Second quarter results announced for Full House Resorts
The company also provided updates on its various construction projects.
Full House Resorts announced its results for the quarter ending on June 30, 2022. On a consolidated basis, revenues in the second quarter of 2022 were $44.4m, which is down from $47.4m in the prior-year period.
Net loss for the second quarter of 2022 was $4.4m, or $0.13 per diluted common share. This includes $1.6m of preopening and development costs related to Full House Resorts growth projects.
Management at the company is confident that its existing cash-on-hand and other resources are will be sufficient to complete both The Temporary in Waukegan, Illinois and Chamonix Casino Hotel in Cripple Creek, Colorado.
Full House Resorts President and Chief Executive Officer Daniel R. Lee commented: “We made significant progress on our growth projects during the second quarter.
“Our casino site in Waukegan, Illinois, has been transformed, with the Sprung structure now nearly complete. We are now installing utilities within the structure for items like bathrooms, bars, and slot machines, and expect to pour the floor slab within the next month.”
The Temporary is expected to be opened by the end of the fourth quarter in 2022. The Chamonix Casino Hotel in Cripple Creek isn’t expected to be opened until mid-2023.
Lee continued: “At our Chamonix project in Cripple Creek, Colorado, construction also continues at a swift pace. Foundations for the final guest room tower are currently being completed.
“Cripple Creek is approximately one hour from the roughly one million people who live in the Colorado Springs MSA and two hours from the approximately four million people who reside in the Denver area.”
The company’s Chief Financial Officer Lewis Fanger added: “At June 30, 2022, we had $298.4m of cash and equivalents, including $190.2m of cash that is reserved for the completion of Chamonix.
“We also have a $40 million credit facility, which is currently unutilized except for a $1 million standby letter of credit.”
Full House Resorts recently went into an agreement with Circa Sports for internet and on-site sports wagering in Illinois.
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