Full House Resorts posts revenue growth of 5.6% in Q2 as American Place and Chamonix gain

Full House Resorts reported higher second-quarter 2026 revenue and cash flow while narrowing its loss, as American Place in Illinois and Chamonix in Colorado posted double-digit revenue growth.

Results showed total revenue rising 5.6% to $78.1 million and cash flow increasing 19.5% to $13.3 million. The quarterly loss narrowed to $8.7 million from $10.4 million a year earlier. American Place revenue rose 13.4%, while Chamonix increased 11.7%.

“We had a strong quarter of growth, led by our two recent properties,” President Lewis Fanger said. The Temporary at American Place generated $12.7 million in May, while July was its second-best month.

The Midwest & South division, including American Place, recorded revenue growth of 5.6% to $61 million, despite a 42-hour power outage at Rising Star in Indiana. The West division, including Chamonix, rose 7.3%.

“Our second-quarter results highlight the strength of American Place and continuing progress at Chamonix,” CEO Dan Lee said. “American Place achieved new all-time property records during the second quarter, including a new revenue record.”

Full House has approval to operate the temporary Waukegan casino through February 2029. Fanger said the structure would later be converted into trade-show and entertainment space for five years rather than dismantled. Former casino executive Bill Richardson had suggested the idea, asking, “Why are you tearing this down?” and adding, “This would be great for a boat show.”

The permanent American Place, budgeted at $302 million, has also been redesigned. Customers will no longer need to cross the casino floor to reach restaurants, and the property will open below its eventual full slot-machine capacity. Lee said the design was influenced by Las Vegas’s Durango Resort, including a food hall and compact back-of-house area. “We didn’t exactly copy it, but we learned from it,” he said.

Temporary American Place

Chamonix recorded a breakeven quarter. Fanger said win per gambling position per day was about half the roughly $300 average in nearby Black Hawk and one-quarter of Monarch Black Hawk’s level. Full House aims to raise Chamonix to $175 per position daily within 18 months. VIP guests were its strongest segment in June. 

Lee said Full House was refining Chamonix’s amenities and marketing. “We’re holding the line on expenses. We’re growing revenue. We’re also making the marketing more efficient.”

The Mexican restaurant was overhauled and renamed Don Juan’s. The company also removed slot machines from Chamonix’s speakeasy and converted it into a regular bar. A seven-person sales-and-marketing team is targeting group and convention business for 2027 and 2028. 

Full House also hired a casino director with experience at Wynn and Fontainebleau in Las Vegas. Chamonix’s cash flow improved by $1.1 million from a year earlier, with a modest April loss offset by positive results in May and June.

CEO Dan Lee

At Grand Lodge, nearby Hyatt renovations continue to weigh on revenue and are expected to affect operations until the second half of 2027. Lee described the property as “a beach resort on Lake Tahoe without a beach.”

Full House is also working on a debt refinancing through a planned four-bank credit facility, with Lee saying the process is progressing despite extensive documentation. The company is not actively pursuing casino acquisitions despite properties being put up for sale by rivals including Churchill Downs. 

Lee said Full House is currently focused on Chamonix and American Place and does not want to take on another major challenge. He also indicated that an acquisition would likely require additional financing and debt, while issuing equity at current prices is not an attractive option. The company remains selective about potential assets, although Fanger said its position could look different in three years.