Full House Resorts reports 13% increase in Q3 revenue, to $47.2m
Full House Resorts has announced the results for its third quarter ended 30 September 2021. Q3 2021 revenue was $47.2m, up 13% from the prior-year period. Net income was $4.6m and adjusted EBITDA was $13.6m, showing an almost 9% increase.
Daniel R. Lee, President & CEO of Full House Resorts, said of the results: “We had another strong quarter, with revenue and operating income increases despite some weather challenges.
“Revenues in the third quarter of 2021 increased 13%, reflecting the relaxation of pandemic-related restrictions, our sale of ‘free play’ in Indiana (in this year’s third quarter instead of the fourth quarter in prior years), and a continued strong overall performance.”
Mississippi’s Silver Slipper Casino and Hotel’s operational performance reflects the operator’s marketing focus and labour improvements, as well as other recent investments in the property, such as the renovation of the casino and the introduction of on-site sports betting.
Revenue for the Colorado area decreased, however, to $6.3m from $7.6m for the third quarter of 2020. Nevada’s area revenue was $5.1m, up from $4.1m for the same quarter the previous year.
As of 30 September 2021, the company had $274.5m in cash and cash equivalents (including $176.6m of cash reserved for the construction of Chamonix), $310m in outstanding senior secured noted due 2028, and $5.6m in outstanding secured loans obtained under the CARES Act.
Regarding the Chamonix construction, Lee added: “At our Chamonix project in Cripple Creek, we are currently installing footings and structural walls for the hotel tower and are preparing for the start of vertical construction.
“It is still relatively early in the construction process, so estimates of cost and completion dates still contain substantial uncertainty, but we are in the process of completing the bidding for a substantial portion of the construction budget.”
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