Full House Resorts revenue has grown by 39.6 per cent year-on-year for the first quarter of 2024, financial results confirmed.
In total, revenue was reported at $69.9Million compared to $50.1m in the prior-year period. In February 2023, operations at American Place was launched which is reflected in the results.
Additionally, the phased opening of Chamonix Casino Hotel from late December is also included. The net loss for the opening quarter of 2024 was $11.3m. This does include $1.7m of pre-opening costs.
Adjusted EBITDA rose 22.6 per cent to $12.4m. Furthermore, the net losses also took into account depreciation and amortisation charges related to American Place and Chamonix of $5.5 m and $3.7m respectively.
Full House Resorts Revenue
“We had a strong quarter of growth, led by American Place. Typical of most new casino openings, American Place has continued to improve its operations since its opening just over a year ago,” said Daniel R. Lee, president and chief executive officer of Full House Resorts.
“During the first quarter, quarterly revenues at American Place rose to their highest yet – $25.8m. Similarly, Adjusted Property EBITDA rose to $7.4m.
“March was the first month with full year-over-year comparisons, and gaming revenues in that month rose 34 per cent compared to March 2023.
“The strong first quarter results were assisted by the opening of our high-end restaurant, North Shore Steaks & Seafood, which opened on February 14 2024.
“We look forward to continued growth at American Place as its database continues to grow and operations continue to season.
“We believe that American Place provides a reasonable case study for how Chamonix should perform in the nearer term,” he added.
Additionally, Lee went on to say how he believes Chamonix is far superior to the other casinos in Cripple Creek.
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