Full House Resorts Inc. has announced the results for the first quarter ended March 31, 2023, including updates regarding its growth pipeline.
On a consolidated basis, revenues in the first quarter of 2023 were $50.1 million, a 21.0% increase from $41.4 million in the prior-year period. Net loss for the first quarter of 2023 was $11.4 million, or $0.33 per diluted common share, which includes $10.5 million of preopening and development costs, primarily related to the February 2023 opening of The Temporary and the Company’s Chamonix construction project. In the prior-year period, net income was $0.1 million, or $0 per diluted common share, reflecting $4.4 million of debt modification costs related to the Company’s offering of additional notes in February 2022, and $1.0 million of preopening and development costs. Adjusted EBITDA rose 20.6% to $10.1 million in the 2023 first quarter, versus $8.4 million in the prior-year period, reflecting the opening of The Temporary in February 2023 and Rising Star’s sale of “free play” (which also occurred in the prior year, though not until the second quarter of 2022).
Daniel R. Lee, President and CEO of Full House Resorts, said: “This was a transformational quarter for our company, with the first phase of our American Place project now open and already contributing meaningfully to our financial results. In its first 1.5 months of operations, The Temporary by American Place generated $10.4 million of revenue and $3.6 million of Adjusted Property EBITDA, resulting in an Adjusted Property EBITDA margin of 34.3%. Its marketing database currently consists of approximately 25,000 people and continues to grow steadily. As The Temporary’s database continues to expand and its remaining amenities come online, we expect continued growth in the property’s revenue and profit contributions.
“Since our soft opening of The Temporary on February 17th, we have continued to ramp up operations. In early April, our second restaurant — Asia-Azteca, serving a fusion of Mexican and Asian cuisines — began welcoming guests. On May 12th, we expect to begin 24-hour casino operations on weekends, as well as the removal of all restrictions on table game limits and table game operating hours. We expect to complete our opening of The Temporary with the addition of 22 more table games by June, followed by the opening of our fine-dining restaurant and an on-site sportsbook. In contrast, we have generally operated only 28 table games since opening.
“We also continue to make substantial progress at our Chamonix project in Cripple Creek, Colorado. Barry Dakake, a celebrated chef known for leading Barry’s Downtown Prime and N9NE Steakhouse in Las Vegas, Nevada, recently agreed to operate our fine dining restaurant at Chamonix. Barry and his team are known for creating restaurants with amazing guest service and equally amazing cuisine. He began his career with Chef Charlie Palmer at the Aureole restaurants in New York and on the Las Vegas Strip, which earned numerous Michelin stars and James Beard Awards. He was also a part of the opening team of N9NE Steakhouse, which was named a ‘Top 100 Restaurant in the World’ by Condé Nast Traveler, ‘Best Steakhouse’ by Vegas Magazine, ‘Hottest New Restaurant’ by Wine Spectator, and one of ‘America’s Best Restaurants’ by Gourmet Magazine. We look forward to vying to be one of the state’s leading restaurants with Barry at our Chamonix Casino Hotel.
“We also have finalized an opening day for Chamonix: December 26, 2023. On that day, we expect to open with a near-complete experience, with all three of our hotel towers, our new casino, fine dining restaurant, and parking garage. We look forward to welcoming our first guests to what we believe will be the most unique casino destination in Colorado.”