Ramp-ups at American Place and Chamonix Casino boost Full House Resorts’ results
Full House Resorts’ fourth quarter of 2024 rose 21.5 per cent to $73m, reflecting the continued ramp-up of operations at American Place, which was up 27.5 per cent in the quarter, and Chamonix Casino Hotel, which boosted the company’s Colorado revenues by 161.1 per cent.
The company’s Midwest & South segment, which includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place saw a 21.1 per cent increase to $55m in the fourth quarter. The West segment, which includes Grand Lodge Casino (located within the Hyatt Regency Lake Tahoe resort in Incline Village), Stockman’s Casino, Bronco Billy’s Casino, and Chamonix Casino Hotel, rose by 87.2 per cent to $16.1m in the fourth quarter of 2024, reflecting the opening of Chamonix, versus $8.6m in the prior-year period. The company’s sportsbetting in Colorado, Indiana, and Illinois. Revenues for the segment were $1.9m and $2.3m, respectively, in the fourth quarters of 2024 and 2023, reflecting fewer active skins during the 2024 period.
For the full year, revenues in 2024 were $292.1m, a 21.2 per cent increase from $241.1m in the prior year. These results reflect the February 2023 opening of American Place and the phased opening of Chamonix throughout 2024.
Daniel R. Lee, President and Chief Executive Officer of Full House Resorts, commented,: “In Illinois, plans for our permanent American Place casino continue to move forward. In 2021, an unsuccessful bidder sued the City of Waukegan and the Illinois Gaming Board, alleging unfair treatment in the license selection process. In January 2025, the Illinois Supreme Court unanimously ruled against that unsuccessful bidder, essentially confirming our selection as the Waukegan licensee.
“While our temporary casino is performing very well, we believe the permanent casino will perform much better. We expect to break ground later this year and complete construction by August 2027, when our authorization to operate the temporary casino expires.
“Another gaming company in Illinois operated a temporary casino for several years, in the city of Rockford. It is a market quite analogous to, but smaller than, our market in Lake County. That temporary casino recently transitioned into a permanent facility. According to the Illinois Gaming Board, the permanent Rockford casino’s gaming revenues between September 2024 and January 2025 totaled $60 million, more than double the amount generated in its temporary facility in the prior-year period.
“Meanwhile, we were pleased that American Place was recognized in the Chicago Tribune’s Top Workplaces 2024 list, the only casino to achieve such recognition.”
Continued Mr. Lee, “Chamonix – with its blend of luxurious gaming and non-gaming amenities – continues to impress visitors to Cripple Creek and remains poised for long-term success. Our total revenues in Colorado rose 160 per cent in 2024 versus 2023 – and market share approximately doubled – despite the lack of a broad awareness campaign throughout much of 2024. Meaningful marketing efforts for Chamonix did not start until November 2024, after completion of the property’s phased opening and upon the conclusion of the national election campaign cycle, when advertising rates were inordinately high. As we enter the upcoming spring and summer seasons, we expect our awareness campaign to take hold and to see even more growth at Chamonix. Equally important, Chamonix’s increase in revenues primarily reflects growth in the market, proving that our feeder market is indeed underserved.
“In the near-term, we have refocused our efforts in Colorado on profitability and sustainable growth. To support these efforts, we recently hired Brandon Lenssen as Chamonix’s new general manager. Brandon brings extensive knowledge of the Colorado gaming market to our company, having worked as general manager of Bally’s Black Hawk for approximately five years and, prior to that, in several senior gaming positions at Isle of Capri Black Hawk.
“We are also in the process of improving our database marketing at Chamonix. We recently hired a new Vice President of Advertising, who is focused on improving the effectiveness and efficiency of our digital, traditional media, and direct marketing efforts at Chamonix, as well as all of our other properties. Over time – as Chamonix’s awareness campaign broadens and word of mouth spreads – Colorado Springs and Denver will continue to expand as our primary feeder markets.”
