Despite increasing third-quarter revenue to $75.7 million from $71.5 million, Full House Resorts went from a $4.6 million profit in the third quarter of last year to a loss of $8.6 million.
Revenue improved in the casino, food & beverage, and hotel categories, but fell by over half in “Other Operations.” Full House performed best in its West division and ceded the most ground in the contracted sports wagering category, due to a defunct arrangement in Colorado.
Cash flow for the quarter was $11.7 million, down from $20.6 million in 2023. Stockholders sustained a loss of $0.24 per share.
Accentuating the positive, CEO Dan Lee said, “At our expanded operations in Cripple Creek, Colorado, gaming revenues continued to set new monthly records, resulting in a 115 percent increase during the current quarter when compared to the prior-year period [before the opening of Chamonix]. Hotel occupancy rose dramatically during the third quarter, reaching 88.5 percent in September, as guests discover — and revisit — our new casino-hotel. For comparison, hotel occupancy averaged approximately 52 percent in the second quarter of 2024.”
Lee continued, “These revenue gains were despite the lack of a large-scale marketing campaign. Such a campaign was largely on hold until recently, when construction was complete. Accordingly, awareness of Chamonix remains in the early stages in the key markets of Colorado Springs and Denver.
“This past weekend, we celebrated Chamonix’s official Grand Opening with a VIP party, complete with major celebrity entertainment” provided by Jay Leno, who performed an invitation-only set for 300 guests and their spouses.
Turning to Illinois and The Temporary at American Place, Lee said, “While our temporary casino is performing very well, we think the permanent casino will perform much better. Another gaming company [Hard Rock International] in Illinois operated a temporary casino for several years, in the city of Rockford. It is a market quite analogous to our market in Lake County. That temporary casino recently transitioned into a permanent facility and the early results have been very strong.”
