adjusted EBITDA was $9 million for the same period last year.

In Indiana, Rising Star Casino Resort revenue was $11.8 million in the second quarter of 2022, an increase of 11.5% from $10.6 million in the same period last year. The increase came as a result of the “Free Play” sale that generated $2.1 million in revenue and income in the second quarter of 2022.

Adjusted EBITDA here was $3.9 million in the second quarter of 2022, an increase of 46.1% from the previous year period. The sale of free play, in addition to the $0.1 million reduction in normal operating expenses, helped offset the decline in the casino’s total revenue.

The Colorado gaming market, including Cripple Creek, has shown significant growth since the betting limits were lifted in May. 2021The company says. However, due to the disturbances caused by the construction of the Chamonix Casino Hotel, Revenue decreased, adjusted EBITDA for the sector in the quarter compared to the previous year.

Revenue was $4.1 million in the second quarter of 2022For $6.4 million in the same period last year. while, Adjusted EBITDA was $0.2 million. For a positive $1.8 million.

Bronco Billy’s Casino

To alleviate the shortage of on-site parking, Bronco Billy’s currently offers free valet parking and a free shuttle to an off-site car park, both of which have resulted in Increase in operating expenses.

The casino also maintained a large portion of the payroll, despite lower activity levels, anticipating the need for a larger workforce required to open and operate Chamonix.. However, some expenses, such as game taxes and food and beverage costs, vary with activity levels.

finally, Nevada revenue was in dollars5.2 millionAn increase of $4.7 million over the same period last year. Adjusted Sector EBITDA for both quarters was a dollar1.4 million, With an increase in revenue offset by an increase in labor costs.

As for sports betting, revenue and EBITDA for the adjusted tranche were $2.2 million in secondly Quarterly for website and online “Skins” in Colorado, Indiana, and at launch in Illinois. This is an increase from $1.5 million in the prior year period.

Rendering for Waukegan's American Place casino.

The company recently entered into an agreement under which Full House and Circa Sports will jointly develop and manage on-site sportsbooks at both The Temporary and American Place. In addition to the on-site sportsbook, Circa Sports will use the expected mobile sports look of Full House in Illinois to conduct online sports betting across the state, subject to customary regulatory approvals. The term of the agreement is eight years, followed by two four-year extension opportunities at Circa Sports . option.

See the full second quarter report here.

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