Full House Resorts, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the three months ended September 30, 2024, total revenues increased to $75.7 million, up 5.8% from $71.5 million in the same period of 2023. Casino revenues also rose to $56.1 million, compared to $50.2 million a year earlier. For the nine months, total revenues reached $219.1 million, a 21.0% increase from $181.0 million in 2023, with casino revenues climbing to $162.5 million from $131.6 million.

Despite the revenue growth, the company reported a net loss of $8.5 million for the third quarter, a stark contrast to a net income of $4.6 million in the same quarter of 2023. The nine-month net loss also widened to $28.4 million from $12.4 million in the prior year. Operating income for the third quarter fell significantly to $2.4 million, down 76.4% from $10.4 million in 2023, while for the nine months, operating income increased slightly to $4.2 million from $4.0 million.

The increase in revenues was primarily driven by the opening of new facilities, including the American Place in Waukegan, Illinois, and the Chamonix Casino Hotel in Cripple Creek, Colorado. The Chamonix facility, which began phased openings in December 2023, contributed to a 74.9% increase in revenues for the West segment in the third quarter. However, the company faced increased operating expenses, which rose by 19.7% in the third quarter and 21.4% for the nine months, largely due to the operational costs associated with these new properties.

Strategically, Full House Resorts agreed to sell Stockman’s Casino for total gross proceeds of $9.2 million, with the first phase of the sale completed in September 2024. The company recognized a $2.0 million gain from this transaction. Additionally, the company has been actively managing its capital expenditures, with significant investments directed towards the completion of the Chamonix project and the development of a permanent facility at American Place.

As of September 30, 2024, the company reported total assets of $668.7 million, a slight decrease from $688.5 million at the end of 2023. Cash and equivalents were reported at $25.9 million, down from $36.2 million at the end of the previous year. Long-term debt remained substantial at $467.4 million, reflecting ongoing financing needs for capital projects.

Overall, Full House Resorts continues to navigate a competitive market while expanding its operations and managing financial challenges.