Full House Resorts (NASDAQ: FLL) grows 2025 revenue but remains unprofitable
Rhea-AI Filing Summary
Full House Resorts reported modest growth but continued losses for 2025. Fourth-quarter revenues rose 3.4% to $75.4 million, driven by American Place Casino and the ramp-up of Chamonix Casino Hotel, partially offset by the sale of Stockman’s Casino. Q4 net loss was $(12.4) million, or $(0.34) per diluted share, while Adjusted EBITDA improved slightly to $10.7 million.
For the full year, revenues increased to $302.4 million from $292.1 million, but the company still posted a net loss of $(40.2) million, or $(1.12) per share. Adjusted EBITDA was $48.1 million, roughly flat versus 2024. American Place Casino revenues grew 13.1% for the year and 11.0% in the fourth quarter, and Colorado properties showed improved performance.
As of December 31, 2025, the company held $40.7 million in cash and cash equivalents and had $450.0 million of senior secured notes due 2028, callable at par, plus $10.0 million available on a $40.0 million revolving credit facility. The revolving facility’s maturity was extended to August 15, 2027. Full House plans to break ground on its permanent American Place casino in March or April 2026, targeting an opening in approximately 18 to 24 months, and a bill has been introduced to extend its temporary American Place operation by 18 months beyond August 2027.
Positive
- None.
Negative
- None.
Insights
Modest revenue growth and flat EBITDA, with key projects advancing but losses persisting.
Full House Resorts delivered 2025 revenues of $302.4 million, up from $292.1 million, while net loss remained sizeable at $(40.2) million. Adjusted EBITDA was effectively flat at $48.1 million, indicating that higher revenues are largely being absorbed by operating and financing costs.
American Place Casino is a clear bright spot, with revenues up 13.1% for the year and 11.0% in Q4, supporting management’s view of long-term potential in the northern Chicago market. Colorado’s Chamonix/Bronco Billy’s properties also showed improved revenues and Adjusted Property EBITDA, helped by a refreshed management team and marketing efforts.
On the project side, the company expects to start foundation work on the permanent American Place in March or April 2026, aiming for an opening in approximately 18 to 24 months, initially funded from internal sources. A bill in the Illinois legislature seeks to extend the temporary American Place license by 18 months beyond August 2027, which, if enacted, would help maintain continuity of operations until the permanent facility opens. Actual financial impact will depend on execution, cost control and future legislative outcomes.
High leverage and steady interest burden offset operating gains; liquidity appears adequate near term.
As of December 31, 2025, the company reported $40.7 million in cash and cash equivalents and $450.0 million of senior secured notes due 2028, which are currently callable at par. Net interest expense remained heavy at $42.7 million in 2025, nearly matching Adjusted EBITDA of $48.1 million.
The revolving credit facility totals $40.0 million, with $10.0 million available and a newly extended maturity date of August 15, 2027. This extension slightly reduces near-term refinancing pressure but does not change the sizeable 2028 note maturity. Management also plans to fund initial American Place foundation work from internal sources before completing project financing.
From a credit perspective, the combination of continued net losses, substantial non-cash depreciation of $42.6 million, and large interest costs suggests tight coverage metrics, even though operating cash flow is positive. Subsequent filings may provide more detail on permanent American Place financing and any steps toward refinancing the 2028 notes.
8-K Event Classification
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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Item 1.01 Entry into a Material Definitive Agreement
Amendment of Credit Agreement
On March 3, 2026, Full House Resorts, Inc. (the “Company”), amended its Credit Agreement with Capital One, National Association, dated as of March 31, 2021 (as amended through the date hereof, the “Credit Agreement”) pursuant to a Fourth Amendment to Credit Agreement which extended the maturity date of the Credit Agreement from January 1, 2027 to August 15, 2027. Except as set forth in the Fourth Amendment to Credit Agreement, all other terms of the Credit Agreement remain in full force and effect.
The foregoing description of the Fourth Amendment to Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Fourth Amendment to Credit Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 2.02 Results of Operations and Financial Condition
On March 5, 2026, the Company issued a press release announcing its financial and operating results for the fourth quarter and year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1, and the information contained therein is incorporated herein by reference. The information contained on, or that may be accessed through, any websites contained in our press release is not incorporated by reference into, and is not a part of, this document.
The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In addition, none of such information shall be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except to the extent specifically referenced in any such filings.
