Full House Q1; American Place revenue grows 147.7%

Overall revenue was up 39.6%, while adjusted EBITDA was up 22.6%.

Full House Resorts has reported its financial earnings for the first quarter of 2024. In total, the operator’s revenue increased 39.6% year-on-year to $69.9m, with adjusted EBITDA up 22.6% to $12.4m. 

Of this revenue, $51.7m, or 73.9%, was attributed to casino operations, while the remainder came from food and beverage, hotel and other operations.  

This overall annual growth was attributed to the continued development of the American Place location which opened last February and the gradual opening of Chamonix Casino Hotel beginning in December. 

Operating loss was also down significantly, dropping from $7m last year to $0.6m this year. Despite this, the operator’s net loss only declined fractionally, going from a loss of $11.4m in Q1 2023 to $11.3m in Q1 2024. 

Midwest & South 

In the Midwest & South segment, total revenue came to $54.6m, up 33.9% from the $40.8m reported last year. This growth can be attributed notably to American Place, which saw revenue growth of 147.7% year-over-year with a total of $25.8m. Midwest & South same-store revenue came to $28.8m, down 5.1% year-over-year.  

Operating income from the segment totaled $5.8m, with an adjusted segment EBITDA of $12.7m. This reflects growth in both metrics, with operations last year reporting a loss of $4.7m while adjusted segment EBITDA totaled $10.7m.  

West 

Operating loss from the West segment came to $5.5m, up over 500% from the $0.9m operating loss reported last year. Adjusted segment EBITDA also came out at a loss, making -$0.1m compared to the positive $56,000 made in Q1 2023. This can in part be explained by increased preopening costs, which went from $0.4m to $1.5m. 

Contracted sports wagering 

Total revenue from contracted sports wagering came to $2.3m, up 91.5% year-over-year. Operations in Illinois played a big part in this, as these operations were not in place this time last year, with revenue from this segment totaling $1.4m. This growth was possible despite declines in contracted sports wagering same-store revenue, which was down 30.1% year-over-year to $0.8m. 

Operating income grew 66.7% to $1.9m, with no additional costs or factors meaning $1.9m was also the segments adjusted EBITDA.  

Comments 

On the results, Full House Resorts CEO Daniel R. Lee said, “We had a strong quarter of growth, led by American Place… We believe that American Place provides a reasonable case study for how Chamonix should perform in the nearer-term.” 

Beth Turner

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