Full House Resorts Announces Preliminary Results for Q4, 2021
Full House Resorts, a casino developer and operator, releases preliminary results for the fourth quarter, which came to a close on 31st December 2021. This report is not a full financial statement yet. It hasn’t gone through the company’s public accounting firm for auditing and review.
The actual results might differ because of the company’s financial closing procedures. Deloitte & Touche LLP is the independent body tasked with going through the figures and giving an accurate and conclusive financial statement.
After necessary adjustments and developments, the report will follow generally accepted accounting principles.
Increased Net Income in the 2021 Fourth Quarter
According to the preliminary report, Full House Resorts predicts consolidated revenues of around $43 million to $43.5 million. Compared to the fourth quarter results of 2020, there is more than a $4 million increase. Total revenues consolidated from the same period the previous year totaled $38.3 million.
The net income expected in the fourth quarter of 2021 is in the range of $4.2 million to $5.9 million. The figures also show an increase since 2020 net income results stood at $3.5 million.
The adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for the fourth quarter of 2021 is estimated between $7.3 million to $8.5 million. Full House Resorts attributes these figures to the adverse hold in the Nevada and Indiana segments. Additionally, the company used approximately $1.7 million to handle non-recurrent corporate initiatives.
The Highest Total Revenue in Recent Years
If the company’s preliminary results are anything to go by, the figures will be the highest recorded in the past eight years, at least. Consolidated total revenues for 2021 range between $179.9 million to $180.4 million. In 2020, the total revenue was $125.6 million because of the pandemic.
The expected operating income for 2021 is between $36.9 million to $38.1 million. This figure marks another increase compared to $10.8 million in consolidated revenue for 2020. Full House Resorts expect the net income in 2021 to be between $10.9 million and $12.6 million.
Unbelievably, the net income in 2020 was only $0.1 million. Comparison indicates an indisputable and significant increase in 2021. These 2021 results are preliminary figures and are subject to confirmation by the company’s public accounting and auditing firm.
Update on Temporary Casino in Illinois and Chamonix Casino
Besides the Q4 preliminary results, Full House Resorts also reported an increase in investment in the Chamonix Casino Hotel, Colorado. The revised budget is currently $250 million. The venue, under construction, receives this financial boost because of supply chain issues, inflation, and a difficult environment for construction. This statement is according to Full House Resorts.
The company expects to open the venue in the second quarter of 2023. On top of that, Full House Resorts reports a $100 million investment in The Temporary by American Place. This temporary casino in Waukegan should open its doors around mid-2022.
The investment majorly goes to gambling licenses, slot machines, and table games.