Full House Q3 revenue grows 3%, reaches all-time high for American Place Casino

Full House Resorts has reported its financial results for the third quarter of 2025, as total revenue increased 3% to $78m, but the operator still witnessed a net loss of $7.7m, despite the figure equating to a 9.4% decrease from the prior year period. 

For adjusted EBITDA, Full House Resorts managed to increase the figure by 26.1% for Q3 2025 to $14.8m, assisted by an all-time high revenue recorded from American Place Casino, which grew 14% for a total of $32m. Total revenues from the operator’s Midwest & South business, including American Place Casino, increased 7% year-over-year to $58.3m, while the segment’s adjusted EBITDA rose 12.7% to $11.6m for Q3 2025. 

Operations from the West segment generated a Q3 2025 revenue total of $18m, representing a decrease of 7.2%, although the vertical’s adjusted EBITDA managed to increase by 167.9% to $3.2m throughout the quarterly period. Full House Resorts stated the losses in revenue were attributed to its sale of Stockman’s Casino and “renovation-related disruptions” at Grand Lodge Casino. 

Contracted sports wagering accounted for $1.6m of revenue throughout the third quarter of 2025, equating to a decrease of 12.5%. Unlike its West counterpart, however, contracted sports wagering’s adjusted EBITDA for Q3 2025 also fell 25% from the prior year period for a total of $1.5m. 

Full House Resorts currently operates sports wagering websites in Colorado, Indiana and Illinois, although it was notified in January 2025 its Colorado business would be discontinuing operations throughout the state by June. 

The $78m of revenue generated for Q3 2025 was primarily attributed to the operator’s casino vertical, which grew 6.6% for a total of $59.8m. Food & beverage and hotel operations both witnessed a decrease in revenue for Q3 2025, falling by 10.4% and 4.9%, respectively, to account for $10m and $4.5m throughout the period.

Despite an increase in operating expenses of 1.7% for Full House Resorts, the operator still managed to generate an increase in operating income of 40.3% to $3.4m. 

Kirk Geller

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