This top-line decrease contributed to a net loss of $4.4m, a considerable fall when compared to Full House Resorts’ $5.5m net income for Q2 of last year.
Adjusted EBITDA was likewise down, dropping by almost 19% to $12.1m versus $14.9m.
Full House attributed its second quarter performance to a variety of factors, chiefly that Q2 2021 offers an unfavourable comparison.
The company called the prior-year period its “strongest in recent years,” and said it benefitted from customers receiving Covid-related government subsidies.
Other factors include planned construction disruptions at Bronco Billy’s and the launch of online sports betting in Louisiana.
This latter event adversely affected sports wagering revenue at Full House Resorts’ Silver Slipper property, which fell from $0.5m to $0.1m.
However, three areas did see revenue increase. Full House Resorts’ Rising Star Casino in Indiana recorded an 11.5% rise, while its Nevada properties experienced a 10.6% boost. Contracted sports wagering also underwent revenue growth, increasing from $1.5m to $2.2m.
The company also offered an update on two construction projects: The Temporary and Chamonix.
“Our anticipated opening dates have slipped a few weeks, reflecting supply issues and normal construction challenges,” said Lewis Fanger, Full House Resorts’ Chief Financial Officer.
The Temporary is expected to cost around $100m, while Chamonix is still estimated to be within its budget of $250m.
Fanger continued: “We are confident that our existing cash, credit line availability and cash flows from operations will be sufficient to complete both The Temporary and Chamonix.”
