The casino operator reported its quarterly revenue at $41.4m, down from $47.2m in the same period last year.
Meanwhile, its adjusted EBITDA stood at $7.8m for Q3 2022, down from the $13.6m the business reported last year, which Full House attributed to new sports wagering competition in Louisiana, the stimulus cheques handed out by the US government the year before and increases in expenses due to the rising cost of living.
Additionally, the business highlighted its ambition and liquidity, with Lewis Fanger, the company’s CFO, saying in a statement: “Our anticipated investments in both of these growth projects remain within budgets.
"Importantly in these difficult capital markets, we remain confident that our cash balances, cash flows from operations, and credit line availability will be sufficient to complete both The Temporary and Chamonix.
“On September 30, 2022, we had $241.8m of cash, including $156.1m of cash that is reserved for the completion of Chamonix. We also have a $40m credit facility, which remains undrawn.”
However, despite the disappointing results, Full House was keen to stress its up-and-coming Illinois casino and its plans for future expansion in the land-based market.
Daniel R. Lee, President and CEO of Full House Resorts, commented on this alongside the Q3 report: “We continue to make progress on our two new casinos, with the first of them on the verge of opening. In Waukegan, Illinois, we are installing décor and are preparing for the installation of slot machines this week.
“At our Chamonix project in Cripple Creek, Colorado, construction reached its ‘topping off’ milestone back in September. Chamonix’s construction continues at a meaningful pace, with glass now being installed on the façade and drywall within the building.”
