Full House Resorts posts revenue down 12% in Q3; expects temporary Illinois casino opening within three months
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Full House Resorts reports a revenue of $41.4 million for the three months ended September 30th, down 12% from $47.2 million in the same period last year. The company expects to open its temporary Illinois casino within the next three weeks. It will be the only casino in Lake County, Illinois. The permanent American Place casino is expected to cost about $400 million. First phase of the property is scheduled to be complete in about three years. There are 400 outstanding offers for positions.
Chamonix Casino Hotel in Cripple Creek, Colorado, is expected to open in mid-2023. It will be connected to the company’s existing Bronco Billy”s Casino. The adjoining Bronko Billy's Casino is also being renovated. Full House Resorts has $241.8 million of cash, including $156.1 million reserved for the completion of Chamonik. The company has a $40 million credit facility, which remains undrawn.
Full House Resorts' Mississippi operations posted revenue of $20 million, down from $21.5 million in 2021. Indiana’s Rising Star Casino Resort posted revenues of $9.6 million. Colorado's Bronco Billy's has shown growth since betting limits were eliminated in May 2021, but construction has caused some disruption. Revenues were $4.4 million in the third quarter, versus $6.3 million the prior year. The company expects to complete the refurbishment of Bronko Billy”s gaming space near year-end and to augment its restaurant capacity in first quarter of next year, as well as to increase the payroll.
