Fourth-quarter earnings for Full House Resorts showed significant revenue growth, but profits remained elusive. The company reported a 21% increase in revenue, reaching $73 million, up from $60 million in the same period last year. Yet, despite the positive momentum, the company still posted a $12.3 million loss—unchanged from the previous year. Management pointed to depreciation and amortization charges as the primary reasons for the red ink.
Cash Flow Improvement Offers Some Relief
While net profits remained out of reach, Full House Resorts saw a strong boost in cash flow. The company recorded $10.4 million in operating cash flow for the quarter, marking a 42% increase from 2023.
A significant portion of this improvement was attributed to two key properties:
- The Temporary at American Place in Waukegan, Illinois, which continued to outperform expectations.
- Chamonix in Cripple Creek, Colorado, where initial startup costs had weighed heavily on the company’s bottom line.
Executives emphasized that while these two casinos were still in different phases of development, their contribution to overall cash flow was a promising sign.
Green Light for Permanent American Place Casino
One of the most anticipated developments for Full House Resorts finally got the legal clarity it needed. CEO Dan Lee confirmed that planning for the permanent American Place casino in Waukegan could now move forward after a long legal battle was resolved.
“In January 2025, the Illinois Supreme Court unanimously ruled against that unsuccessful bidder, essentially confirming our selection as the Waukegan licensee,” Lee said. The lawsuit, filed by the Forest County Potawatomi Community of Wisconsin, had previously stalled progress.
With that legal hurdle removed, Full House is set to break ground later this year. If all goes according to plan, the new casino will be completed by August 2027—just in time for the expiration of its temporary casino license.
American Place Sees Strong Growth in Q4
Even in its temporary state, the American Place casino delivered a solid performance in Q4 2024. Revenue surged 27.5%, while cash flow jumped an impressive 71.9%.
Lee is confident the full-scale version of American Place will perform even better. “While our temporary casino is performing very well, we believe the permanent casino will perform much better,” he said.
To support his optimism, Lee pointed to another case study: Hard Rock’s experience in Rockford, Illinois. The company had operated a temporary casino before transitioning to its permanent facility. In its first five months, the new Hard Rock casino generated $60 million in revenue—double the amount that its temporary version had earned in the previous year.
Lee believes the Waukegan market holds even greater potential. “Rockford was quite analogous to, but smaller than, our market in Lake County,” he noted.
Can Full House Turn Growth Into Profit?
For now, Full House Resorts remains in a phase of heavy investment. The company is betting on its expansion projects to drive long-term gains, but depreciation and amortization charges continue to weigh on its financial results.
Here’s a quick look at the key numbers from Q4 2024:
| Metric | Q4 2024 | Q4 2023 | Change (%) |
|---|---|---|---|
| Revenue | $73 million | $60 million | +21% |
| Net Loss | -$12.3 million | -$12.3 million | No change |
| Cash Flow | $10.4 million | $7.3 million | +42% |
| American Place Revenue | +27.5% | — | — |
| American Place Cash Flow | +71.9% | — | — |
Full House executives remain bullish on their future prospects, but investors will be watching closely to see if revenue growth can eventually translate into profits.
