Casino developer and operator, Full House Resorts, announced on Wednesday that it released its preliminary results for the fourth quarter that ended December 31, 2021.
Full House Resorts Releases Preliminary Results for Q4, 2021
The company outlined that consolidated total revenues for Q4, 2021 are expected to be within the range of $43.0 million to $43.5 million. This marks an increase of more than $4 million when compared to the $38.3 million in consolidated total revenues from the same period in 2020. According to the preliminary results, Full House Resorts expects net income in the range of $4.2 million to $5.9 million for Q4, 2021. This marks an increase when compared to the $3.5 million net income for the same period a year before.
On the other hand, adjusted EBITDA for Q4, 2021 is expected to be between $7.3 million to $8.5 million. With that in mind, the company explained adjusted EBITDA “reflects adverse hold in the Company’s Nevada and Indiana segments and approximately $1.7 million of expenses related to corporate initiatives that are not expected to recur in future periods.”
Revenue in 2021 Increases Significantly When Compared to 2020
In 2020, Full House Resorts’ consolidated total revenues hit $125.6 million. This undoubtedly reflected the economic impact of the pandemic. However, judging by the preliminary results for the fourth quarter, the company expects to have revenues between $179.9 million to $180.4 million for 2021.
Moreover, the consolidated operating income for 2021 is expected to be between $36.9 million to $38.1 million. This marks a significant increase when compared to the $10.8 million in consolidated operating income for 2020. Full House Resorts expects net income for 2021 to be between $10.9 million and $12.6 million. Compared to 2020, this marks yet another significant increase, considering that back then, the net income was only $0.1 million.
It is important to mention that those conclusions are based on preliminary results. The company explained that the results are “subject to the completion of the final financial statements and our final closing procedures.” Additionally, the preliminary results have not been audited or reviewed by Full House Resorts’ public accounting firm, Deloitte & Touche LLP.
The Company Provides an Update on Chamonix Casino, Temporary Venue
Besides financial results, Full House Resorts outlined that it increased its investment in the Chamonix Casino Hotel in Cripple Creek, Colorado. The venue is currently under construction and the revised budget is now $250 million. The company said that it increased construction costs to “reflect supply chain issues, inflation, and a difficult construction environment.” While no further increase is expected, Full House plans to open the venue in Q2, 2023.
Last but not least, the company posted an update for its temporary casino located in Waukegan, Illinois called The Temporary by American Place. The investment is with a price tag of $100 million. Full House outlined that the investment “includes significant upfront gaming license payments and the purchase of slot machines that are expected to be transferred to the permanent casino once opened.” Currently, the company plans to open the facility around mid-2022, featuring some 1,000 slot machines, as well as 50 table games, subject to regulatory approval.