Full House Resorts reports Q1 revenue of $75.1M, sets gaming record at American Place

Full House Resorts Inc. reported a 7.3% rise in first-quarter revenue on Thursday, driven by gains at its American Place Casino and continued growth across its regional properties, despite posting a net loss and a dip in adjusted earnings.

The Las Vegas-based casino operator posted first-quarter revenue of $75.1 million, up from $69.9 million a year earlier. Net loss narrowed to $9.8 million, or 27 cents per share, from $11.3 million, or 33 cents, in the year-ago period.

Adjusted EBITDA fell to $11.5 million from $12.4 million, reflecting elevated ramp-up costs at its recently opened Chamonix Casino Hotel in Colorado.

“Our three largest properties – American Place, Silver Slipper, and Chamonix – all made meaningful strides during the first quarter,” CEO Daniel R. Lee said in a statement.

The company highlighted strong performance at American Place, its temporary casino in Waukegan, Illinois, which posted a record $10.9 million in gaming revenue in March 2025. Lee said the casino's database has surpassed 100,000 members, and Full House expects further growth once its permanent facility opens.

“We not only crossed $10 million of monthly gaming revenue for the first time, but we nearly reached $11 million,” Lee said.

“Chicago’s northern suburbs have long lacked a premium gaming and entertainment destination.”

At the Silver Slipper Casino in Mississippi, operating income increased by $0.6 million despite a $0.7 million drop in revenue, helped by leadership changes and slot floor upgrades.

In Colorado, Chamonix and Bronco Billy’s saw a 33.9% jump in revenue, though EBITDA turned negative amid higher expenses and snowy weather. The company brought in Brandon Lenssen as general manager in March to drive efficiencies, with several million dollars in cost savings already identified.

The company’s Midwest and South segment generated $57.2 million in revenue, up 4.6% year-over-year. In the West, revenue rose 19.8% to $15.6 million, though losses widened due to operational inefficiencies tied to Chamonix’s ramp-up.

Full House’s sports wagering business posted flat revenue of $2.3 million, but Adjusted EBITDA increased to $2.2 million from $1.9 million. The company said its remaining contracted betting partners in Colorado and Indiana are exiting those states by the end of 2025.

In April, Full House completed the second phase of its previously announced sale of Stockman’s Casino for $9.2 million, booking a $0.2 million loss on the final asset transfer.

The company ended the quarter with $30.7 million in cash, and $480 million in total debt, including $450 million in senior secured notes. It extended its revolving credit facility maturity to January 2027 from March 2026, and is exploring refinancing options to support development of the permanent American Place facility.