Full House Resorts generated $73.9 million in revenue for Q2 2025, increasing by 0.6% from the prior year. The company posted a net loss of $10.4 million, compared to $8.7 million in Q2 2024. 

Adjusted EBITDA declined by 21.3% to $11.1 million, partly due to higher expenses at the Chamonix Casino Hotel in Colorado. The results contrast with Q1 2025, when revenue rose 7.3% to $75.1 million and the net loss narrowed to $9.8 million.

Midwest & South Segment Leads Growth

The Midwest & South operations segment was the top performer, comprising American Place in Illinois, Silver Slipper, and Rising Star. It delivered $57.8 million revenue and $12.8 million in segment EBITDA.

American Place achieved record net revenue and operating profit during the quarter and surpassed 100,000 members in its player database. CEO Daniel Lee said the property continued its strong ramp in operations in Q2. In the prior quarter, the segment revenue increased by 4.6% while EBITDA reached $13.1 million.

Chamonix Costs Impact West Segment

The West segment, which includes Chamonix, recorded $14.5 million revenue and an EBITDA loss of $1.1 million. Chamonix was only partially operational in Q2 2024, but pressure margins have caused expenses to rise in 2025.

In Q1, Chamonix posted a 33.9% revenue increase to $15.6 million but still had a $2.5 million EBITDA loss. They cited snowy weather and incomplete cost recovery during ramp-up.

Mixed Business Lines and Outlook

Casino operations were the only business line to grow in Q2, with revenue growing by 4.2% to $56.9 million. Food and beverage revenue fell 7.9% to $9.6 million, hotel revenue dipped 0.6% to $3.7 million, while contracted sports wagering dropped 42.5% to $1.7 million. With the company’s last sportsbook partner planning to exit Colorado and Indiana by year end, Sports wagering EBITDA declined 37.5% to $1.6 million. 

Total operating expenses reached $74 million, nearly $3 million higher than last year. This was led by $22.9 million from casino operations and $27.9 million in selling, general, and administrative costs. On July 15, Lewis Fanger was promoted to President despite his roles as CFO and Treasurer. Full House closed Q1 with $30.7 million in cash and an extended credit facility through January 2027. Plans for the permanent American Place facility remain under review.