Full House Resorts 2025 revenue $302.4M, loss $40.2M

Permanent Waukegan casino work starts by April

Published on Mar. 5, 2026

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Full House Resorts, a gaming company that owns and operates casinos across the United States, reported revenue of $302.4 million and a net loss of $40.2 million for the full year 2025. The company's American Place Casino in Waukegan, Illinois continued to show strong growth, with revenues increasing 13.1% for the year. Full House also announced plans to break ground on the permanent American Place Casino facility in March or April 2026, with an expected opening in 18 to 24 months.

Why it matters

Full House Resorts has been working to develop its American Place Casino in the northern Chicago market, which the company sees as having significant long-term potential. The strong performance of the temporary American Place facility and the company's plans to accelerate construction of the permanent casino highlight the importance of this project to Full House's overall business. The company's other operations, including its Colorado casinos, also showed signs of improvement during the year.

The details

For the full year 2025, Full House Resorts reported revenue of $302.4 million, a 3.5% increase from the prior year. Excluding the sale of Stockman's Casino in April 2025, revenue rose 5.2%. The company reported a net loss of $40.2 million, or $1.12 per diluted share, which included $0.3 million in development costs. In the prior year, the company had a net loss of $40.7 million, or $1.16 per share. Adjusted EBITDA, a non-GAAP measure, was $48.1 million in 2025, compared to $48.6 million in 2024. The company's American Place Casino in Waukegan, Illinois continued to show strong growth, with revenues increasing 13.1% for the year and 11.0% in the fourth quarter. Full House also announced plans to break ground on the permanent American Place Casino facility in March or April 2026, with an expected opening in 18 to 24 months.

  • Full House Resorts reported results for the full year 2025.
  • The company plans to break ground on the permanent American Place Casino facility in March or April 2026.
  • The permanent American Place Casino is expected to open in approximately 18 to 24 months.

The players

Full House Resorts, Inc.

An American gaming company that owns and operates casinos across the United States, including the American Place Casino in Waukegan, Illinois.

American Place Casino

A casino owned and operated by Full House Resorts in Waukegan, Illinois, which has shown strong growth in recent years.

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What they’re saying

“We had another strong quarter of growth at American Place, which currently operates in a temporary facility. As the year progressed, the rate of growth in its operating profits accelerated, highlighting the growing awareness of our brand and the relative undersaturation of gaming in the northern Chicago market. Such performance reinforces our confidence in the long-term potential for American Place.”

— Daniel R. Lee, Chief Executive Officer of Full House Resorts (Full House Resorts press release)

“We continue to make meaningful progress toward construction of the permanent American Place facility. In September 2025, the Waukegan City Council unanimously approved our revised site plans. Our architects are also nearing completion of working drawings for the building's foundation. With these drawings, we will seek building permits and begin construction, anticipated in March or April 2026.”

— Daniel R. Lee, Chief Executive Officer of Full House Resorts (Full House Resorts press release)

What’s next

The company plans to break ground on the permanent American Place Casino facility in March or April 2026, with an expected opening in approximately 18 to 24 months.

The takeaway

Full House Resorts' strong performance at its American Place Casino and its plans to accelerate construction of the permanent facility highlight the company's confidence in the long-term potential of the northern Chicago gaming market. The company's ability to navigate challenges like construction disruptions and the sale of its Stockman's Casino also demonstrate its operational resilience.