Full House Resorts just wrapped up a solid fourth quarter in 2025, with its temporary casino in Illinois leading the charge on revenue growth. But losses piled up across the board, thanks to heavy debt and startup costs in Colorado. What does this mean for the company’s big plans ahead? Let’s dive into the details that could shape the future of gaming in the Midwest.
The star of the show during the earnings call was The Temporary at American Place in Waukegan, Illinois. This site pulled in strong numbers that outpaced the rest of the company. Revenues jumped 11 percent in the fourth quarter to $32 million, and for the full year, they hit $124 million. President Lewis Fanger highlighted how the pace of growth sped up as 2025 went on.
Fanger pointed out the market’s potential. The nearest competitor sits 45 minutes away, leaving room for more players in northern Chicago. This under-penetrated area keeps drawing crowds to the temporary setup.
One key factor stands out. The temporary casino’s adjusted property EBITDA rose 29 percent to $8.7 million in the quarter. That kind of boost shows real promise for what comes next.
Company Faces Losses Amid Overall Revenue Rise
Full House Resorts reported consolidated revenues of $75.4 million for the fourth quarter, up 3.4 percent from last year. On a full-year basis, revenues reached $302.4 million, a 3.5 percent increase. Yet, the picture gets tougher when you look at the bottom line.
The company posted a net loss of $12.4 million in the quarter, or 34 cents per diluted share. For the year, that loss swelled to $40.2 million, or $1.12 per share. Adjusted EBITDA came in at $10.7 million for the quarter, a slight 3.4 percent gain, but full-year figures dipped 1.1 percent to $48.1 million.
Debt plays a big role here. The firm carries $450 million in senior secured notes due in 2028. Interest expenses eat into profits, especially with seasonal dips at some sites.
Cash on hand ended the year at $40.7 million, with $10 million available on a revolving credit facility extended to August 2027. These numbers reflect careful management amid expansion pushes.
Chamonix Casino Shows Signs of Turnaround
Over in Colorado, the Chamonix Casino Hotel and Bronco Billy’s complex faced early hurdles but ended the year on a high note. Fourth-quarter revenues there climbed 1.9 percent to $11.8 million. For the full year, they grew 11.2 percent to $49.1 million.
Adjusted property EBITDA improved 37 percent in the quarter to a loss of $2 million. Full-year losses narrowed to $3.3 million, down 16.8 percent from before. A new management team stepped in, along with targeted ads and upgrades like new carpets and a revamped Mexican restaurant.
CEO Daniel R. Lee stressed the progress. He noted that after a full year of expanded operations, the site now shows real momentum. Expect Colorado to add big to income starting in 2026. This turnaround eases some pressure on the overall portfolio.
Other properties like Silver Slipper and Rising Star contributed to the Midwest and South segment. That segment saw revenues of $58.2 million in the quarter, up 5.7 percent, with adjusted segment EBITDA at $11.7 million, a 11.1 percent rise.
Financial Breakdown in Numbers
To make sense of the performance, here’s a quick look at key metrics. These figures help compare year-over-year changes and spotlight strengths.
| Metric | Q4 2025 | Q4 2024 | Change (%) | Full Year 2025 | Full Year 2024 | Change (%) |
|---|---|---|---|---|---|---|
| Consolidated Revenue | $75.4M | $73.0M | +3.4 | $302.4M | $292.5M | +3.5 |
| Net Loss | $12.4M | $12.4M | 0 | $40.2M | N/A | N/A |
| Adjusted EBITDA | $10.7M | $10.4M | +3.4 | $48.1M | $48.6M | -1.1 |
| American Place Revenue | $32.0M | $28.8M | +11.0 | $124.0M | $109.7M | +13.1 |
This table draws from the company’s official release on March 5, 2026. It underscores how American Place lifts the group, even as losses hold steady.
Grand Lodge Casino added $3.7 million in quarterly revenues, up 26.2 percent, though full-year figures dipped 2 percent due to renovations. The sale of Stockman’s Casino in April 2025 also shifted some comparisons.
Plans for Permanent American Place Take Shape
Looking ahead, the big news centers on building the permanent American Place Casino. Groundbreaking could start as early as March or April 2026, with an opening in 18 to 24 months. Lee expressed confidence in funding it through internal sources to speed things up.
Fanger believes the permanent site could double the temporary casino’s cash flow. Revised site plans got approval from the Waukegan City Council in September 2025. Architects are close to finalizing foundation drawings.
A new bill in the Illinois legislature aims to extend the temporary operations by 18 months past August 2027. This move would prevent any gap in revenue or jobs during the transition.
Financing for the project should wrap up soon. These steps signal a bold push into a market with huge untapped potential. For investors and locals, it means more jobs and entertainment options down the line.
As Full House Resorts navigates these changes, the focus stays on growth in Illinois while fixing issues in Colorado. The temporary casino’s success proves the strategy works, but cutting debt and boosting profits will be key to long-term wins. This quarter’s results mix hope with hard realities, reminding us how the gaming world thrives on bold bets and smart fixes.
