Fourth-quarter revenue for Full House Resorts jumped 21 percent to $73 million, up from $60 million in the final quarter of 2023. Despite the revenue growth, Full House posted a loss of $12.3 million, consistent with its prior-year result. Company leaders faulted depreciation and amortization charges for the loss.
Cash flow for the quarter was $10.4 million, a 42 percent improvement from 2023. Full House, in its earnings release, said this reflected both the improved performance of The Temporary at American Place in Waukegan, Illinois, and the elevated cost of bringing Chamonix up to speed in Cripple Creek, Colorado.
Full House CEO Dan Lee was finally able to announce the commencement of planning for the permanent American Place, up until now stymied by a lawsuit from the Forest County Potawatomi Community of Wisconsin. “In January 2025, the Illinois Supreme Court unanimously ruled against that unsuccessful bidder, essentially confirming our selection as the Waukegan licensee,” Lee said.
The fourth quarter of 2024 saw the current iteration of American Place increase its revenue by 27.5 percent and its cash flow by 71.9 percent. ““While our temporary casino is performing very well, we believe the permanent casino will perform much better,” Lee elaborated. “We expect to break ground later this year and complete construction by August 2027, when our authorization to operate the temporary casino expires.”
Alluding to Hard Rock’s temporary casino in nearby Rockford, recently superseded by the permanent one, Lee mentioned that the permanent Hard Rock had done $60 million in business in its first five months. That was double the amount grossed by its temporary casino in the previous year. Rockford was, Lee added, “quite analogous to, but smaller than, our market in Lake County.”
He also lauded the Waukegan casino for being cited among the Chicago Tribune’s “Top Workplaces of 2024.” It was, he said, the only casino to make the list.
Of Chamonix, Lee said, “market share approximately doubled—despite the lack of a broad awareness campaign throughout much of 2024… Equally important, Chamonix’s increase in revenues primarily reflects growth in the market, proving that our feeder market is indeed underserved.”
Lee also named a new general manager for Chamonix, Brandon Lenssen, former GM of nearby Bally’s in Black Hawk, Colorado. Lenssen is also a veteran of Isle of Capri Black Hawk.
An unnamed vice president of advertising has also been tapped for Chamonix. Lee said this executive would be “focused on improving the effectiveness and efficiency of our digital, traditional media, and direct marketing efforts at Chamonix… Colorado Springs and Denver will continue to expand as our primary feeder markets.”
In Full House’s Midwest/South division, revenue was up 12.1 percent to $55 million, mostly due to American Place’s $28.5 million gross. Chamonix and adjacent Bronco Billy’s produced $16.1 billion but also negative cash flow, “reflecting early inefficiencies related to Chamonix’s new operations and the adverse impacts of snowy weather.”
Full House ended the quarter with $477 million of debt and $40.2 million cash on hand. The company said it might refinance some of that indebtedness in order to construct the permanent American Place.
