Full House Resorts recently disclosed its financial results for the first quarter of 2024, showcasing significant revenue growth and operational milestones.
Revenue Surge and Operational Milestones:
In Q1 2024, Full House Resorts witnessed a remarkable revenue surge, reporting $69.9 million in consolidated revenue, marking a substantial 39.6% increase from the previous year’s $50.1 million. This notable growth can be attributed to several factors, including the successful launch of operations at American Place in mid-February 2023 and the phased opening of Chamonix Casino Hotel starting from late December.
Financial Overview:
Despite the impressive revenue figures, Full House Resorts reported a net loss of $11.3 million for the first quarter of 2024. This loss includes $1.7 million in preopening costs, along with depreciation and amortization charges related to American Place and Chamonix, amounting to $5.5 million and $3.7 million, respectively. However, the company’s adjusted EBITDA surged by 22.6% to reach $12.4 million, reflecting its underlying operational strength and resilience.
Insights from Daniel R. Lee, President, and CEO:
Daniel R. Lee, the President and CEO of Full House Resorts, expressed optimism about the company’s performance, citing a strong quarter of growth primarily driven by American Place. He highlighted the continual improvement in operations at American Place since its inception, with quarterly revenues reaching a record high of $25.8 million and adjusted property EBITDA climbing to $7.4 million in Q1 2024.
Key Initiatives and Future Outlook:
Lee emphasized the pivotal role played by the opening of North Shore Steaks & Seafood, a high-end restaurant launched on February 14, 2024, in bolstering first-quarter results. Looking ahead, he anticipates sustained growth at American Place as its customer database expands, and operations mature further. The company aims to capitalize on its momentum and leverage strategic initiatives to drive future profitability and shareholder value.
March 2024 marked the first month with full year-over-year comparisons, showcasing a remarkable 34% increase in gaming revenues compared to March 2023. This robust performance underscores Full House Resorts’ ability to navigate challenges and capitalize on growth opportunities amid evolving market dynamics.
Full House Resorts’ Q1 2024 financial report reflects a period of significant growth and strategic advancement. Despite facing challenges such as preopening costs and depreciation charges, the company’s robust revenue surge and improved adjusted EBITDA underscore its resilience and operational effectiveness. With a strong foundation in place and promising growth prospects on the horizon, Full House Resorts remains well-positioned to deliver long-term value to its stakeholders and capitalize on emerging opportunities in the gaming and hospitality industry.