Full House Resorts, Inc.

What they do

The company owns, leases, operates and develops casino and related hospitality facilities, with gaming operations in Nevada, Colorado, Illinois, Indiana and Mississippi. It operates six casinos: five on real estate it owns or leases and one inside a third-party hotel. Properties are grouped into three reportable segments: Midwest & South (American Place in Waukegan, Illinois; Silver Slipper in Hancock County, Mississippi; Rising Star in Rising Sun, Indiana), West (Chamonix and Bronco Billy's in Cripple Creek, Colorado; Grand Lodge at the Hyatt Regency Lake Tahoe in Incline Village, Nevada), and Contracted Sports Wagering. Revenue comes mainly from slot machines, plus table games, hotels, food and beverage, and contracted online sports betting skins in Illinois and Indiana.

Revenue drivers

• Midwest & South segment — Includes American Place, Silver Slipper and Rising Star; generated $61.0 million in Q2 2026, a 5.6% increase from $57.8 million a year earlier, making it the largest segment by revenue.
• American Place Casino — Temporary Waukegan, Illinois facility opened February 2023; Q2 2026 revenues rose 13.4% year over year to new property records, and the company is designing a permanent facility on adjoining land.
• Chamonix / Bronco Billy's — Cripple Creek, Colorado properties; Chamonix completed its phased opening in October 2024, and combined revenues grew 11.7% year over year in Q2 2026.
• Contracted Sports Wagering — Two active online skins (Illinois and Indiana) licensed to third-party operators in exchange for a percentage of revenues subject to annual minimums; the Illinois skin is described as significantly more valuable due to the state's larger population and fewer permitted skins.

Recent performance

Q2 2026 consolidated revenue rose 5.6% to $78.1 million from $73.9 million in the prior-year quarter. Net loss improved to $(8.7) million, or $(0.24) per diluted share, from $(10.4) million, or $(0.29) per diluted share. Consolidated operating income was $2.3 million versus $(0.1) million a year earlier, and Adjusted EBITDA rose 19.5% to $13.3 million from $11.1 million. Full year 2025 revenue was $302.4 million with a net loss of $(40.2) million and operating cash flow of $10.0 million. At June 30, 2026, total assets were $630.1 million, total liabilities $643.4 million, long-term debt $469.7 million, cash $33.4 million, and shareholder equity was $(13.3) million.

Strategy

Management is focused on ramping its two newest properties, American Place and Chamonix, and on building a permanent American Place casino in Waukegan roughly double the size of the temporary facility, targeted to open in the second half of 2028. The company says it is working toward full financing of that project and refinancing of all primary debt, a process it acknowledges has taken longer to document than expected. Illinois legislation passed in mid-2026 lets the temporary American Place operate until February 2029, and the Waukegan City Council approved changes to the development agreement, including keeping the temporary Sprung structure for five years after the permanent casino opens. In July 2025 the company extended an operator's use of its Indiana sports skin through December 2031 and received full prepayment for the remaining term. It sold Stockman's Casino in April 2025.

Risks

• Permanent American Place execution and timing — The permanent Waukegan casino still requires regulatory approval and roughly 18 to 24 months of construction, and delays from weather, labor, supply chain or other factors could create a gap after the temporary facility's February 2029 operating deadline.
• Leverage and negative equity — Long-term debt was $469.7 million against $33.4 million of cash and shareholder equity of $(13.3) million at June 30, 2026, and the company depends on property cash flow to service interest and repay debt.
• Sustained net losses — The company reported net losses each year from 2022 through 2025, including $(40.2) million in 2025, and a $(8.7) million net loss in Q2 2026.
• Gaming competition — The 10-K cites competition from other casinos, racetracks, lotteries, video gaming terminals, sports books, illegal slot machines and skill games, and online or mobile gaming platforms, with some jurisdictions considering further expansion.

Outlook

Management expects continued growth at the temporary American Place facility and greater contributions once the permanent casino opens, which it anticipates in the second half of 2028. It cites Chamonix's 11.7% Q2 revenue growth, recent marketing initiatives, and a new casino director hire as evidence of upside as awareness of Chamonix builds in the Colorado Springs market. The company says it remains confident in its refinancing goals despite legal documentation taking longer than expected. It also disclosed a new risk factor noting no assurance that growth projects, including the permanent American Place facility, will avoid additional regulatory restrictions, delays or challenges.