Item 9.01 Financial Statements and Exhibits
(d) | Exhibits | ||
No. | Description | ||
10.1 | Fourth Amendment to Credit Agreement, dated as of March 3, 2026, among the Company, the guarantors party thereto and Capital One, National Association, as administrative agent. | ||
99.1 | Press Release of the Company dated March 5, 2026* | ||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
| * | This exhibit related to Item 2.02 of this Current Report on Form 8-K shall be deemed to be furnished and not filed. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Full House Resorts, Inc. | |
Date: March 5, 2026 | /s/ Lewis A. Fanger | |
Lewis A. Fanger, President, Chief Financial Officer & Treasurer |
Exhibit 99.1
FULL HOUSE RESORTS ANNOUNCES FOURTH QUARTER AND FULL-YEAR RESULTS
- American Place Casino Continued Its Strong Growth,
With Revenues Increasing 13.1% for the Year and 11.0% in the Fourth Quarter
- Colorado Operations Showed Continued Improvement,
with Chamonix/Bronco Billy’s Completing Its First Full Year of Expanded Operation;
Revenues and Adjusted Property EBITDA Significantly Improved in Both the Year and the Fourth Quarter
- Company Anticipates Breaking Ground on Its Permanent American Place Casino in
March or April, Allowing for an Opening in Approximately 18 to 24 Months;
Completion of Its Financing is Expected Within the Next Few Months
- A Bill was Introduced in the Illinois Legislature to Extend the
Operation of Our Temporary American Place Casino by 18 Months
Las Vegas – March 5, 2026 – Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the fourth quarter and year ended December 31, 2025.
On a consolidated basis, revenues in the fourth quarter of 2025 rose 3.4% to $75.4 million, reflecting strong growth at American Place Casino and the continuing ramp-up of operations at Chamonix Casino Hotel, partially offset by the sale of Stockman’s Casino in April 2025. Excluding Stockman’s, revenues increased by 5.6%. Net loss for the fourth quarter of 2025 was $(12.4) million, or $(0.34) per diluted common share, which includes $0.1 million of development costs. In the prior-year period, net loss was $(12.3) million, or $(0.35) per diluted common share, reflecting $0.3 million of development costs. Adjusted EBITDA(a) increased to $10.7 million in the fourth quarter of 2025. In the prior-year period, Adjusted EBITDA was $10.4 million, having benefited from a $1.2 million recovery settlement related to one of the Company’s sports wagering agreements and the reversal of certain corporate accruals taken in previous quarters.
For the full year, revenues in 2025 were $302.4 million, a 3.5% increase from $292.1 million in the prior year. Excluding Stockman’s, revenues rose by 5.2%. Net loss in 2025 was $(40.2) million, or $(1.12) per diluted common share, which includes $0.3 million of development costs. For 2024, net loss was $(40.7) million, or $(1.16) per diluted common share, reflecting $2.8 million of preopening and development costs, primarily related to Chamonix, and the aforementioned recovery settlement. Depreciation and amortization totaled $42.6 million in 2025 and $42.1 million in 2024. Because of these significant non-cash charges, the Company generally produces positive cash flow from operations, despite net losses. Adjusted EBITDA was $48.1 million in 2025, with growth at American Place and improved operations at Chamonix offset by construction disruptions at Grand Lodge and the sale of Stockman’s Casino. In 2024, Adjusted EBITDA was $48.6 million, benefiting from the $1.2 million recovery settlement noted above.
“We had another strong quarter of growth at American Place, which currently operates in a temporary facility,” said Daniel R. Lee, Chief Executive Officer of Full House Resorts. “As the year progressed, the rate of growth in its operating profits accelerated, highlighting the growing awareness of our brand and the relative undersaturation of gaming in the northern Chicago market. Such performance reinforces our confidence in the long-term potential for American Place.
“We continue to make meaningful progress toward construction of the permanent American Place facility. In September 2025, the Waukegan City Council unanimously approved our revised site plans. Our architects are also nearing completion of working drawings for the building’s foundation. With these drawings, we will seek building permits and begin construction, anticipated in March or April 2026. Foundation work, while not cost intensive, requires several months to complete. By starting construction now, funding it with internal sources, we believe we can accelerate the opening of the permanent casino, anticipated in approximately 18 to 24 months.
“A bill was also recently introduced in the Illinois legislature to extend the date that our temporary American Place casino is permitted to operate by 18 months beyond August 2027. This bill, if passed, will ensure that there will be no gap in tax revenue or employment prior to the opening of our permanent casino facility. We received a similar extension in 2023 when our project was delayed due to a lawsuit from a competitor. Such lawsuit was resolved in January 2025.”
