Full House Resorts witnessed significant growth and expansion in 2023, marked by a remarkable surge in revenue and the successful launch of new ventures. Led by President and CEO Daniel R. Lee, the company’s strategic initiatives resulted in impressive financial performance despite certain challenges.
Financial Performance:
Full House Resorts reported a substantial increase in net revenue for the fiscal year 2023, reaching $241.1 million, representing a notable surge of 47.6% compared to the previous year. This remarkable growth can be attributed to several key factors, including the successful opening of American Place in Waukegan, Illinois, and the Chamonix casino in Cripple Creek, Colorado.
Operational Highlights:
Daniel R. Lee highlighted the pivotal role played by the newly opened casinos in driving revenue growth. American Place, in particular, showcased its potential by achieving a new monthly gaming revenue record of $8.2 million in December 2023. Despite the challenges posed by its temporary facility, American Place continued its impressive performance, setting a new all-time revenue record in February 2024. With such promising results, Full House Resorts anticipates further expansion and revenue growth in the coming years.
Challenges and Adjustments:
The journey to success was not without its challenges. The company reported a net loss of $24.9 million for 2023, primarily attributed to preopening and development costs associated with the Chamonix construction project. Additionally, significant depreciation and amortization charges related to the temporary American Place facility impacted the financial results. Despite these setbacks, Full House Resorts demonstrated resilience, reflected in its adjusted EBITDA of $48.6 million, a commendable 51.1% increase from the previous year.
Fourth Quarter Performance:
The fourth quarter of 2023 marked a period of exceptional growth for Full House Resorts, with revenue reaching $60 million, a substantial 66.4% increase compared to the same period in the previous year. Although the company reported a net loss of $12.5 million for the quarter, adjusted EBITDA surged to $7.3 million, reflecting an impressive 87.4% increase from the prior-year period. These results underscored the company’s ability to navigate challenges while maintaining robust financial performance.
Future Outlook:
Looking ahead, Full House Resorts remains optimistic about its growth prospects. The successful launch of American Place and Chamonix has laid a strong foundation for future expansion. With a focus on enhancing operational efficiency and leveraging emerging opportunities, the company is well-positioned to capitalize on the evolving landscape of the gaming industry. As it continues to invest in strategic initiatives and innovative solutions, Full House Resorts is poised for sustained growth and value creation in the years to come.
Full House Resorts’ journey in 2023 was characterized by growth, expansion, and resilience. Despite facing challenges, the company achieved significant milestones, driven by strategic investments and operational excellence. With a strong foundation in place and a clear vision for the future, Full House Resorts is poised to embark on a path of sustained success and prosperity in the dynamic gaming industry landscape.