Net income for the quarter was $3.5m compared to a net loss of $4.1m in the year-prior period. Q4 adjusted EBITDA grew to $9.8m up 326% y-o-y from $2.3m in the fourth quarter of 2019.
Total revenue for 2020 was $126m versus $165m in 2019, while net income was $100,000, compared to a net loss of $5.8m the year prior. Adjusted EBITDA for the year was $19.7m, up 23% from 2019.
As of February 28, 2021, the company has $232m of cash and equivalents.
Full House President and CEO Daniel Lee called the fourth quarter “phenomenal,” citing new marketing programs and staff improvements as well as a growing sports betting business.
“The fourth quarter tends to be seasonally weaker than the third quarter, but our properties continued to perform extremely well adjusted for the seasonality,” Lee said. “Adjusted EBITDA for the second half of 2020 was more than the total for all of 2019. We now have approximately eight months of successful ‘reset operations’ behind us. While capacity restrictions remain, as well as some additional costs related to the pandemic, so do the structural changes that we have made regarding our marketing and the ways we operate. We continue to believe that these results of the past several months are sustainable.”
Full House operates two casinos in northern Nevada with additional properties in Colorado, Mississippi and Indiana.
The company is currently developing a casino in Cripple Creek, Colorado including a hotel with 300 rooms. The property is expected to open in the fourth quarter of 2020.
Full House has three of its six sports betting skins active, two in Colorado and one in Indiana. When all six skins are in operation, the company expects to receive a contractual minimum of $7m of sports betting revenue per year.
