Analyst Summary:
Full House Resorts (Nasdaq: FLL) announced its Q4 and year-end results, reporting a net loss of $46.1 million for the year, compared to a net loss of $36.4 million last year. Despite this, the company's President and CEO, Daniel R. Lee, expressed optimism about the growth pipeline, noting the strong response from guests to The Temporary casino. The company plans to continue growing its casino operations by increasing the number of available games and opening new restaurants. Additionally, the company is making good progress in construction of the Chamonix project in Cripple Creek, Colorado, and expects to open it later this year. However, the company also faced challenges in 2022 due to competition from online sports wagering in Louisiana, and rising expenses related to property insurance and food costs. The company is still maintaining its workforce, despite reduced activity levels, in anticipation of the need for the larger workforce required to open and operate Chamonix. The company's adjusted EBITDA, a non-GAAP measure, grew 21% YoY, aided by the increase in skin that contractually went live on December 1, 2021, as well the acceleration of deferred revenue for two agreements that ceased operations in May 2022. The company utilized its cash reserves and outstanding senior secured notes to complete the construction of Chamonix, and expects to generate attractive returns from its future American Place destination. However, investors should be aware that forward-looking statements made in this press release are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and beyond the control of the company.