Full House Resorts projects 43.6% revenue rise in FY 2021

| By Marese O'Hagan
Full House Resorts has projected a revenue range of $179.9m to $180.4m for its full year 2021 results, a potential rise of 43.6% year-on-year.

The projected full year 2021 results would be the company’s best results in eight years.

Operating income is set to lie between $36.9m and $38.1m, a significant rise of 262.8% from $10.5m generated in 2020.

Net income is expected to be between $10.9m and $12.6m, compared to $100,000 generated in 2020- a year heavily affected by the novel coronavirus (Covid-19) pandemic.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) is projected to lie between $46.6m and $47.8m, up 142.6% year-on-year. This includes $2.1m of corporate expenses that are not expected to reappear in subsequent years.

Meanwhile, the resort owner projected a revenue range between $43.0m and $43.5m for its fourth quarter 2021 results, a potential rise of 13.5% compared to Q4 2020.

Income from operations is projected to fall between $4.9m and $6.1m, a possible year-on-year decrease of 57.1%

Net income is expected to fall in the range of $4.2m to $5.9m, a potential rise of 68.5%. Adjusted EBITDA for the quarter could fall year-on-year by 25.5%, if it lies between the projected range of $7.3m and $8.5m.

Full House also provided an update on plans for a temporary casino in Waukegan, Illinois. The operator plans to invest an estimated $100m in the property and expected to open the facility in mid-2022. It will have approximately 1,000 slot machines and 50 table games.

In addition, Full House announced that it had increased the investment towards its Chamonix Casino Hotel from $180m to $250m. The hotel is currently under construction in Cripple Creek Colorado.

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