Full House Resorts revenue down 24% but casinos to reopen from 22 May

Full House Resorts has reported a 24% year-on-year decrease in revenue for Q1 2020, as a result of the COVID-19 pandemic.

Affected by the closure of its casinos in mid-March, net revenue on a consolidated basis decreased to $30.9m, while net loss for the quarter was up 175% to $4.4m, down from $0.22 to $0.06 per diluted share.

EBITDA was also negative $1.2m, compared to $3.6m in the corresponding period in 2019.

The quarter was the first full one for the operator’s sportsbooks in Indiana, with sports wagering accounting for $400k of revenue at its Rising Star Casino.

Full House Resorts says once all its sportsbook websites commence operations by Q3, sports wagering revenue will total at least $7m.

Silver Slipper was its best-performing casino with revenue of $15.1m, with the casino and hotel to reopen by 22 May, while all its properties are expected to be back running by 14 June.

Full House Resorts president and CEO Daniel R. Lee, said: “With the worst days of the pandemic hopefully behind us, we are now beginning to look forward to reopening our properties and safely welcoming back our customers and employees.

“We have spent the last several weeks of the shutdown examining many aspects of our business, from how we sanitize our properties to how we interact with and entertain our guests.”

Iqbal Johal

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