Full House Resorts had a mixed financial year at the end of 2024. Despite a 21.2% year-over-year growth in revenue to $292.1 million, the company’s net loss increased by 63.3% to $40.7 million. Adjusted EBITDA increased by 0.2% to $48.6 million in spite of this.
The company’s best-performing segment was Midwest & South, which brought in $219.6 million, a 14.2% increase over 2023. American Place made a substantial contribution to this, reporting $109.7 million, a 42.4% increase from the previous year. The segment’s adjusted EBITDA climbed 17.2% to $45.7 million, of which $29.4 million came from American Place.
However, Contracted Sports Wagering struggled, experiencing a 31.4% decline in revenue, falling to $8.8 million. Adjusted EBITDA for this segment also dropped 18.5%, totaling $9.5 million. Meanwhile, the West segment saw revenue jump 77.4% to $63.6 million but reported a negative adjusted EBITDA of $1.3 million, a downturn from $2.4 million in 2023.
Q4 Performance and Rising Expenses
Full House also revealed its fourth-quarter earnings, showing a 21.5% increase in revenue to $73 million. The Q4 2024 net loss was $12.3 million, which was marginally better than the Q4 2023 loss of $12.5 million.
In the fourth quarter, adjusted EBITDA increased 42% year over year to $10.4 million. Contracted Sports Wagering generated about $3 million, and the Midwest & South sector contributed $10.5 million. Overall improvements were somewhat offset by the $3.2 million loss reported by the West sector.
American Place was largely responsible for the 12.1% increase in Midwest & South’s segment revenue, which came to $55 million in Q4. While Contracted Sports Wagering made $1.9 million, a 20.8% decrease from 2023, the West sector made $16.1 million, an astounding 87.2% rise.
For the full year, casino revenue totaled $216.9 million, while food & beverage contributed $41.9 million. The fourth quarter alone saw casino revenue hit $54.4 million and food & beverage revenue reach $10.6 million.
Despite these revenue gains, operating expenses soared by over $45 million to $289.3 million. Interest expenses also climbed to $43.2 million, contributing to the overall net loss. However, the company still managed an operating income of $2.75 million for the year.
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