Chamonix, the flagship casino resort of Full House Resorts in Cripple Creek, Colorado, has undergone a dramatic leadership overhaul. The company disclosed during its fourth-quarter earnings call that it had dismissed the casino’s upper management, signaling a major shift in strategy as revenues failed to meet expectations.
New Leadership, New Direction
CEO Dan Lee made it clear that these weren’t minor tweaks. The restructuring included replacing the general manager, as well as key figures in marketing, hotel operations, IT, human resources, and table games. “I don’t make management changes lightly,” Lee stated, acknowledging that his approach had been “pretty aggressive.”
The move comes just months after Chamonix’s grand opening as a fully completed property in November, following phased partial openings throughout the previous year. While the casino is now largely finished—save for a single parking lot—its revenue figures have fallen short of projections.
Optimism Amid Underperformance
Lee remains steadfast in his belief that Chamonix will eventually generate $50 million in annual revenue. Comparing the resort’s slow start to his past experiences launching Beau Rivage in Mississippi and L’Auberge du Lac in Louisiana, he pointed out that even Las Vegas’ Bellagio didn’t hit $500 million in its first year.
“There were some people in management who were in a little bit over their heads,” Lee admitted. His solution? A fresh slate of leaders, including a stronger table games division, a revamped marketing approach, and a focus on operational efficiency.
Chamonix’s Market Potential
CFO Lewis Fanger added a note of optimism, citing data from “heat maps” of Denver that showed growing interest in the resort. “Denver has lit up pretty nicely,” he said, emphasizing that the city was no longer just an ancillary market for Chamonix.
The casino has been outperforming state gaming growth rates by 100 percent, according to Lee, yet its table game revenue remains underwhelming. Currently, table games contribute 10 percent of Chamonix’s revenue—half of what it should be, he noted.
Expanding Table Games and Dealer Training
To address this shortfall, Chamonix is ramping up its table games strategy. The casino is in the process of hiring more dealers and has even launched its own dealer school. Additionally, two new baccarat tables are being added, which Lee said were “on the loading dock as we speak.”
For Lee, table games are an essential piece of the revenue puzzle, and getting them to perform at a higher level is a top priority.
Costly Mistakes in Food & Beverage
Beyond gaming, Chamonix’s previous management team had also made questionable financial decisions in food and beverage operations. Lee singled out one glaring example: a temporary restaurant that had been converted into a buffet, offering high-end dishes at unsustainable prices.
- The buffet had been serving crab meat at a cost of $11 per customer.
- Prime rib was priced at $10 per head.
- The result? The restaurant was spending $100 to generate a $45 check.
“We don’t do stupid things like that anymore,” Lee said bluntly.
The Road Ahead
While Chamonix has stumbled in its early months, Full House Resorts is betting that its managerial shake-up will set the property on the right track. With a renewed focus on table games, improved marketing, and more strategic operational decisions, the company hopes to turn the struggling resort into a consistent revenue generator.
Lee remains confident that patience and the right leadership will pay off. But for now, Chamonix is still finding its footing in Colorado’s competitive casino market.
