Full House Resorts faced a net loss during Q4 2025, despite a rise in revenue. Company leaders noted ongoing expansion at the temporary American Place casino in Illinois while tackling challenges at various other locations.
On Thursday, the casino group announced a Q4 net loss of $12.4 million, even as revenue grew by 3.4% to $75.4 million. When adjusted for same-store comparisons, revenue improved by 5.6%. The quarter saw cash flow reaching $10.7 million, a slight rise that executives indicated would have been stronger without one-off cash infusions.
For the entire year, revenue climbed 3.5% to $302.4 million, translating to a 5.2% increase on a comparable basis. The company reported an annual net loss of $40.7 million for 2025 and an overall cash flow of $48.1 million. According to a company press release, results were influenced by “growth at American Place and better operations at Chamonix, offset by construction delays at Grand Lodge and the divestiture of Stockman’s Casino.”
The divestiture of Stockman’s Casino in Fallon, Nevada, eliminated a significant revenue stream from the company’s portfolio, while construction work at the Hyatt Regency Lake Tahoe Resort impacted operations at Grand Lodge Casino.
These elements contributed to weaker outcomes in the Western division, although the negative investment return improved to $2 million from $3.2 million in Q4 of the previous year. Revenue across the company’s Midwestern and Southern casinos rose by 5.7%, somewhat mitigating those losses.
During the earnings briefing, executives placed significant emphasis on The Temporary at American Place in Waukegan, Illinois. Full House Resorts President Lewis Fanger noted that the venue experienced an 11% revenue increase in Q4, generating $32 million during the period and totaling $124 million for the year. “It was a strong fourth quarter [of 2025], but the comparisons weren’t entirely straightforward,” Fanger mentioned.
Rendering of the complete American Place project
Executives confirmed that preparations for the permanent American Place casino are well underway. Fanger mentioned that foundation drawings “should be finalized soon,” paving the way for construction to commence once financing is secured. Additionally, the Illinois Legislature is discussing an 18-month extension of the temporary facility’s operating license.
CEO Dan Lee emphasized that the company is looking into financing options that would avoid issuing additional equity. Fanger referred to this as pursuing “a comprehensive solution” to prevent ownership dilution. Lee anticipates that the permanent casino could be operational by early 2028.
Executives also addressed the performance of the Chamonix resort located in Cripple Creek, Colorado, where a new management team has recently taken over. Fanger indicated that the newly formed leadership group has driven a revenue increase of 5% since their appointment.
Revenue growth at Chamonix slowed as the year progressed, having achieved a 19% boost in the first half of 2025. Lee attributed the slowdown, in part, to previous marketing strategies that inflated projections from the prior year.
“The previous year’s figures were somewhat artificially elevated due to ineffective marketing,” he stated, adding, “you’ll witness a resurgence in revenue growth moving forward.”
Lee expressed disappointment with the financial performance at the Silver Slipper casino in Biloxi, Mississippi. Cash flow has remained relatively stagnant despite annual revenue approaching $70 million. “It’s slightly off, roughly flat. It should be in the high teens,” Lee commented.
He announced the replacement of the casino’s executive team for the first time in 15 years and emphasized the need for improved operational efficiency at the facility. “It’s a profitable venture that should be generating more,” he remarked, asserting that annual cash flow of $19 million “should be feasible.”
He also mentioned legislative updates affecting the company’s Rising Sun casino in Indiana. Lee described the casino relocation bill as “a lengthy and rapidly evolving process.”
He reiterated that the property has consistently remained profitable. “We turn a profit at Rising Sun. Not significant profits, but we always do.”