Full House Resorts (FLL) Q2 2025 earnings summary

Executive summary

• Consolidated Q2 2025 revenues rose 0.6% year-over-year to $73.9M, driven by record results at American Place and Chamonix, partially offset by the sale of Stockman's Casino and lower Silver Slipper revenues.

• American Place delivered record Q2 revenue of $30.7M, up 13% year-over-year, and record adjusted property EBITDA of $8.9M, up 17%.

• Chamonix's revenue was flat sequentially at $11.6M, but operating expenses dropped $1.2M, with cost reductions expected to yield $4M–$5M in annualized savings.

• Net loss widened to $10.4M ($0.29/share) from $8.6M ($0.25/share) in Q2 2024; Adjusted EBITDA fell to $11.1M from $14.1M, reflecting higher expenses and lower sports wagering contributions.

• Stockman's Casino was sold in April 2025 and is no longer included in consolidated results.

Financial highlights

• Casino revenues rose 4.2% to $57.0M in Q2 2025; slot revenue up 4.7%, table games up 1.7% year-over-year.

• Adjusted EBITDA for Q2 2025 was $11.1M, down from $14.1M in Q2 2024; margin was 15.1%, down from 19.2%.

• Net loss for Q2 2025 was $10.4M, compared to $8.6M in the prior-year period.

• Cash and equivalents at June 30, 2025 were $32.1M, down from $40.2M at year-end.

• Interest expense decreased 6.1% to $10.4M in Q2 due to lower rates and reduced credit facility balance.

Outlook and guidance

• Management expects current cash, available credit, and operating cash flows to meet liquidity needs for the next 12 months.

• Construction of the permanent American Place facility may begin in H2 2025, requiring additional financing.

• American Place is on track for continued strong growth, with customer awareness and database signups exceeding 107,000.

• Chamonix is expected to be EBITDA positive for Q3, with July already cash flow positive and further revenue growth anticipated as new management and marketing strategies take effect.

• No material impact expected from recent U.S. tax law changes; company anticipates a taxable loss for 2025.