Full House Resorts, which opened the new Chamonix resort in Cripple Creek last December, reported increased revenue numbers for both the fourth quarter of 2023 and for the entire year.
The company’s latest earnings report, released this week, attributed much of its revenue generation for 2023 to opening American Place in February in Waukegan, IL. In the fourth quarter of 2023, revenue was up 66.4% to $60 million, and up $47.6% for the year.
Full House expects company revenue to increase as Chamonix comes fully online in 2024.
980 Prime at Chamonix set to open this month
Chamonix is one of 41 Colorado casinos situated in the mountain towns of Cripple Creek, Black Hawk and Central City. Online casinos in Colorado remain illegal.
Daniel Lee, president and chief executive officer of Full House Resorts, said the company is slowly rolling out new services at Chamonix.
“By design, it was a soft opening, with the casino, meeting rooms and approximately 40% of the property’s guest rooms initially open. Over the past few weeks, we have continued the rollout of the property’s amenities, including completion of the destination’s remaining hotel rooms and its parking garage.
“We are currently putting the finishing touches on 980 Prime, Chamonix’s high-end steakhouse led by famed chef Barry Dakake. We expect it to open in late March. Chamonix was designed to be the most beautiful casino in the state of Colorado, and we look forward to the completion of all of its amenities over the next few months.”
Costs of Chamonix produce overall net loss for Full House in 2023
All wasn’t peachy for Full House in 2023. The company did report an overall net loss of $24.9 million, “which includes $15.7 million of preopening and development costs, primarily related to our Chamonix construction project, and significant depreciation and amortization charges related to the temporary American Place facility,” the earnings report said.
But Lee said the major costs of Chamonix are done.
“While some construction continues at Chamonix, the bulk of our capital expenditures for these projects is behind us. This fact, along with expected future earnings from these new facilities, should result in the generation of significant free cash flow over the next few years.
“Also, recognize that we continue to have significant tax-loss carryforwards and we benefit, for tax purposes, from accelerated depreciation related to our new developments.”
Chamonix is the second casino that Full House Resorts operates in Cripple Creek. It also oversees Bronco Billy’s Casino, which adjoins Chamonix. Full House is adding an Italian restaurant at Bronco Billy’s, Firenze, which is expected to open this summer.
The Chamonix resort, by the time it’s fully operational, will include a free-standing jewelry and luxury retail store, a spa featuring a rooftop pool and deck, a winter garden, a large workout room with modern exercise equipment, eight massage rooms and an assortment of saunas, steam rooms and other amenities.
It is also nearly doubling the total number of hotel rooms in Cripple Creek and thereby adding to the overall Cripple Creek experience.
View Full House Resorts’ latest earning report here.
