Full House Resorts saw its revenue grow 39.6% to $69.9 million in the first quarter of the year, an increase of $19.8 million from the $50.1 million reported during the same period last year. According to the company, these results reflect the continued ramp-up of operations at Waukegan’s American Place (Illinois), which opened in February 2023, and the phased opening of Cripple Creek’s Chamonix Casino Hotel (Colorado), beginning in December 2023.
Net loss for the first quarter of 2024 was $11.3 million, or $(0.33) per diluted common share, which includes $1.7 million of preopening costs, as well as depreciation and amortization charges related to the new American Place and Chamonix facilities of $5.5 million and $3.7 million, respectively. In the prior-year period, the company’s net loss stood at $11.4 million, which shows a slight improvement for Q1 2024.
Adjusted EBITDA rose 22.6% in the first quarter of 2024 to $12.4 million from $10.1 million in the prior-year period, reflecting strong growth from American Place, partially offset by the adverse effects of heavy snowfall in several of the company’s markets.
Daniel R. Lee, President and Chief Executive Officer of Full House Resorts, said: “We had a strong quarter of growth, led by American Place. Typical of most new casino openings, American Place has continued to improve its operations since its opening just over a year ago.”
The Temporary by American Place
During the first quarter, quarterly revenues at American Place rose to their highest yet to $25.8 million. Similarly, Adjusted Property EBITDA rose to $7.4 million. As reported by the Illinois Gaming Board, monthly revenues at American Place reached a new record in December 2023, only to exceed that record in February 2024 and again in March 2024.
March was the first month with full year-over-year comparisons, and gaming revenues in that month rose 34% compared to March 2023. The strong first quarter results were assisted by the opening of high-end restaurants, including North Shore Steaks & Seafood, which opened on February 14.
“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. 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 high-end steakhouse, 980 Prime by Barry Dakake, began welcoming its first guests on April 19; while the pool and spa should begin operations before Memorial Day weekend.
“We believe Chamonix is far superior to the other casinos in Cripple Creek, and its guestrooms and amenities rival those of Colorado destinations such as Aspen and Vail,” the executive noted.
Driven by the new casino, revenues from Colorado operations have more than doubled the amounts seen in 2023, but the company expects significantly more growth in the future. “As Chamonix’s full breadth of amenities comes online, operations continue to season, and its customer database expands, revenue and profitability should follow,” Lee added.
Interior of the Chamonix Casino Hotel in Colorado
Divided into segments, the Midwest & South segment, which includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place, saw revenue reach $54.6 million in the first quarter of 2024, a 33.9% increase from $40.8 million in the prior-year period. Meanwhile, Adjusted Segment EBITDA rose to $12.7 million, an 18.7% increase from $10.7 million in the prior-year period.
The West segment, which includes Grand Lodge Casino, Stockman’s Casino, Bronco Billy’s Casino, and Chamonix Casino Hotel, saw revenue increase 60.4% to $13.0 million in the first quarter of 2024, versus $8.1 million in the prior-year period. Adjusted Segment EBITDA of $(0.1) million in the first quarter of 2024 compared to $0.1 million in the prior-year period.
Lastly, the Contracted Sports Wagering segment, which consists of on-site and online sports wagering skins in Colorado, Indiana, and Illinois, reported revenues and Adjusted Segment EBITDA in the first quarter of 2024 of $2.3 million and $1.9 million, respectively.