Full House Resorts demonstrated significant revenue expansion in fiscal year 2024 despite reporting increased net losses, showcasing the company’s continued investment in strategic growth initiatives while navigating the challenges of new property development. The casino operator’s financial results reflect a year of transition and expansion, particularly in its Colorado and Illinois markets.
Financial Performance Reveals Mixed Results for 2024
Full House Resorts recorded substantial revenue increases for both the fourth quarter and full fiscal year 2024. Consolidated revenue for Q4 reached $73.0 million, representing a 21.5% increase compared to the same period in 2023, although this figure fell short of analyst expectations of $75.78 million. For the complete fiscal year, the company generated $292.1 million in revenue, marking a 21.2% year-over-year improvement.
Despite these impressive top-line gains, Full House Resorts reported a widening net loss for fiscal year 2024. The company posted a full-year net loss of $40.7 million, representing a substantial 63.3% increase from the prior year. The fourth quarter contributed $12.3 million to this loss, which was slightly lower than the $12.5 million loss recorded in Q4 2023. This persistent deficit reflects significant ongoing investments, including $3.1 million in preopening and development expenses primarily associated with the Chamonix project during the fourth quarter alone.
Adjusted EBITDA provided a more positive indicator of operational efficiency, with the fourth quarter figure reaching $10.4 million, a robust 42% increase year-over-year. For the full year, adjusted EBITDA remained essentially flat at $48.6 million, growing just 0.2% compared to 2023. This minimal growth can be attributed to construction disruptions and elevated operational costs, particularly in the Colorado market where the company completed its Chamonix Casino Hotel project.
The financial markets responded favorably to the Q4 results despite the missed analyst expectations, with Full House Resorts’ stock rising 2.4% following the earnings announcement. This investor confidence suggests recognition of the company’s long-term growth potential beyond the current development phase.
Company History
Full House Resorts began its journey in 1987, initially incorporated as Hour Corp. before changing its name to D.H.Z. Capital Corp. later that same year. The company underwent another significant transformation in 1992 when it adopted its current name, Full House Resorts, and acquired the Deadwood Gulch Resort, a hotel and casino property in Deadwood, South Dakota. This acquisition marked the company’s first step into the gaming industry. Full House Resorts made its initial public offering on the NASDAQ Small Cap Market in 1993, successfully raising $8 million to fund its expansion plans. A pivotal moment in the company’s history came in 1994 when Allen Paulson, the founder of Gulfstream Aerospace, purchased a 17.5 percent stake in the company and subsequently assumed the roles of chairman and CEO in August of that year. Under Paulson’s leadership, Full House expanded its operations by developing a casino for the Coquille Indian Tribe in North Bend, Oregon. Known as “The Mill,” this facility opened in May 1995 in a repurposed former plywood mill, with Full House financing the construction in exchange for 26 percent of the profits through 2002.
The company’s history is further distinguished by the involvement of prominent business figure Lee Iacocca, the former Chrysler chairman, who served as a major investor in Full House Resorts from 1995 to 2013. This period represented a significant phase in the company’s development as it navigated the evolving gaming landscape. By 1996, the company had determined that its Deadwood property’s remote location and low betting limits were too restrictive for its growth ambitions, leading to the sale of the Deadwood Gulch Resort to South Dakota businessmen in 1998 for $6 million. This strategic divestiture allowed Full House to redirect its resources toward more promising market opportunities. The company’s modern era began in late 2014 when Dan Lee assumed the position of CEO, ushering in a period of renewed focus and strategic direction that continues to shape the company’s development initiatives today.
Competitive Landscape and Market Position
Full House Resorts operates in a highly competitive gaming and hospitality sector where it faces rivalry from both regional and national casino operators. Among its primary competitors are GSR, founded in 1978 and headquartered in Reno, Nevada, which maintains a larger workforce than Full House Resorts while operating in the same Casinos & Gambling sector. Another significant competitor is Casino Queen, established in 1991 in East Saint Louis, Illinois, though this company generates approximately $59.1 million less in revenue than Full House Resorts.
The competitive field also includes several other notable players such as Affinity Gaming, Galaxy Gaming, Eldorado, Seneca Gaming, and Empire Resorts, each presenting unique competitive challenges in various regional markets. Additionally, Full House Resorts competes with Delta Corp, Penn National Gaming, and Station Casinos, all established names in the gaming industry with substantial market presence.
