Full House Resorts, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting consolidated revenues of $75.7 million. This figure represents an increase from $71.5 million in the prior-year period, which had included $5.8 million from accelerated recognition of deferred sports wagering revenue. The company posted a net loss of $8.5 million, or $(0.24) per diluted common share, compared to a net income of $4.6 million, or $0.13 per diluted common share in Q3 2023, which also benefited from the accelerated revenue.
Adjusted EBITDA for the third quarter of 2024 was $11.7 million, down from $20.6 million in the prior-year period, primarily due to the absence of the accelerated deferred revenue and elevated costs associated with the ramp-up of Chamonix. American Place continued its growth, with revenues and Adjusted Property EBITDA increasing by 17.7% and 13.6% respectively. Colorado operations, including Chamonix, saw gaming revenues rise by 115% and total revenues by 178% compared to Q3 2023, with Chamonix hotel occupancy reaching 88.5% in September 2024.
The company celebrated Chamonix's official Grand Opening with a VIP party in early November 2024, marking the completion of its construction. A large-scale marketing campaign for Chamonix is set to commence, following the conclusion of the national election campaign cycle. Full House Resorts also agreed to sell Stockman's Casino for $9.2 million, optimizing its portfolio.
Plans for the permanent American Place casino are on hold, pending litigation that management expects to resolve in the coming quarters. As of September 30, 2024, the company had $33.6 million in cash and cash equivalents, with $450.0 million in outstanding senior secured notes due 2028 and $27.0 million outstanding under its revolving credit facility.
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