Full House readies for more expansion in ColoradoAaron Stanley, CDC Gaming Reports · November 8, 2017 at 7:18 amSmall-cap gaming operator Full House Resorts reported another steady quarter of growth Tuesday afternoon as it preps for further expansion in Colorado, one of the best-performing markets in the U.S.Daniel R. Lee, president and chief executive officer, highlighted that the company is poised to further expand its position in Cripple Creek, Colorado, where it acquired Bronco Billy’s in May 2016.“We…made significant headway on our designs for an expansion of our Bronco Billy’s property in Cripple Creek, Colorado. We recently acquired land and entered into options on additional land, including the nearby Imperial Hotel and Casino,” Lee said, in reference to a historic 12 room hotel and a now-closed casino in prime location in the historic district of one of gaming’s fastest growing markets.The new purchases and land options would give Full House control of more than 80 percent of the city block surrounding Bronco Billy’s.Chad Beynon, an analyst with Macquarie Research, noted the significance of the moves, calling the company “the most creative gaming company nobody ever heard of.”“Importantly, management announced the acquisition of land adjacent to Bronco Billy’s and preliminary details around a major transformational project in the market, which could improve the $5 million EBITDA-generating property significantly,” Beynon wrote in a note.“In Black Hawk (feeds from Denver), there are multiple properties generating $30 million-plus of annual EBITDA, while in Cripple Creek (Colorado Springs), there’s no major property. Full House plans to change that,” he continued.For the full enterprise, net revenues grew 6 percent year-over-year to $43.7 million for the regional operator, while net income for the quarter was $0.8 million, up from $0.03m in the prior year quarter. Adjusted EBITDA was up to $6.4 million from $5.6 million, a jump that the company attributed to the settlement of litigation over a defects in the parking garage at Silver Slipper Casino in Bay St. Louis, Mississippi.Silver Slipper and Bronco Billy’s were the driving factors behind the performance. Silver Slipper grew revenues by 9.6 percent to $16.4 million and adjusted property EBITDA by 32.6 percent to $3.1 million, while Bronco Billy’s increased revenues by 5.8 percent to $7.5 million and adjusted EBITDA by 10 percent to $1.8 million.Rising Star Casino Resort in southeastern Indiana grew both revenues and EBITDA slightly on the heels of a new 56 space RV park near the property.All of the properties were buoyed by the construction of new amenities being brought to completion during the quarter.“Some of those gains came from the recent completion of construction projects. Most recently, we opened the RV Park at Rising Star, the Oyster Bar at Silver Slipper, a pool complex and beach club at Silver Slipper, and the Crippled Cow pizza emporium at Bronco Billy’s,” said Lee.“The quality of those finished projects is outstanding and their final costs were in-line with our budget expectations. More importantly, we have seen a positive customer reaction to our new amenities. We look forward to those projects continuing to contribute to earnings in future quarters,” Lee continued.As of September 30, the company had $22.4 million in cash on hand against $74.2 million in net debt.