Full House Resorts 2025 Q2 Earnings Worsening Losses Amid Slight Revenue Growth

Full House Resorts (FLL) reported its fiscal 2025 Q2 earnings on August 8, 2025. Despite a modest 0.6% year-over-year increase in total revenue, the company's net loss widened significantly, reflecting ongoing operational challenges. The company did not provide quantitative guidance for the future, leaving uncertainty about its ability to reverse its financial trajectory.

Revenue
Full House Resorts generated $73.95 million in total revenue for Q2 2025, a slight increase from $73.49 million in the same period a year ago. The casino segment remained the primary contributor, generating $56.98 million, followed by food and beverage at $9.58 million. Hotel revenue stood at $3.72 million, while other operations, including contracted sports wagering, added $3.66 million to the total.

Earnings/Net Income
The company’s financial performance deteriorated, with a net loss of $10.38 million, or $0.29 per share, in Q2 2025. This represents a 20.3% increase in the loss compared to $8.63 million, or $0.25 per share, in the prior-year quarter. The widening loss highlights the company’s struggles to achieve profitability despite the modest revenue growth.

Price Action
Following the earnings report, Full House Resorts' stock experienced significant volatility. Shares tumbled 14.25% on the latest trading day and 18.33% for the week. The stock was down 11.95% month-to-date as of the report date.

Post-Earnings Price Action Review
The strategy of purchasing Full House Resorts shares following a revenue increase quarter-over-quarter and holding for 30 days underperformed significantly. Over the past three years, the strategy returned -41.50%, compared to a positive 47.10% benchmark return. The high volatility, with a Sharpe ratio of -0.30 and volatility of 55.95%, indicates that the strategy was not only risky but also unprofitable. Additionally, the reported maximum drawdown of 0.00% is inconsistent with the negative returns, suggesting a potential error or misrepresentation in the backtest data.

CEO Commentary
Daniel R. Lee, Chief Executive Officer of Full House Resorts, highlighted the strong performance of American Place Casino, which achieved record net revenue and operating profit in Q2 2025. The success was attributed to growing awareness in Chicago’s northern suburbs and preparations for a permanent facility. At Chamonix, Lee noted a $1.2 million quarter-over-quarter reduction in costs and a revamped marketing strategy launched in Q3 2025, aimed at improving profitability. The CEO expressed optimism about Chamonix’s long-term growth potential and the company’s ability to achieve profitability at expected levels.

Guidance
Full House Resorts expects continued financial improvement at American Place Casino, including the addition of a poker room and sustained regional awareness growth. At Chamonix, the company anticipates more than $4 million in annualized cost savings and revenue growth from revamped marketing efforts. Operational efficiencies are expected to enhance profitability at Chamonix over the coming quarters and years. No specific quantitative guidance on revenue or earnings was provided.

Additional News
Within the three weeks following the August 8, 2025 earnings report, no material M&A activity or C-Level personnel changes were reported for Full House Resorts. Additionally, there were no announced dividend or buyback programs. The majority of recent news related to the company centered on its earnings performance and CEO commentary, without any new strategic initiatives or capital allocation plans.