Full House toasts Q2 revenue hike

Full House toasts Q2 revenue hike

Wednesday, August 23, 2017 Posted by James Walker
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The renovated table games area at Grand Lodge Casino on the shore of Lake Tahoe

While property renovation costs continue to eat into the company’s bottom line, US casino operator Full House Resorts has reported a 16.1% increase in revenues for the second quarter of the year.

In the three months to June 30, Las Vegas-based Full House said its six casinos generated revenues of $40.1 million, compared with $34.6 million in the second quarter of 2016.

Net loss for the second quarter of 2017 was $1.5 million, compared to a net loss of $2.4 million in the prior-year period, due primarily to costs associated with the group’s ongoing property renovation programme.

“Results for the second quarter of 2016 reflect a partial period of operations at Bronco Billy’s Casino and Hotel, which was acquired on May 13, 2016,” Full House said in its earnings release.

“Due in part to its significant depreciation and amortisation expense, the company generally has positive cash flow from operations despite net losses.”

Commenting on the company’s results, Full House president and CEO Daniel Lee said: “We had another solid quarter, with Silver Slipper again leading our growth.

“We are especially proud of our strong performance in the face of significant construction work during the quarter at our properties. At Grand Lodge, for example, up to two-thirds of our casino was closed for renovation work during the quarter.

“We completed that extensive construction at Grand Lodge on June 30 and the fresh new casino design has been well-received by our guests. Table game volumes in July 2017, for example, increased 7% versus July 2016 and slot win increased by 13%.”

Totally Gaming says: As with many regional casino operators, Full House has embarked on a large-scale property renovation programme. As it looks to drive footfall and overnight stays, the group is currently looking ahead to several new projects, including improvements at Stockman’s Casino; a ferry boat operation connecting Rising Star to the growing communities directly across the Ohio River in Kentucky; new arrival and VIP areas at Rising Star; and potentially a new hotel at Bronco Billy’s.

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