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LAS VEGAS - Full House Resorts, Inc. (NASDAQ:FLL) reported a 21.5% increase in fourth-quarter revenue, driven by the continued ramp-up of operations at its American Place and Chamonix Casino (EPA:CASP) Hotel properties. The casino operator’s stock rose 2.4% following the earnings release, indicating a positive investor response to the results.
For the fourth quarter ended December 31, 2024, Full House Resorts reported revenue of $73.0 million, up from $60.0 million in the same period last year. However, this fell short of analyst estimates of $75.78 million. The company posted a net loss of $12.3 million, or -$0.35 per diluted share, compared to a loss of $12.5 million, or -$0.36 per share, in the prior-year quarter. The Q4 EPS missed analyst expectations of -$0.23.
Adjusted EBITDA for the quarter rose 42% YoY to $10.4 million, reflecting strong growth at American Place and elevated costs at Chamonix as it continues to ramp up operations.
"In Illinois, plans for our permanent American Place casino continue to move forward," said Daniel R. Lee, President and CEO of Full House Resorts. "During the fourth quarter of 2024, revenues and Adjusted Property EBITDA at our temporary American Place facility rose 27.5% and 71.9%, respectively, versus the fourth quarter of 2023."
The company’s West segment, which includes the newly opened Chamonix Casino Hotel, saw revenues surge 87.2% to $16.1 million in Q4 2024. However, this segment reported an Adjusted EBITDA loss of $3.2 million due to early inefficiencies and adverse weather impacts.
As of December 31, 2024, Full House Resorts had $40.2 million in cash and cash equivalents and $477 million in total debt.
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