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FULL HOUSE RESORTS INC

FLL
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Business Summary

Full House Resorts, Inc. operates in the highly competitive gaming and hospitality industry, owning, leasing, operating, developing, managing, and/or investing in casinos and related hospitality and entertainment facilities. The company has operations domestically in Nevada, Colorado, Illinois, Indiana, and Mississippi, and currently operates six casinos: five on real estate that it owns or leases, and one located within a hotel owned by a third party. The gaming industry is characterized by an increasingly high degree of competition among a large number of participants, including traditional commercial casinos, tribal casinos, state-sponsored lotteries, video gaming terminals, and internet-based gaming platforms. The principal methods of competition are location, product quality, breadth of offerings, and marketing.

The company faces significant competition from other gaming and entertainment operations, with some competitors having more personnel and greater financial or other resources. In Illinois, American Place competes against two existing casinos serving the northern suburbs of Chicago, a tribal casino in Milwaukee, and slot machines in bars, but is the only full-service casino in Lake County, Illinois, which has a population of approximately 719,000 residents. In Mississippi, Silver Slipper competes with Louisiana riverboat casinos and other Mississippi Gulf Coast properties. In Colorado, Chamonix and Bronco Billy's are two of 10 gaming facilities operating in Cripple Creek, with Chamonix being significantly larger and higher in quality than any other existing casino in Cripple Creek. In Indiana, Rising Star is one of three casinos in southeastern Indiana. In Nevada, Grand Lodge is one of three casinos within a five-mile radius in the North Lake Tahoe area.

The company generates revenue primarily from casino gaming, principally slot machines, which accounted for $191.178 million in slot revenue in 2025. Revenues are primarily cash-based, through customers wagering with cash or paying for non-gaming services with cash or credit cards. The company also derives significant revenue from hotels, food and beverage outlets, and other operations including a golf course, ferry service, RV parks, and retail outlets. The company often provides hotel rooms, food, beverages, and other services to customers on a complimentary basis, with the value of such services included as revenue in those categories, offset by contra-revenue in the casino revenue category. The company's customer loyalty programs include the Slipper Rewards Club, the Chamonix/Bronco Billy's Mile High Rewards Club, the Rising Star VIP Club, the Grand Lodge Players Advantage Club, and American Place's Legacy Rewards.

The company's Midwest & South segment includes American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; and Rising Star Casino Resort in Rising Sun, Indiana. American Place is currently located in a temporary facility that the company is permitted to operate until August 2027, and includes a large casino floor, a center bar, a fine-dining restaurant, two additional full-service restaurants, and two customized Airstream trailers. Silver Slipper offers 129 hotel rooms, an on-site sportsbook, a fine-dining restaurant, a buffet, a quick-service restaurant, a casino bar, and a beachfront pool and bar. Rising Star offers a riverboat-based casino, a land-based pavilion with approximately 31,500 square feet of meeting and convention space, a contiguous 190-guest-room hotel, an adjacent leased 104-guest-room hotel, a 56-space RV park, four dining outlets, and an 18-hole golf course. For the year ended December 31, 2025, the Midwest & South segment generated total revenues of $231.464 million and Adjusted Segment EBITDA of $49.116 million .

The company's West segment includes Chamonix Casino Hotel and Bronco Billy's Casino in Cripple Creek, Colorado, and Grand Lodge Casino in Incline Village, Nevada. Chamonix was opened in phases between December 2023 and October 2024, and the combined Chamonix/Bronco Billy's complex offers two integrated casinos, approximately 300 luxury guest rooms, 14 additional hotel rooms located nearby, two casual dining outlets, a coffee bar, a fine-dining restaurant, parking garage, rooftop pool, jewelry store, spa, and convention and meeting facilities. Grand Lodge is located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino and includes approximately 20,990 square feet of leased space. For the year ended December 31, 2025, the West segment generated total revenues of $63.645 million and an Adjusted Segment EBITDA loss of $2.429 million . The Contracted Sports Wagering segment consists of on-site and online sports wagering skins in Colorado, Indiana, and Illinois, and generated revenues of $7.267 million and Adjusted Segment EBITDA of $6.956 million in 2025.

