Full House Resorts Discloses Its Third Quarter Earnings

Full House Resorts, a famous American casino operator, disclosed its 2022 third-quarter results on November 7. Also, it revealed its plans, such as a construction update for two new casinos.

The operator will launch a new casino in Illinois in three months and another casino in Colorado that will start operating in mid-2023. Lewis Fanger, Full House Resorts CEO, stated that their investments in the two projects will remain within their budgets.

He is confident that their cash balances, credit line availability, and cash flows are enough to complete Chamonix and The Temporary.

The resorts had $241.8 million in cash on September 30, 2022. It included $156.1 million in cash that it allocated for the Chamonix project’s completion. Still, it has a $40 million undrawn credit facility.

The Third Quarter Results

Full House Resorts generated $41.4 million in the three-month period that ended on September 30. This was a 12 percent drop from the $47.2 million it earned in the same period last year.

The casino company made a $3.6 million net loss amidst the high development costs against the $4.6 million income it earned in 2021.

The New Illinois Casino Facility

The Waukegan, Illinois gaming site will start testing its product and systems later this month. Yet, The Temporary by American Place Casino shall feature 1,000 slot machines that will be installed by Sunday.

Daniel R. Lee, Full House Resorts CEO and President, said that they are installing décor in Waukegan, Illinois, as they prepare to install slot machines by this weekend. They expect to complete the slots installation and testing before November 30.

Generally, such a complicated process takes a few weeks, thus making Full Resorts uncertain about its opening date. Lee added that they have a detailed checklist to finish before they start welcoming clients. But, it will launch the casino before February at an uncertain date.

Once the new casino starts running, it will create over a hundred jobs. They include over 400 vacancies for new positions that will be created. Moreover, it will be the first casino to launch in Lake County.

Illinois players have welcomed other new casinos. A Rockford temporary casino broke its admissions record in July.

Lee stated that The Temporary will be Lake County’s only casino. The county has about 700,000 residents, and it is among the richest counties in the country.

The Colorado Casino’s Launch

The Cripple Creek, Colorado Chamonix project is progressing well. The casino hotel has topped off, as Full House Resorts stated in its press release, and is expected to launch in June 2023.

Lee stated that the construction of its Chamonix project topped off in September. It is continuing at a reasonable pace as the glass is fully installed on its drywall and façade in the building.

Chamonix will be among Colorado’s largest casino hotels once it is completed. Also, it will be the biggest and most cozy hotel in Cripple Creek. The Creek is about an hour’s drive from the Colorado Springs metropolitan region and two hours from the Denver area.

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