Full House Resorts has announced its financial results for the first quarter ended March 31, 2020, and that it is now planning for the reopening of its casinos.
Due to the Covid-19 pandemic, various state regulatory agencies required all of the company’s casinos to close in mid-March 2020. As a result, on a consolidated basis, net revenues in the first quarter of 2020 decreased 23.8 per cent to $30.9m from $40.5m in the prior-year period.
Net loss for the first quarter of 2020 was $4.4m, or $0.22 per diluted common share, compared to a net loss of $1.6m, or $0.06 per diluted common share, in the prior-year period. Net loss in both periods was affected by the accounting for the fair market value of outstanding warrants.
Adjusted EBITDA in the 2020 first quarter was $1.2m versus $3.6m in the first quarter of 2019. Results for the first quarter of 2020 also include $0.4m of revenue guarantees related to a full quarter of operations for one of the company’s three permitted sports wagering websites in Indiana.
“We are now approximately two months into the shutdown of our properties,” said Daniel R Lee, president and CEO of Full House Resorts. “These and other government-mandated closures appear to have helped slow the spread of the coronavirus.
“With the worst days of the pandemic hopefully behind us, we are now beginning to look forward to reopening our properties and safely welcoming back our customers and employees.”