Full House targets Illinois casino launch within next three months
Product and systems testing at the site in Waukegan, Illinois is due to begin before the end of November, with approximately 1,000 slot machines being installed this week. The launch of the new casino will also create hundreds of jobs, with over 400 offers having been made for positions at the facility.
Meanwhile, Full House said the Chamonix project in Cripple Creek, Colorado is progressing well, with president and chief executive Daniel Lee adding that construction reached its ‘topping off’ milestone in September.
“In Waukegan, Illinois, we are installing décor and are preparing for the installation of slot machines this week,” Lee said. “We expect to have our entire slot floor installed and ready for testing before the end of November.
“As with all new casino openings, we have an extensive checklist to complete prior to welcoming our first customers. Therefore, while the company expects to open the casino within the next three months, the precise opening date is still uncertain.
“When The Temporary opens, it will be the only casino in Lake County, Illinois, which has a population of approximately 700,000 and ranks as one of the wealthiest counties in the US.”
“Chamonix’s construction continues at a meaningful pace, with glass now being installed on the façade and drywall within the building. When complete, Chamonix will be one of the larger casino hotels in Colorado and the largest and most luxurious casino hotel in Cripple Creek, which is the primary casino destination for the Colorado Springs market.”
Full House Q3 results
The update on the two facilities came as Full House also posted results for the third quarter of its 2022 financial year, during which revenue declined 12.3% year-on-year to $41.4m (£36.1m/€41.4m).
Casino revenue fell by 8.6% to $29.7m, while food and beverage revenue slipped 4.2% to $6.8m and other revenue, including contracted sports betting, 53.9% to $2.4m. The only area of the business that witnessed growth was hotel, which experienced only a marginal revenue rise to $2.5m.
In terms of geographical performance, The Silver Slipper Casino and Hotel in Illinois led the way with $20.0m in revenue, which was 7.0% down year-on-year, but still one of the most successful quarters in the property’s history.
Revenue at the Rising Star Casino Resort in Indiana also declined 23.8% to $9.6m, while the Bronco Billy’s Casino and Hotel facility in Colorado experienced a 30.2% drop in revenue to $4.4m.
While revenue at the Bronco Billy’s Casino and Stockman’s Casino in Nevada increased by 23.5% year-on-year, revenue from contracted sports betting slipped 31.3% to $1.1m.
Turning to costs, total operating spend for the quarter was $39.0m, up 8.0% from $36.1m last year. Full House also noted $5.9m worth of financial costs, leaving a pre-tax loss of $3.5m, compared to a $4.7m profit at the same point in 2021.
Full House paid $29,000 in income tax, meaning it ended the quarter with a total net loss of $3.6m, in contrast to the $4.6m profit posted in Q3 last year. In addition, adjusted earnings before interest, tax, depreciation and amortization declined 42.7% to $7.8m.