Full House Resorts to grow expansion plans at Colorado hotel-casino
Monday 25th January 2021
Full House Resorts is planning a $180 million expansion to its Colorado-based Bronco Billy's hotel-casino.
The Las Vegas-based casino operator had been planning to add 180 guest rooms to the Cripple Creek property, but said Monday that its board of directors had approved plans to widen the expansion 67 percent to 300 rooms and suites.
The change comes after Coloradans voted in November to change the state's gaming laws and allow casinos to offer new table games, including baccarat and pai gow poker.
Other expansion plans remain unchanged and include a new parking garage, meeting and entertainment space, outdoor rooftop pool, spa, and fine dining restaurant. Plans for the increased expansion have already been approved by the Cripple Creek Historic Preservation Commission and Cripple Creek City Council, and will need a second reading from the council -- scheduled for Feb. 3 -- before it is finalized.
The company said in a news release that it plans to finance the expansion with debt, and construction is set to be completed in the fourth quarter of 2022. As of Dec. 31, Full House had roughly $38 million in cash and equivalents.
The company expects consolidated net revenues for the fourth quarter to be between $37.8 million and $38.5 million, compared to $39 million in the fourth quarter of 2019. Net income is expected land somewhere between $1.2 million and $4 million, an improvement from the $4.1 million net loss seen in the same period the year prior.
The company has not yet scheduled its fourth quarter earnings call.
Full House shares were trading up 11.1 percent Monday morning at $5.93 on the Nasdaq.