Full House Resorts has reported its 2023 fourth quarter and full-year results, underlining a positive outlook for the year ahead.
Q4 2023
In the fourth quarter of 2023, total revenue for the company was $60m, representing an increase of 66.4% from the same period in 2022. This has been attributed mainly to the February opening of American Place.
Net loss during the quarter was $12.5m, an increase from the $7m recorded during the fourth quarter of 2022. However, of that $12.5m, $3.1m was for the preopening and development costs for the phased opening of its Chamonix project, as well as significant depreciation and amortization charges to do with the temporary American Place facility.
Adjusted EBITDA grew 87.4% in Q4 2023 to a figure of $7.3m.
FY 2023
Revenue for the full year of 2023 also saw growth, valued at $241.1m, up 47.6% from the $163.3m recorded in 2022.
As well as the opening of American Place, these positive numbers reflect the $5.8m of accelerated revenue under two of its sports wagering agreements with third-party operators that ceased operations during the third quarter of 2023.
Net loss for the year was $24.9m, up from $14.8m in 2022. Much of that $24.9m went into the preopening and development costs related to its Chamonix construction project, and depreciation and amortization charges for the temporary American Place facility.
Adjusted EBITDA, as a result, increased 51.1% to $48.6m in 2023.
Comments
Full House Resorts President and CEO, Daniel R. Lee, said: “After several years of construction, we are entering a new phase for our company.
“While some construction continues at Chamonix, the bulk of our capital expenditures for these projects is behind us. This fact, along with expected future earnings from these new facilities, should result in the generation of significant free cash flow over the next few years. Also, recognize that we continue to have significant tax-loss carryforwards and we benefit, for tax purposes, from accelerated depreciation related to our new developments.
“We estimate that construction of the permanent American Place facility will require approximately two years, with a significant portion of the project’s capital expenditures not expected until the second half of 2026 and during 2027.
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