Full House Resorts has released its preliminary results for the fourth quarter, which ended on December 31, 2021.
The preliminary results are subject to the completion of the final financial statements and final closing procedures.
As of December 31, 2021, Full House Resorts had approximately $265m of cash and equivalents, including approximately $177m of restricted cash dedicated to the construction of its Chamonix Casino Hotel project.
Consolidated total revenues are expected to be in the range of $43m to $43.5m in the fourth quarter of 2021, compared to $38.3m for the fourth quarter of 2020.
Consolidated operating income for the fourth quarter of 2021 is expected to be in the range of $4.9m to $6.1m, compared to operating income of $7.7m for the fourth quarter of 2020.
Net income is expected to be in the range of $4.2m to $5.9m, compared to $3.5m in the fourth quarter of 2020.
Adjusted EBITDA for the fourth quarter of 2020 was $9.8m, which included the sale of “free play” at Rising Star for $2.1m.
Full House Resorts also announced plans to build a temporary casino in Waukegan, Illinois, called The Temporary by American Place. It will invest close to $100m in the facility, which includes significant upfront gaming license payments and the purchase of slot machines that are expected to be transferred to the permanent casino once opened. The company intends to finance The Temporary with new debt and expects to open the facility in mid-2022, with approximately 1,000 slot machines and 50 table games. This will be subject to regulatory approval.
It has increased the anticipated investment for its luxury Chamonix Casino Hotel as well, which is currently under construction in Cripple Creek, Colorado. The revised Chamonix budget is $250m, reflecting completion of sub-contracting of much of its hard-dollar construction budget. The increased construction costs reflect supply chain issues, inflation and a difficult construction environment.