Full House Resorts discusses expansion plans after eight-year high

Full House Resorts discusses expansion plans after eight-year high

According to a preliminary report that discusses current growth ambitions, Full House Resorts expects to generate its best full-year profits in eight years when it publishes its 2021 financial results.

Full House Resorts 

Net sales is forecast to increase from $38.5 million to between $43 million and $43.5 million year on year in the final quarter of the previous year, while operating income is expected to reach $4.9 million to $6.1 million, a decrease from the $7.7 million in 2020. 

Net income is expected to reach between $4.2 million and $5.9 million, up from $3.5 million in Q4 2020, with Full House reporting that adjusted EBITDA could reach $7.3 million to $8.5 million, excluding adverse hold in its Nevada and Indiana segments and approximately $1.7 million in expenses related to non-recurring corporate initiatives.

Following that, the group anticipates disclosing a strong full-year performance, which might result in a large revenue rise from $125.6 million to between $179.9 million and $180.4 million year over year. Operating income is forecast to climb from $10.5 million to £36.9 million $38.1 million, while net income is expected to reach $10.9 million $12.6 million, up from $100,000 in 2020. Adjusted EBITDA is estimated to be in the range of $46.6 million to $47.2 million in 2021.

American Place casino resort 

Last month, the Illinois Gaming Board picked Full House Resorts to develop the American Place casino resort in Waukegan. The company later announced plans to invest nearly $100 million in a temporary facility. This is supposed to include “substantial” upfront payments for gaming licenses and the acquisition of slot machines that will be transferred to the permanent casino once it opens.

The venue is anticipated to open in the second half of this year with approximately 1,000 slot machines and 50 table games, pending regulatory permission. Full House has agreed to purchase around ten acres of “strategic” land adjacent to the 29-acre casino site that will be leased from the city. Furthermore, the firm boosted its projected investment in the Chamonix Casino Hotel in Cripple Creek to $250 million.

Increased construction costs thus far are stated to be a result of supply chain challenges, inflation, and a difficult construction environment, with management anticipating that future budget hikes will be avoided.

Full House adds that, as a result of the state’s increased gaming revenue, it “remains convinced that its high-end Chamonix Casino Hotel project will yield a good return on investment. From July to November 2021, Colorado income rose 42% over the prior year, with Cripple Creek increasing 26% and Black Hawk increasing 50% over the same time in 2020.

About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.