Full House Resorts reported an $11.3 million loss in the first quarter of 2024 after today’s market close. Revenue was up 39.6 percent, however, reaching $69.6 million.
Cash flow was $12.4 million, a 22.6 percent increase from the first quarter of last year. Shares of Full House dropped from $5 to $4.80 in after-hours trading.
The main propellant for the quarter was The Temporary at American Place, in Waukegan, Illinois. It reported $25.8 million in revenue and $7.4 million in cash flow. The casino opened in mid-February 2023.
“We believe that American Place provides a reasonable case study for how Chamonix should perform in the nearer term,” said CEO Dan Lee in prepared remarks. He added, “We look forward to continued growth at American Place as its database continues to grow and operations continue to season.”
In Cripple Creek, Colorado, Full House’s Chamonix resort was credited for a 60.4 percent revenue improvement in Full House’s western division, which generated $13 million in earnings, but negative $100,000 in cash flow. Sports-wagering fees engendered an additional $2.3 million company-wide.
“Similar to American Place, we elected to open Chamonix in phases, beginning with its casino, meeting space, and approximately one-third of its guestrooms in late December. The remainder of the 300 guestrooms came online gradually during the first quarter,” commented Lee.
He noted that its American Prime steakhouse had opened April 19 and that pool and spa amenities would debut in time for Memorial Day. Lee concluded, “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.
“Driven by the new casino, revenue from our Colorado operations has more than doubled amounts seen in 2023, but we expect significantly more growth in the future.”
