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Dec 31, 2025
Full House Resorts Q4 2026 Earnings Report
Full House Resorts Q4 2026 Earnings Report
Key Takeaways
Full House Resorts reported a slight revenue increase of 3.4% in Q4 2025, driven by strong growth at American Place and the ramp-up of Chamonix, despite a net loss of $12.4 million. The company is preparing to break ground on its permanent American Place facility in early 2026 and saw significant operational improvements in its Colorado segment.
Revenues increased 3.4% to $75.4 million in Q4 2025, led by an 11% revenue jump at American Place Casino.
Adjusted EBITDA grew to $10.7 million, overcoming the sale of Stockman's Casino and renovation disruptions at Grand Lodge.
Construction of the permanent American Place casino is expected to begin in March or April 2026 with an 18-24 month timeline.
Colorado operations (Chamonix/Bronco Billy's) saw Adjusted Property EBITDA improve by 42.6% compared to the prior-year quarter.
Revenue by Segment
Forward Guidance
Management is focused on the construction of the permanent American Place facility and the continued ramp-up of the Chamonix Casino Hotel.
Positive Outlook
- Anticipated groundbreaking on permanent American Place in March/April 2026.
- Completion of permanent casino financing expected within the next few months.
- Legislation introduced to extend temporary casino operations to prevent revenue gaps.
- Colorado management team recently filled out with new key hires.
- Reopening of Bronco Billy's Mexican restaurant with a new menu for the strong season.
Challenges Ahead
- Renovation-related disruptions at Hyatt Regency Lake Tahoe affecting Grand Lodge Casino.
- Seasonally slow fourth quarter in the Colorado market.
- Loss of revenue contribution from the sale of Stockman's Casino.
- Significant interest expense of $11.0 million per quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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