Investments pay dividends in Full House Q3 results

Full House Resorts has shared its financials for Q3 2023, revealing a 72.8 per cent increase in revenues against 2022 to $71.5m.

Net income rose to $4.6m and Adjusted EBITDA was up 165.9 per cent to $20.6m.

The increases were attributed largely to the opening of The Temporary in February 2023, as well as $5.8m of accelerated revenue for two sports wagering agreements that ceased operations during Q3 2023.

“As envisioned, results at The Temporary by American Place continued to improve during the third quarter,” said Daniel R. Lee, president and CEO of Full House Resorts. “Our table games business at The Temporary was strong initially, and continued to build as we hired more dealers and increased the number of available table games. Our slots business also continues to ramp up, aided by our guest database that continues to grow meaningfully in size with every passing week.

“As a result, both revenues and Adjusted Property EBITDA at The Temporary increased from the second quarter of this year, reaching $23.9 million and $6.8 million, respectively. The Temporary’s available amenities also continue to expand, with the on-site sportsbook welcoming its first bets approximately one month ago. We are close to unveiling the last remaining amenity at The Temporary – North Shore Steaks and Seafood, the property’s high-end dining option – which we expect to open at the end of the fourth quarter.

“Meanwhile, at our Chamonix project in Cripple Creek, Colorado, significant construction continues in advance of the destination’s opening on December 26. Workers are currently installing furniture throughout the hotel. Within the casino, we are about to begin installation of slot bases, followed by the final placement of slot machines throughout November and early December. In our convention space, we recently installed chandeliers in the main ballroom and are preparing to install furniture. We are excited to welcome guests to Chamonix – designed to be the best casino in the state of Colorado – in less than two months.”