Revenue declines for Full House Resorts in Q1
During the period, Full House reached an agreement with Circa Sports to launch online sports betting throughout Illinois.
Full House Resorts, an owner and operator of gaming facilities across the United States, has announced its financial results for the first quarter of 2022.
A steady, but ultimately unremarkable, period, Q1 saw revenues fall by 1.9% when compared to the prior-year period, coming in at $41.4m.
“Our first quarter results were solid, given adverse hold percentages at two of our properties and meaningful – but planned – construction disruptions at Bronco Billy’s to hasten the completion of Chamonix,” said Daniel R. Lee, President and CEO of Full House Resorts.
“Silver Slipper had a solid quarter, though the launch of online sports wagering in nearby Louisiana has resulted in declines in its on-site sports wagering operations. On-site sports wagering operations contributed less than 5% of the property’s Adjusted Segment EBITDA in 2021. Otherwise, our properties continue to perform as expected in recent weeks.”
In terms of specific states, revenues were down in Mississippi and Colorado, while remaining equal in Nevada. Meanwhile, as 2021 came to a close, the company was selected by the Illinois Gaming Board to develop American Place, a gaming property in Waukegan, Illinois, a northern suburb of Chicago.
American Place will feature a casino, sportsbook and hotel, as well as a series of restaurants.
“More importantly, we made significant progress on our expansion plans,” added Lee. “In Waukegan, Illinois, we received approvals last week to begin construction on the temporary at American Place, and immediately began work on site fencing and erosion control so that excavation for the foundations can begin this week.”
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