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Full House Resorts recently released its Q3 2024 financial results, which revealed a significant net loss in addition to revenue growth. The company recorded a net loss of $8.5 million for the quarter, despite revenue increasing 5.8% year over year to $75.7 million. This compares with the $4.6 million in net profits seen during the same period last year.
The company attributes its Q3 net loss largely to pre-opening expenses and development costs associated with new properties, as well as depreciation linked to the new American Place and Chamonix facilities. The sale of Stockman’s Casino brought a $2 million gain, yet it wasn’t enough to offset the other financial impacts. Adjusted EBITDA fell significantly by 43%, totaling $11.7 million for the quarter.
Discussing Chamonix’s launch, Full House Resorts President and CEO Daniel Lee shared optimism: “This week, as political ad spending wanes, we will commence our first post-opening awareness campaign for Chamonix. We believe Chamonix is an unparalleled casino for the region. We remain confident in its earnings potential over the coming quarters and in the longer-term.”
Lee also touched on the company’s upcoming American Place facility, explaining that construction is currently paused pending litigation, which he anticipates will resolve within a few quarters.
The Midwest & South sectors contributed $54.5 million in Q3 2024, representing a 3.7% year-over-year increase in revenue growth when broken down by area. In the meantime, the West segment’s revenue increased by 74.9% to $19.4 million, indicating a successful performance.
With nearly $56.1 million in Q3 2024, casino operations accounted for the largest portion of Full House’s income streams. Hotel operations and contracted sports wagering provided $4.7 million and $3.8 million, respectively, while food and beverage sales contributed $11.1 million.
Full House Resorts is still dedicated to its expansion plan, concentrating on long-term growth as it moves on with Chamonix’s promotion and waits for the American Place project to be resolved, despite the financial difficulties of this quarter.