Continued Mr. Lee, “Our Colorado operations also delivered strong improvements in the fourth quarter. The fourth quarter is a seasonally slow quarter in this market. Revenues were up in the quarter and expenses declined, resulting in a significantly smaller loss in the quarter than in the same quarter of the prior year. We recently hired a new finance director and an assistant general manager, and promoted a talented chef to be the food and beverage director, filling out a largely-new management team. We reinvigorated Chamonix’s brand awareness, launching more targeted advertising efforts in the fourth quarter of 2025. Our group sales department, while still a relatively new team, is making meaningful strides at booking future business. Then, in January and February, we installed new carpet and ceilings in much of the adjoining Bronco Billy’s Casino, which now offers a gaming experience that better complements Chamonix. In anticipation of the seasonally-stronger season that we are moving into, we recently reopened the Mexican restaurant in Bronco Billy’s with an entirely new menu of fresh and innovative Mexican cuisine. We expect our Colorado operations to contribute significantly to our income in 2026 and beyond.”
Fourth Quarter Highlights
| ● | Midwest & South. This segment includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place Casino. Revenues for the segment were $58.2 million in the fourth quarter of 2025, a 5.7% increase from $55.0 million in the prior-year period. These results reflect continuing strength at American Place, where revenues rose 11.0% from the fourth quarter of 2024. Adjusted Segment EBITDA was $11.7 million, an 11.1% increase from $10.5 million in the prior-year period, similarly led by strong growth at American Place, which continues to ramp up its operations. |
| ● | West. This segment includes Grand Lodge Casino (located within the Hyatt Regency Lake Tahoe Resort in Incline Village, Nevada), Stockman’s Casino (until the completion of its sale in April 2025), Bronco Billy’s Casino, and Chamonix Casino Hotel, which opened in phases between December 2023 and October 2024. Chamonix and Bronco Billy’s are two integrated and adjoining casinos, operating as a single entity. Revenues for the segment were $15.6 million in the fourth quarter of 2025, versus $16.1 million in the prior-year period. These results reflect growth at Chamonix/Bronco Billy’s, offset by the sale of Stockman’s and renovation-related disruptions at the Hyatt Regency Lake Tahoe Resort that houses our Grand Lodge Casino, which is small relative to the Company’s total operations. Despite the renovation at the Hyatt, Adjusted Segment EBITDA improved 37.0% to $(2.0) million in the fourth quarter of 2025 from $(3.2) million in the prior-year period. As the Company’s newest property, Chamonix is early in its expected ramp, with operations expected to continue improving in the coming quarters and years. |
| ● | Contracted Sports Wagering. This segment consists of our on-site and online sports wagering “skins” (akin to websites) in Colorado, Indiana, and Illinois. Revenues and Adjusted Segment EBITDA were $1.7 million and $1.6 million, respectively, in the fourth quarter of 2025. In the prior-year period, revenues and Adjusted Segment EBITDA were $1.9 million and $3.0 million, respectively, with results benefiting from a $1.2 million settlement recovery related to one of the Company’s sports wagering agreements. |
| ● | Corporate. In the fourth quarter of 2025, corporate expense totaled $0.6 million. Conversely, the 2024 period benefited from the reversal of certain accruals, resulting in an operating credit of $0.1 million. |
Liquidity and Capital Resources
As of December 31, 2025, we had $40.7 million in cash and cash equivalents. Our debt consisted primarily of $450.0 million in outstanding senior secured notes due 2028, which are currently callable at par. We also had $10.0 million available under our $40.0 million revolving credit facility. In March 2026, we extended the maturity date for our revolving credit facility from January 1, 2027 to August 15, 2027.
Conference Call Information
We will host a conference call for investors today, March 5, 2026, at 4:30 p.m. ET (1:30 p.m. PT) to discuss our 2025 fourth quarter results. Investors can access the live audio webcast from our website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (201) 689-8470.
A replay of the conference call will be available shortly after the conclusion of the call through March 19, 2026. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 13757784.
(a) Reconciliation of Non-GAAP Financial Measures
Our presentation of non-GAAP Measures may be different from the presentation used by other companies, and therefore, comparability may be limited. While excluded from certain non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, our non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.
Our non-GAAP Measures are to be used in addition to, and in conjunction with, results presented in accordance with GAAP. These non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. These non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.
Adjusted Segment EBITDA. We utilize Adjusted Segment EBITDA as the measure of segment profitability in assessing performance and allocating resources at the reportable segment level. Adjusted Segment EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset sales and disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment.
Adjusted Property EBITDA. Adjusted Property EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset sales and disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each property.
Adjusted EBITDA. We also utilize Adjusted EBITDA, which is defined as Adjusted Segment EBITDA, net of corporate-related costs and expenses. Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, we believe this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity. We utilize this metric or measure internally to focus management on year-over-year changes in core operating performance, which we consider our ordinary, ongoing and customary operations, and which we believe is useful information to investors. Accordingly, management excludes certain items when analyzing core operating performance, such as the items mentioned above, that management believes are not reflective of ordinary, ongoing and customary operations.
