Full House Resorts reports 21.5% Q4 revenue growth amid expansion
Full House Resorts saw revenue rise 21.5% year-on-year in Q4 2024 to $73.0m, driven by continued growth at American Place Casino and the completed opening of Chamonix Casino Hotel. However, the company posted a net loss of $12.3m due to increased depreciation and operating costs.
Key points:
– Q4 2024 revenue grew 21.5% to $73.0m, while full-year revenue increased 21.2% to $292.1m
– American Place Casino reported a 27.5% revenue increase in Q4 as operations continued ramping up
– Chamonix Casino Hotel completed its phased opening, contributing to a 161.1% increase in Colorado revenue in Q4
Full House Resorts reported Q4 2024 revenue of $73.0m, up 21.5% year-on-year, driven by the expansion of American Place Casino in Illinois and Chamonix Casino Hotel in Colorado.
Full-year revenue increased 21.2% to $292.1m. Despite these gains, the company posted a net loss of $12.3m due to higher depreciation costs associated with new properties. Adjusted EBITDA for the quarter grew 42.0% to $10.4m.
American Place Casino, which opened in February 2023, saw Q4 revenue rise 27.5%. Full-year revenue for the property increased 42.4% to $109.7m, with adjusted property EBITDA growing 59.8% to $29.4m.
Following a recent Illinois Supreme Court ruling in January 2025 that confirmed Full House Resorts as the Waukegan casino licensee, the company plans to break ground on its permanent American Place facility later this year.
The transition to a permanent venue is expected by August 2027, coinciding with the expiration of its temporary casino licence.
Good to know: Chamonix Casino Hotel completed its phased opening in October 2024, helping Colorado revenue surge 161.1% in Q4
While operations are still ramping up, Full House expects further growth as its marketing efforts expand. The company recently appointed a new general manager and a VP of Advertising to improve awareness and operational efficiency at the property.
The company’s Midwest & South segment, which includes American Place, Rising Star Casino Resort and Silver Slipper Casino, recorded a 12.1% revenue increase in Q4 to $55.0m.
The West segment, which includes Chamonix, saw revenue rise 87.2% to $16.1m, though adjusted segment EBITDA remained negative due to early operational costs.
As of 31 December 2024, Full House Resorts had $40.2m in cash and $450m in outstanding senior secured notes due 2028. The company extended its revolving credit facility to January 2027 and is evaluating funding options for the permanent American Place facility, potentially through debt refinancing.
In Q3 2024, Full House Resorts reported a 5.8% revenue increase to $75.7m, with strong early results at American Place and Chamonix.
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