Full House Resorts has continued to increase operations at its Temporary by American Place while also finalising the grand opening of its Colorado Chamonix Casino and Hotel.
On February 17, the former opened a softly, with casino operations running 24 hours a day on weekends. In three days, all restrictions will be removed on table game limits, and operating times.
We expect to finish our opening of The Temporary by adding 22 additional table games in June. This will be followed by opening our fine dining restaurant and a sportsbook on site. Since opening, we’ve operated 28 table games, compared to the average of 32.
On December 26, 2023, Chamonix is set to open its first doors. It is said to offer “a new level in elegance and comfort.”
He said: “We expect to be able to offer a nearly-complete experience on that date, including all three hotel towers, a new fine dining restaurant and parking garage.”
We look forward to welcoming the first guests at what we consider to be the most unique gaming destination in Colorado.
The operator reported revenue of $50.1m for the first three months, which is a 21% increase from the $41.4m it reported in the previous year.
The Midwest and South division, including Silver Slipper Casino, Rising Star Casino Resort and Waukegan’s The Temporary contributed $40.8m. This is up 36.2% from $29.9m.
The company’s West Segment, which includes Grand Lodge Casino located within the Hyatt Lake Tahoe, Stockman’s Casino, and Bronco Billy’s Casino & Hotel has also dropped to $8.6m (2022: $9.6m).
According to reports, significant snowfall in Colorado and near Lake Tahoe affected the traffic of guests at Bronco Billy’s and Grand Lodge.
The contracted sports betting revenue dropped from $2.8m a year ago to only $1.2m in the first quarter of this year. This is due to an increase in deferred revenues for two contracts that will cease operations by May 2022. One of the parties contracted by the company ended its online operation.
Full House reported that $10.5 of pre-opening costs and development expenses related to the fair of projects mentioned above accounted for the $11.4m net loss in the third quarter. The adjusted EBITDA increased by 20.6 percent year-on-year, to $10m (2022: $8.5m).
Lee added, “This quarter was a transformative one for our company. The first phase of the American Place project is now open and contributing to our financial results in a meaningful way.”
In its first 1.5 months, The Temporary, by American Place, generated $100.4m in revenue and $3.6m in adjusted property EBITDA. This resulted in an adjusted property EBITDA of 34.3 percent.
Its database of marketing contacts currently has around 25,000 members and is growing steadily. We expect that The Temporary will continue to grow in revenue and profits as its database expands and the remaining amenities are brought online.