Full House Resorts announced its third-quarter financial results, showing strong revenue growth alongside a significant net loss. With new developments, including the Chamonix Casino Hotel opening, and the continued ramp-up at American Place, the company experienced gains in key properties. However, increased expenses and operational costs led to an overall net loss for the quarter.
- Third-quarter revenue increased to $75.7 million, up from $71.5 million in 2023. Despite the higher revenue, expenses impacted overall profitability. This revenue growth includes successful developments at American Place and Colorado properties.
- The company reported a net loss of $8.5 million for the third quarter of 2024, compared to a net income of $4.6 million in the same period last year. This loss reflects increased operating costs and one-time expenses. Additional costs for the opening of new facilities contributed to this result.
- American Place Casino saw revenue grow by 17.7%, reaching $28.1 million. Adjusted EBITDA for this property also rose by 13.6%. Full House expects further growth at American Place as it continues to expand.
- Chamonix Casino Hotel in Colorado celebrated its grand opening and reached 88.5% occupancy in September. Although showing potential, the property faced high operating costs due to its newness. Marketing efforts are underway to boost awareness in the Colorado region.
- Revenue gains in Colorado reached 178% year-over-year, driven by new facilities and higher occupancy rates. However, startup and promotional costs impacted the overall profitability for this area. The company is optimistic about long-term revenue growth in Colorado.
- Stockman’s Casino sale was finalized, with the property sold to Clarity Game LLC for $9.2 million. This sale provided some financial relief, reflected as a $2 million gain in third-quarter results. Final asset transfer is pending customary gaming approvals.
- Future plans for a permanent American Place facility are on hold pending litigation, but expectations remain high. The existing temporary facility continues to perform well, and a permanent site is anticipated to improve revenue potential.
