Latest News
Full House Resorts Announces First Quarter Results
Full House Resorts Inc. has announced the results for the first quarter ended March 31, 2023, including updates regarding its growth pipeline.
On a consolidated basis, revenues in the first quarter of 2023 were $50.1 million, a 21.0% increase from $41.4 million in the prior-year period. Net loss for the first quarter of 2023 was $11.4 million, or $0.33 per diluted common share, which includes $10.5 million of preopening and development costs, primarily related to the February 2023 opening of The Temporary and the Companyâs Chamonix construction project. In the prior-year period, net income was $0.1 million, or $0 per diluted common share, reflecting $4.4 million of debt modification costs related to the Companyâs offering of additional notes in February 2022, and $1.0 million of preopening and development costs. Adjusted EBITDA rose 20.6% to $10.1 million in the 2023 first quarter, versus $8.4 million in the prior-year period, reflecting the opening of The Temporary in February 2023 and Rising Starâs sale of âfree playâ (which also occurred in the prior year, though not until the second quarter of 2022).
Daniel R. Lee, President and CEO of Full House Resorts, said: âThis was a transformational quarter for our company, with the first phase of our American Place project now open and already contributing meaningfully to our financial results. In its first 1.5 months of operations, The Temporary by American Place generated $10.4 million of revenue and $3.6 million of Adjusted Property EBITDA, resulting in an Adjusted Property EBITDA margin of 34.3%. Its marketing database currently consists of approximately 25,000 people and continues to grow steadily. As The Temporaryâs database continues to expand and its remaining amenities come online, we expect continued growth in the propertyâs revenue and profit contributions.
âSince our soft opening of The Temporary on February 17th, we have continued to ramp up operations. In early April, our second restaurant â Asia-Azteca, serving a fusion of Mexican and Asian cuisines â began welcoming guests. On May 12th, we expect to begin 24-hour casino operations on weekends, as well as the removal of all restrictions on table game limits and table game operating hours. We expect to complete our opening of The Temporary with the addition of 22 more table games by June, followed by the opening of our fine-dining restaurant and an on-site sportsbook. In contrast, we have generally operated only 28 table games since opening.
âWe also continue to make substantial progress at our Chamonix project in Cripple Creek, Colorado. Barry Dakake, a celebrated chef known for leading Barryâs Downtown Prime and N9NE Steakhouse in Las Vegas, Nevada, recently agreed to operate our fine dining restaurant at Chamonix. Barry and his team are known for creating restaurants with amazing guest service and equally amazing cuisine. He began his career with Chef Charlie Palmer at the Aureole restaurants in New York and on the Las Vegas Strip, which earned numerous Michelin stars and James Beard Awards. He was also a part of the opening team of N9NE Steakhouse, which was named a âTop 100 Restaurant in the Worldâ by CondĂ© Nast Traveler, âBest Steakhouseâ by Vegas Magazine, âHottest New Restaurantâ by Wine Spectator, and one of âAmericaâs Best Restaurantsâ by Gourmet Magazine. We look forward to vying to be one of the stateâs leading restaurants with Barry at our Chamonix Casino Hotel.
âWe also have finalized an opening day for Chamonix: December 26, 2023. On that day, we expect to open with a near-complete experience, with all three of our hotel towers, our new casino, fine dining restaurant, and parking garage. We look forward to welcoming our first guests to what we believe will be the most unique casino destination in Colorado.â
eSports
Zenni Optical Announces Partnership with ESL FACEIT Group (EFG)
Zenni Optical, the worldâs leading online eyewear retailer, announced a partnership with ESL FACEIT Group (EFG), the leading esports and video game entertainment company. Designed to integrate eye health education with innovative eyewear solutions for the esports community, the partnership will officially launch at DreamHack festival in Dallas, taking place from May 31 to June 2.
This collaboration will showcase a co-branded collection of lifestyle and competitive eyewear and accessories, highlighting Zenni Opticalâs commitment to promoting overall eye health, particularly in addressing issues like eye fatigue and strain. Additionally, the initiative will incorporate essential eye health education across various DreamHack Festivals, in alignment with EFGâs broader mission to foster inclusive gaming worlds and engaged, supported communities.