In April 2025, the company completed the sale of Stockman's Casino to a privately-owned company for total gross proceeds of $9.2 million in two phases: the sale of real property for $7.0 million closed in September 2024 at a $1.9 million gain, and the sale of certain remaining operating assets for $2.2 million closed on April 1, 2025 at a $0.2 million loss. In July 2025, the company agreed with an operator to extend its use of the active sports wagering skin in Indiana through December 2031, and such operator fully prepaid its remaining term for the Indiana skin for a negotiated fee of $1.5 million . In September 2025, the Waukegan City Council unanimously approved the company's revised site plans for the permanent American Place facility, and the company anticipates beginning construction in March or April 2026, with the opening anticipated in approximately 18 to 24 months.

For the fiscal year ended December 31, 2025, total revenues were $302.376 million , compared to $292.065 million in 2024, representing an increase of 3.5%. Net loss was $40.197 million in 2025, compared to a net loss of $40.672 million in 2024, an improvement of 1.2%. Basic and diluted loss per share were $1.12 in 2025, compared to $1.16 in 2024. Operating income was $3.124 million in 2025, compared to $2.750 million in 2024. Adjusted EBITDA was $48.131 million in 2025, compared to $48.648 million in 2024.

Business Outlook

The primary growth vector is the development of the permanent American Place facility in Waukegan, Illinois. The company has begun design work and anticipates beginning construction in March or April 2026, with the opening anticipated in approximately 18 to 24 months. The construction budget for the permanent American Place facility, excluding capitalized interest, is approximately $302 million . The company expects to internally generate a portion of the needed funds but will likely need additional financing, which it intends to arrange concurrent with the refinancing of its existing debt, which matures in February 2028. The permanent facility is slated to include a world-class casino with a state-of-the-art sports book, assorted eateries and bars, and other amenities designed to attract gaming and non-gaming patrons from throughout Chicagoland and beyond. A bill has been introduced in the Illinois legislature to extend the date that the temporary American Place casino is permitted to operate by 18 months beyond August 2027.

A second growth vector is the continued ramp-up of operations at Chamonix Casino Hotel in Colorado, which completed its phased opening in October 2024. The company hired a new general manager in March 2025 to lead Chamonix and Bronco Billy's operations, with a focus on profitable revenue growth and reducing inefficiencies. The company has recently focused on more targeted marketing campaigns, strengthened its group sales team, expanded entertainment options, and continued to leverage its extensive amenities to broaden Chamonix's appeal. The company believes Chamonix is early in its expected ramp-up, with operations expected to continue improving in the coming quarters and years. Additionally, the company benefits from two active sports wagering skins, one in Indiana and one in Illinois, with the Illinois skin having significantly greater value due to the larger population and fewer permitted sports skins.

The company's cost structure is influenced by the ramp-up of operations at newer properties. At American Place, casino expenses rose $6.6 million compared to the prior year, largely due to costs associated with increased volumes. At Chamonix, selling, general and administrative expenses increased $4.7 million due to its phased opening and fewer operating amenities for much of the prior year. The company continuously focuses on improving the operating margins of its existing properties through a combination of revenue growth and expense management. The company's effective income tax rates for 2025 and 2024 were (1.3%) and (0.5%) , respectively, and the company does not expect to pay any federal income taxes or receive any federal tax refunds related to its 2025 results.

The company's capital expenditure plans include significant investments in the permanent American Place facility, with a construction budget of approximately $302 million excluding capitalized interest. In 2025, capital expenditures, net of changes in payables, were $12.651 million , primarily related to the completion of valet and surface parking lots at Chamonix, modest refurbishments at Bronco Billy's, and the addition of a poker room and design work for the permanent facility at American Place. The company also funds various other capital expenditure projects depending on financial resources, and annual capital expenditures typically include new slot machines and related equipment. The company does not currently pay dividends on its common stock, and debt covenants currently restrict the payment of dividends.

