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Dec 31, 2025
Full House Resorts Q4 2025 Earnings Report
Full House Resorts Q4 2025 Earnings Report revealed steady revenue growth driven by the American Place and Chamonix properties, despite a net loss for the period.
Key Takeaways
Full House Resorts reported a 3.4% increase in Q4 revenue to $75.4 million, primarily due to strong growth at the temporary American Place Casino and the continued ramp-up of the Chamonix Casino Hotel. While the company posted a net loss of $12.4 million, Adjusted EBITDA grew to $10.7 million. Management is preparing to break ground on the permanent American Place facility in early 2026.
Revenues at American Place Casino grew 11.0% in Q4, demonstrating strong demand in the northern Chicago market.
Colorado operations (Chamonix/Bronco Billy's) showed significant EBITDA improvement following management changes and brand reinvigoration.
The company plans to break ground on the permanent American Place facility in March or April 2026, with an 18-24 month construction timeline.
Consolidated Adjusted EBITDA rose to $10.7 million, overcoming the sale of Stockman's Casino and disruptions at Grand Lodge Casino.
Revenue by Segment
Forward Guidance
Management is focused on the construction of the permanent American Place casino and seasonal ramp-up in Colorado.
Positive Outlook
- Anticipated ground breaking for permanent American Place in March/April 2026.
- Legislation introduced to extend temporary American Place operations by 18 months.
- Colorado operations expected to contribute significantly to 2026 income.
- Group sales department making strides in booking future business for Chamonix.
- Completion of financing for American Place expected within the next few months.
Challenges Ahead
- Renovation-related disruptions at the Hyatt Regency Lake Tahoe affecting Grand Lodge Casino.
- Seasonally slow fourth quarter in the Colorado market.
- Ongoing net losses due to significant non-cash depreciation and amortization charges.
- Debt load of $450 million in senior secured notes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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