US casino operator reviews record profits

With hotels and casinos in Mississippi, Colorado, Indiana and Nevada, Full House Resorts is now developing American Place, the new Illinois venue at Waukegan.

The company brought its developments up to date with its report on its fourth quarter activities in 2021 this week and of its full year.

Revenues increased 13.1 per cent over the comparative quarter and the year was up 43.4 per cent. Full-year operating income was $37.6m compared with $10.5m and EBITDA increased to $47.2m from $19.7m.

The quarter, it said, reflected fully-reopened activities. Net income in the period was $5m despite $1.7m in extraordinary costs.

Daniel Lee, CEO, said: “All of our segments achieved their highest profits in any of the past five years and some properties, like the Silver Slipper, reached new all-time records for financial performance. It was an extremely strong year throughout the company. 

“We expect 2022 to be a similarly transformative year for Full House Resorts,” continued Lee. “While our permanent American Place facility in Waukegan, Illinois, will require approximately three years to construct, we expect to introduce American Place to the area’s residents much sooner – this upcoming summer – via The Temporary. We have spent several months designing a temporary casino facility and expect to begin erecting the casino structure in the next month, when major components of the structure begin to arrive on-site.

“Our other major construction project, Chamonix in Cripple Creek, Colorado, should continue the transformation of our company when it opens in the second quarter of 2023. Our confidence in Chamonix has reached new highs, driven by the success of a recent casino opening in Black Hawk, Colorado, and the significant growth in Colorado’s gaming revenues since the elimination of betting maximums in April 2021.

“Chamonix will be the first high-quality casino hotel in Cripple Creek, and we expect it to meaningfully grow the market’s gaming revenue and generate a strong return on investment for our company, similar to what has occurred in Black Hawk.”