Full House Resorts reported a net loss in the fourth quarter of 2025 despite higher revenue. Executives highlighted continued growth at the temporary American Place casino in Illinois while addressing operational issues at several other properties.
The casino operator disclosed on Thursday that it lost $12.4 million in the fourth quarter while revenue increased 3.4% to $75.4 million. On a same-store basis, revenue rose 5.6%. Cash flow for the quarter reached $10.7 million, a modest increase that executives said would have been larger if not for certain one-time infusions of money.
For the full year, revenue rose 3.5% to $302.4 million, or 5.2% on a comparable basis. The company recorded a net loss of $40.7 million for 2025 while annual cash flow totaled $48.1 million. According to a company press release, the result came “with growth at American Place and improved operations at Chamonix offset by construction disruptions at Grand Lodge and the sale of Stockman’s Casino.”
The sale of Stockman’s Casino in Fallon, Nevada, removed a revenue source from the company’s portfolio, while construction at the Hyatt Regency Lake Tahoe Resort disrupted operations at the Grand Lodge Casino.
These factors contributed to weaker results in the Western division, although the negative return on investment there narrowed to $2 million from $3.2 million in the fourth quarter of 2024. Revenue at the company’s Midwestern and Southern casinos increased 5.7%, partially offsetting those declines.
During the earnings call, executives focused heavily on The Temporary at American Place in Waukegan, Illinois. Full House Resorts President Lewis Fanger said the property recorded an 11% increase in revenue during the fourth quarter, generating $32 million for the period and $124 million for the year. “It was a very good fourth quarter [of 2025], but the comparisons weren’t very straightforward,” Fanger said.
Render for the full American Place project
Executives said preparations for the permanent American Place casino are moving forward. Fanger said foundation drawings “should be done imminently,” allowing construction to begin once financing arrangements are finalized. The Illinois Legislature is also considering an 18-month extension of the temporary facility’s operating license.
Chief Executive Officer Dan Lee said the company is exploring financing options that avoid issuing additional equity. Fanger described the effort as seeking “an all-encompassing solution” rather than diluting ownership. Lee said the permanent casino could open in early 2028.
Executives also discussed the company’s Chamonix resort in Cripple Creek, Colorado, where a new management team has recently taken charge. Fanger said the newly assembled leadership group has increased revenue by 5% during its tenure.
Revenue growth at Chamonix slowed later in the year after reaching 19% in the first half of 2025. Lee attributed the decline partly to earlier marketing practices that inflated prior-year comparisons.
“The prior-year numbers were kind of artificially inflated by bad marketing,” he said, adding that “you’ll see revenue growth pick up going forward.”
Lee expressed dissatisfaction with performance at the Silver Slipper casino in Biloxi, Mississippi. Cash flow there has remained largely unchanged despite annual revenue of about $70 million. “It’s off a little bit, about flat. It should be in the high teens,” he said.
Lee said he replaced the casino’s executive team for the first time in 15 years and called for improved efficiency at the property. “It’s a cash cow that should be making more,” he said, suggesting that annual cash flow of $19 million “is not out of the question.”
He also commented on legislative developments affecting the company’s Rising Sun casino in Indiana. Referring to a casino relocation bill, Lee said, “This is a long and rapidly evolving process.”
He added that the property has remained profitable over time. “We make money at Rising Sun. Not a lot of money, but we always have.”
Original article: https://www.yogonet.com/international/news/2026/03/06/117926-full-house-resorts-posts-q4-net-loss-despite-revenue-growth-highlights-progress-at-american-place
