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Sep 30
Full House Resorts Q3 2025 Earnings Report
Full House Resorts reported strong third quarter results, with significant growth in operating income and Adjusted EBITDA, driven by the performance of American Place Casino and Chamonix Casino Hotel.
Key Takeaways
Full House Resorts announced robust third-quarter results, with consolidated revenues reaching $78.0 million, an increase from the prior year. The company saw a 40.3% rise in consolidated operating income to $3.4 million and a 26.1% increase in Adjusted EBITDA to $14.8 million, primarily due to strong performance at American Place and Chamonix.
Consolidated revenues for Q3 2025 increased to $78.0 million from $75.7 million in the prior-year period.
Consolidated operating income rose 40.3% to $3.4 million in Q3 2025.
Adjusted EBITDA increased 26.1% to $14.8 million in Q3 2025, up from $11.7 million in Q3 2024.
American Place Casino achieved a new property revenue record of $32.0 million, with revenues increasing 14.0%.
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 growth from its newest properties, American Place and Chamonix, with expectations for increased profitability and market penetration. The company is also focused on completing the permanent American Place facility and leveraging operational efficiencies at Chamonix.
Positive Outlook
- American Place Casino is expected to continue its strong growth and ramp-up of operations.
- Chamonix Casino Hotel is expected to continue its growth, with meaningful flow-through to the bottom line as revenues increase.
- The company expects to broaden Chamonix's appeal and penetrate the largely untapped Colorado Springs and southern Denver markets.
- Construction of the permanent American Place facility is moving forward with unanimous site approval.
- Chamonix's new management team has made significant advances, leading to new property records.
Challenges Ahead
- The company faces risks related to its ability to repay and/or refinance substantial indebtedness.
- There are uncertainties regarding the ability to finance the construction of the permanent American Place facility.
- Construction projects, including American Place, are subject to legal or regulatory restrictions, delays, or challenges.
- Inflation, tariffs, and immigration policies could impact labor costs and the price of materials.
- Renovation-related disruptions at the Hyatt Lake Tahoe, housing the Grand Lodge Casino, are expected to continue.