{"id":263321,"date":"2023-03-08T11:16:06","date_gmt":"2023-03-08T17:16:06","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=263321"},"modified":"2023-03-10T14:28:40","modified_gmt":"2023-03-10T20:28:40","slug":"full-house-says-circa-sports-close-to-illinois-debut","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/full-house-says-circa-sports-close-to-illinois-debut\/","title":{"rendered":"Full House Sees Circa Sports Making Illinois Debut in a \u2018Few Months\u2019"},"content":{"rendered":"

Full House Resorts (NASDAQ: FLL) delivered fourth-quarter results late Tuesday, providing investors with an update on the launch of its temporary gaming venue in Waukegan, Ill. That included commentary regarding when Circa Sports will debut in the state.<\/p>\n

\"Full
A rendering of Full House’s American Place integrated resort in Waukegan, Ill. The operator said Circa Sports could debut there in a few months. (Image: Las Vegas Review-Journal<\/em>)<\/figcaption><\/figure>\n

Last May, Circa announced it plans to enter Illinois<\/a> via an arrangement with Full House. That pact allows Circa to operate a retail sportsbook at Full House\u2019s upcoming American Place casino hotel in Waukegan and offer mobile sports wagering in the state. Circa\u2019s Illinois launch is widely anticipated by the operator and bettors alike.<\/p>\n

There’s a natural process that gets followed. But pending normal gaming approvals, we believe that Circa Sports could go live here in the next few months,\u201d<\/strong> said Full House CFO Lewis Fanger on a conference call with analysts.<\/p><\/blockquote>\n

Fanger\u2019s remarks arrived about a week after Circa Sports founder and owner Derek Stevens said he\u2019s optimistic the company will be operational in Illinois at some point<\/a> this year but\u00a0couldn\u2019t pinpoint exactly when that would happen. Assuming Fanger\u2019s \u201cnext few months\u201d prediction is accurate, that implies Circa will be taking bets in Illinois before the 2023 football season.<\/p>\n

American Place Big Catalyst for Full House Shares<\/h2>\n

While there are some bumps associated with the debut of the temporary gaming venue in Waukegan, analysts believe the permanent version of American Place will be a significant driver for Full House shares, potentially boosting earnings before interest, taxes, depreciation, and amortization (EBITDA) and gross gaming revenue (GGR).<\/p>\n

Management cited the potential for margins to ramp faster than our forecast given the fixed cost structure of its temporary facility and stated it could reach 40% EBITDA margins longer term versus our estimate of 37%. Checks indicate Waukegan GGR has accelerated over the past week to an over $105M GGR run-rate ahead of new drivers,\u201d wrote B. Riley analyst David Bain in a report to clients on Wednesday.<\/p><\/blockquote>\n

Bain reiterated a \u201cbuy\u201d rating and a $14 price target on the stock. That implies upside of approximately 40% from the March 7 close.<\/p>\n

American Place will be larger<\/a> than the current version of the company combined. The debut of the company\u2019s Chamonix casino hotel in Cripple Creek, Colo., later this year is also forecast to be an important contributor to the operator\u2019s top and bottom lines.<\/strong><\/p>\n

\u201cFLL\u2019s growth rate and valuation multiple are at opposite ends, leaving us bullish on Chamonix\u2019s near-term impact on FLL\u2019s share price,\u201d added Bain.<\/p>\n

In addition to American Place and Chamonix, Full House runs two gaming properties in Nevada, one in Indiana, Bronco Billy\u2019s in Cripple Creek, and the Silver Slipper in Mississippi.<\/p>\n

Full House Sports Betting Skin Update<\/h2>\n

Over the past several years, Full House marketed sports wagering skins to sportsbook operators, which has been an important source of revenue.<\/p>\n

For those of you keeping track, once Circa goes live, the total for all six of our sports skin agreements is $10 million per year of annualized minimum revenue, and half of that $10 million is related to our agreement with Circa, which is the most valuable, the most valuable, by the way, because Illinois has so many people in the state and there just aren’t very many sports skins in the state,\u201d said Fanger on the call.<\/p><\/blockquote>\n

The Full House financial boss said the company has a remaining skin in Indiana<\/a> it could market to a third party or retain for itself. Circa wasn\u2019t mentioned in connection with Full House\u2019s Indiana skin. The Golden Gate operator is looking to expand, and Indiana is a market that could be desirable to the company.<\/p>\n","protected":false},"excerpt":{"rendered":"

Full House Resorts (NASDAQ: FLL) delivered fourth-quarter results late Tuesday, providing investors with an update on the launch of its temporary gaming venue in Waukegan, Ill. That included commentary regarding when Circa Sports will debut in the state. Last May, Circa announced it plans to enter Illinois via an arrangement with Full House. That pact […]<\/p>\n","protected":false},"author":46,"featured_media":199951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810,1074],"tags":[81903,81898,80968],"acf":[],"yoast_head":"\nFull House Says Circa Sports Close To Illinois Debut<\/title>\n<meta name=\"description\" content=\"Full House Resorts says Circa Sports could launch in Illinois in a few months.\" \/>\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-says-circa-sports-close-to-illinois-debut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Full House Says Circa Sports Close To Illinois Debut\" \/>\n<meta property=\"og:description\" content=\"Full House Resorts says Circa Sports could launch in Illinois in a few months.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/full-house-says-circa-sports-close-to-illinois-debut\/\" \/>\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=\"2023-03-08T17:16:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-10T20:28:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/FLL.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\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-says-circa-sports-close-to-illinois-debut\/\",\"url\":\"https:\/\/www.casino.org\/news\/full-house-says-circa-sports-close-to-illinois-debut\/\",\"name\":\"Full House Says Circa Sports Close To Illinois Debut\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/full-house-says-circa-sports-close-to-illinois-debut\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/full-house-says-circa-sports-close-to-illinois-debut\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/FLL.jpg\",\"datePublished\":\"2023-03-08T17:16:06+00:00\",\"dateModified\":\"2023-03-10T20:28:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Full House Resorts says Circa Sports could launch in Illinois in a few months.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/full-house-says-circa-sports-close-to-illinois-debut\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/full-house-says-circa-sports-close-to-illinois-debut\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/full-house-says-circa-sports-close-to-illinois-debut\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/FLL.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/FLL.jpg\",\"width\":1200,\"height\":800,\"caption\":\"A rendering of Full House's American Place integrated resort in Waukegan, Ill. 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