Full House results said that its results for the three- and 12-month periods ending December 31, 2024 reflect “the continued ramp-up of operations at American Place and Chamonix Casino Hotel.”
Revenues for the quarter reached US$73m , up 21.5 per cent year on year from $60m.
Net loss for the quarter was $12.3m, or $(0.35) per diluted common share, which includes $0.3m of preopening and development costs, as well as increased depreciation and amortisation charges related to the new American Place and Chamonix facilities. In Q4 2023, net loss was $12.5m, or $(0.36) per diluted common share, reflecting $3.1m of preopening and development costs, primarily related to Chamonix in advance of its full opening.
Adjusted EBITDA(a) was $10.4m in Q4 2024, an increase of 42per cent year on year from $7.3m, reflecting strong continued growth at American Place, as well as elevated costs at Chamonix as it continues to ramp up its operations. In the prior-year period.
For the full year, revenues reached $292.1m, a 21.2 per cent increase from $241.1 million in the prior year. These results reflect the February 2023 opening of American Place and the phased opening of Chamonix throughout 2024. Net loss in 2024 was $40.7m, or $(1.16) per diluted common share, which includes $2.8m of preopening and development costs, primarily related to the Chamonix construction project, and significant depreciation and amortisation charges related to our two newest casinos. For 2023, net loss was $24.9m, or $(0.72) per diluted common share, reflecting $15.7m of preopening and development costs.
Adjusted EBITDA was flat at $48.6m in 2024.
“In Illinois, plans for our permanent American Place casino continue to move forward,” said Daniel R Lee, president and CEO. “In 2021, an unsuccessful bidder sued the City of Waukegan and the Illinois Gaming Board, alleging unfair treatment in the license selection process. In January 2025, the Illinois Supreme Court unanimously ruled against that unsuccessful bidder, essentially confirming our selection as the Waukegan licensee.
“While our temporary casino is performing very well, we believe the permanent casino will perform much better. We expect to break ground later this year and complete construction by August 2027, when our authorization to operate the temporary casino expires.”
