Ramp-up at American Place and Chamonix Casino drive slight increase for Full House
Full House Resorts has reported second quarter of 2025 of $73.9m, a 0.6 per cent increase from $73.5m in the prior-year period, driven by the continued ramp-up of operations at the company’s two newest properties, American Place Casino and Chamonix Casino Hotel, offset by the sale of Stockman’s Casino and a decline in revenues at the Silver Slipper Casino and Hotel.
These results reflect strong growth at American Place offset by elevated costs at Chamonix, as its operations were fully open in the recent quarter, but only partially open in the prior-year period. Under the leadership of its new general manager, Chamonix’s management team continues to target areas for improved operating efficiency, while also emphasizing profitable long-term growth. Operating costs at Chamonix were $1.2 million lower in the second quarter versus the first quarter of 2025.
“American Place continued its strong ramp in operations, delivering record net revenue and operating profit in the second quarter,” said Daniel R. Lee, Chief Executive Officer of Full House Resorts. “This strong performance reflects the growing awareness and popularity of American Place throughout Chicago’s populous northern suburbs. Over the coming quarters, we expect the financial results for our temporary American Place casino to continue to improve, as we add a poker room and continue to build awareness in the region.
“We also continue to make progress toward the start of construction of the permanent American Place facility. Our excitement for our permanent facility continues to be guided by four thoughts: the strength of our location in populous suburbs with easy access from several major traffic arteries; the continued growth from other casinos that recently transitioned from temporary to permanent facilities; the lack of a permanent, premium gaming and entertainment experience for residents of Lake County and other nearby communities; and our own experiences at our temporary casino, which continues to grow and flourish.”
Continued Mr. Lee, “As we noted last quarter, we recently introduced a new management team at Chamonix. During the second quarter, that team focused principally on inefficient operations, identifying more than $4 million of annual expenses that do not impact our high-end guest experience. Revamped marketing efforts – which should enable continued revenue growth at Chamonix, as well as improve overall profits – launched in the current third quarter. We believe these efforts will benefit Chamonix in the coming quarters and years, allowing it to reach levels of profitability that we have always expected it to achieve.”
In the Midwest & South segment, which includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place Casino. Revenues for the segment were $57.8m in the second quarter of 2025, a 4.2 per cent increase from $55.5m in the prior-year period. Revenues at American Place rose 12.7 per cent from the second quarter of 2024, reaching an all-time property revenue record of $30.7m. Adjusted Segment EBITDA was $12.8m, a 3.9 per cent increase from $12.3m in the prior-year period, similarly led by strong growth at American Place.
The West segment includes Grand Lodge Casino (located within the Hyatt Regency Lake Tahoe resort in Incline Village), Stockman’s Casino (until the completion of its sale in April 2025), Bronco Billy’s Casino, and Chamonix Casino Hotel, which opened in phases between December 2023 and October 2024. Bronco Billy’s and Chamonix are two integrated and adjoining casinos, operating as a single entity. Revenues for the segment decreased 4.4 per cent to $14.5m in the second quarter of 2025, versus $15.2m in the prior-year period, with revenue growth at Grand Lodge and Chamonix/Bronco Billy’s offset by the sale of Stockman’s. Adjusted Segment EBITDA was $1.1m in the second quarter of 2025, reflecting initial inefficiencies from Chamonix’s ramp-up phase, though meaningfully improved from the first quarter of 2025. Under Chamonix’s new management team, the company expects more than $4m in annualized savings from recent cost-saving initiatives.
In sportsbetting, which includes on-site and online sports wagering ‘skins’ (akin to websites) in Colorado, Indiana, and Illinois, revenues and Adjusted Segment EBITDA were $1.7m and $1.6m, reflecting $0.9m of accelerated revenue from an online sports wagering “skin” that ceased operations.
