For the second quarter of 2025, Full House Resorts posted revenue of $73.9 million, compared to $73.5 million in the comparable quarter of 2024.
Quarterly losses widened from $8.6 million to $10.4 million. Cash flow narrowed from $14.1 million to $11.1 million.
Full House blamed the numbers on the continued buildup of operations at The Temporary at American Place in Illinois and Chamonix in Colorado. A decline in revenue at the company’s Gulf Coast property, the Silver Slipper, was another contributory factor.
“Under the leadership of its new general manager, Chamonix’s management team continues to target areas for improved operating efficiency, while also emphasizing profitable long-term growth,” Full House said in its earnings release, issued August 7. It also reported a $1.2 million cost reduction at the Cripple Creek resort.
“American Place continued its strong ramp in operations, delivering record net revenue and operating profit in the second quarter,” remarked CEO Dan Lee in a prepared statement. “This strong performance reflects the growing awareness and popularity of American Place throughout Chicago’s populous northern suburbs.
“Over the coming quarters, we expect the financial results for our temporary American Place casino to continue to improve, as we add a poker room and continue to build awareness in the region,” Lee continued.
Three months ago, Lee sacked the original Chamonix management team. He reported, “During the second quarter, that [new] team focused principally on inefficient operations, identifying more than $4 million of annual expenses that do not impact our high-end guest experience.” Chamonix also launched a new marketing initiative in the third quarter.
A 12.7 percent revenue increase to $30.7 million at American Place highlighted Full House’s quarter. Its Midwest and South division reported a 4.2 percent revenue boost, as well as cash flow of $12.3 million, a 3.9 percent uptick.
However, West divisional results slumped 4.4 percent, from $15.2 million in the second quarter of 2024 to $14.5 million this year. The division recorded a $1.1 million negative return on investment, “reflecting initial inefficiencies from Chamonix’s ramp-up phase, though meaningfully improved from the first quarter of 2025.”
Full House ended the second quarter with $450 million in debt and $32.1 million cash on hand.
