Full House reports net loss of $40.7m despite revenue increase of 21.2% for FY2024

Full House Resorts has reported a net loss of $40.7m during full year (FY) 2024, while revenue managed to increase 21.2% year-over-year for a total of $292.1m. The net loss represents an increase of 63.3% from the prior year period, but the company was still able to also increase adjusted EBITDA by 0.2% year-over-year during FY2024 to $48.6m. 

Throughout FY2024, Full House’s Midwest & South segment generated the most revenue with a reported total of $219.6m, equating to an increase of 14.2% from the prior year period.

American Place managed to witness a revenue increase of 42.4% year-over-year during FY2024, accounting for $109.7m of the segment’s total revenue. Midwest & South’s adjusted EBITDA increased by 17.2% from the prior year period to $45.7m, of which $29.4m was generated by American Place for FY2024.

The company’s Contracted Sports Wagering segment was unable to produce similar success to that of the Midwest & South, as revenue decreased by 31.4% year-over-year for a total of $8.8m.

The segment’s adjusted EBITDA was reported to be $9.5m during FY2024, representing a decrease of 18.5% from the prior year period. For the West segment, revenue came in at $63.6m, which equates to an increase of 77.4% year-over-year despite also reporting a negative adjusted EBITDA of $1.3m, as compared to the $2.4m generated during FY2023. 

Full House also reported financial results for the fourth quarter of 2024, with revenue increasing by 21.5% year-over-year for a total of $73m during the period. Net loss throughout Q4 2024 was reported to be $12.3m, which actually represents a slight decrease from the $12.5m loss witnessed during the fourth quarter of 2023. 

Increasing by 42% from the prior year period, Full House’s adjusted EBITDA during the fourth quarter of 2024 was reported to be $10.4m. Midwest & South accounted for $10.5m of adjusted EBITDA while Contracted Sports Wagering generated nearly $3m during Q4 2024, but a negative $3.2m was reported by the West segment, ultimately bringing the figure slightly down.

Good to know: Documents from the New Hampshire Lottery Commission pointed to Bettor Investments Group and Full House Resorts as potential buyers of Concord Casino on December 9, currently owned by Anthony Sanborn

Revenue for the Midwest & South segment came in at $55m during Q4 2024, representing an increase of 12.1% year-over-year and primarily attributed to 27.5% growth in revenue from American Place for a total of $28.5m.

Contracted Sports Wagering revenue decreased by 20.8% from the prior year period, but the segment still produced $1.9m throughout Q4 2024. While the West segment reported a negative adjusted EBITDA during Q4 2024, revenue increased by over 87.2% from the prior year period for a total of $16.1m. 

Full House’s casino revenue accounted for $216.9m of revenue during FY2024, also managing to generate $54.4m for the fourth quarter of 2024. The figures represent increases of 22.6% and 20% year-over-year, while food & beverage managed to produce $41.9m of revenue for FY2024 and $10.6m throughout Q4 2024. 

Perhaps factoring into the increased net loss during FY2024, operating expenses grew by over $45m from the prior year period for a reported total of $289.3m, but the company still saw an operating income of $2.75m during the period. Over $43.2m of interest expense was reported during FY2024, attributing to the $40.7m net loss generated for the period. 

Kirk Geller

Visit Profile

Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.