Full House Resorts Reports 7.3% Revenue Increase and Narrowed Net Loss in Q1 2025

Full House Resorts, Inc. reported a revenue increase of 7.3% for the first quarter of 2025, totaling $75.1 million compared to $69.9 million in the same period of 2024. The growth was driven by higher casino revenues, which rose to $55.3 million from $51.7 million, alongside increases in food and beverage and hotel revenues. The company’s net loss for the quarter narrowed to $9.8 million, or $0.27 per share, down from a loss of $11.3 million, or $0.33 per share, in the prior year. This improvement in profitability was attributed to the ramp-up of operations at its new properties, American Place and Chamonix.

Operating expenses also increased, rising by 5.4% to $74.3 million, primarily due to the operational costs associated with the new facilities. Notably, the company incurred $1.6 million in additional casino costs and $1.5 million in selling, general, and administrative expenses related to American Place. The operational challenges at Chamonix, which opened in phases through October 2024, contributed to early inefficiencies that impacted overall performance.

In terms of strategic developments, Full House completed the sale of Stockman’s Casino on April 1, 2025, for $9.2 million, which included a $1.9 million gain from the sale of the real property. This divestiture is not expected to significantly affect the company’s operations or financial results. The company continues to focus on enhancing its portfolio, with ongoing plans for the permanent American Place facility, which is expected to begin construction in the second half of 2025.

Operationally, Full House reported a 7.0% increase in slot coin-in to $775.6 million and a 16.3% rise in table game drop to $54.6 million. The company’s hotel revenue surged by 34.7% to $3.8 million, reflecting increased occupancy and guest spending. As of March 31, 2025, Full House had $30.7 million in cash and equivalents, down from $40.2 million at the end of 2024, indicating a focus on capital investments and operational expenditures.

Looking ahead, Full House Resorts anticipates continued growth driven by the performance of its new properties and strategic initiatives. The company expects to leverage its existing cash reserves and available credit to support ongoing operations and future capital projects. However, it remains cautious about potential market fluctuations and operational challenges that could impact its financial performance in the coming quarters.