Full House Resorts Reports Slight Revenue Increase but Wider Net Loss in Q2 2025

Full House Resorts, Inc. reported its financial results for the second quarter of 2025, revealing a slight increase in total revenues to $73.9 million, up 0.6% from $73.5 million in the same period last year. For the first half of 2025, revenues rose by 3.9% to $149 million compared to $143.4 million in the prior year. The growth was primarily driven by increased casino revenues, which reached $57 million for the quarter, a 4.2% increase from $54.7 million in Q2 2024, and $112.3 million for the first half, up 5.6% from $106.4 million. However, the company reported a net loss of $10.4 million for the quarter, compared to a loss of $8.6 million in the prior year, and a loss of $20.1 million for the first half, slightly higher than the $19.9 million loss in 2024.

Operating expenses increased by 4.0% to $74 million for the second quarter and by 4.7% to $148.3 million for the first half, reflecting the ramp-up of operations at the newly opened American Place and Chamonix properties. The company noted that casino expenses rose significantly at both locations, contributing to the overall increase in operating costs. Despite the revenue growth, the company experienced a decline in Adjusted EBITDA, which fell to $11.1 million for the second quarter, down 21.3% from $14.1 million in the prior year, and $22.6 million for the first half, a decrease of 14.8% from $26.6 million.

In terms of strategic developments, Full House completed the sale of Stockman’s Casino in April 2025, which is expected to have a minimal impact on overall operations. The company also extended its sports wagering agreement in Indiana through December 2031, which is anticipated to enhance its revenue streams in that segment. The company operates six casinos across the Midwest and South, with ongoing efforts to enhance customer engagement and operational efficiency at its properties.

Operationally, Full House reported a slight increase in customer engagement metrics, with slot coin-in rising by 1.5% to $787.5 million for the quarter, and table game drop increasing by 12.6% to $53.8 million. However, the company faced challenges in its non-casino revenue segments, particularly in food and beverage and hotel operations, which saw declines in revenue. The company’s total cash and equivalents stood at $32.1 million as of June 30, 2025, down from $40.2 million at the end of 2024, reflecting cash used in operations and investing activities.

Looking ahead, Full House Resorts anticipates continued growth driven by the ramp-up of its new properties and the extension of its sports wagering agreements. The company remains focused on improving operational efficiencies and enhancing customer experiences across its casinos. However, it acknowledges the potential for fluctuations in operating results due to seasonality and market conditions, and it plans to monitor its financial position closely as it navigates these challenges.