Despite construction-related upheaval at Grand Lodge Casino on Lake Tahoe and the subtraction of Stockman’s Casino (sold), Full House Resorts posted a revenue-positive third quarter. The data was released early on November 6.
Revenue rose from $75.7 million a year earlier to $78 million. The company credited the acceleration of operations at Chamonix in Colorado and at The Temporary at American Place in the Chicago area for the increase.
Cash flow rose by 26.1 percent, reaching $14.8 million. However, it was yet another money-losing quarter for Full House, which notched $7.7 million in red ink. That was a narrowing from an $8.5 million loss in 2024’s third quarter.
Benchmarks of success in Illinois were the increase of American Place’s Waukegan player base to 115,000 customers and the unanimous approval by the City Council to proceed with construction of a permanent American Place. “American Place continues to deliver outstanding growth, setting new records for revenue and profitability in the third quarter,” said CEO Dan Lee, in a statement.
Lee also praised the recently installed new management team at Chamonix, crediting it for 7.3 percent revenue growth and $2.8 million better cash flow. Chamonix reversed negative return on investment in the third quarter of last year, recording $2.1 million in quarterly EBITDA.
“With all of Chamonix’s amenities now open to the public, we don’t expect any meaningful additions to the property’s cost structure and, in fact, continue to target many areas for operational efficiencies,” Lee promised. “As a result, as revenues at Chamonix continue to grow, we expect meaningful flow-through to the bottom line.”
Lee targeted nearby Colorado Springs, “largely untapped” by Chamonix, which had achieved less than 15 percent penetration of that market. “That is an extremely low figure, likely driven by a lack of quality gaming products and amenities prior to Chamonix’s opening,” the CEO said. “To broaden Chamonix’s appeal, we have focused on more targeted marketing campaigns, strengthened our group sales team, expanded our entertainment options, and continued to leverage our extensive amenities.” Lee said Chamonix was hitting best-ever marks, including slot-play volume.
Revenue from Silver Slipper in Mississippi, Rising Sun (Indiana), and American Place rose seven percent to $58.3 million. This was led by a 14 percent upsurge in Waukegan to $32 million for the quarter. Cash flow rose 12.7 percent to $11.6 million for the Midwest/South division.
Operations at Stockman’s Casino having been discontinued in April, revenue for the West division slipped from $19.4 million in 2024 to $18 million. However, cash flow shot up 167.9 percent, achieving $3.2 million.
Full House ended the quarter with $30.9 million in liquidity on hand and $450 million in debt. It has $10 million remaining on its line of credit.