FLL - Full House Resorts rips 20% gain after posting strong Q1 revenue growth

2023-05-08 16:23:11 ET

Full House Reports ( NASDAQ: FLL ) moved sharply higher in postmarket trading on Monday after earnings were disclosed.

The Nevada-based casino operator reported revenue jumped 21% in Q1 to $50.1M. Revenues for the Midwest & South segment was up 36.2% to $40.8M.

Adjusted EBITDA rose 20.6% to $10.1M during the quarter.

A net loss for the quarter of $11.4M included $10.5M of preopening and development costs, primarily related to the February 2023 opening of The Temporary and the company’s Chamonix construction project

CEO outlook: "This 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%."

Full House ( FLL ) noted that since the soft opening of The Temporary on February 17th, the casino operator has continued to ramp up operations. The company also said it continued to make substantial progress at the Chamonix project in Cripple Creek, Colorado

Shares of Full House Resorts ( FLL ) soared 20.13% in postmarket trading after shedding 2.04% during the regular session.

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