Full House Resorts Celebrates Expansion Success and Record Revenue in 2023

Full House Resorts has embarked on a transformative journey in 2023, marking a year of strategic expansion and financial growth, highlighted by the opening of two major casino properties and a record-breaking increase in revenues.

The casino hotel company’s year-end reports signal a robust 47.6% surge in revenue, reaching $241.1 million, reflecting the positive impact of its recent endeavors in the gaming and hospitality sector.

The year 2023 stood out for Full House Resorts with the opening of American Place in Waukegan, Illinois, and the Chamonix Casino Hotel in Cripple Creek, Colorado. American Place, which began operations in February 2023 as a temporary facility, has already become a cornerstone of Full House’s growth strategy, celebrating its first anniversary with record-setting monthly gaming revenues.

The state has granted permission for this temporary operation to continue until August 2027, a testament to Full House’s strategic planning and its anticipation of long-term success. Meanwhile, the Chamonix Casino Hotel, opening its doors at the end of December, is expected to further bolster Full House’s growth trajectory in 2024, despite its late contribution to the 2023 fiscal year.

Full House Resorts Celebrates Expansion Success and Record Revenue in 2023

Full House Resorts’ President, Daniel Lee, expressed excitement about the company’s new phase, emphasizing the expectation for continued revenue growth at American Place in 2024. He also highlighted the gradual rollout of Chamonix’s amenities, designed to position it as Colorado’s most beautiful casino destination.

Financially, Full House has navigated through a year of widespread growth across all core areas, with casino revenues soaring by 55.3% to $176.9 million. The Midwest & South operations, including the newly opened American Place, played a significant role in this increase, generating $192.4 million, up 60.4%.

Despite facing challenges such as the temporary loss of parking and hotel rooms at Bronco Billy’s due to construction, the company managed to maintain growth, with the opening of Chamonix expected to synergize and enhance its offerings.

However, this ambitious expansion came with increased operating costs, leading to a wider net loss of $24.9 million for the year. Yet, the company remains optimistic about its future, citing significant free cash flow potential and favorable tax conditions due to tax loss carryforwards and depreciation benefits.

The extension of American Place’s temporary operation amidst legal challenges over the Waukegan gaming license reflects Full House’s resilience and confidence in its strategic direction. The company is not just focused on immediate gains but is laying the groundwork for sustainable growth and a leading position in the competitive gaming market.

As Full House Resorts looks to the future, it stands on the brink of a promising era, driven by its strategic expansions, operational excellence, and a clear vision for success in the gaming and hospitality industry.