Full House Resorts announces 16.1% decrease in Q4 revenue
The company attributed this to ongoing project expenses including The Temporary by American Place.
Full House Resorts (FHR), a casino developer and operator, has announced its Q4 results for 2022, which included highlights of major operational achievements. It also released financial results for the full year, FY2022.
The company achieved a revenue of $36.1m, which marked a 16.6% decrease from the same prior year period. Net loss stood at $7m for the fourth quarter, compared to a net income of $5m in Q4 of 2021; this translates to a loss of $0.20 per diluted common share.
FHR explains these negative results as being partially caused by the money invested into its opening of The Temporary by American Place, which officially launched in February 2022. It says that approximately $4.8m was invested into preopening and development costs.
FHR President and CEO Daniel R. Lee commented: “On February 17th, The Temporary by American Place officially opened to the public. Despite being in a temporary structure. In its first twelve days of operation, we welcomed more than 40,000 guests through its doors.”
It executed a new sports ‘skin’ (website) agreement in Colorado in Q2 last year. The company also finalized a $40m bond deal in February, to further ensure that no additional capital will be required for financing the permanent American Place Casino.
FHR entered a lease agreement to operate the Grand Lodge Casino in Lake Tahoe, NV, until December 31, 2024. The company was also busy in Colorado, where it is constructing the Chamonix Casino Resort and American Place.
Lee further remarked: “At our Chamonix project in Cripple Creek, Colorado, we continue to make substantial progress. We continue to target an opening of Chamonix later this year, potentially with a phased opening beginning in the third quarter of 2023.”
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