For Q1 2022, the Las Vegas-based casino operator generated $41.4m in revenue, a 1.9% decline from the first quarter of 2021.
Adjusted EBITDA likewise decreased on a year-over-year basis. For the first three months of 2022, this came to $8.4m, down 22% from the $10.8m recorded for Q1 of last year.
Full House attributed these results to unfavourable operating conditions, and an abnormally strong comparative period.
For example, Full House experienced planned construction disruptions at Bronco Billy’s in Colorado, while the launch of online sports betting in Louisiana had a negative impact on wagering revenues at its Silver Slipper Casino.
These events, alongside the first quarter of 2021 being the company’s “strongest in recent years,” were presented to explain its Q1 2022 performance.
And despite these results, Full House was in the black. While the prior-year period saw the operator report a net loss of $3.4m, for the last quarter, Full House produced $100,000 in net income.
“Our first quarter results were solid, given adverse hold percentages at two of our properties and meaningful – but planned – construction disruptions at Bronco Billy’s to hasten the completion of Chamonix,” said Daniel R. Lee, Full House Resorts’ President and CEO.
“Silver Slipper had a solid quarter, though the launch of online sports wagering in nearby Louisiana has resulted in declines in its on-site sports wagering operations.”
He added: “More importantly, we made significant progress on our expansion plans. In Waukegan, Illinois, we received approvals last week to begin construction on The Temporary at American Place.”
