Full House Resorts Reports Q4 Loss

Full House Resorts reported higher revenue in the fourth quarter of 2025 while still posting a net loss for the period. Company leadership pointed to strong performance at American Place casino in Illinois and operational adjustments at other properties as key themes during the earnings discussion.

Financial results released Thursday show modest revenue growth alongside construction disruptions and property transitions that affected profitability across parts of the portfolio.

Good to Know

• Full House Resorts recorded $75.4 million in revenue during Q4 2025
• The company posted a quarterly net loss of $12.4 million
• American Place casino generated $32 million in fourth quarter revenue

Full House Resorts Reports Higher Revenue but Q4 Loss

Full House Resorts generated $75.4 million in revenue during the fourth quarter of 2025. The figure represented a 3.4 percent increase compared with the same period a year earlier. On a comparable property basis, revenue rose 5.6 percent.

Despite the increase in revenue, the company reported a net loss of $12.4 million for the quarter. Cash flow reached $10.7 million during the period. Executives noted that operating cash flow could have been higher without certain one time financial adjustments that affected the quarterly comparison.

Results for the full year followed a similar pattern. Revenue reached $302.4 million for 2025, representing annual growth of 3.5 percent. Comparable revenue growth measured 5.2 percent across the company portfolio.

Full House Resorts recorded a net loss of $40.7 million for the year, while annual cash flow totaled $48.1 million.

According to a company statement, results reflected growth at American Place in Illinois and improving performance at Chamonix in Colorado while construction disruption at Grand Lodge Casino and the sale of Stockman Casino weighed on results.

American Place Casino Continues to Drive Company Growth

Much of the earnings call discussion focused on performance at The Temporary at American Place casino located in Waukegan, Illinois. The property continues to act as the largest revenue contributor within the company portfolio.

Lewis Fanger, president of Full House Resorts, said the property delivered strong results during the quarter. He said: “It was a very good fourth quarter [of 2025], but the comparisons weren’t very straightforward.”

Revenue at the property increased 11 percent during the fourth quarter, reaching $32 million. For the full year, the temporary casino generated approximately $124 million in revenue.

Company leadership also discussed progress tied to construction planning for the permanent American Place casino. Fanger said foundation drawings for the project should be completed soon, allowing construction to begin once financing arrangements reach completion.

Lawmakers in Illinois are currently reviewing legislation that would extend the operating license for the temporary casino facility by 18 months while the permanent development proceeds.

Chief Executive Officer Dan Lee said financing discussions remain active. The company continues exploring options that avoid issuing additional equity.

Fanger described the approach as seeking an “all-encompassing solution” for project financing, while Lee noted that the permanent American Place casino could open in early 2028.

Property Changes Affect Western Division Performance

Operations across the company Western division experienced pressure during the quarter due to property changes and construction activity.

Full House Resorts completed the sale of Stockman Casino located in Fallon, Nevada, removing a revenue source from the company portfolio. At the same time, construction work at Hyatt Regency Lake Tahoe Resort affected operations at Grand Lodge Casino.

Those developments contributed to weaker results within the Western division. However, the negative return on investment in that segment narrowed to $2 million during the fourth quarter compared with $3.2 million during the same quarter in 2024.

Revenue at Midwestern and Southern properties increased 5.7 percent, which partially offset the impact of those operational disruptions.

Chamonix and Silver Slipper Performance Under Review

Executives also discussed progress at Chamonix casino resort located in Cripple Creek, Colorado. A newly appointed management team has taken charge of operations at the property.

Lewis Fanger said the leadership group has increased revenue by roughly 5 percent since taking control. Revenue growth slowed during the second half of the year after reaching 19 percent growth during the first half of 2025.

Chief Executive Officer Dan Lee explained the slowdown, saying earlier marketing activity created inflated comparisons. He said:

“The prior-year numbers were kind of artificially inflated by bad marketing. You’ll see revenue growth pick up going forward.”

Performance at Silver Slipper casino located in Biloxi, Mississippi also came up during the discussion. Lee said the property generates roughly $70 million in annual revenue but has not delivered the level of cash flow he expects. He said:

“It’s off a little bit, about flat. It should be in the high teens. It’s a cash cow that should be making more.”

Lee suggested that annual cash flow reaching around $19 million remains possible once operational adjustments take effect.

Rising Sun Casino Legislative Situation Continues

Full House Resorts leadership also commented on policy developments affecting Rising Sun casino located in Indiana. Lawmakers in the state are reviewing legislation tied to possible casino relocation options.

Lee described the process as ongoing and uncertain, saying:

“This is a long and rapidly evolving process.”

Even with the legislative discussion underway, Lee noted that the property has continued to generate profit over time:

“We make money at Rising Sun. Not a lot of money, but we always have.”

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