The financial reports for Full House Resorts’ second quarter of 2024 were made public, and they reveal a notable increase in revenue. With combined revenues of $73.5 million, the company recorded a 23.8% rise over the same period the previous year. The successful expansion of American Place, which debuted in February 2023, and the gradual opening of Chamonix Casino Hotel, which started in December 2023, are both evident in this remarkable growth.
Full House Resorts recorded a net income loss of $8.6 million for the second quarter of 2024, up 48% from the net income loss of the previous year, despite the spike in sales. Pre-opening and development expenses of $800,000 are included in this amount, in addition to depreciation and amortization from newly constructed facilities. The adjusted EBITDA increased 34.6% year over year, reaching $14.1 million, which is a good sign.
Expansion and Operational Success
The Chamonix Casino Hotel in Cripple Creek, Colorado, has been a key driver of growth for Full House Resorts. “Our newest destination casino, Chamonix Casino Hotel in Cripple Creek, Colorado, continues to build its customer base,” said Full House Resorts President and CEO Daniel Lee. He highlighted that hotel occupancy has steadily increased, with room-nights rising from approximately 2,100 in January 2024 to about 5,900 in June 2024. This increase in visitation is attributed to the unveiling of new amenities and the onset of the busier summer season.
The company also announced the promotion of Angi Truebner-Webb to VP and GM of Silver Slipper Casino and Hotel, pending regulatory approvals, further strengthening their leadership team.
In the Midwest and South segment, revenues reached $55.5 million in Q2 2024, an 11.1% increase from the previous year. Adjusted segment EBITDA for this segment rose by 30.7%, totaling $12.3 million. Meanwhile, the West segment experienced a remarkable 87.3% year-over-year increase in revenues, reporting $15.2 million for the quarter. Despite high initial opening costs for Chamonix, adjusted segment EBITDA increased to $900,000, compared to $200,000 in the prior-year period.
Contracted sports wagering also contributed to the overall performance, generating $2.9 million in revenue and $2.6 million in adjusted segment EBITDA.
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