Full House Casino Off to Fast Start in Illinois
Full House Resorts (NASDAQ: FLL) is rapidly ascending the ranks of the Prairie State casino market place — I of the largest inward the US outside of Nevada.
In February, the operator opened the temporary variant of American Place inwards Waukegan, Ill. Since then, The Temporary has become the number trio gaming locale inward the land in terms of attendance patch placing 6th as metric past monthly adjusted gaming revenue, according to the Land of Lincoln Gaming Board (IGB).
On an fair monthly basis, the Waukegan cassino is drawing off 70,107 visitors, putting it 321 in front of the Hollywood Casino Aurora and 1,812 forward of Draft Kings at Casino Queen in Orient St. Louis. Both opened inward 1993,” reports Steve Sadin for the Chicago Tribune.
Rush Street Gaming’s Rivers Casino in Des Plaines is the IL leader as measured past both attending and monthly receipts familiarized gaming revenue. Still, The Temporary is averaging $7.5 1000000 in monthly receipts familiarized revenue, noted IGB, signaling a fasting head start for Full House’s newest property. The Temporary’s gaming assets testament live transferred to the lasting locale when it opens. American Place will be the only if casino inwards Lake County, Ill., which is home to more than 700K residents.
American Place Critical to Full House Investment Thesis
Over the near-term, The Temporary’s attending could growth because with football time of year correct around the corner, Circa Sports is readying to launch inwards Illinois next month and it’s doing so via a partnership with Full House.
Circa will operate the retail sportsbook at American Place when that venue opens, bringing unity of the biggest names inwards the Las Vegas sports betting view to Illinois. Circa’s presence could live an sweetening to a locale that on its own, could generate to a greater extent revenue for Full House than the other properties inwards its portfolio combined.
At least I analyst believes that once visitors stair indoors The Temporary, they’ll follow yet more enthusiastic nearly going to American Place when it’s operational.
“As such, we believe FLL may growth marketing spend to drive traffic. Once patrons visit, we believe the attribute continues to garner repeat/regular players with higher-than-average spend (we remain bullish on Waukegan, just now elongating the upper debar timeline),” wrote B. Riley analyst St. David Bain inward a write up out earlier this week. “Still, after changes, FLL valuation indicates a nigh peer-low multiple despite a peer-high ontogenesis rate.”
He rates Full House a “buy” with a $13 damage target, implying upside of more than 100% from today’s closing toll of $6.31.
The Temporary Providing Economic Benefits
One of the primary feather reasons Illinois signed turned on gaming expansion is because the country needs cash. The Temporary is delivering.
Since its debut, the Full House locus has delivered $3.5 million inward young revenue to the nation and another $1.5 trillion to North Chicago, Mungo Park City and Waukegan, according to the Tribune.
Over the near-term, those figures could follow boosted past the add-on of the Circa sportsbook and unexampled eateries. Those numbers are likely to increment inward notable fashion when American Place ramps up.
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