The company faces several headwinds and constraints. A significant percentage of revenues and Adjusted EBITDA are concentrated in a small number of properties: for the year ended December 31, 2025, the Illinois casino generated 41.0% of revenues and 71.2% of Adjusted EBITDA, while the Mississippi casino resort generated 23.2% of revenues and 24.1% of Adjusted EBITDA. The company's operations are subject to extensive gaming regulation, and changes in legislation or regulation could have an adverse effect. The company also faces risks related to its significant indebtedness, with total principal indebtedness of $450.0 million under the Notes and $30.0 million outstanding under the Credit Facility as of December 31, 2025. The company's ability to complete the permanent American Place facility is subject to construction risks, including potential cost overruns, delays, and the need for additional financing.

Risk Factors

The company's business is highly concentrated, with the Illinois casino generating 41.0% of revenues and 71.2% of Adjusted EBITDA, and the Mississippi casino generating 23.2% of revenues and 24.1% of Adjusted EBITDA for the year ended December 31, 2025, making the company particularly vulnerable to regional economic and competitive conditions in those states. The company has significant indebtedness, with $450.0 million in principal amount of Senior Secured Notes due 2028 and $30.0 million outstanding under the Credit Facility as of December 31, 2025, which could adversely affect financial health and require a large portion of cash flow for debt service. The company's Illinois operations are subject to a requirement to invest a minimum of $500 million in the American Place development, with more than $220 million invested to date, and the temporary facility is only permitted to operate until August 2027 unless further extended, creating risk if the permanent facility is not completed on time. The company estimates that a total of $56.3 million will be due to the Illinois Gaming Board over six years as a Reconciliation Payment, with a discounted value of $47.8 million added to the gaming license valuation. The company's lease for Grand Lodge Casino expires on December 31, 2034 and includes lessor buyout rights based on a multiple of EBITDA and early termination rights in the event of a significant renovation, which could result in loss of the casino.

Management Priorities

Management's message emphasizes the company's mission to maximize stockholder value while being a responsible borrower, good employer, and active community participant. The tone is forward-looking and focused on growth, highlighting the completion of the phased opening of Chamonix in October 2024 and the progress toward the permanent American Place facility, with the Waukegan City Council unanimously approving revised site plans in September 2025. Management notes that the company anticipates beginning construction in March or April 2026 and that a bill has been introduced in the Illinois legislature to extend the temporary casino's operating permit by 18 months beyond August 2027. Key strategic priorities include improving operating results at existing properties through revenue growth and expense management, continuing the ramp-up of Chamonix operations with a new general manager focused on profitable revenue growth, and advancing the development of the permanent American Place facility. Management also highlights the sale of Stockman's Casino in April 2025 and the extension of the Indiana sports wagering agreement through December 2031 with a fully prepaid fee of $1.5 million .