Beyond traditional casino operators, Full House Resorts’ competitive landscape extends to companies in the broader hospitality and entertainment sectors. These include Target Hospitality, Studio City International, and various restaurant and hotel groups such as GreenTree Hospitality Group, El Pollo Loco, and Civeo. This diverse competitive environment requires Full House to maintain strategic agility as it positions its casino properties and develops new ventures like American Place in Waukegan, Illinois, and the recently opened Chamonix Casino Hotel in Cripple Creek, Colorado. As of March 2025, market analysts have established a consensus target price of $7.00 for Full House Resorts stock, indicating a potential upside of 63.93% from current trading levels, suggesting cautious optimism about the company’s future performance despite the intensely competitive nature of the industry.
Segment Performance Demonstrates Regional Variations
Full House Resorts’ operations are divided into three primary segments, each showing distinct performance patterns throughout 2024. The Midwest & South segment emerged as the strongest contributor, generating $219.6 million in revenue for the full year, a 14.2% increase from 2023. This segment’s adjusted EBITDA grew by 17.2% to reach $45.7 million. During the fourth quarter specifically, the segment recorded a 12.1% revenue increase to $55.0 million.
Within the Midwest & South segment, American Place in Waukegan, Illinois, delivered particularly impressive results. The property, which opened in February 2023, saw its revenue increase by 42.4% for the full year to $109.7 million, while its adjusted property EBITDA grew by 59.8% to $29.4 million. The fourth quarter continued this momentum with revenue rising 27.5% and adjusted property EBITDA increasing by 71.9% compared to Q4 2023.
The West segment, which includes operations in Colorado and Nevada, posted full-year revenue of $63.6 million, representing a substantial 77.4% year-over-year increase. The fourth quarter was particularly strong, with revenue surging 87.2% to $16.1 million. This dramatic growth was largely driven by the phased opening of the Chamonix Casino Hotel, which was completed in October 2024 and significantly boosted Colorado revenue by 161.1% in the fourth quarter. Despite this revenue growth, the segment reported an adjusted EBITDA loss of $1.3 million for the full year, compared to positive adjusted EBITDA of $2.4 million in 2023. This decline reflects the early operational inefficiencies and elevated costs typically associated with new property launches.
The Contracted Sports Wagering segment experienced a downturn in 2024, with revenue decreasing 31.4% to $8.8 million and adjusted EBITDA falling 18.5% to $9.5 million. The company attributed this decline to the absence of $5.8 million in accelerated revenues that had been recorded in 2023 due to the early termination of certain sports wagering agreements.
Major Development Projects Advance in Key Markets
The completion of the Chamonix Casino Hotel represented a significant milestone for Full House Resorts in 2024. This 440,000 square foot property is part of a $300 million gaming and conference center development in downtown Cripple Creek, Colorado. The facility features a state-of-the-art gaming casino, conference center, hotel, restaurants, health spa, swimming pool, retail shop, and a 300-vehicle parking structure. While still in its ramp-up phase and facing some weather-related challenges in the fourth quarter, the property is expected to contribute more significantly to company results as operations stabilize.
In Illinois, Full House Resorts is advancing plans for its permanent American Place casino following a favorable Illinois Supreme Court ruling in January 2025 that confirmed the company as the Waukegan casino licensee. The company intends to break ground on this permanent facility later in 2025, with completion targeted by August 2027 to coincide with the expiration of its temporary casino license. This development represents a significant future growth opportunity for the company.
To strengthen operations at its newly opened properties, Full House Resorts made strategic personnel appointments in 2024, including a new general manager and vice president of advertising to improve awareness and operational efficiency at the Chamonix property. These appointments reflect the company’s commitment to optimizing performance at its newest locations.
Financial Position and Corporate Strategy
As of December 31, 2024, Full House Resorts maintained a cash position of $40.2 million with no restrictions. The company’s debt consisted primarily of $450 million in outstanding senior secured notes due in 2028. To enhance financial flexibility, Full House extended the maturity date of its revolving credit facility from March 31, 2026, to January 1, 2027.
In a strategic portfolio optimization move, Full House Resorts agreed in August 2024 to sell the operating assets of Stockman’s Casino for $9.2 million in a two-phase transaction. Additionally, in January 2025, the company learned that a contracted sports betting operator was halting operations in Colorado and Indiana, creating uncertainty about future agreements in this segment.
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