Full House Resorts(FLL) - 2024 Q1 - Quarterly Results

Revenue Growth - Revenues increased 39.6% to $69.9 million in Q1 2024, up from $50.1 million in the prior-year period[2] - American Place generated $25.8 million in revenue and $7.4 million in Adjusted Property EBITDA, representing increases of 147.7% and 106.6% respectively compared to Q1 2023[9] - Midwest & South segment revenues were $54.6 million, a 33.9% increase from $40.8 million in the prior-year period[9] - West segment revenues rose 60.4% to $13.0 million in Q1 2024, compared to $8.1 million in the prior-year period[9] - Contracted Sports Wagering segment revenues were $2.3 million in Q1 2024, up from $1.2 million in the prior-year period[9] - The company anticipates significant growth in revenues from Colorado operations, which have more than doubled compared to 2023[4] - American Place revenues increased by 147.7% to $25,808,000 from $10,420,000 year-over-year[18] - Contracted Sports Wagering total revenues rose by 91.5% to $2,260,000 compared to $1,180,000 in the same period last year[18] Adjusted EBITDA - Adjusted EBITDA rose 22.6% to $12.4 million in Q1 2024, compared to $10.1 million in the prior-year period[2] - Adjusted EBITDA for the three months ended March 31, 2024, was $12,409,000, an increase from $10,125,000 in the same period of 2023[20] Net Loss - Net loss for Q1 2024 was $11.3 million, or $(0.33) per diluted share, consistent with the prior-year period[2] - The net loss for the quarter was $11,272,000, slightly improved from a net loss of $11,415,000 in the previous year[20] Operational Costs - Preopening costs for the quarter were $1,663,000, down from $10,497,000 in the same period last year[20] - The company anticipates potential risks related to construction budgets and operational performance for its properties, including American Place and Chamonix[23] - The company is focused on managing expenses and completing construction projects on time and within budget, amidst various market challenges[23] Cash Position - As of March 31, 2024, the company had $46.3 million in cash and cash equivalents, including $20.6 million reserved for Chamonix construction[6] Property Developments - Chamonix Casino Hotel's phased opening began in late December 2023, with full operations expected to enhance revenue and profitability over time[4] - Full House Resorts operates multiple gaming facilities across the U.S., including American Place in Illinois and Silver Slipper Casino in Mississippi[24] Same-Store Performance - Midwest & South same-store total revenues decreased by 5.1% to $28,824,000 compared to $30,382,000 in the previous year[18] - Adjusted Segment EBITDA for Midwest & South decreased by 25.5% to $5,301,000 from $7,114,000 year-over-year[18]