Full House Resorts Q3 revenue rises 3% to $78M, narrows quarterly loss

Full House Resorts on Thursday reported a narrower quarterly loss for the three months ended Sept. 30, 2025, as strong performances from its American Place and Chamonix casinos offset disruptions tied to property renovations and asset sales.

Revenue rose 3% to $78 million from $75.7 million a year earlier, driven by continued ramp-up at the company’s newest properties in Illinois and Colorado. Adjusted EBITDA climbed 26.1% to $14.8 million, while operating income jumped 40.3% to $3.4 million. The company’s net loss narrowed to $7.7 million, compared with $8.5 million in the third quarter of 2024.

“Both American Place and Chamonix shone during the third quarter,” said Daniel R. Lee, chief executive officer of Full House Resorts. “American Place continues to deliver outstanding growth, setting new records for revenue and profitability in the third quarter.”

Revenue at American Place Casino in Waukegan, Illinois, rose 14% year-on-year to a record $32 million, leading the company’s Midwest and South division to a 7% gain, totaling $58.3 million. The property’s customer base expanded to more than 115,000 members, while the Waukegan City Council granted unanimous approval for construction of the casino’s permanent facility.

In Colorado, Chamonix Casino Hotel and Bronco Billy’s reported a sharp turnaround, with Adjusted Property EBITDA rising by $2.8 million to $2.1 million, reversing a loss of $0.7 million in the prior year. Colorado operations grew 7.3%, supported by new management and the completion of all property amenities.

“With all of Chamonix’s amenities now open to the public, we don’t expect any meaningful additions to the property’s cost structure,” Lee said. “As revenues at Chamonix continue to grow, we expect meaningful flow-through to the bottom line.”

Lee said the company is now targeting “largely untapped” markets such as Colorado Springs and southern Denver, where only about 15% of households have visited Cripple Creek in the past year. “To broaden Chamonix’s appeal, we have focused on more targeted marketing campaigns, strengthened our group sales team, expanded our entertainment options, and continued to leverage our extensive amenities,” he added.

Full House’s West Division revenue fell to $18 million from $19.4 million, reflecting the sale of Stockman’s Casino and renovation disruptions at Grand Lodge Casino on Lake Tahoe. Despite this, segment EBITDA surged 167.9% to $3.2 million, including $2.1 million from Chamonix/Bronco Billy’s.

The company ended the quarter with $30.9 million in cash, $450 million in debt, and $10 million remaining under its revolving credit facility.

Lee said Full House expects continued growth from its two newest casinos as awareness builds and operations stabilize. “We look forward to the coming quarters and years, as results from our Colorado and Illinois operations continue to grow,” he said.