Full House Resorts revenue rises in Q4
Revenue increased 3.4 per cent year-over-year.
US.- Full House Resorts has announced results for the fourth quarter and year ended December 31, 2025. Q4 revenue totalled $75.4m, up 3.4 per cent, while the net loss was $12.4m and adjusted EBITDA was $10.7m, compared to $10.4m in the prior-year period.
The company noted that strong growth at American Place Casino and the continuing ramp-up of operations at Chamonix Casino Hotel were partially offset by the sale of Stockman’s Casino in April 2025.
The Midwest & South segment, which comprises Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place Casino, generated revenue of $58.2m, up 5.7 per cent from the prior-year period. Adjusted segment EBITDA was $11.7m, an increase of 11.1 per cent.
The West segment (Grand Lodge Casino, Stockman’s Casino (until the completion of its sale in April 2025), Bronco Billy’s Casino, and Chamonix Casino Hotel, generated revenue of $15.6m, compared to $16.1m in the same period in 2024.
The sports betting segment generated revenue of $1.7m in Colorado, Indiana, and Illinois, compared to $1.9m in the same period in 2024, and adjusted EBITDA of $1.6m, compared to $3m.
For the full year, revenues were $302.4m, up 3.5 per cent from 2024. Net loss was $40.2m, and adjusted EBITDA was $48.1m compared to $48.6m reported in the previous year.
Daniel R. Lee, chief executive officer of Full House Resorts, said: “We had another strong quarter of growth at American Place, which currently operates in a temporary facility. As the year progressed, the rate of growth in its operating profits accelerated, highlighting the growing awareness of our brand and the relative undersaturation of gaming in the northern Chicago market. Such performance reinforces our confidence in the long-term potential for American Place.
“We continue to make meaningful progress towards construction of the permanent American Place facility. In September 2025, the Waukegan City Council unanimously approved our revised site plans. Our architects are also nearing completion of working drawings for the building’s foundation. With these drawings, we will seek building permits and begin construction, anticipated in March or April 2026. Foundation work, while not cost-intensive, requires several months to complete. By starting construction now, funding it with internal sources, we believe we can accelerate the opening of the permanent casino, anticipated in approximately 18 to 24 months.
“A bill was also recently introduced in the Illinois legislature to extend the date that our temporary American Place casino is permitted to operate by 18 months beyond August 2027. This bill, if passed, will ensure that there will be no gap in tax revenue or employment prior to the opening of our permanent casino facility. We received a similar extension in 2023 when our project was delayed due to a lawsuit from a competitor. The lawsuit was resolved in January 2025.”
