In the first quarter of 2025, Full Houses Resorts grew revenue 7.3 percent, to $75.1 million. The company attributed the result to operations at Chamonix in Cripple Creek, Colorado, and to The Temporary at American Place, in Waukegan, Illinois.
The company recorded a loss of $9.8 million, down from $11.3 million in the first quarter of 2024. Cash flow was $11.5 million, down from $12.4 million a year earlier.
“At American Place, we’re pleased with the strong continued ramp of our temporary facility. In March 2025, for example, we not only crossed $10 million of monthly gaming revenue for the first time, but we nearly reached $11 million,” said CEO Dan Lee in a prepared statement.
“These milestones underscore American Place’s continuing momentum, as well as its strategic location in a highly attractive and underserved market,” he continued. “Chicago’s northern suburbs have long lacked a premium gaming and entertainment destination and we believe the luxurious amenities of our planned permanent casino will fill that gap.
“We anticipate a significant uplift in performance when we transition from the temporary American Place facility to the permanent casino, similar to the results that have been reported in Rockford and other cities after temporary casinos transition into their permanent facilities,” said the CEO.
Lee noted that operating income at Full House’s Silver Slipper casino in Mississippi improved despite a decline in revenue. “We recently refreshed a large portion of the Silver Slipper’s slot floor, which we believe will further benefit the property’s financial results in the second half of the year.”
Regionally, the American Place-Silver Slipper-Rising Star (in Indiana) threesome saw revenue grow 4.6 percent, reaching $57.2 million. Cash flow was $13.1 million, a 3.4 percent improvement.
“At American Place, expenses reflect production costs for new advertisements expected to run over the next several quarters, an increase in overall advertising versus the prior-year period, and additional labor costs related to expanded food options,” read a company statement. It also noted that the surge in gambling revenue had pushed American Place into a higher tax bracket.
The company’s Cripple Creek and Lake Tahoe casinos experienced 19.8 percent revenue growth to $15.6 million. However, the division saw a $2.5 million negative return on investment, “reflecting early inefficiencies related to Chamonix’s new operations and the adverse impacts of snowy weather.”
Early in the first quarter, Full House learned that its outside sports betting provider in Colorado and Indiana was exiting those states, effective later in 2025. “There is no certainty that we will be able to enter into agreements with other third-party operators on similar terms or at all,” the company confessed.
Full House ended the quarter with $30.7 million cash on hand and $450 million in debt.
