Full House Resorts, Inc. reported fourth‑quarter 2025 results that included $75.4 million in revenue, a 3.4% year‑over‑year increase, and $10.7 million in adjusted EBITDA, up from $10.4 million a year earlier. The company posted an earnings‑per‑share figure of –$0.34, missing the consensus estimate of –$0.23 by 47.8% and falling short of the $75.3–$76.3 million revenue range expected by analysts.
Revenue growth was driven primarily by the American Place casino, which recorded a 13.1% increase in annual revenue and an 11.0% rise in the quarter. Colorado operations also contributed, with the Chamonix/Bronco Billy’s complex reporting higher revenues and adjusted property EBITDA. The sale of Stockman’s Casino in April 2025 added $1.5 million to Q4 2024 revenue, so the apples‑to‑apples growth rate for the quarter was 5.6%.
Adjusted EBITDA in Q4 2025 rose to $10.7 million, but the comparison to the prior year is less straightforward because Q4 2024 included a $1.2 million recovery settlement and a $0.5 million reversal of accruals. Full‑year 2025 adjusted EBITDA was $48.1 million, slightly below the $48.6 million reported in 2024, reflecting the impact of one‑time items and ongoing investments in the American Place project.
"We had another strong quarter of growth at American Place, which currently operates in a temporary facility," said CEO Daniel R. Lee. "The rate of growth in its operating profits accelerated, reinforcing our confidence in the long‑term potential for American Place." CFO Lewis Fanger added, "Revenues rose to $75.4 million, up from $73 million in the fourth quarter of 2024. Keep in mind that the fourth quarter of 2024 included $1.5 million of revenue from Stockman’s, which was sold in April of 2025. So revenue growth on an apples‑to‑apples basis was 5.6%. Adjusted EBITDA in the fourth quarter of 2025 rose to $10.7 million."
Investors reacted with caution after the earnings miss, citing the 47.8% shortfall in EPS and the revenue miss of roughly 1.1% to 1.6% relative to analyst expectations. The company’s debt profile remains unchanged, with $450 million in senior secured notes due 2028 and a revolving credit facility extended to August 15 2027. A proposed Illinois bill would extend the temporary American Place casino’s operation by 18 months, potentially delaying the opening of the permanent facility slated for 18 to 24 months after a planned groundbreaking in March or April 2026.
Full House Resorts continues to focus on the development of the permanent American Place casino, while working to improve profitability at its Colorado properties. The company’s guidance for the remainder of 2025 and 2026 was not disclosed, but the management’s comments suggest a cautious outlook amid the EPS and revenue misses, balanced by confidence in the long‑term potential of its core markets.
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