{"id":241721,"date":"2022-11-08T14:56:18","date_gmt":"2022-11-08T20:56:18","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=241721"},"modified":"2022-11-09T13:09:11","modified_gmt":"2022-11-09T19:09:11","slug":"full-house-resorts-new-projects-could-propel-shares-in-2023","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/full-house-resorts-new-projects-could-propel-shares-in-2023\/","title":{"rendered":"Full House Sees Waukegan Temp Casino Open in January, Chamonix Mid-2023"},"content":{"rendered":"

The Full House Resorts (NASDAQ: FLL) investment thesis revolves largely around the operator\u2019s new casino pipeline.<\/p>\n

\"Full
A rendering of Full House’s Chamonix in Cripple Creek, Colo. New projects could lift the stock in 2023. (Image: Full House Resorts)<\/figcaption><\/figure>\n

Those efforts, including American Place in Waukegan, Ill. and Chamonix in Cripple Creek, Colo., are taking shape and could pay dividends as soon as next year. On the company\u2019s third-quarter earnings conference call with analysts late Monday, Full House management said it expects a temporary version of the American Place casino hotel in Waukegan to be operational in January. That’s while Chamonix could open in mid-2023.<\/p>\n

Recognize Waukegan has probably, but certainly the permanent one will be bigger than our whole company and the temporary one might be bigger than our whole company. So it’s pretty significant,\u201d s<\/strong>aid Full House CEO Dan Lee on the call.<\/p><\/blockquote>\n

He noted that three casinos within 30- to 90-minute drives of Waukegan generate $120 million to $600 million in annual revenue. The Temporary by American Place will feature 1,000 slot machines and 50 table games. Those gaming assets will be transferred<\/a> to the permanent venue when it opens. American Place will be the only casino in Lake County, Ill., which is home to more than 700K residents.<\/p>\n

Full House Colorado Progress<\/h2>\n

Upon opening, American Place and Chamonix are likely to be the plushest casino resorts in the Full House portfolio.<\/p>\n

\n

In Colorado, that\u2019s a favorable <\/a>trait because\u00a0the gaming market is being reshaped by adding more table games and higher betting limits on those offerings. That\u2019s helping some operators lure higher-end customers who spend more on food and beverage, rooms, and gaming.<\/p>\n<\/div>\n

\u201cThe drywall is going up in some areas. The glass is up on a lot of the building. The brick is up in the lower parts of the building. We have had some challenges,\u201d said Lee in reference to Chamonix. \u201cThere are three different hotel towers there, for example. They are erected with medium gauge steel.\u201d<\/p>\n

Full House is also refurbishing its Bronco Billy\u2019s Casino, located near the Chamonix site.<\/p>\n

\u201cFLL’s Cripple Creek development is tracking to a \u2018mid-2023\u2019 opening, where we model mid-to-late 3Q. Chaminox CapEx peaks in 1H23, and the budget is largely locked in,\u201d wrote Roth Capital analyst Edward Engel in a note to clients. \u201cEven if the project is not 100% complete by mid-2023, we see potential for a phased opening where some hotel rooms and F&B outlets open in late 2023.\u201d<\/p>\n

New Projects Could Lift Full House Shares<\/h2>\n

While Full House\u2019s third-quarter results from its legacy operations weren\u2019t impressive, the addition of the aforementioned Colorado and Illinois casino hotels could be credible catalysts for earnings before interest, taxes, depreciation and amortization (EBITDA) bump in 2023.<\/p>\n

We model ~$132M 2024E EBITDA which implies combined EBITDA from CO\/IL developments reaching 85% of FLL’s targets. Our forecasts imply FLL trading at 5x 2024E EBITDA and see shares rerating as CO\/IL EBITDA becomes more tangible and balance sheet concerns subside in 2023,\u201d concluded Engel.<\/p><\/blockquote>\n

He rates the stock a \u201cbuy\u201d with a $10 price target, down from $11.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Full House Resorts (NASDAQ: FLL) investment thesis revolves largely around the operator\u2019s new casino pipeline. Those efforts, including American Place in Waukegan, Ill. and Chamonix in Cripple Creek, Colo., are taking shape and could pay dividends as soon as next year. On the company\u2019s third-quarter earnings conference call with analysts late Monday, Full House […]<\/p>\n","protected":false},"author":46,"featured_media":241723,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[81897,81903],"acf":[],"yoast_head":"\nFull House Resorts New Projects Could Propel Shares In 2023<\/title>\n<meta name=\"description\" content=\"Full House Resorts product pipeline seen boosting shares next year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/full-house-resorts-new-projects-could-propel-shares-in-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Full House Resorts New Projects Could Propel Shares In 2023\" \/>\n<meta property=\"og:description\" content=\"Full House Resorts product pipeline seen boosting shares next year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/full-house-resorts-new-projects-could-propel-shares-in-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-08T20:56:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-09T19:09:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/FLL-1024x576.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/full-house-resorts-new-projects-could-propel-shares-in-2023\/\",\"url\":\"https:\/\/www.casino.org\/news\/full-house-resorts-new-projects-could-propel-shares-in-2023\/\",\"name\":\"Full House Resorts New Projects Could Propel Shares In 2023\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/full-house-resorts-new-projects-could-propel-shares-in-2023\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/full-house-resorts-new-projects-could-propel-shares-in-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/FLL.png\",\"datePublished\":\"2022-11-08T20:56:18+00:00\",\"dateModified\":\"2022-11-09T19:09:11+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Full House Resorts product pipeline seen boosting shares next year.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/full-house-resorts-new-projects-could-propel-shares-in-2023\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/full-house-resorts-new-projects-could-propel-shares-in-2023\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/full-house-resorts-new-projects-could-propel-shares-in-2023\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/FLL.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/FLL.png\",\"width\":2500,\"height\":1406,\"caption\":\"A rendering of Full House's Chamonix in Cripple Creek, Colo. 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