Full House Resorts, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024. Consolidated revenues for Q4 2024 rose 21.5% to $73.0 million, compared to $60.0 million in the prior-year period, driven by the ramp-up of American Place and Chamonix Casino Hotel. Net loss for the quarter was $12.3 million, or $(0.35) per diluted common share, which included $0.3 million in preopening and development costs.
Adjusted EBITDA for the fourth quarter of 2024 increased 42.0% to $10.4 million, reflecting strong growth at American Place, which saw revenues and Adjusted Property EBITDA rise by 27.5% and 71.9% respectively. For the full year 2024, revenues reached $292.1 million, a 21.2% increase from $241.1 million in 2023, though full-year Adjusted EBITDA remained flat at $48.6 million due to construction disruption and elevated costs at Colorado operations.
A significant development for the company's future growth occurred in January 2025, when the Illinois Supreme Court unanimously ruled against an unsuccessful bidder, confirming Full House Resorts' selection as the Waukegan licensee for American Place. This legal victory clears the path for the permanent American Place facility, which management expects to break ground later in 2025 and complete construction by August 2027, coinciding with the temporary permit's expiration.
Chamonix Casino Hotel, which completed its phased opening in October 2024, saw its total revenues in Colorado rise 160% in 2024, with market share approximately doubling. Meaningful marketing efforts for Chamonix commenced in November 2024. The company also hired Brandon Lenssen as Chamonix's new general manager and a new Vice President of Advertising to enhance marketing effectiveness across all properties.
As of December 31, 2024, the company had $40.2 million in cash and cash equivalents. In March 2025, Full House Resorts extended the maturity date of its revolving credit facility from March 31, 2026, to January 1, 2027. Management is actively evaluating the most efficient means to finance the permanent American Place facility, potentially including refinancing most of the company’s outstanding debt.
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