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US – Full House reports 13.1 per cent increase in Q4

By - 9 March 2022

Full House Resorts reported revenues in the fourth quarter of 2021 were $43.3m, a 13.1 per cent increase from $38.3m in the prior-year period.

Both periods reflect a full quarter of reopened operations, as all of the company’s properties reopened by June 2020 after closing in March 2020 due to the pandemic.

The fourth quarter also reflects timing differences for the sale of “free play” in Indiana, which occurred in the third quarter for the recent year and the fourth quarter in 2020, as well as a gain on the extinguishment of the company’s CARES Act loans and additional interest expense related to the funding of the company’s Chamonix development project in Cripple Creek, Colorado. In the prior-year period, net income was $3.5m, or $0.12 per diluted common share. Adjusted EBITDA in the 2021 fourth quarter was $7.9m, reflecting strength in the Company’s Mississippi segment, the additional $1.7m of corporate expenses noted above, and the continued ramp-up of the Company’s contracted sports wagering segment.

For the full year, revenues in 2021 were $180.2m, a 43.5 per cent increase from $125.6m in the prior-year period.

“We are proud of our continued growth in 2021,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “Due to several years of investments in our properties and in new technology, as well as the hard work of our team in managing expenses, Adjusted EBITDA increased to $47.2m from $19.7m in 2020. 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.

“We expect 2022 to be a similarly transformative year for Full House Resorts,” continued Mr. 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. We have spent several months designing a temporary casino facility and expect to begin erecting the casino structure in the next month, when major components of the structure begin to arrive on-site.

“Our other major construction project, Chamonix in Cripple Creek, Colorado, should continue the transformation of our Company when it opens in the second quarter of 2023. Our confidence in Chamonix has reached new highs, driven by the success of a recent casino opening in Black Hawk, Colorado, and the significant growth in Colorado’s gaming revenues since the elimination of betting maximums in April 2021. Chamonix will be the first high-quality casino hotel in Cripple Creek, and we expect it to meaningfully grow the market’s gaming revenue and generate a strong return on investment for our Company, similar to what has occurred in Black Hawk.”

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