American Place boosts Full House Q1 results

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Full House Resorts’ American Place Casino, which is celebrating its first anniversary, had led a “strong quarter of growth” for the company, said president and CEO Daniel R. Lee.

“Typical of most new casino openings, American Place has continued to improve its operations since its opening just over a year ago,” he said.

“As reported by the Illinois Gaming Board, monthly revenues at American Place reached a new record in December 2023, only to then exceed that record in February 2024 and again in March 2024.”

Full House reported revenues of US$69.9m, a year-on-year increase of 39.6 per cent, for the quarter ending March 31, 2024. Net loss for the quarter was $11.3m, including $10.5m of preopening and development costs. Adjusted EBITDA rose 22.6 per cent to $12.4m.

“We believe that American Place provides a reasonable case study for how Chamonix should perform in the nearer-term,” continued Lee, “modestly at first, with meaningful improvement in revenues and profitability as we progress through years one and two.

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“Similar to American Place, we elected to open Chamonix in phases, beginning with Chamonix’s casino, meeting space, and approximately one-third of its guestrooms in late-December. The remainder of Chamonix’s 300 guestrooms came online gradually during the first quarter.

“The early seeds for Chamonix’s success are there, which give us increased confidence in the longer-term success of our Colorado investment.”

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