Las Vegas-based Full House Resorts reported its Q4 2021 and full year financial results, showing each of the gaming company’s five business segments making their largest profits in the last five years, according to President and CEO Dan Lee.
Full House experienced a financial rebound in 2021 compared with 2020, with the company generating $180.2 million in revenues, a 43.5% increase over their yearly revenues in the previous year. The company also reported a net income of $11.7 million compared with $100,000 in 2020, and an adjusted EBITDA of $47.2 million.
Full House also reported Q4 2021 revenues of $43.3 million, a 13.1% increase over the same period in the previous year, as well as a net income of $5 million, up from $3.5 million in 2020.
In an official release, Lee described these results as the outcome of “an extremely strong year”. During a Tuesday earnings call, he also told investors he thinks Full House’s casino developments in Cripple Creek, Colorado and Waukegan, Illinois position the company for continued success.
“We are proud of our continued growth in 2021. Due to several years of investments in our properties and in new technology, as well as the hard work of our team in managing expenses, Adjusted EBITDA increased to $47.2 million from $19.7 million in 2020. All of our segments achieved their highest profits in any of the past five years and some properties, like the Silver Slipper, reached new all-time records for financial performance. It was an extremely strong year throughout the company”, Lee stated. “We expect 2022 to be a similarly transformative year for Full House Resorts”.
Lee also referred to the company’s projects looking ahead, such as the construction of the Waukegan hotel-casino -dubbed American Place-, which is due to open in 2025. He described it as a “game changer” for the company, and added that Full House intends to open a temporary suburban Chicago casino potentially sometime in Q3. The company expects to be able to quickly create jobs and generate tax revenues while the permanent facility is being built.
“While our permanent American Place facility in Waukegan, Illinois, will require approximately three years to construct, we expect to introduce American Place to the area’s residents much sooner – this upcoming summer – via The Temporary. We have spent several months designing a temporary casino facility and expect to begin erecting the casino structure in the next month, when major components of the structure begin to arrive on-site”, Lee said in an official press release.
Chamonix Casino Hotel render.
Full House is also building a hotel-casino called Chamonix Casino Hotel that is slated to open in spring 2023. Lee described it as “a four star hotel, four star casino, the first of its kind in Cripple Creek”.
“Chamonix in Cripple Creek, Colorado, should continue the transformation of our Company when it opens in the second quarter of 2023. Our confidence in Chamonix has reached new highs, driven by the success of a recent casino opening in Black Hawk, Colorado, and the significant growth in Colorado’s gaming revenues since the elimination of betting maximums in April 2021. Chamonix will be the first highquality casino hotel in Cripple Creek, and we expect it to meaningfully grow the market’s gaming revenue and generate a strong return on investment for our Company, similar to what has occurred in Black Hawk“, he concluded.
Original article: https://www.yogonet.com/international/news/2022/03/09/61706-all-full-house-39s-segments-see-largest-profits-in-five-years-overall-revenues-up-43–in-2021
