Full House Resorts: Booming Business at New Properties
Full House Resorts, a prominent player in the U.S. gaming industry, has experienced significant growth with its latest ventures—American Place in Waukegan, Illinois, and Chamonix Casino Hotel in Cripple Creek, Colorado. Despite challenges with startup costs and initial operational inefficiencies, these new developments have led to a notable surge in revenue, further establishing Full House Resorts as a key contender in the casino sector.
Financial Performance: Robust Growth Amid Challenges
In the fourth quarter of 2024, Full House Resorts posted revenues of $73 million, marking a substantial 21.5% increase from the $60 million recorded in the same period the previous year. However, the company faced a net loss of $12.3 million, a slight improvement over the $12.5 million loss incurred in Q4 2023. Adjusted EBITDA saw an impressive 42% growth, reaching $10.4 million. This increase can be attributed to the strong performance of American Place and the company’s continued investment in Chamonix Casino Hotel.
For the full fiscal year 2024, the company’s total revenue increased by 21.2%, totaling $292.1 million, compared to $241.1 million in 2023. While revenue surged, the company’s annual net loss increased to $40.7 million due to the costs associated with the new developments. Despite these losses, adjusted EBITDA for the year held steady at $48.6 million, reflecting operational efficiencies gained as the new properties matured.
American Place – A Glimpse into Waukegan’s Future
American Place, located in Waukegan, Illinois, is one of the most ambitious projects undertaken by Full House Resorts. This luxury resort and casino aims to reshape the local landscape with its impressive offerings. Set to feature 1,640 slot machines, 100 gaming tables, and a 1,500-seat event space, the casino is designed to attract a diverse range of guests. Additionally, the resort will include an upscale hotel with 20 luxury suites and a helicopter pad to accommodate high-end clientele.
Despite initial legal setbacks—most notably a lawsuit filed by the Forest County Potawatomi Community—construction for the permanent casino has proceeded without major delays. The Illinois Supreme Court dismissed the lawsuit in January 2025, allowing Full House Resorts to move forward. The final construction of the casino is expected to be completed by August 2027, coinciding with the expiration of the temporary casino license.
Chamonix Casino Hotel – A New Luxury Destination
Meanwhile, in Cripple Creek, Colorado, Full House Resorts has introduced the Chamonix Casino Hotel, another bold move to expand its footprint. This high-end resort offers a range of amenities designed to attract both casino enthusiasts and those seeking a premium vacation experience. The casino features an array of slot machines and table games, and the hotel boasts 300 luxurious rooms—many of which offer balcony views of the surrounding mountains.
The resort is also home to gourmet dining options, including 980 Prime, a steakhouse run by renowned Las Vegas chef Barry Dakake. For guests looking to unwind, the hotel includes a sprawling wellness center, complete with a rooftop pool, a fitness center, and a full-service spa.
Performance of Chamonix: Mixed Results
Chamonix opened in phases throughout 2024, and while it has made impressive strides, it hasn’t been without its challenges. The resort reported a 161.1% increase in revenue for Q4, amounting to $16.1 million. However, the resort’s adjusted EBITDA was negative $3.2 million, primarily due to operational inefficiencies and adverse weather conditions that impacted the resort’s performance early on.
Strategic Focus and Future Plans
Looking ahead, Full House Resorts is focused on expanding its market presence and enhancing the customer experience at its newest properties. The completion of the American Place and Chamonix projects will be crucial in determining the company’s future trajectory. To ensure sustainable growth, the company is planning several strategic investments in both properties.
Moreover, while the startup costs have been higher than expected, the company is working to optimize operations and improve efficiency at both properties. Refinancing options are also under consideration, as Full House Resorts seeks to strengthen its financial position and support the ongoing expansion of its casino portfolio. The aim is to turn these investments into long-term assets that can generate consistent revenue streams.
Challenges and Financial Considerations
Despite the impressive revenue growth, Full House Resorts continues to face significant financial hurdles. The costs of construction, operational inefficiencies, and start-up expenses have put pressure on the company’s bottom line. However, these challenges are not unique to Full House Resorts—many new developments in the casino industry face similar obstacles in their early stages.
Operating costs are expected to decrease as both American Place and Chamonix gain more traction in the market. Full House Resorts remains optimistic that these new investments will contribute to the company’s long-term profitability.
Conclusion: A Promising Future Amidst Growing Pains
In summary, Full House Resorts has successfully expanded into new markets and diversified its portfolio with the opening of American Place and Chamonix Casino Hotel. These developments have fueled significant growth in revenue and brand recognition, but the company still faces challenges in managing startup costs and optimizing early operations.
If Full House Resorts can navigate these initial hurdles and complete its ambitious projects as planned, it has the potential to emerge as a dominant force in the U.S. casino industry, particularly in the luxury resort and gaming segments.
In conclusion, Full House Resorts stands poised for a bright future, but its ability to overcome financial challenges and operational inefficiencies will be key to ensuring long-term success.
