Full House Resorts announces Q2 results

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Full House Resorts today announced results for the second quarter ended June 30, including updates regarding its growth pipeline.

Announcing a revenue increase of 33.8 per cent to $59.4m, president and CEO Daniel R Lee, said: “The Temporary by American Place completed its first full quarter of operations, recording $20.3m in revenue and $4.1m in adjusted property EBITDA.”

“The trends at The Temporary are similar to those of many other successful casinos. The number of visitors surged at opening in mid-February and then, after a short lull, has grown steadily since April.

“Meanwhile, its win per admission, while still less than more-established casinos in Illinois, has grown steadily since opening, as regular players replace people who were more tourists than gamblers.

“Note that in July, our fifth full month of operations, the property’s reported gaming revenues ranked sixth out of the 13 casinos in operation in Illinois.

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“Our expenses relative to revenues have been higher than we expect them to be at ‘maturity,’ reflecting primarily our costs to train new personnel, especially dealers, and additional advertising and marketing costs.

“We currently have 48 table games on the casino floor, of our planned 50 tables. Due to staffing challenges, however, we are currently operating only approximately 30 of those tables on a typical weekend evening.

“The shortage of dealers also affects the number of tables that we operate in non-peak periods. We continue to operate our own dealer school, where potential dealers are paid during their several weeks of training, which affects margins and profitability, but is necessary to reach the property’s potential.

“Our marketing expenses are also expected to gradually become more efficient over time, as we build a database and achieve broader brand recognition.

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“At our Chamonix project in Cripple Creek, Colorado, meaningful construction continues, with exteriors now largely complete. Within the main hotel tower, our contractor is completing guest rooms and we anticipate beginning the installation of furniture shortly.

“The extensive millwork in the casino and high-end restaurant is also under way. We expect to begin taking hotel reservations for Chamonix shortly.

“We look forward to welcoming guests to our Chamonix Casino Hotel on December 26. It will be the first luxury casino hotel in the Colorado Springs area and we believe it will be one of the best casino hotels in the entire Midwest.”

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