Full House Resorts, Inc. reported third‑quarter 2025 results on November 6, 2025, with revenue of $78.0 million, a 3.2% year‑over‑year increase from $75.7 million. Net loss narrowed to $7.7 million, or $0.21 per diluted share, compared with a $8.5 million loss in the same quarter last year. Adjusted EBITDA rose 26.1% to $14.8 million, driven by a record $32.0 million revenue at the American Place casino in Waukegan, Illinois, and a $2.1 million contribution from the combined Chamonix and Bronco Billy’s operations in Colorado. Cash stood at $30.9 million and the company’s $450 million senior secured notes due 2028 remain callable.
The revenue beat analyst consensus of $76.4 million by $1.6 million, a 2.1% lift. The jump was largely powered by American Place, which set a new property revenue record and grew 14.0% YoY, and by the ramp‑up of Chamonix, which added $2.1 million to adjusted EBITDA after a $0.7 million loss in the same period a year earlier. These gains offset a 7.2% decline in the West segment, where the sale of Stockman’s Casino and renovation disruptions at Grand Lodge Casino reduced revenue.
Earnings per share missed the consensus of –$0.20 by $0.01, reflecting higher operating costs and the continued impact of capital expenditures on the permanent American Place facility. Although the net loss narrowed from –$8.5 million YoY, the company remains unprofitable, underscoring the need for further cost discipline and scale. Compared with Q2 2025, revenue rose from $73.9 million and the net loss improved from $10.4 million, indicating a positive trajectory.
Segment analysis shows the Midwest & South division grew 5% YoY, while the West division fell 7.2% due to the sale of Stockman’s and construction delays at Grand Lodge. Contracted Sports Wagering revenue remained flat, suggesting stable demand in that niche. The mix shift toward higher‑margin American Place and Chamonix operations is a key driver of the improved adjusted EBITDA margin, which climbed from 18.5% to 20.3% YoY.
CEO Daniel R. Lee highlighted the progress at American Place and Chamonix, noting that the temporary casino’s success has paved the way for the permanent facility, which received unanimous city council approval. Lee emphasized that with all Chamonix amenities now open, the property’s cost structure is expected to stabilize, allowing further flow‑through to the bottom line. He also cautioned that the company must continue to manage capital expenditures carefully as it scales its larger, higher‑quality assets.
Market reaction was muted, with the stock falling after the earnings release. Investors focused on the EPS miss, which exceeded the consensus by $0.01, despite the revenue beat and strong operational highlights. The reaction reflects a continued emphasis on profitability, as the company remains in a transition phase toward sustainable earnings.
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