Business
Full House Resorts Announces First Quarter Results
- Revenues Increased 39.6% to $69.9 Million in the First Quarter of 2024 - American Place Casino Celebrates Its First Anniversary With Strong Performance
About this update from Full House Resorts, Inc.
[{"type":"text","content":"- Revenues Increased 39.6% to $69.9 Million in the First Quarter of 2024 - American Place Casino Celebrates Its First Anniversary With Strong Performance Gains - Chamonix Casino Hotel Continued Its Phased Opening, With Its Remaining Hotel Rooms Brought Online During the First Quarter, While Its High-End Steakhouse, 980 Prime, Opened in April LAS VEGAS, May 08, 2024 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the first quarter ended March 31, 2024. On a consolidated basis, revenues in the first quarter of 2024 were $69.9 million, a 39.6% increase from $50.1 million in the prior-year period. These results reflect the continued ramp-up of operations at American Place, which opened in mid-February 2023, and the phased opening of Chamonix Casino Hotel, beginning in late-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 our new American Place and Chamonix facilities of $5.5 million and $3.7 million, respectively. In the prior-year period, net loss was $11.4 million, or $(0.33) per diluted common share, reflecting $10.5 million of preopening and development costs. Adjusted EBITDA(a) 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 our markets. “We had a strong quarter of growth, led by American Place,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “Typical of most new casino openings, American Place has continued to improve its operations since its opening just over a year ago. During the first quarter, quarterly revenues at American Place rose to their highest yet – $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 then 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 our high...