Business
Full House Resorts Announces Third Quarter Results; Plans to Open Its Illinois Casino Within the Next Three Months
Chamonix Casino Hotel in Cripple Creek, Colorado, has Topped Off and is Anticipated to Open in Mid-2023 Management is Confident that its Existing Cash
About this update from Full House Resorts, Inc.
[{"type":"text","content":"Chamonix Casino Hotel in Cripple Creek, Colorado, has Topped Off and is Anticipated to Open in Mid-2023 Management is Confident that its Existing Cash On-Hand, Undrawn Credit Facility, and Other Existing Resources are Sufficient to Complete Both The Temporary and Chamonix LAS VEGAS, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the third quarter ended September 30, 2022, including a construction update for its two major new casinos. “We continue to make progress on our two new casinos, with the first of them on the verge of opening,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “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. The testing of the slot machines, surveillance systems and other technology is a complicated process. Imagine connecting 1,000 slot machines, from several different manufacturers, through many miles of low-voltage wiring to central servers — and ensuring that every machine operates flawlessly. This process usually takes several weeks and is the principal uncertainty in our opening date. Our hiring process is ramping up, with approximately 400 outstanding offers already made. 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. 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. “At our Chamonix project in Cripple Creek, Colorado, construction reached its ‘topping off’ milestone back in September,” continued Mr. Lee. “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 wh...