Full House Resorts ensures it can survive shutdown “for several months”

Full House Resorts has provided a coronavirus company update outlining loss expectations and cost-saving measures.

The operator details three main cost-saving measures introduced to preserve liquidity during the temporary shutdown of its operations.

The operator has temporarily shut down its Phase One growth project at Bronco Billy’s Casino and Hotel in Colorado.

There has also been a reduction in the number of active Full House Resorts employees from approximately 1,600 to 30.

One-third of management salaries will also be deferred until at least four of Full House Resorts’ casinos have reopened.

The operator expects to partially mitigate its losses by introducing mobile sports betting in Indiana and Colorado.

As a result of its six sports betting agreements in the two states, Full House Resorts expects a combined minimum of $7m per year in revenue after the launch of mobile operations.

As a result of the payment of wages and employee benefits before the shutdown, the operator’s cash and equivalents have fallen from $29.9m to approximately $21.4m.

Full House Resorts estimates its “burn rate” of minimal expenses during the shutdown to be approximately $3m per month.

With this in mind, the operator insists it has sufficient liquidity “to endure this temporary shutdown for several months.”

Owain Flanders

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