Full House Resorts is expected to start reopening properties later this month after a series of major declines in the group’s first quarter results resulted from government imposed closures.
Starting with its Silver Slipper Casino and Hotel located in Mississippi on May 22, Full House anticipated that by June 14 both properties would work again.
Daniel Lee, president and CEO of Full House Resorts explained: “We are now approximately two months into the shutdown of our properties. These and other government-mandated closures appear to have helped slow the spread of the coronavirus.
“With the worst days of the pandemic hopefully behind us, we are now beginning to look forward to reopening our properties and safely welcoming back our customers and employees.
“We have spent the last several weeks of the shutdown examining many aspects of our business, from how we sanitise our properties to how we interact with and entertain our guests. We began using infrared devices to test employee temperatures prior to our casino shutdowns. We now also intend to screen guest temperatures when we reopen.
“We also intend to allow customers to block adjoining slot machines to ensure social distancing, and we will provide gloves, masks and hand sanitiser to our employees and guests. In some locations, we are installing dividers between our most popular slot machines.
“We will also continuously wipe and disinfect our slot machines, paying particular attention to high-touch surfaces, such as buttons and screens. In our restaurants, we are spacing our tables more widely apart and, where appropriate, installing separating screens.”
Adding: “The likely first of our properties to reopen is also our most important property, the Silver Slipper. It appears that the Silver Slipper and other casinos in Mississippi, armed with new safety protocols, will reopen by May 22, just in time for Memorial Day weekend.
“Our other properties are expected to follow shortly thereafter, with Stockman’s Casino and Grand Lodge Casino expected to reopen before the end of May, Bronco Billy’s expected to reopen in early June, and Rising Star expected to reopen on June 14. Given the fluid nature of the coronavirus situation, these dates may change, but we look forward to welcoming back our guests and employees in relatively short order.”
In the first quarter, sales dropped 23.8 percent to $30.9 m (2019: $40.5 m), adjusted EBITDA dropped to -$1.2 m (2019: $3.6 m) and net losses fell to $4.4 m, compared with a loss of $1.6 m a year ago.
Silver Slipper Casino and Hotel’s net sales dropped from $19.3 m to $15.1 m, with EBITDA finishing at $1.8 m (2019: $3.8 m), as the health crisis put a promising start to the year to a close.
Revenue declined at Rising Star Casino Resort from $10.9 m for the first quarter of 2020 to $7.3, driven by the state-mandated closure of casinos on March 16, 2020, as well as an increase in competition, namely Caesars Southern Indiana.
Revenue in the Casino and Hotel of Bronco Billy’s, a division of Full House, fell from $6.4 m to $5 m, with its Northern Nevada category consisting of the Grand Lodge and Stockman’s casinos hitting $3.1 m (2019: $3.9 m).
In addition, the developer reaffirmed its focus on creating a casino and entertainment destination in Waukegan, Illinois, adding that, if chosen, it anticipates constructing the company in a joint venture, utilising project financing.
However, Full House is swift to comment that there is no guarantee that the company will be selected to build such a casino, that it will find an suitable investor, or that there will be financing for the project.