Full House Q3 Revenue Climbs on Strong Casino Performance

Full House Resorts released its third-quarter 2025 earnings on Thursday, showing that stronger performance at its American Place and Chamonix casinos helped offset disruptions tied to renovations and asset sales. The company delivered improved financials with narrower losses as new properties continued to ramp up across key markets.

Good to Know

• Q3 revenue rose 3% year over year to $78 million.
• Adjusted EBITDA jumped 26.1% to $14.8 million.
• Net loss narrowed to $7.7 million from $8.5 million last year.

Revenue for the three months ending September 30, 2025, climbed to $78 million from $75.7 million in the prior year, with operating income up 40.3% to $3.4 million. The company’s net loss narrowed to $7.7 million, reflecting steady progress at its newest venues.

Daniel R. Lee, chief executive officer of Full House Resorts, said:

“Both American Place and Chamonix shone during the third quarter. American Place continues to deliver outstanding growth, setting new records for revenue and profitability in the third quarter.”

The American Place Casino in Waukegan, Illinois, saw revenue rise 14% year on year to a record $32 million, leading the company’s Midwest and South division to a 7% increase, totaling $58.3 million. The casino’s player base expanded to over 115,000 members, while the Waukegan City Council granted unanimous approval for construction of the property’s permanent facility.

In Colorado, the Chamonix Casino Hotel and Bronco Billy’s saw a major turnaround. Adjusted Property EBITDA climbed by $2.8 million to $2.1 million, reversing a prior-year loss. Revenue for the Colorado operations grew 7.3%, supported by new management and the completion of amenities at Chamonix.

“With all of Chamonix’s amenities now open to the public, we don’t expect any meaningful additions to the property’s cost structure,” Lee said. “As revenues at Chamonix continue to grow, we expect meaningful flow-through to the bottom line.”

Expansion Targets and Market Focus

Lee said the company aims to reach “largely untapped” markets in Colorado Springs and southern Denver, where only around 15% of households visited Cripple Creek within the past year. He added that the team is expanding its entertainment lineup, strengthening group sales, and refining marketing efforts to broaden appeal.

Meanwhile, Full House’s West Division saw revenue dip to $18 million from $19.4 million due to the sale of Stockman’s Casino and renovation work at Grand Lodge Casino on Lake Tahoe. Even so, segment EBITDA soared 167.9% to $3.2 million, buoyed by $2.1 million in contributions from Chamonix and Bronco Billy’s.

At the end of the quarter, Full House held $30.9 million in cash and $450 million in debt, with $10 million available under its revolving credit facility. Despite the leverage, management expressed confidence in the company’s growth trajectory, citing the ongoing ramp-up of its new casinos.

Lee said:

“We look forward to the coming quarters and years, as results from our Colorado and Illinois operations continue to grow.”

FAQ

How did Full House Resorts perform in Q3 2025?

Revenue rose 3% to $78 million, and the company narrowed its net loss to $7.7 million.

Which properties drove growth?

American Place in Illinois and Chamonix in Colorado led performance, each setting new operational highs.

Why did revenue fall in the West Division?

The decline was tied to the sale of Stockman’s Casino and ongoing renovations at Grand Lodge Casino on Lake Tahoe.

What are Full House’s next goals?

The company plans to grow in Colorado Springs and southern Denver through marketing, entertainment, and group sales expansion.

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