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Casino closures leads to 45% drop in H1 revenue for Full House Resorts

Temporary closures due to the coronavirus pandemic led to Full House Resorts revenue dropping by 45% year-on-year for H1 2020.

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With all the operator’s casinos closed between March and May, total net revenue for the six months ending 30 June fell to $45.4m. Casino net revenue for the period decreased 44%, down to $31.7m.

That led to Full House posting an operating loss of $7.6m for H1, compared to a $3.2m profit in 2019. Net loss stood at $11.1m, compared to a $2.6m profit last year.

In terms of Q2, total net revenue fell by 65% to $14.5m, while casino new revenue dropped 61%, down to $10.9m.

Operating loss for the quarter was $4.2m, compared to a $1.9m profit in the same period last year, while net loss rose from $1m in 2019, up to $6.7m.

From May, its casinos have gradually reopened under strict measures, with Silver Slipper Casino and Hotel resuming operations on 21 May.

Grand Lodge Casino and Stockman’s casino reopened on 4 June, with Bronco Billy’s Casino and Hotel and Rising Star Casino Resort, following suit on 15 June.

Full House Resorts president and CEO Daniel Lee, said its properties performed well in June, with consolidated adjusted EBITDA increasing 60% compared to last June.

Lee added: “We are pleased that customers have generally responded positively, recognising that it is possible to operate a casino with appropriate social distancing and health safety measures. 

“We continue to be very cautious, recognising that the risks of the pandemic period are not yet entirely behind us.”

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