Full House Resorts has lavished even more praise on structural reforms done across the company, as the casino operator’s Q2 results continue to show signs of improvement.
Revenue for the fiscal year ending June 30, 2021 was $47.4 million, up 226.9 percent from $14.5 million the year before and 13.9 percent higher than the previous year’s $41.6 million.
The prior-year period incorporates the company’s pandemic-related closure of all of its properties from mid-March to late-May 2020 for Silver Slipper, and until June 2020 for the others.
Mississippi’s revenue climbed to $24.2 million (2020: $9.1 million & 2019: $18.8 million), while Nevada’s revenue increased to $4.7 million (2020: $1 million & 2019: $4.2 million).
However, in Indiana, where revenue was $10.5 million (2020: $2.2 million & 2019: $11.5 million), and Colorado, where revenue was $6.3 million (2020: $1.6 million & 2019: $6.8 million), revenue was down from the previous two years.
As adjusted EBITDA completed the quarter at $14.9 million (2020: -$1.3 million & 2019: $4.2 million), net income returned to $5.5 million from losses of $6.7 million and $1 million in 2020 and 2019, respectively.
Full House claims that the current year’s “strong growth” was driven by operational and marketing enhancements that began to show benefits in the second part of 20201, as well as enforced closures.
There was additionally $1.5 million in revenue from the company’s contractual sports wagering division. Five of the company’s six approved sports wagering skins in Indiana and Colorado are currently operational, with the sixth set to launch in the coming months.
Re-invest and improve properties
Full House Resorts’ president and CEO, Daniel Lee, explained: “These strong continued results have allowed us to continue to re-invest in, and improve, our properties.
“For example, with the ramp-up of our new marketing systems at Bronco Billy’s and Rising Star largely complete, we now look forward to upgrading the casino marketing systems at our two Nevada properties, scheduled for this year’s fourth quarter.
“Our Silver Slipper property, after several years of adding new amenities and with a new exterior color scheme, is essentially a new and reinvigorated destination. We also continue to invest in new slot products throughout the company.
“In many ways, our current results are the product of several years of investments in our casinos and new technology, as well as the diligent efforts of our team across the country.”
Revenue was $89.6 million in the first half of the year (2020: $45.3 million & 2019: $82.1 million), with net income of $2 million (2020: -$11 million & 2019: -$2.6 million) and adjusted EBITDA of $25.6 million (2020: -$2.6 million & 2019: $7.8 million).
“We also continue to pursue other growth opportunities in the longer term, including our proposed American Place project in Waukegan, Illinois,” Lee said as he wrapped up his remarks.
“The Illinois Gaming Board recently hired a consultant to help evaluate each of the three proposals remaining in the process. We look forward to the opportunity, perhaps later this year, to share our vision for a new casino destination for the Waukegan community.
“Also, the Indiana Gaming Commission recently issued a request for proposals to develop a casino in Terre Haute, Indiana, which is approximately one hour west of Indianapolis.
“Full House had previously proposed development of a casino in Terre Haute and is considering responding to the RFP.”