Construction is moving along well with Cripple Creek’s latest casino and hotel.
Full House Resorts released its third quarter report, and with it came an update on the Chamonix Casino Hotel.
Full House Resorts President and CEO Daniel R. Lee said construction on the new Colorado casino hotel reached its “topping off” milestone in September. Lee said:
“Chamonix’s construction continues at a meaningful pace, with glass now being installed on the façade and drywall within the building. When complete, Chamonix will be one of the larger casino hotels in Colorado and the largest and most luxurious casino hotel in Cripple Creek, which is the primary casino destination for the Colorado Springs market.
Cripple Creek is approximately one hour from the roughly one million people who live in the Colorado Springs metropolitan area and two hours from the approximately four million people who reside in the Denver area.”
Full House Resorts says Chamonix casino hotel to open mid-2023
When completed, the Chamonix will be a major plus for the Cripple Creek area and its patrons. The Chamonix’s final product will feature:
- Roughly 300 four-star guest rooms
- VIP suites
- State-of-the-art gaming facility
According to Chamonix’s website, the location will “nearly double” Cripple Creek’s hotel capacity. This comes at a time when Colorado’s gambling industry showed promise in the latest third-quarter reports from the American Gaming Association.
Factoring in casino gambling and sports betting, Colorado’s Q3 gaming revenue came out to a record $389.7 million. Colorado ranks 14th nationally in that category.
It was one of 16 states to post record revenue numbers for the third quarter. Colorado’s 21% revenue jump from 2021’s numbers ranked eighth highest in the country.
Q3 revenue down for Full House Resort’s other Colorado casino
In addition to the Chamonix project, Full House Resorts also owns Bronco Billy’s Casino and Hotel, located in Cripple Creek.
Bronco Billy’s third-quarter revenue stands at $4.4 million. That equates to nearly a $2 million dip from 2021’s Q3 mark of $6.3 million. Full House Resorts also said that Adjusted Segment EBITDA was $36,000 versus $1.5 million.
And much like how Chamonix is still being constructed, there are plenty of renovations currently happening at Bronco Billy’s. “Significant construction disruption” resulted in temporarily reduced gaming and restaurant capacity and the temporary absence of all on-site hotel rooms and on-site self-parking, Full House Resorts’ statement said.
As a workaround to no on-site self-parking, Bronco Billy’s implemented complimentary valet parking and a free shuttle service to an off-site parking lot. In turn, this raised operating expenses. However, the casino maintained “much of its payroll.”
Full House Resorts projected renovations to Bronco Billy’s gaming space to conclude “near year-end.” The group aims to augment its restaurant capacity in the location in the first quarter of 2023, too.
When the Chamonix casino opens, it will share the same on-site parking garage and valet service surface parking capacity with Bronco Billy’s.
Full House Resorts also plans to open an Illinois casino soon
While construction continues on the Cripple Creek location, another Full House Resorts product project is to open soon. Lee said the upcoming Waukegan, Illinois casino is “on the verge of opening.”
The entire slot floor should be installed and ready for testing before November concludes.
Lee noted that the Illinois casino will open sometime in the next three months. A specific opening date remains uncertain.