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Full House Resorts records 11 7m in net income for 2021

News Online 9 Mar 2022

Full House Resorts records $11.7m in net income for 2021

By Gambling Insider

Full House Resorts has reported $43.3m in revenue for Q4 2021, a 13.1% increase over the prior-year period’s $38.3m.

After closing in March 2020 due to Covid-19, all of the company’s properties had reopened by June of the same year, and since then, Full House has experienced relatively consistent revenue growth.

On a whole-year basis, Full House Resorts’ revenue amounted to $180.2m, up 43.5% from 2020’s $125.6m.

Full House generated nearly $8m in adjusted EBITDA for Q4 2021, down from $9.8m for the prior-year period, though this included $2.1m for the sale of “free play” in Indiana.

However, for the full year, adjusted EBITDA climbed to $47.2m, a more than 140% increase from 2020’s $19.7m.

Net income, meanwhile, came to $5m for the fourth quarter, driving its full-year total to $11.7m, an impressive 11,600% increase from 2020’s considerably more meagre $100,000 — though this growth will likely have been inflated by the company’s Covid-related closures.

“We are proud of our continued growth in 2021,” said Daniel R. Lee, President and CEO of Full House Resorts.

He added: “All of our segments achieved their highest profits in any of the past five years and some properties, like the Silver Slipper, reached new all-time records for financial performance. It was an extremely strong year throughout the company.”

Looking forward, Lee was optimistic regarding 2022 and touched on Full House Resorts upcoming interim casino, The Temporary by American Place.

“We expect 2022 to be a similarly transformative year for Full House Resorts,” continued Lee. “While our permanent American Place facility in Waukegan, Illinois will require approximately three years to construct, we expect to introduce American Place to the area’s residents much sooner — this upcoming summer — via The Temporary.”

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