American Place boosts Full House 2023 results

Full House Resorts has reported a consolidated Q4 2023 revenue of $60m, a 66 per cent increase on the prior-year period.

The growth was put down primarily to the February 2023 opening of American Place.

Net loss for the quarter was $12.5m which includes $3,1m of preopening and development costs primarily related to the Chamonixx Casino Hotel which began its phased opening in December 2023.

Adjusted EBITDA(a) rose 87.4% in the fourth quarter of 2023 to $7.3m, compared to $3.9m in the prior-year period.

For the whole financial year ending December 31, 2023, revenues were $241.1m, a 47.6% increase from $163.3m in the prior year. Net loss in 2023 was $24.9m, which includes $15.7m of preopening and development costs, primarily related to the Chamonix construction project, and significant depreciation and amortisation charges related to the temporary American Place facility.

“Our company recently reached an inflection point,” noted Daniel R. Lee, president and CEO of Full House Resorts. “In 2023, our total cash interest expense was approximately $38.4 million and Adjusted EBITDA, as noted, was $48.6 million, despite construction disruptions in Colorado and the gradual ramp-up of operations at American Place. Our debt during that period included substantially all of the funding for Chamonix, which did not open until year-end.

“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.”