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Full House Resorts reports 37% increase in revenue for Q1 2021

Full House Resorts has revealed its first quarter results for 2021, which show overall revenue rose by 36.8% year-over-year to $42.2m.

Q1

Operating income went up to to $8.7m, when the year before the operator made a loss of $3.4m; net loss for the company also improved slightly from $4.4m to $3.4m.

Adjusted EBITDA also increased to $10.8m from a loss of $1.2m; the company says the growth reflects operational and marketing improvements in 2021.

During the first quarter the company renovated its Mississippi segment, which consists of the Silver Slipper Casino and Hotel, the improvements include introducing of on-site betting to the site.

The improvements meant that the Mississippi area brought in the most money during the first quarter, as revenues for the segment were $22.4m in comparison to Indiana’s $8.6m.

Full House Resorts President and Chief Executive Officer, Daniel R. Lee, said: “Our first quarter results continued to benefit from structural changes that we began to implement before the pandemic-related shutdown.

“Revenues in the first quarter of 2021 increased approximately 37% from last year’s first quarter, when all of our properties were required to shut down in mid-March 2020 to help prevent the spread of the pandemic.”

According to the company, as of March 31 it had $277.9m in cash and cash equivalents as well as a $15m senior secured credit facility, which came together after the resort reached a five-year agreement.


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