Full House Resorts Q1 2025: Key Contradictions in Strategy, Performance, and Leadership

Strategic focus on the Mississippi property, Colorado casino performance, cost reductions and efficiency improvements, leadership changes and organizational structure, and sports wagering contract business strategy are the key contradictions discussed in Full House Resorts, Inc.'s latest 2025Q1 earnings call.



Revenue and Profitability Growth at Colorado and Mississippi Properties:
- At American Place in Colorado, the casino achieved an all-time record gaming revenue of over $10 million in March, almost reaching $11 million, and crossed 100,000 guests in its database for the first time.
- The growth was driven by new gaming offerings and improved marketing strategies.

- At Silver Slipper in Mississippi, adjusted property EBITDA grew by 21% versus the previous year's first quarter, despite a slight decline in property revenue.
- The increase was due to cost savings and improved management, including the appointment of a new General Manager.

Cost Reduction and Efficiency Improvements:
- Full House Resorts identified $2 million of annualized cost savings at Silver Slipper and over $1.5 million in savings in the food and beverage department at Bronco Billy’s and Chamonix.
- The savings were achieved through measures such as eliminating overtime costs and reducing food and beverage expenses.

New Leadership and Strategic Appointments:
- The company brought in new General Managers for Silver Slipper and Bronco Billy’s and Chamonix, leading to improved performance and operational efficiencies.
- The appointments were made to capitalize on the fresh perspectives and experience of the new leaders in enhancing business strategies.

Expansion and Development Plans:
- Full House Resorts plans to break ground on the permanent American Place in Chicago by the second half of the year, with a budget of $325 million.
- The project aims to leverage the under-saturated market and enhance offerings to attract more high-end customers.