Full House Resorts reported a 21 percent increase in revenue for the fourth quarter of 2024, reaching $73 million compared to $60 million in the same quarter of the previous year.
However, the company posted a net loss of $12.3 million, consistent with its results from the same period in 2023. The loss was attributed to increased depreciation and amortization costs linked to new property developments.
The company’s cash flow showed improvement, rising to $10.4 million for the quarter, a 42 percent increase from the prior year. This boost was driven by the strong performance of The Temporary at American Place in Waukegan, Illinois, and continued investment in the Chamonix Casino Hotel in Cripple Creek, Colorado.
CEO Dan Lee announced that Full House Resorts is finally able to move forward with the construction of the permanent American Place casino. The project had been delayed due to a lawsuit from the Forest County Potawatomi Community of Wisconsin, which challenged Full House’s selection as the Waukegan licensee. However, the Illinois Supreme Court ruled unanimously in January against the lawsuit, allowing Full House to proceed.
“While our temporary casino is performing very well, we believe the permanent casino will perform much better,” Lee said. He added that construction is expected to begin later this year and be completed by August 2027, aligning with the expiration of the temporary casino license.
CEO Dan Lee
The temporary American Place casino saw a 27.5 percent increase in revenue and a 71.9 percent rise in cash flow during the fourth quarter. Lee pointed to the success of a similar transition by Hard Rock in Rockford, Illinois, where a permanent casino opened in 2024 and generated $60 million in revenue within its first five months, double what its temporary venue had achieved.
Chamonix Casino Hotel also demonstrated growth, with its market share nearly doubling in 2024. Full House recently appointed Brandon Lenssen, previously the general manager of Bally’s Black Hawk in Colorado, as Chamonix’s new general manager.
Lee noted that marketing efforts for Chamonix only began in November 2024 and that the company is focusing on expanding its reach into primary feeder markets like Colorado Springs and Denver.
Full House’s Midwest and South division, which includes American Place, Rising Star Casino Resort, and Silver Slipper Casino, generated $55 million in revenue for the fourth quarter, a 12.1 percent increase from the previous year.
Meanwhile, the West segment, including Chamonix and Bronco Billy’s, reported an 87.2 percent rise in revenue to $16.1 million, although the segment experienced negative cash flow due to initial operational costs and weather challenges.
The company closed the quarter with $477 million in debt and $40.2 million in cash reserves. Full House is evaluating refinancing options to support the construction of the permanent American Place casino.
Original article: https://www.yogonet.com/international/news/2025/03/07/97405-full-house-resorts-reports-21-revenue-growth-in-q4-despite-continued-123m-quarterly-loss