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 7, MD&A — Operating Results — Reportable Segments
  2. [2] Item 7, MD&A — Operating Results — Reportable Segments
  3. [3] Item 7, MD&A — Operating Results — Reportable Segments
  4. [4] Item 7, MD&A — Operating Results — Reportable Segments
  5. [5] Item 7, MD&A — Operating Results — Reportable Segments
  6. [6] Item 7, MD&A — Operating Results — Reportable Segments
  7. [7] Item 1, Business — Operating Properties; Item 7, MD&A — Recent Developments; Note 3, Disposition
  8. [8] Item 7, MD&A — Recent Developments; Note 3, Disposition
  9. [9] Item 7, MD&A — Recent Developments; Note 3, Disposition
  10. [10] Item 7, MD&A — Recent Developments; Note 3, Disposition
  11. [11] Item 7, MD&A — Recent Developments; Note 3, Disposition
  12. [12] Item 7, MD&A — Recent Developments; Note 2, Revenue Recognition — Deferred Revenues
  13. [13] Item 8, Consolidated Statements of Operations
  14. [14] Item 8, Consolidated Statements of Operations
  15. [15] Item 8, Consolidated Statements of Operations
  16. [16] Item 8, Consolidated Statements of Operations
  17. [17] Item 8, Consolidated Statements of Operations
  18. [18] Item 8, Consolidated Statements of Operations
  19. [19] Item 8, Consolidated Statements of Operations
  20. [20] Item 8, Consolidated Statements of Operations
  21. [21] Item 7, MD&A — Non-GAAP Financial Measure
  22. [22] Item 7, MD&A — Non-GAAP Financial Measure
  23. [23] Item 7, MD&A — Liquidity and Capital Resources — Capital Investments
  24. [24] Item 7, MD&A — Results of Operations — 2025 Compared to 2024
  25. [25] Item 7, MD&A — Results of Operations — 2025 Compared to 2024
  26. [26] Item 7, MD&A — Results of Operations — Income taxes
  27. [27] Item 7, MD&A — Results of Operations — Income taxes
  28. [28] Item 7, MD&A — Liquidity and Capital Resources — Capital Investments
  29. [29] Item 8, Consolidated Statements of Cash Flows
  30. [30] Item 1A, Risk Factors — Risks Related to our Business and Operations
  31. [31] Item 1A, Risk Factors — Risks Related to our Business and Operations
  32. [32] Item 1A, Risk Factors — Risks Related to our Business and Operations
  33. [33] Item 1A, Risk Factors — Risks Related to our Business and Operations
  34. [34] Item 7, MD&A — Liquidity and Capital Resources — Long-Term Debt
  35. [35] Item 7, MD&A — Liquidity and Capital Resources — Long-Term Debt
  36. [36] Item 1A, Risk Factors — Risks Related to our Business and Operations
  37. [37] Item 1A, Risk Factors — Risks Related to our Business and Operations
  38. [38] Item 1A, Risk Factors — Risks Related to our Business and Operations
  39. [39] Item 1A, Risk Factors — Risks Related to our Business and Operations
  40. [40] Item 7, MD&A — Liquidity and Capital Resources — Long-Term Debt
  41. [41] Item 7, MD&A — Liquidity and Capital Resources — Long-Term Debt
  42. [42] Item 1A, Risk Factors — Risks Related to our Legal and Regulatory Environment
  43. [43] Item 1A, Risk Factors — Risks Related to our Legal and Regulatory Environment
  44. [44] Item 7, MD&A — Liquidity and Capital Resources — Long-term Obligation
  45. [45] Item 7, MD&A — Liquidity and Capital Resources — Long-term Obligation
  46. [46] Item 1, Business — Operating Properties; Item 1A, Risk Factors — Risks Related to our Business and Operations
  47. [47] Item 7, MD&A — Recent Developments; Note 2, Revenue Recognition — Deferred Revenues
  48. [48] Item 8, Consolidated Statements of Operations
  49. [49] Item 8, Consolidated Statements of Operations
  50. [50] Item 8, Consolidated Statements of Operations
  51. [51] Item 8, Consolidated Statements of Operations
  52. [52] Item 8, Consolidated Statements of Operations
  53. [53] Item 8, Consolidated Statements of Operations
  54. [54] Item 8, Consolidated Statements of Operations
  55. [55] Item 8, Consolidated Statements of Operations
  56. [56] Item 7, MD&A — Non-GAAP Financial Measure
  57. [57] Item 7, MD&A — Non-GAAP Financial Measure
  58. [58] Item 8, Consolidated Statements of Operations
  59. [59] Item 8, Consolidated Statements of Operations
  60. [60] Item 8, Consolidated Statements of Operations
  61. [61] Item 8, Consolidated Statements of Operations
  62. [62] Item 8, Consolidated Statements of Cash Flows
  63. [63] Item 8, Consolidated Statements of Cash Flows
  64. [64] Item 8, Consolidated Balance Sheets
  65. [65] Item 7, MD&A — Liquidity and Capital Resources — Long-Term Debt
  66. [66] Item 7, MD&A — Liquidity and Capital Resources — Long-Term Debt
  67. [67] Item 7, MD&A — Results of Operations — Income taxes
  68. [68] Item 7, MD&A — Results of Operations — Income taxes
  69. [69] Item 7, MD&A — Results of Operations — Income taxes
  70. [70] Item 7, MD&A — Results of Operations — Income taxes
  71. [71] Item 7, MD&A — Operating Results — Reportable Segments
  72. [72] Item 7, MD&A — Operating Results — Reportable Segments
  73. [73] Item 7, MD&A — Operating Results — Reportable Segments
  74. [74] Item 7, MD&A — Operating Results — Reportable Segments
  75. [75] Item 7, MD&A — Operating Results — Reportable Segments

Analysis on 6/21/2026