Full House Resorts Inc (FLL) Reports Substantial Growth in Q3 2023 Earnings
Revenues increased by 72.8% to $71.5 million in Q3 2023 compared to the same period last year.
Net income improved to $4.6 million, a significant turnaround from a net loss of $3.6 million in Q3 2022.
Adjusted EBITDA rose by an impressive 165.9% to $20.6 million.
Chamonix Casino Hotel in Colorado is on track to open on December 26, 2023.
Full House Resorts Inc (NASDAQ:FLL) announced its financial results for the third quarter ended September 30, 2023, on November 8, 2023, highlighting substantial growth in revenue and profitability. The company's performance was bolstered by the successful ramp-up of operations at The Temporary by American Place and the commencement of Illinois sportsbook operations.
Performance and Financial Highlights
Full House Resorts Inc (NASDAQ:FLL) experienced a remarkable increase in revenue, reaching $71.5 million in the third quarter, a 72.8% jump from $41.4 million in the prior-year period. This growth was primarily driven by the February 2023 opening of The Temporary, as well as $5.8 million of accelerated revenue from two sports wagering agreements that ceased operations during the quarter.
Net income for the quarter was reported at $4.6 million, or $0.13 per diluted common share, a significant improvement from a net loss of $3.6 million, or $(0.10) per diluted common share, in the same quarter of the previous year. Adjusted EBITDA, a key metric for evaluating the company's operating performance, soared to $20.6 million, up 165.9% from $7.8 million in the third quarter of 2022.
Operational Developments and Future Outlook
President and CEO Daniel R. Lee expressed optimism about the company's growth trajectory, noting the strength of the table games business at The Temporary and the expansion of its guest database. He also highlighted the upcoming opening of the high-end dining option, North Shore Steaks and Seafood, expected at the end of the fourth quarter.
Looking ahead, Full House Resorts Inc (NASDAQ:FLL) is preparing for the grand opening of the Chamonix Casino Hotel in Colorado, slated for December 26, 2023. The company anticipates that Chamonix will set a new standard for luxury gaming in the state.
Liquidity and Capital Resources
As of September 30, 2023, Full House Resorts Inc (NASDAQ:FLL) had $84.0 million in cash and cash equivalents, including $58.0 million reserved for the completion of Chamonix's construction. The company's debt profile consisted primarily of $450.0 million in outstanding senior secured notes due 2028 and $27.0 million outstanding under its revolving credit facility.
Investor Relations and Conference Call
Full House Resorts Inc (NASDAQ:FLL) hosted a conference call for investors to discuss the third-quarter results, with a replay available on the company's website through November 22, 2023.
For detailed financial tables and reconciliations of non-GAAP financial measures, investors are encouraged to review the full earnings release and supplemental materials provided by Full House Resorts Inc (NASDAQ:FLL).
In conclusion, Full House Resorts Inc (NASDAQ:FLL) has demonstrated a strong financial performance in the third quarter of 2023, with significant increases in revenue, net income, and Adjusted EBITDA. The company's strategic initiatives, including the expansion of The Temporary by American Place and the upcoming launch of Chamonix Casino Hotel, position it well for continued growth and success in the gaming and hospitality industry.
For more information and detailed financials, please visit Full House Resorts Inc (NASDAQ:FLL)'s investor relations website.
Explore the complete 8-K earnings release (here) from Full House Resorts Inc for further details.
This article first appeared on GuruFocus.
