The following is a summary of the Full House Resorts, Inc. (FLL) Q1 2024 Earnings Call Transcript:
Financial Performance:
Full House Resorts reported strong Q1 earnings for their American Place casino, with revenues rising by 39% compared to the same period in the previous year, resulting in a current annual run rate of $36 million.
Chamonix casino reported a Q1 loss of about $400,000 due to winter complications and transitioning costs in its opening month, but projects breakeven for April.
The win per slot machine per day is increasing at their locations (Chamonix, Bronco Billy's, and Colorado).
Identified Colorado as a challenging area where they need to improve marketing and payroll control.
Business Progress:
The company has embarked on phased casino openings, recently bringing the Chamonix property's 300 room hotel online during Q1 and opening a high-end steakhouse.
Plans to open a pool and spa at Chamonix in the following weeks.
The company's American Place in Waukegan has been setting monthly property gaming revenue records and is working on designs for the permanent facility.
Has overcome staffing challenges at the new properties in Waukegan and Chamonix, and now has a stable workforce.
Working on a long-term strategy to increase group hotel revenue and has planned marketing strategies to fill hotels, especially on weeknights and off-peak seasons.
Efforts are being made to improve their sports betting offerings, and their database has grown to over 71,000 people, providing valuable market insight.
More details: Full House Resorts IR
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