Full House Resorts has released its Q1 financial results for 2023. The casino operator posted a revenue increase of 21% to $50.1m. However, Full House also reported a net loss of $11.4m, compared to a $0.1m net income in 2022’s first quarter.
The company has a portfolio of casino resort properties including: Grand Lodge Casino in Nevada; Stockman’s Casino in Nevada; Rising Star Casino Resort in Indiana; Silver Slipper Casino Hotel in Missouri; Bronco Billy’s in Colorado and The Temporary Casino in Illinois.
Net loss for Q1 accounts for $10.5m in pre-opening and development costs. During this quarter, Full House opened The Temporary Casino (by American Place) in February 2023, as well as began construction on Chamonix Casino Resort in Colorado. American Place in Illinois will begin its construction soon.
The opening of Chamonix Casino is slated for December 26 2023. The Temporary will also begin Illinois Sportsbook operations by August this year.
Daniel R. Lee, President and CEO of Full House Resorts, said, “This was a transformational quarter for our company, with the first phase of our American Place project now open and already contributing meaningfully to our financial results.
“In its first 1.5 months of operations, The Temporary by American Place generated $10.4m of revenue and $3.6m of adjusted property EBITDA, resulting in an adjusted property EBITDA margin of 34.3%.”
Full House’s total adjusted EBITDA increased 20.6% to $10.1m in Q1. The company stated this was also due to the opening of The Temporary, as well as to Rising Star’s sale of “free play” (though this took place in Q2 of last year).
Lee said of Full House’s December Chamonix opening, “We look forward to welcoming our first guests to what we believe will be the most unique casino destination in Colorado.”
