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US casino operator Full House Resorts revealed on Nov. 7 its results for the third quarter of the year.
The company has also shared its latest plans, including a construction update for its two significant new casinos. Full House Resorts will open a new Illinois casino within the next three months and another location in Colorado is scheduled to begin operations in mid-2023.
Lewis Fanger, the company’s CFO said:
“Our anticipated investments in both of these growth projects remain within budgets. Importantly in these difficult capital markets, we remain confident that our cash balances, cash flows from operations, and credit line availability will be sufficient to complete both The Temporary and Chamonix.
At September 30, 2022, we had $241.8 million of cash, including $156.1 million of cash that is reserved for the completion of Chamonix. We also have a $40 million credit facility, which remains undrawn.”
Full House Resorts’ third quarter results
For the three-month period ending on Sept. 30, Full House reported revenue of $41.4M, a 12% decrease from $47.2M earned at the same time last year.
The company also reported a net loss of $3.6M amid heightened development costs against a net income of $4.6M in 2021.
The change reflects timing differences for:
- Rising Star’s $2.1M sale (occurred in Q3 2021, but in the Q2 of 2022)
- The wide distribution of government stimulus checks in 2021
- Construction disruptions at Bronco Billy’s
- Legal Louisiana online sports betting launch in January 2022
- Increases in certain expenses, notably for property insurance and food costs.
New casino facility in Illinois to open before December
Product and systems testing at the site in Waukegan, Illinois, is scheduled to start before the end of this month. The Temporary by American Place Casino will feature approximately 1,000 slot machines which should be installed this week.
Daniel R. Lee, President and CEO of Full House Resorts said:
“In Waukegan, Illinois, we are installing décor and are preparing for the installation of slot machines this week. We expect to have our entire slot floor installed and ready for testing before the end of November.”
This “complicated process” usually takes several weeks, which is why the company is uncertain about the opening date.
“As with all new casino openings, we have an extensive checklist to complete prior to welcoming our first customers. Therefore, while the Company expects to open the casino within the next three months, the precise opening date is still uncertain,” Lee added.
The opening of the new casino will also create hundreds of jobs, with more than 400 offers having been made for positions at the facility. It will also be the first casino to open in Lake County. Illinois gamblers have been kind to new casino projects, as a temporary casino in Rockford broke the state’s admissions record in July 2022.
“When The Temporary opens, it will be the only casino in Lake County, Illinois, which has a population of approximately 700,000 and ranks as one of the wealthiest counties in the U.S.,” Lee concluded.
Colorado casino scheduled to start running in mid-2023
The Chamonix project in Cripple Creek, Colorado, is advancing well. As stated in the company’s release, Chamonix Casino Hotel has “topped off” and is expected to open mid-2023.
Lee explained: “At our Chamonix project in Cripple Creek, Colorado, construction reached its ‘topping off’ milestone back in September. Chamonix’s construction continues at a meaningful pace, with glass now being installed on the façade and drywall within the building.
When complete, Chamonix will be one of the larger casino hotels in Colorado and the largest and most luxurious casino hotel in Cripple Creek, which is the primary casino destination for the Colorado Springs market.
Cripple Creek is approximately one hour from the roughly one million people who live in the Colorado Springs metropolitan area and two hours from the approximately four million people who reside in the Denver area.”
