Fourth-quarter results for Full House Resorts were disclosed March 5. The casino company lost $12.4 million, but increased revenue 3.4 percent to $75.4 million.
Revenue was somewhat diminished by the removal of sold Stockman’s Casino, in Fallon, Nevada, from the Full House portfolio. On a same-store basis, revenue rose 5.6 percent.
Cash flow for the fourth quarter was $10.7 million, a modest increase. Company executives stressed that the cash-flow improvement would have been greater were it not for certain one-time infusions of money in the final quarter of 2024.
For all of 2025, revenue rose 3.5 percent, achieving $302.4 million. On a like-for-like basis, the increase was 5.2 percent. The 2025 loss was $40.7 million.
The 2025 cash flow was $48.1 million, “with growth at American Place and improved operations at Chamonix offset by construction disruptions at Grand Lodge and the sale of Stockman’s Casino,” according to a Full House press release.
A 5.7 percent increase in Midwestern and Southern casino revenues compensated for a disrupted Western division. Construction at the Hyatt Regency Lake Tahoe Resort upended business at Full House’s Grand Lodge Casino. Along with the subtraction of Stockman’s Casino, this contributed to a modest decline in revenue. The Western casinos also had $2 million in negative return on investment, a narrowing from $3.2 million in 2024’s fourth quarter.
In prepared remarks, CEO Dan Lee accentuated the positive. “We had another strong quarter of growth at American Place, which currently operates in a temporary facility,” he said. “As the year progressed, the rate of growth in its operating profits accelerated, highlighting the growing awareness of our brand and the relative undersaturation of gaming in the northern Chicago market.”
Lee continued that he anticipated groundbreaking for the permanent American Place this month or next, with completion in 18-24 months. “By starting construction now, funding it with internal sources, we believe we can accelerate the opening of the permanent casino,” Lee said.
Full House’s Colorado resort, Chamonix, “delivered strong improvements in the fourth quarter … a seasonally slow quarter in this market,” Lee resumed. “Revenues were up in the quarter and expenses declined, resulting in a significantly smaller loss in the quarter than in the same quarter of the prior year. We expect our Colorado operations to contribute significantly to our income in 2026 and beyond.”
