Flat earnings for Full House, losses increase significantly
Full House Resorts, a casino and hospitality company, has released its Q2 2025 financial results, showing a slight revenue growth of 0.6% to $73.95 million but a widening net loss of $10.38 million.
The company's revenue composition was primarily from the casino segment at $56.98 million, followed by food and beverage revenue of $9.58 million, hotel revenue of $3.72 million, and other operations including contracted sports wagering contributing $3.66 million.
American Place, a property of Full House Resorts, delivered record net revenue and operating profit in the second quarter, with a 12.7% year-over-year increase to $30.7 million. This strong performance was a significant contributor to the overall gains for the company.
On the other hand, the Chamonix Casino Hotel experienced operational difficulties and focused on cost-cutting initiatives projected to save over $4 million annually, with $1.2 million already cut in Q2. The West division saw a 4.4% revenue decline compared to the previous year.
Despite these challenges, Full House Resorts ended the second quarter with $32.1 million in cash on hand. However, the company carries significant debt, including $450 million in senior secured notes due in 2028 and $25 million outstanding under its revolving credit facility.
The new management team at Chamonix, led by Dan Lee who replaced the original team three months ago, is targeting areas for improved operating efficiency and emphasizing profitable long-term growth. They identified more than $4 million of annual expenses that do not impact the high-end guest experience during the second quarter.
In the West division, the negative return on investment reflects initial inefficiencies from Chamonix's ramp-up phase, though it has significantly improved from the first quarter of 2025. The temporary American Place casino is expected to continue improving its financial results in the coming quarters, as a poker room is added and regional awareness is built.
CEO Dan Lee remarked that the strong performance of American Place reflects the growing awareness and popularity of American Place throughout Chicago's populous northern suburbs. Despite missing analyst expectations for revenue and experiencing larger-than-expected losses, the financial health score was reported as weak, reflecting structural challenges and significant debt burden.
In summary, Full House Resorts’ Q2 2025 results showed modest revenue growth led by strong performance at American Place, operational struggles and cost reductions at Chamonix, declining revenues in the West division, wider net losses, and a stable but leveraged cash position. The company also launched a new marketing initiative at Chamonix in the third quarter.
