A 115 per cent increase in gaming revenues following the expansion of operations at Cripple Creek, Colorado gave a significant boost to Full House’s results for the quarter ending September 30, according to president and CEO Daniel R Lee.
Hotel occupancy averaged around 88.5 per cent in September, up from 52 per cent in Q2 2024, while total revenues from the Colorado operations alone were up 178 per cent against Q3 2024.
For the company as a whole, Q3 2024 revenues were US$75.7m, up from $71.5m year on year. Net loss for the quarter was $8.5m, down from a net income of $4.6m in the prior-year period.
Adjusted EBITDA in the quarter was $11.7m down from $20.6m in the prior-year period.
Lee also said that the company remained “excited for our future permanent American Place facility. Construction of such casino is on hold, pending litigation that we believe will be resolved in the next few quarters.
“While our temporary casino is performing very well, we think the permanent casino will perform much better. Another gaming company in Illinois operated a temporary casino for several years, in the city of Rockford. It is a market quite analogous to our market in Lake County. That temporary casino recently transitioned into a permanent facility and the early results have been very strong.
In September 2024, for example, the Illinois Gaming Board reported that the permanent Rockford casino’s gaming revenues were $13.7m, a 139 per cent increase from $5.7m produced in September 2023 in a temporary facility. Their revenue growth reinforces our excitement for our own transition from our temporary American Place casino, which we are currently permitted to operate until August 2027, into a permanent casino facility.”
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