Full House Resorts Refuses Acquisitions to Focus on Internal Growth

In the world of casino corporations, there is often a feverish hunt for the next big acquisition. However, Full House Resorts is taking a different path. While competitors like Churchill Downs are putting their properties on the market, the leadership at Full House is signaling a clear refusal to expand through acquisitions. CEO Dan Lee and President Lewis Fanger made it clear during the second-quarter earnings call that the company is simply too busy at the moment. They do not want to overextend themselves by taking on a third major challenge alongside current projects in Colorado and Illinois.

The decision against acquisitions is not just a matter of capacity but also a strategic financial choice. Lee emphasized that acquisitions would require financing beyond the company's current debt. Since stock prices are not currently attractive enough for issuing new shares, they remain cautious. Nevertheless, Lee left a small door open by mentioning the model of being an operating company for a real estate investment trust (REIT). The company is very choosy, as many properties for sale often come with issues, which Lee humorously described as having hair on them.

Numbers and facts

Operationally, things are still running smoothly for Full House Resorts. The Temporary at American Place generated $12.7 million in revenue in May. This was a major driver of the strong growth in the past quarter. While July was slightly weaker, it still represented the second-best month in the history of this location. In Colorado, the situation at the Chamonix site in Cripple Creek is different. There, they recorded a breakeven quarter. Fanger explained that the win per gambling position per day is currently only about half of the $300 average common in nearby Black Hawk.

“We’re a small company and we’re pretty busy. It’s not high on our list to take on a third challenge.” - Dan Lee, CEO of Full House Resorts

The goal for Chamonix is ambitious. Within the next 18 months, the value per position is expected to rise to $175 per day. To achieve this, the company is relying on targeted marketing and new casino hosts. Success was particularly evident in June among VIP guests, who were identified as the strongest customer group. There is also good news for the Waukegan site. The permit to operate the temporary casino there has been extended until February 2029. After this period, the building is not to be demolished but converted into a space for trade shows and entertainment for five years.

Background

Full House Resorts is basing the design of its new facilities on successful models. The design of the permanent American Place was heavily influenced by the Durango Resort in Las Vegas. Lee emphasized that guests no longer have to cross the casino floor to reach the restaurants. Amenities are also being improved. In Chamonix, the speakeasy concept was adjusted. Slot machines were removed to position it as a real bar. Lee openly criticized the quality of food in the past and is focusing on homemade dishes at the new Don Juan’s restaurant.

While Full House Resorts consolidates, there are also personnel changes at the top of other giants. Rob Goldstein will leave Las Vegas Sands in March 2026. At the same time, the industry in Washington is fighting for tax relief. Supporters of a gambling tax reform are pushing to restore the full deductibility of losses. The current 90 percent rule primarily burdens professional players and could reduce betting volume. These developments show how complex the web of regional expansion, tax hurdles, and internal quality management is in the modern gambling market.

Why it matters for German players

For German players, the strategic decisions of American casino operators like Full House Resorts often have only indirect effects, but they illustrate a global trend toward quality assurance and strict regulation. While tax limits and regional locations are debated in the US, the German market has been subject to very specific rules since the State Treaty on Gambling 2021 (GlüStV 2021). German players who play in legal online casinos with a GGL license are protected by a deposit limit of 1,000 euros per month and a stake limit of 1 euro per spin on slots. The LUGAS system ensures compliance with these limits across all providers.

Anyone playing in Germany should ensure that the provider is on the whitelist of the Joint Gambling Authority of the States (GGL). American success stories about massive revenues in temporary casinos sound exciting, but safety and player protection come first in this country. Providers without a German license, such as those from Curacao or the MGA, often do not provide the level of protection required by GlüStV 2021. The focus of companies like Full House on their core competencies and improving their service offerings reflects the desire for sustainable customer relationships, which is also promoted in Germany through strict licensing requirements.

What it means for GGL-licensed casinos

German casinos with a GGL license can learn from Full House Resorts' approach that optimizing the existing offer is often more valuable than overhasty expansion. The introduction of LUGAS and strict monitoring by the GGL mean high administrative effort for operators. Nevertheless, the example from the US shows that quality in gastronomy and service retains customers. German providers must operate within a narrow regulatory framework, but through excellent customer support and transparent communication, they can stand out from illegal black market offerings. The focus on VIP customers described by Fanger for Chamonix is only possible to a limited extent in Germany due to deposit limits, which intensifies competition for every single player in the legal market.