A world-class casino developer and operator, Full House Resorts Inc., released the financial results for the first quarter of 2023 and announced its plans for further growth.
Transformational Quarter:
The company generated consolidated revenues of $50.1 million in the first quarter of 2023. This figure represents a 21.0% increase over the same period in 2022. The company simultaneously sustained a net loss of $11.4 million in Q1 2023 reportedly due to the February 2023 opening of The Temporary and the company’s Chamonix construction project.
Full House Resorts also reported that the company’s adjusted EBITDA grew 20.6% to $10.1 million in the first quarter of 2023 compared to $8.4 million from the same period last year. The difference reportedly mirrored the opening of the company’s development The Temporary in February 2023 and the sale of the “free play” feature of The Rising Star resort.
The web page reads the statement of Daniel R. Lee, President, and Chief Executive Officer of Full House Resorts: “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 $10.4 million of revenue and $3.6 million of Adjusted Property EBITDA, resulting in an Adjusted Property EBITDA margin of 34.3%.”
The Temporary Facility Opening:
Lee continued that The Temporary’s marketing database currently includes around 25,000 people and continues to expand with the growth of its operations expected by the company to drive the property’s revenue and profit contributions to the entire Full House system.
CEO explained: “Since our soft opening of The Temporary on February 17th, we have continued to ramp up operations. In early April, our second restaurant — Asia-Azteca, serving a fusion of Mexican and Asian cuisines — began welcoming guests. On May 12th, we expect to begin 24-hour casino operations on weekends, as well as the removal of all restrictions on table game limits and table game operating hours. ”
Lee expects that the opening of The Temporary will be completed by June following the addition of 22 to the current 28 table games and the opening of the brand restaurant and land-based sports wagering facility. He added that the company ”continues to make substantial progress” at the Chamonix project in Cripple Creek, Colorado as well.
Chamonix Property Launch:
Lee reported that Full House Resorts have recently agreed to have their fine dining restaurant at Chamonix operated by the celebrated chef Barry Dakake, known for leading Barry’s Downtown Prime and the award-winning N9NE Steakhouse in Las Vegas, Nevada which was reportedly named a ”Top 100 Restaurant in the World” by Condé Nast Traveler.
While waiting to launch one of the state’s most prestigious restaurants at the Chamonix Casino Hotel, the Full House Resorts President and CEO Daniel R. Lee also announced: “We also have finalized an opening day for Chamonix: December 26, 2023. On that day, we expect to open with a near-complete experience, with all three of our hotel towers, our new casino, fine dining restaurant, and parking garage. We look forward to welcoming our first guests to what we believe will be the most unique casino destination in Colorado.”
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