Full House Resorts has published its Q4 and full year results for the period ended December 31, 2019, showing a marginal increase in revenue for the 12 months but overall a depressed set of figures across the key measurables.

For the full year, net revenues increased 0.9% to $165.4m in 2019 from $163.9m year-on-year. Net loss for 2019 was $5.8m, compared to a net loss of $4.4m in the prior year.  Net loss in both periods was affected, said the firm, by the accounting for the fair market value of outstanding warrants, as well as a loss on the extinguishment of debt in 2018 related to its debt refinancing.  

Adjusted EBITDA in 2019 was $15.9m versus $17.7m in 2018, reflecting incremental costs related to operating the Christmas Casino at Bronco Billy’s, in addition to the items mentioned above. Silver Slipper’s operations continued to improve to its best year ever.

Daniel R Lee, President and CEO, offered investors a summary of trading, paying particular attention to the firm’s sports betting activities. “Late in the fourth quarter, the first of the sports wagering ‘skins’ associated with our Rising Star gaming license commenced operations in Indiana,” he said. 

“With that launch, the first of our annual revenue guarantees also began, though it contributed to earnings for only the last two days of the quarter. We expect the annual revenue guarantees for our two other permitted sports wagering ‘skins’ to commence operations in Indiana in the second quarter of 2020.

“Additionally, the state of Colorado continues to progress swiftly with their pending launch of sports betting.  Similar to Indiana, we are permitted three sports wagering ‘skins’ in Colorado, one ‘skin’ for each of the three Colorado gaming licenses that we hold.  

“When all of our sports wagering ‘skins’ in both Indiana and Colorado have commenced operations – which we believe will be by the third quarter of this year – our sports wagering revenue guarantees should total at least $7m per year.

“As we have previously noted, our sports wagering contracts have 10-year minimum terms, and all three of the contracting companies are significant operators in the gaming and/or sports book industry. We believe that our sports wagering agreements are transformational for our company.”