Full House Resorts, a leading player in the casino and hospitality industry, has released its first-quarter financial results for the period ending on March 31. The company achieved a remarkable 21% increase in revenue, reaching $50.1 million during this quarter.
Q1 2023 Revenue Growth:
Full House Resorts celebrated an impressive performance in the first quarter of 2023, with total revenue surging to $50.1 million. This remarkable growth represents a substantial increase of 21% compared to the same period in the previous year, showcasing the company’s strong financial health and resilience.
Adjusted EBITDA:
The company’s Adjusted EBITDA also recorded a substantial rise of 21%, reaching $10.1 million in the first quarter of 2023. This demonstrates Full House Resorts’ commitment to operational excellence and efficient management practices.
Key Highlights and Developments:
Chamonix Project in Cripple Creek, Colorado: Full House Resorts provided an update on its Chamonix project in Cripple Creek, Colorado. The company has reached a significant milestone by ‘topping out’ the elevator towers, and work is progressing on guest rooms and meeting areas. The Chamonix project is expected to open in the second quarter of 2023, positioning itself as the first high-quality casino hotel in Cripple Creek. The company anticipates that Chamonix will drive substantial growth in the market’s gaming revenue, delivering a strong return on investment, much like the impact of higher-quality casinos in the Black Hawk market.
Future Expansion Plans:
Full House Resorts remains committed to its expansion strategy. The company has outlined key milestones for its continued growth:
Sportsbook Expansion: Full House Resorts plans to expand its sportsbook operations, with operations expected to commence by August 2023.
Chamonix Casino Hotel: The full opening of the Chamonix Casino Hotel is slated for December 26, 2023, marking a significant addition to the company’s portfolio of high-quality hospitality and gaming establishments.
Full House Resorts’ impressive financial results for the first quarter of 2023 underscore its robust performance and strong growth trajectory. The company’s revenue and Adjusted EBITDA both experienced substantial increases. Additionally, the Chamonix project in Cripple Creek, Colorado, represents a significant development in the company’s expansion plans, expected to contribute to market growth and deliver an excellent return on investment. The company’s commitment to operational excellence and expansion bodes well for its future in the industry.