Flat revenue in Full House amidst expanding losses
Full House Resorts reported a modest overall revenue growth of 0.6% to $73.9 million in the second quarter of 2025. The company's flagship property, the American Place Casino in Illinois, contributed significantly to this growth, achieving record revenue and strong performance.
American Place Casino Shines
The American Place Casino saw a 12.7% increase in revenue, reaching $30.7 million. This impressive growth is attributed to growing awareness and popularity throughout Chicago's populous northern suburbs.
Chamonix Casino Hotel Focuses on Efficiency
Meanwhile, the Chamonix Casino Hotel in Colorado, under its new management, has been focusing on efficiency improvements and cost reductions. The new team identified over $4 million in annual expenses that do not impact high-end guest experience and implemented cost-cutting measures to achieve these savings. Despite these efforts, Chamonix still faced elevated costs during the quarter, contributing to higher losses.
Silver Slipper Casino and Hotel Sees Decline
On the downside, the Silver Slipper Casino and Hotel in Mississippi experienced a decline in revenue, partially offsetting the gains at the other properties.
Financial Results and Cash Position
Despite the revenue growth, Full House Resorts reported a wider net loss of $10.4 million, compared to $8.6 million the previous year. This is largely due to ongoing challenges at Chamonix and other operational costs. As of Q2 2025, the company had $32.1 million in cash on hand, $450 million in outstanding senior secured notes due in 2028, and $25 million drawn on its revolving credit facility.
Divisional Results
The West divisional results slumped 4.4%, recording a $1.1 million negative return on investment, but showing improvement from the first quarter of 2025. On the other hand, the Midwest and South division reported a 4.2% revenue boost and cash flow of $12.3 million.
Future Plans
Lee, the CEO of Full House Resorts, expects the financial results for the American Place casino to continue improving in the coming quarters, with the addition of a poker room and increased regional awareness. Chamonix, under its new general manager, is targeting areas for improved operating efficiency and profitable long-term growth, with a new marketing initiative launched in the third quarter of 2025. The company also reported a $1.2 million cost reduction at the Cripple Creek resort.
[1] Full House Resorts Q2 2025 Earnings Release [2] Full House Resorts Q2 2025 Financial Statements [3] Full House Resorts Q2 2025 Operational Update [4] Full House Resorts Q2 2025 Conference Call Transcript
The financial reports indicate that the gambling sector in Las Vegas has thrived, with Full House Resorts' American Place Casino in Illinois showing a remarkable 12.7% increase in revenue, reaching $30.7 million. Conversely, the Silver Slipper Casino and Hotel in Mississippi has seen a decline in revenue, partially offsetting the gains at other properties. The Chamonix Casino Hotel in Colorado, aiming to boost efficiency, identified $4 million in annual expenses that do not impact the high-end guest experience and implemented cost-cutting measures, but still faced elevated costs during the quarter, contributing to higher losses. The casino-culture expansion in Chicago's suburbs plays a significant role in the American Place Casino's growth, with casino-games and casino-and-gambling businesses flourishing in the region.
