Full House Resorts has announced its financial results for the first quarter ending June 30, demonstrating substantial growth and increased earnings across its properties. The company reported a consolidated revenue of $73.5 million, marking a 23.8% increase from the same period last year. This surge in revenue is attributed to the continued ramp-up of operations at its new destinations: American Place, which began operating in February 2023, and the phased opening of Chamonix Casino Hotel, which started in late December 2023.
Financial Performance Highlights
Despite the strong revenue growth, Full House Resorts reported a net loss of $8.6 million for the second quarter, or $(0.25) per diluted common share. This loss includes $0.8 million of preopening and development costs, as well as depreciation and amortization charges. However, the company’s Adjusted EBITDA—a key measure of operating performance—rose significantly by 34.6% to $14.1 million, indicating robust underlying business health despite the accounting losses.
Chamonix Casino Hotel’s Growth and Impact
Daniel R. Lee, President and CEO of Full House Resorts, highlighted the performance and strategic initiatives at Chamonix Casino Hotel in Cripple Creek, Colorado. According to Lee, the newest destination casino continues to build its customer base and demonstrate strong potential for future growth.
“Since its opening, hotel occupancy has steadily increased, with occupied room-nights rising from approximately 2,100 in January 2024 to approximately 5,900 in June 2024,” Lee stated. This impressive growth in occupancy is a result of both the unveiling of new amenities and the commencement of the busier summer season, which attracts more visitors to the property.
Unveiling New Amenities to Enhance Customer Experience
Several new amenities have been introduced at Chamonix Casino Hotel, contributing to the property’s growing popularity and enhanced guest experience. In April 2024, the casino hotel opened 980 Prime, a steakhouse that has quickly established itself as one of the finest dining establishments in Colorado. This has been a significant draw for guests, further boosting the hotel’s occupancy and revenue.
By late May 2024, Chamonix Casino Hotel added more attractions, including a rooftop pool and portions of a spa. These amenities are designed to enhance the overall guest experience, combining luxury with leisure and positioning Chamonix as a premier destination for travelers in the region.
The property now boasts a 300-guestroom hotel and a sunlit casino, both of which are described by Lee as “unparalleled in the region in their quality and beauty.” These offerings have been key drivers in increasing visitation and building a loyal customer base.
Future Expansions and Enhancements at Chamonix
Full House Resorts plans to continue expanding and enhancing Chamonix Casino Hotel. During the third quarter, the company expects to complete the opening of Chamonix’s spa, adding further relaxation and wellness options for guests. Additionally, a street-front jewelry store is set to be unveiled, broadening the range of shopping experiences available at the property.
“The early guest response to Chamonix continues to be very good, reinforcing our confidence in its long-term earnings potential,” Lee added. The continued development and introduction of new features are expected to further attract visitors and enhance the overall appeal of Chamonix Casino Hotel, solidifying its position as a leading luxury destination in Colorado.
Leadership Changes at Silver Slipper Casino and Hotel
In another strategic move, Full House Resorts recently announced the promotion of Angi Truebner-Webb to the position of Vice President and General Manager of the Silver Slipper Casino and Hotel, pending customary regulatory approvals. This leadership change is part of the company’s ongoing efforts to strengthen its management team and optimize operational efficiencies across its properties.
Full House Resorts’ financial performance for the second quarter of 2024 underscores the company’s successful expansion strategy and commitment to enhancing guest experiences across its properties. With significant revenue growth driven by new developments and a strong pipeline of future enhancements, Full House Resorts is well-positioned to continue its upward trajectory in the coming quarters.