Full House Resorts, a land-based casino operator in the United States, has announced that it will establish a new casino in Illinois within the next three months and that it will construct a second casino in Colorado in the middle of 2023.
With the installation of around 1,000 slot machines this week, product and systems testing at the location in Waukegan, Illinois is scheduled to commence before the end of November. More than 400 people have already been offered jobs at the new casino, so its opening will undoubtedly generate hundreds of new employment opportunities.
Meanwhile, Full House president and chief executive Daniel Lee announced in September that work had reached the "topping off" milestone at the Chamonix project in Cripple Creek, Colorado, and that the project is moving along swimmingly.
Currently, they are putting up decorations and getting ready to install slot machines this week in Waukegan, Illinois, according to Lee. By the end of November, we hope to have built and tested the entire slot floor.
Before we can welcome our first guests, there is a long list of items that must be checked off, as is customary with every new casino. Although the corporation plans to operate the casino within the next three months, the exact date is still up in the air.
With a population of almost 700,000 and a ranking among the wealthiest counties in the US, The Temporary will become the sole casino in Lake County, Illinois, when it opens.
The installation of glass on the façade and plasterboard within the building are signs that Chamonix's development is progressing at a considerable pace. As soon as it's finished, Chamonix will be Cripple Creek's biggest and most opulent casino hotel, making it a major player in the Colorado Springs market and one of the state's larger casino hotels overall.
Q3 results from Full House
In addition to reporting results for the third quarter of its 2022 fiscal year, Full House provided an update on the two facilities at the same time. During this period, revenue fell 12.3% year-on-year to $41.4m (£36.1m/€41.4m).
Other revenue, which includes contracted sports betting, dropped 53.9% to $2.4m, while food and beverage revenue decreased 4.2% to $6.8m and casino revenue plummeted 8.6% to $29.7m. The hotel division was the sole contributor to the company's expansion, with revenues increasing by a little margin to $2.5 million.
With $20.0m in revenue, down 7.0% year-on-year but still one of the most profitable quarters in the property's history, the Silver Slipper Casino and Hotel in Illinois led the way in terms of geographical performance.
Income at Colorado's Bronco Billy's Casino and Hotel fell 30.2% to $4.4 million, while it fell 23.8% at Indiana's Rising Star Casino Resort, reaching $9.6 million.
Contract sports betting income fell 31.3% to $1.1m, even though earnings at Nevada's Bronco Billy's Casino and Stockman's Casino were up 23.5% year-on-year.
Spending on operations for the quarter came to $39.0m, up 8.0% from $36.1m a year ago. Additionally, Full House had $5.9 million in financial expenses, resulting in a pre-tax loss of $3.5 million, down from a profit of $4.7 million in the corresponding period in 2021.
Compared to previous year's Q3 profit of $4.6 million, Full House's total net loss for the quarter was $3.6 million due to income taxes paid of $29,000. Further, AFTER-TAX (interest, taxes, depreciation, and amortisation) earnings fell 42.7% to $7.8m.
