Full House Resorts reports 23.8% increase in revenues, net loss of $8.6m for Q2 2024

Full House Resorts has announced the financial results for the company’s second quarter performance in 2024. On a consolidated basis, revenues in the second quarter of 2024 were $73.5m, a 23.8% increase from the prior year period.

The company stated that these results reflect the continued ramp-up of operations at American Place, which opened in mid-February 2023, and the phased opening of Chamonix Casino Hotel, beginning in late-December 2023.

Full House Resorts also reported a net income loss, however, of $8.6m for the second quarter of 2024, an increase of 48% from the net income loss reported for Q2 2023. The operator also said this figure includes $800k of pre opening and development costs, as well as depreciation and amortization charges related to its new facilities.

Adjusted EBITDA rose 34.6% year-over-year during the second quarter of 2024 to $14.1m. 

“Our newest destination casino, Chamonix Casino Hotel in Cripple Creek, Colorado, continues to build its customer base,” Full House Resorts President and CEO Daniel Lee said. 

“Since its opening, hotel occupancy has steadily increased, with occupied room-nights rising from approximately 2,100 in January 2024 to approximately 5,900 in June 2024. Increased visitation corresponds to the unveiling of new amenities at the property, as well as the commencement of the busier summer season.”

The company also recently announced the promotion of Angi Truebner-Webb to the position of VP and GM of the Silver Slipper Casino and Hotel, pending customary regulatory approvals.

Revenues for the Midwest and South segment were $55.5m in the second quarter of 2024, an 11.1% increase from the prior-year period. Adjusted segment EBITDA rose to $12.3m, a 30.7% increase year-over-year. 

Revenues for the West segment increased 87.3% year-over-year, with the properties reporting a total of $15.2m for Q2 2024. Adjusted segment EBITDA increased despite reported high initial opening costs of Chamonix to $900k in the second quarter of 2024, versus the $200k amount reported for the prior-year period.

Contracted sports wagering generated $2.9m in revenue and $2.6 million in adjusted segment EBITDA. 

Kirk Geller

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