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Jun 30
Full House Resorts Q2 2025 Earnings Report
Full House Resorts reported a slight increase in consolidated revenues, driven by strong growth at American Place Casino, despite a net loss increase and a decrease in Adjusted EBITDA.
Key Takeaways
Full House Resorts announced its second quarter 2025 results, with consolidated revenues increasing by 0.6% to $73.9 million. The company reported a net loss of $10.4 million, or $(0.29) per diluted common share, compared to a net loss of $8.6 million in the prior-year period. Adjusted EBITDA decreased to $11.1 million from $14.1 million in the second quarter of 2024, primarily due to elevated costs at Chamonix, which was fully operational in the current quarter.
Consolidated revenues for Q2 2025 increased by 0.6% to $73.9 million compared to $73.5 million in Q2 2024.
Net loss for Q2 2025 was $10.4 million, or $(0.29) per diluted common share, an increase from $8.6 million in Q2 2024.
Adjusted EBITDA for Q2 2025 was $11.1 million, down from $14.1 million in the prior-year period, reflecting strong growth at American Place offset by elevated costs at Chamonix.
American Place Casino achieved record net revenue of $30.7 million, a 12.7% increase from Q2 2024, and contributed significantly to the Midwest & South segment's revenue growth.
Full House Resorts
Full House Resorts
Full House Resorts Revenue by Segment
Revenue by Segment
Midwest & South Revenue
CapyFin.comWest Revenue
CapyFin.comContracted Sports Wagering Revenue
CapyFin.com Forward Guidance
Full House Resorts anticipates continued improvement in financial results for its temporary American Place casino, with plans for a permanent facility. The company also expects improved profitability at Chamonix due to new management, cost reductions, and revamped marketing efforts.
Positive Outlook
- Expect continued improvement in financial results for the temporary American Place casino, with the addition of a poker room and increased regional awareness.
- Progress is being made toward the start of construction for the permanent American Place facility, which is expected to drive further growth.
- New management at Chamonix has identified over $4 million in annual expenses for savings without impacting guest experience.
- Revamped marketing efforts launched in Q3 2025 for Chamonix are expected to drive continued revenue growth and improved profits.
- The company expects Chamonix to reach expected levels of profitability in the coming quarters and years.
Challenges Ahead
- The company's ability to repay its substantial indebtedness is a risk.
- Financing the construction of the permanent American Place facility and refinancing outstanding debt are ongoing challenges.
- Inflation, tariffs, immigration policies, and their potential impacts on labor costs and material prices could affect operations.
- Potential disruptions in supply chains for goods like food and lumber pose a risk.
- Legal or regulatory restrictions, delays, or challenges for construction projects, including American Place, could impact timelines and costs.