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US – Full House increases expansion plans for Bronco Billy’s Casino

By - 26 January 2021

Full House Resorts has increased the size of its planned expansion at Bronco Billy’s Casino and Hotel in Cripple Creek by 67 per cent to approximately 300 luxury guest rooms and suites, from its previously planned 180 guest rooms.

The move follows the November 2020 vote which approved favourable changes to the state’s gaming laws, including the elimination of betting limits and allowing Colorado casinos to offer new table games, such as baccarat and pai gow poker. Final approval requires a second reading by the Cripple Creek City Council, which is scheduled for consideration on February 3. Other planned amenities for the expansion – including a new parking garage, meeting and entertainment space, outdoor rooftop pool, spa, and fine-dining restaurant – remain largely unchanged. The expected investment to complete the Cripple Creek expansion is $180 million, which the Company believes can be financed with debt. Assuming timely completion of such fundraising, the Company intends to build the Cripple Creek expansion in one phase, with completion expected in the fourth quarter of 2022.

Full House has estimated its fourth quarter revenues to be in the range of $37.8m to $38.5m, compared to $39m for the fourth quarter of 2019.

Consolidated operating income for the fourth quarter of 2020 is expected to be in the range of $7.1 million to $8.0 million, compared to an operating loss of $0.4 million for the fourth quarter of 2019. Net income is expected to be in the range of $1.2 million to $4.0 million for the fourth quarter of 2020, an improvement from a net loss of $4.1 million in the fourth quarter of 2019.

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