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Introduction & Market Context
Full House Resorts (NASDAQ:FLL) presented its November 2024 corporate update highlighting the performance of its expanding portfolio of casino properties. The company’s stock closed at $3.89 on June 20, 2025, up 4.29% for the day, reflecting investor optimism about its growth trajectory despite some mixed financial results.
The presentation focused heavily on the company’s newest properties - Chamonix in Cripple Creek, Colorado, and American Place in Waukegan, Illinois - which are driving revenue growth while the company navigates operational challenges at some of its established properties.
Chamonix Performance and Growth
Full House Resorts reported that construction of Chamonix, marketed as the "First Luxury Gaming Product in Cripple Creek," is now essentially complete following its Grand Opening weekend. The company has launched a broad post-opening advertising campaign to capitalize on initial momentum.
The property is showing promising early results with steadily increasing customer acquisition. Monthly guest sign-ups have grown significantly, peaking at approximately 5,500 in July 2024 before stabilizing around 5,000 in subsequent months.
As shown in the following chart of monthly guest sign-ups:
This growth has contributed to a steady increase in the company’s total user accounts, which rose from approximately 105,000 in January 2022 to 144,000 by July 2024, demonstrating the company’s expanding customer base.
As illustrated in this user account growth chart:
Hotel occupancy at Chamonix has shown a positive trajectory, with occupied room-nights increasing substantially from May 2024 onwards, peaking at approximately 8,000 room-nights in September 2024 before slightly decreasing to around 7,500 in October.
The following chart shows the hotel room-night occupancy trend:
The combined monthly revenue for Chamonix and Bronco Billy’s has shown substantial growth, starting at approximately $1 million in January 2023 and reaching approximately $4.5 million by July 2024, with a slight decline to around $4.3 million in September 2024.
As demonstrated in this monthly revenue chart:
American Place Performance
American Place in Waukegan, Illinois continues to be a strong performer for Full House Resorts. The property has shown consistent year-over-year quarterly revenue growth, with Q1 2024 revenues of approximately $26 million (compared to $10 million in Q1 2023), Q2 2024 revenues of $26 million (versus $21 million in Q2 2023), and Q3 2024 revenues of $28 million (up from $24 million in Q3 2023).
The quarterly revenue comparison is illustrated in this chart:
More importantly, American Place has demonstrated strong profitability improvements, with Adjusted Property EBITDA increasing year-over-year across all quarters. Q1 2024 EBITDA reached $7.3 million (up from $3.5 million in Q1 2023), Q2 2024 EBITDA was $7.5 million (compared to $4 million in Q2 2023), and Q3 2024 EBITDA was $7.8 million (versus $6.8 million in Q3 2023).
The following chart shows the quarterly EBITDA performance:
Rockford Casino (EPA:CASP) Performance
Another bright spot in Full House Resorts’ portfolio is the Rockford permanent casino, which demonstrated a remarkable revenue surge in September 2024. After maintaining monthly gaming revenues between $5-7 million from September 2023 through August 2024, the property’s revenue doubled to approximately $14 million in September 2024.
This significant revenue jump is clearly visible in the following chart:
Overall Financial Results
Full House Resorts reported mixed financial results across its segments. The company’s overall Adjusted EBITDA for Q1 2024 was $12.4 million (compared to $10.1 million in Q1 2023) and Q2 2024 was $14.1 million (versus $10.6 million in Q2 2023), showing year-over-year improvements.
However, Q3 2024 Adjusted EBITDA was $11.7 million, a significant decline from $20.6 million in Q3 2023. This decrease appears to be primarily driven by performance challenges in the company’s established properties, as the "Midwest & South same-store" segment showed declining revenues and EBITDA.
The company’s segmented performance reveals that while American Place continues to perform strongly, the same-store Midwest & South properties saw revenue decline from $28.7 million in Q3 2023 to $26.4 million in Q3 2024, with corresponding Adjusted Segment EBITDA falling from $5.0 million to $2.5 million.
Strategic Initiatives and Outlook
Full House Resorts announced several management changes, including Jeff Michie starting as the new General Manager of Rising Star on November 11, bringing extensive experience from roles at Casino del Sol, Hard Rock Cincinnati, Belterra, and Belle of Baton Rouge. Additionally, Angi Truebner-Webb is relocating from Rising Star to Silver Slipper as General Manager.
These management changes appear aimed at addressing performance challenges at some of the company’s established properties while capitalizing on the growth momentum of newer venues.
According to the recent earnings call, Full House Resorts expects Chamonix to reach $20 million in EBITDA within five years, with mid-teens EBITDA projected for the current year. The company is also focusing on developing a permanent American Place facility, which is projected to double its revenues.
While the presentation highlights the strong performance of new properties, the company faces challenges in maintaining growth at its established venues. The decline in same-store revenues and EBITDA in the Midwest & South segment suggests competitive pressures that the company will need to address through its management changes and operational improvements.
Full presentation:
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