Full House Resorts Q2 loss widens to $10.4 million despite revenue holding steady

Full House Resorts leaned heavily on its Illinois flagship in the second quarter of 2025, with American Place setting new revenue and profit records. But higher costs at its Chamonix Casino Hotel in Colorado, coupled with sharp drops in sports betting revenue, widened the company's losses during the period.

The quarter closed with a net loss of $10.4 million, up from $8.7 million a year earlier, despite total revenue inching 0.6% higher to $73.9 million. Adjusted EBITDA fell 21.3% to $11.1 million, a setback the company linked primarily to elevated operating expenses at Chamonix, which opened in late 2023 and is still in its ramp-up phase.

The strongest performance came from the Midwest & South division, home to American Place, Silver Slipper in Mississippi, and Rising Star in Indiana. Revenue for the region rose 4.2% to $57.8 million, and EBITDA reached $12.8 million.

CEO Daniel Lee called American Place’s growth “record net revenue and operating profit,” noting its expanding presence in Chicago’s northern suburbs and a player database that now exceeds 100,000 members. A poker room is scheduled to open in the coming months to further boost activity.

Conditions were less favorable in the West division. Chamonix’s revenue slipped 4.4% year-over-year to $14.5 million, and the property contributed to a segment EBITDA loss of $1.1 million. While the resort was only partially operational during the same quarter last year, ongoing expenses remain high.

Lee, who replaced the original management team in Q1, said the new leadership has identified more than $4 million in potential annual savings without cutting into the premium guest experience.

Looking across business lines, casino gaming was the only category to post growth, climbing 4.2% to $56.9 million. Food and beverage sales fell 7.9% to $9.6 million, hotel revenue edged down 0.6% to $3.7 million, and contracted sports wagering plunged 42.5% to $1.7 million.

The sportsbook unit’s EBITDA dropped 37.5% to $1.6 million, amid the planned exit of the company’s remaining partner from Colorado and Indiana by the end of the year.

Total operating expenses rose to $74 million, nearly $3 million more than the prior-year quarter. Casino operations accounted for $22.9 million of that total, while selling, general, and administrative expenses reached $27.9 million.

In a leadership move aimed at strengthening operational oversight, Full House promoted CFO and Treasurer Lewis Fanger to President on July 15, a dual role he will continue to hold. The company ended Q2 with $32.1 million in cash and $450 million in debt.

Management is still weighing plans for a permanent American Place facility, with further updates expected later in the year. Lee said he expects the temporary property’s performance to keep improving, supported by new amenities and continued brand building.