Full House targets US sports betting with William Hill as Q2 profits increase

Las Vegas headquartered US casino developer and operator Full House Resorts has outlined its intention to muscle in on the country’s sports betting scene, alongside William Hill, following the repeal of PASPA in May.

The potential development relates to the firm’s Mississippi based Silver Slipper Casino & Hotel, the groups best performing property bringing in net revenues of $17.5m, a 6.4% per cent increase from $16.4m year-on-year (yoy), as Full House reported an overall 2.8 per cent jump to $41.2m.

Regarding its Silver Slipper assets sports betting aspirations, Full House is preparing a sports betting section of the casino floor, which it hopes to open “in the coming weeks in partnership with William Hill sportsbook”. 

Daniel R. Lee, president and chief executive officer of Full House, commented: “At the Silver Slipper, we are diligently preparing a portion of the casino floor for sports betting. Following the United States Supreme Court ruling modifying federal restrictions, Mississippi approved sports betting at casinos throughout the state.

“When our sports betting area opens, the Silver Slipper will be the closest place for residents of New Orleans and the North Shore of Lake Pontchartrain to legally wager on sports.”

Full House also provided an expansion update regarding its Bronco Billy’s Casino and Hotel in Colorado, whose revenues remained at $6.8m, the same figure as the previous year, with Lee explaining: “In June, our Bronco Billy’s expansion project in Cripple Creek, Colorado received final approvals from the Cripple Creek City Council, including approval of a development agreement for the project.  

“Currently, we are negotiating construction contracts for phase one, which will include construction of a parking garage connected to the Bronco Billy’s casino.  

“We anticipate that construction of phase two, including a new four-star hotel, spa, and convention and entertainment space, will begin once we complete phase one’s parking garage, as much of today’s surface parking lots will be utilised in the expanded Bronco Billy’s facility. We continue to expect completion of the entire project in 2020.”

In its second quarter figures Full House also reported a 56.6 per cent improvement in net losses, which came in at $700,000, with adjusted EBITDA boosted 19.7 per cent yoy to $4.4m from the previous years $3.6m.

Furthermore, the firm has also submitted a letter of intent to participate in New Mexico Racing Commission’s competitive process for the state’s sixth racing license, with the preferred proposal expected to be selected by the close of the year.

Lee added: “We are proud of our second quarter, which showed strong growth over the prior-year period.

“A year ago, we laid the foundation for new and exciting growth at several of our casinos.  At Grand Lodge, it involved the transformation of the casino into a fresh and modern destination.  

“At Stockman’s, we created new ways to beckon customers to our front door through a new digital marquee, improved parking and landscaping, the demolition of an administrative building that blocked views of our casino from the street, and an impressive new porte cochere.  

“At Silver Slipper, we embraced our unique position along a beautiful white sand beach and created the Silver Slipper Beach Club, as well as the new Oyster Bar on the casino floor.  

“And at Rising Star, we are now in our first full season of the RV Park, one of the finest RV parks in the area, surrounded by a wealth of amenities.  We are proud of the renewed energy at our properties and believe those investments will continue to benefit our operating results, as they did this quarter.”