âDreamHack and ESL represent some of the most community-centric and prestigious competitive events in the world. In their own unique ways, they embody esports for everyone. By partnering with these incredible brands across the gaming and esports spaces, we aim to create engaging experiences that combine eye-health education with innovative eyewear solutions for players and fans at all levels,â said Robb Chiarini, Head of Gaming, Sports, & Events at Zenni Optical.
âWe are thrilled to partner with Zenni Optical as the Official Eyewear Partner of DreamHack and ESL. The genuine passion that Zenni has for the esports industry is a refreshing sight to see, and a major driving factor for the decision behind our partnership. Zenniâs ongoing commitment to provide eyewear for everyone mirrors our own drive to create worlds beyond gameplay for gamers everywhere,â Craig Levine, Co-CEO at EFG, said.
Latest News
Circa Sports Launches Mobile App in Kentucky
Circa Sports has expanded its operations into Kentucky with the launch of its popular mobile betting app. Debuting via a licensing agreement with ECL Corbin LLC at its Cumberland Run harness track, the brand will take the highest betting limits in the industry along with offering tight money line splits, transparent odds, exceptional customer service, and more.
Marking the fifth state for Circa Sports, the app is now available for download through partnership with the Cumberland Run property in Corbin, Kentucky. The Circa Sports Kentucky app can be downloaded and funded remotely from anywhere. Bettors will have access to transparent and fair limits, made possible with a business model of providing betting lines and odds that are more favorable for the customer.
âWe are thrilled to launch Circa Sports in the great state of Kentucky. Weâve always had our sights set here as we know it is a major hub for college sports, horse racing and more. We are looking forward to providing Kentucky bettors with some of the best odds and expertise out there,â Derek Stevens, CEO of Circa Sports, said.
The Circa Sports Kentucky app was designed by players, for players. Available to patrons ages 18 and over, highlights include high betting limits, tight money line splits, transparent odds, exceptional customer service, option to browse the complete menu and live odds from anywhere at any time, and aggressive, higher-than-most betting limits for everyone â even winners.
The Circa app also includes future bets in parlays, two-sided Yes/No future betting, remote registration that can be done from anywhere on a mobile device and deposits and withdrawals that can be done through the app from anywhere.
Marc Falcone, co-owner of the ECL Corbin LLC properties, said: âWeâre delighted to welcome Circa Sports to the Commonwealth as a sports-betting partner. They allow us to offer another amenity to complement our existing gaming.â
Industry News
The Mirage Hotel & Casino to Begin Transformation into Hard Rock Las Vegas on July 17, 2024
Hard Rock International (HRI) announced its plans to cease operations of The Mirage Hotel & Casino as of July 17, 2024, to begin the transformation of the property into the highly anticipated Hard Rock Hotel & Casino and Guitar Hotel Las Vegas (HRHCLV).
Hard Rock will develop a new integrated resort featuring a nearly 700 ft. guitar-shaped hotel towering prominently in the center of the famous Las Vegas Strip.
âWeâd like to thank the Las Vegas community and team members for warmly welcoming Hard Rock after enjoying 34 years at The Mirage. Weâd also like to thank the Unions, community leaders, local and state government organizations and the Gaming Commission for their support and fair negotiations over the past year. Also, we are grateful to MGM for assisting with our transition,â Jim Allen, Chairman of Hard Rock International, said.
âWhile we pause for the incredible transformation of this iconic property, Iâd like to thank all team members at The Mirage for their incredible commitment and helping us provide memorable experiences for our guests. We are planning to host collaborative hiring events with other employers in the Las Vegas community over the coming months. Connecting the thousands of talented Mirage team members who provide outstanding service with new employment opportunities is a top priority,â Joe Lupo, President of The Mirage, said.
HRHCLV is expected to double the current number of jobs at The Mirage for the Las Vegas community, while the renovation of the property will generate over 2500 construction jobs. Hard Rock will pay approximately $80 million in severance packages for eligible union and non-union employees remaining with the property through cessation of operations.
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