Full House Resorts Rules Out Near-Term Casino Acquisitions on Earnings Call
TL;DR — Full House Resorts executives stated the company will not shop for casinos, citing its small scale and focus on two new properties. Lee noted offered assets often carry complications while leaving open a possible shift in three years. Property updates include Chamonix breakeven results, a $175 daily win target, and Waukegan approval through 2029.
SCCG Take — Full House’s capital discipline keeps leverage in check while execution lifts existing assets. The three-year horizon bears watching as integration matures and refinancing closes.
Full House Resorts will not pursue casino acquisitions even as Churchill Downs and other operators place properties on the market. CEO Dan Lee and President Lewis Fanger delivered that message on the company’s second-quarter earnings call on Thursday, according to CDC Gaming.
Lee cited the company’s size and workload. “We’re a small company and we’re pretty busy. It’s not high on our list to take on a third challenge,” he said, referencing the ongoing integration of Chamonix and American Place.
Reluctance to Acquire
Any deal would require financing and debt beyond the company’s current position. Lee stated Full House does not want to issue equity at prevailing prices. He added the phrase “Never say never” and raised the possibility of acting as an operating company for a real estate investment trust.
Lee described the company as choosy. “A lot of times when stuff is being offered, it’s got hair on it.” Fanger observed the conversation might differ in three years.
Performance and Property Plans
Fanger opened the call by noting a strong quarter led by the two recent properties. The Temporary at American Place produced $12.7 million in May and posted its second-best month in July. Chamonix recorded a breakeven quarter and is deploying more-targeted marketing plus new casino hosts.
Win per gambling position per day at Chamonix equals about half the $300-per-day average in nearby Black Hawk and one-quarter of Monarch Black Hawk’s figure. Fanger set a target of $175 per position daily over the next 18 months. VIP guests formed the strongest segment in June.
Approval has been received to operate the Waukegan temporary casino through February 2029. The structure will then convert into a trade-show and entertainment space for five years rather than be dismantled. Lee credited former executive Bill Richardson with the concept.
The permanent American Place design has been refined, influenced by Las Vegas’s Durango Resort, and carries a $302 million budget. Refinements at Chamonix center on amenities, food and beverage, and a repositioned speakeasy now operating as a full bar. A seven-person sales-and-marketing team targets group and convention business for 2027 and 2028. The company has hired a casino manager with experience at Wynn Las Vegas and Fontainebleau.
Grand Lodge revenue remains pressured by adjacent construction through the second half of 2027. Refinancing efforts are progressing with documentation for a four-bank consortium credit facility.
Reporting: CDC Gaming
CEO Lee is playing defense — no M&A appetite, no equity issuance, focus on breakeven Chamonix and scaling American Place.
When a public operator steps away from the deal table this explicitly, it signals capital discipline but also limited firepower. Full House's refusal to chase distressed inventory—even as Churchill sheds assets—shows they know their balance sheet. We watch operators who can't grow organically and won't buy: they become targets themselves.
- Full House ruling out casino buys despite market inventory; won't issue equity or add debt
- Chamonix at breakeven, targeting $175/day/device in 18 months vs. Black Hawk's $300
- Waukegan approval through Feb 2029; $302M permanent American Place influenced by Durango
SCCG angle: SCCG connects operators with the financing partners and REIT structures Lee hinted at—when Full House or peers are ready to move in three years, we broker those capital conversations and bring operating expertise to portfolios looking for hands-on management, not just check-writers.