Full House sees net profit rocket in Q3 following casino reopenings
Total revenue for the three months to September 30 amounted to $42.0m, down 5.2% from $44.3m in the corresponding period last year, with certain Covid-19 restrictions still in place on land-based gambling venues.
Casino revenue edged up 4.3% to $31.9m in Q3, but food and beverage revenue dropped 39.8% to $5.6m and hotel revenue was down 19.4%. However, revenue from other activities including online and mobile sports betting increased 46.2% to $1.9m.
The Silver Slipper Casino and Hotel in Mississippi was the only Full House land-based property to see revenue increase, with this rising 10.5% to $20.0m. This was despite restrictions on the number of available slot machines and seating capacity at each table game due to Covid-19.
Revenue at the Rising Star Casino Resort in Indiana fell 18.0% to $11.7m, with this partially down to Covid-19 limitations. The property faced increased competition, after the opening of a new venue near Louisville in December 2019, and the fact racetrack casinos near Indianapolis began offering live table games in January.
Bronco Billy’s Casino and Hotel in Colorado saw revenue fall 6.6% to $8.1m, again mainly due to Covid-19 restrictions, which included the shutdown of all table games at the property and a reduction in the number of slot machines.
Revenue from the Northern Nevada segment – consisting of the Grand Lodge and Stockman’s casinos – was also down 30.2% to $4.4m, as Covid-19 restrictions remained in place at all properties.
Full House did not publish a full breakdown of its online and mobile revenue, it did note that Q3 was its first full quarter of operating three ‘skins’ in Colorado, as well as one of its permitted three skins in Indiana.
When all six of these skins are in operation, Full House said it should receive at least $7m per year in sports gaming revenues, and as this incurs only small costs, almost all of such revenues should translate into income.