Full House Resorts reports strong earnings, ready for expansion

Full House Resorts reports strong earnings, ready for expansion

The casino and hospitality company is seeing a strong 2021 that will carry into next year

Part of the profits that are reported in a business can be used for future development, such as expansion. This is exactly what appears to be happening with Full House Resorts, which reports having a new resort underway in Cripple Creek, CO. In addition, Dan Lee, its president, and CEO gave more detailed information about the expectations of this expansion strategy during an earnings call yesterday.

It is quite possible that with all of the plans, Full House Resorts will have a full plate over the next few months. The small Las Vegas-based company, headed by seasoned Nevada casino executive Lee, reported extraordinary earnings in the third quarter, which ended September 30.

According to recently shared reports, Full House reported net income of $4.6 million, $0.13 per share, on revenue of $47.2 million for the quarter. While perhaps lower than reported in the same period last year, Lee made it clear that the decrease was due to additional interest expense related to the financing of the construction of its new Chamonix property in Cripple Creek.

Chamonix is one of three projects in Full House’s development portfolio and that is why Lee, during the call, gave special focus on the potential for projects that could be enough to double the size of the company. Lee also clarified that revenue generated in the quarter could have been higher had it not been for the catastrophic Hurricane Ida that affected the Silver Slipper operations in Bay St. Louis, Mississippi, and the nearby wildfires that affected the Nevada casino business.

Still, expansion plans aren’t stopping. Lee assures that in the next few years, quarterly revenues could reach new peaks.

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