Full House’s FY 2024 Report Shows the Company Is Bullish on Colorado

Full House Resorts, an American casino developer, has published its Q4 and FY 2024 results, highlighting a favorable financial position. The company’s leadership said it was pleased with the performance of both its permanent and temporary casinos.

The Company Reported Favorable Metrics

In the fourth quarter of the year, the company’s consolidated revenues increased 21.5% to $73 million. Full House Resorts attributed this to the continued ramp-up of its operations at American Place and Chamonix Casino Hotel.

Q4 net loss stood at $12.3 million, which was roughly consistent with the figure reported in the prior-year period. The loss reflected $3.1 million in preopening and development costs, most of which were related to Chamonix.

Q4 adjusted EBITDA, meanwhile, reached $10.4 million, up 42% year-on-year. The company said that this metric reflects the strong growth of its American Place and Chamonix properties.

As for the full year, revenues reached $292.1 million, up 21.2% YOY. Net loss for the period increased to $40.7 million due to costs related to the Chamonix construction and significant depreciation and amortization charges related to the business’ two newest casinos.

Adjusted EBITDA for the year was flat at $48.6 million due to construction disruption and elevated costs in Colorado.

The company wrapped up 2024 with $40.2 million in cash and cash equivalents, none of which was restricted. The company’s debt consisted primarily of $450.0 million in outstanding senior secured notes due 2028.

Full House Resorts added that it had extended the maturity date of its revolving credit facility from March 31, 2026, to January 1, 2027.

The Company’s Casinos Performed Well But Betting Slowed Down

According to the report, 2024 saw growth across both the Midwest & South segment and the West segment, which reported FY 2024 revenues of $219.6 million and $63.6 million respectively. The former includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place. The West segment, on the other hand, encompasses Grand Lodge Casino, Stockman’s Casino, Bronco Billy’s Casino, and Chamonix Casino Hotel.

The Midwest & South segment saw adjusted EBITDA increase by 17.2% to $45.7 million. The West segment, meanwhile, reported an FY 2024 adjusted EBITDA loss of $1.3 million due to disruptions and elevated costs.  

The Contracted Sports Wagering segment, on the other hand, reported FY 2024 revenue of $8.8 million and adjusted EBITDA of $9.5 million. Both metrics experienced a decline in 2024, which the company attributed to the benefits of $5.8 million in accelerated revenues related to the early termination of certain sports wagering agreements in 2023.

In August 2024, Full House Resorts agreed to sell the operating assets of Stockman for $9.2 million in an asset sale designed to be completed in two phases.

In January 2025, on the other hand, the company understood that a contracted sports betting operator was halting its operations in Colorado and Indiana. The company noted that it cannot say for sure whether it will be able to renegotiate an agreement with a separate third-party operator.

CEO Lee Says the Company Remains Bullish on Colorado

Daniel R. Lee, Full House Resorts’ president and CEO, commented on the results, praising the performance of the company’s temporary properties and expressing optimism about the eventual performance of the permanent properties it is currently working on.

He also noted that American Place was recognized in the Chicago Tribune’s Top Workplaces 2024 list. American Place was notably the only casino to receive such recognition.

Lee said that the company is currently focused on its efforts to drive profitable and sustainable growth in Colorado. To that end, the company made new appointments, reinforcing its local team and setting Chamonix up for success.