Full House Resorts, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
| | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Revenues |
| | | | | | | | | | | |
Casino | | $ | 58,154 | | $ | 54,406 | | $ | 230,260 | | $ | 216,880 |
Food and beverage | | | 9,711 | |
| 10,599 | |
| 39,302 | |
| 41,871 |
Hotel | | | 3,996 | |
| 4,422 | |
| 16,023 | |
| 15,709 |
Other operations, including contracted sports wagering | | | 3,561 | |
| 3,535 | |
| 16,791 | |
| 17,605 |
| | | 75,422 | |
| 72,962 | |
| 302,376 | |
| 292,065 |
Operating costs and expenses | | | | |
| | |
| | |
| |
Casino | | | 25,260 | |
| 22,275 | |
| 93,683 | |
| 86,151 |
Food and beverage | | | 9,791 | |
| 11,547 | |
| 39,568 | |
| 43,582 |
Hotel | | | 2,121 | |
| 2,600 | |
| 8,870 | |
| 10,306 |
Other operations | | | 1,025 | |
| (261) | |
| 4,148 | |
| 2,130 |
Selling, general and administrative | | | 27,212 | |
| 27,163 | |
| 109,712 | |
| 104,121 |
Project development costs | | | 79 | | | 313 | | | 310 | | | 368 |
Preopening costs | | | — | | | 2 | | | — | | | 2,464 |
Depreciation and amortization | | | 10,773 | | | 10,657 | | | 42,609 | | | 42,101 |
Loss on disposal of assets | | | 26 | | | — | | | 32 | | | 18 |
Loss (gain) on sale of Stockman’s, net of impairment | | | 111 | | | 74 | | | 320 | | | (1,926) |
| | | 76,398 | | | 74,370 | | | 299,252 | | | 289,315 |
Operating (loss) income | | | (976) | | | (1,408) | | | 3,124 | | | 2,750 |
Other expenses | | | | | | | | | | | | |
Interest expense, net | | | (10,962) | | | (10,881) | | | (42,741) | | | (43,201) |
Other | | | — | | | — | | | (50) | | | — |
| | | (10,962) | | | (10,881) | | | (42,791) | | | (43,201) |
Loss before income taxes | | | (11,938) | | | (12,289) | | | (39,667) | | | (40,451) |
Income tax expense | | | 433 | | | 10 | | | 530 | | | 221 |
Net loss | | $ | (12,371) | | $ | (12,299) | | $ | (40,197) | | $ | (40,672) |
| | | | | | | | | | | | |
Basic loss per share | | $ | (0.34) | | $ | (0.35) | | $ | (1.12) | | $ | (1.16) |
Diluted loss per share | | $ | (0.34) | | $ | (0.35) | | $ | (1.12) | | $ | (1.16) |
| | | | | | | | | | | | |
Basic weighted average number of common shares outstanding | | | 36,124 | | | 35,608 | | | 36,031 | | | 34,965 |
Diluted weighted average number of common shares outstanding | | | 36,124 | | | 35,608 | | | 36,031 | | | 34,965 |
Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Segment Revenues, Adjusted Segment EBITDA and Adjusted EBITDA
(In thousands, Unaudited)
| | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Revenues | | | | | | | | | | | | |
Midwest & South | | $ | 58,163 | | $ | 55,026 | | $ | 231,464 | | $ | 219,626 |
West | | | 15,563 | | | 16,078 | | | 63,645 | | | 63,648 |
Contracted Sports Wagering | | | 1,696 | | | 1,858 | | | 7,267 | | | 8,791 |
| | $ | 75,422 | | $ | 72,962 | | $ | 302,376 | | $ | 292,065 |
Adjusted Segment EBITDA(1) and Adjusted EBITDA | | | | | | | | | | | | |
Midwest & South | | $ | 11,701 | | $ | 10,530 | | $ | 49,116 | | $ | 45,737 |
West | | | (2,033) | | | (3,229) | | | (2,429) | | | (1,302) |
Contracted Sports Wagering | | | 1,623 | | | 2,954 | | | 6,956 | | | 9,503 |
Adjusted Segment EBITDA | | | 11,291 | | | 10,255 | | | 53,643 | | | 53,938 |
Corporate | | | (593) | | | 101 | | | (5,512) | | | (5,290) |
Adjusted EBITDA | | $ | 10,698 | | $ | 10,356 | | $ | 48,131 | | $ | 48,648 |
__________
| (1) | The Company utilizes Adjusted Segment EBITDA as the measure of segment operating profitability in assessing performance and allocating resources at the reportable segment level. |
Supplemental Information
West Segment Revenues, Adjusted Property EBITDA and Adjusted Segment EBITDA
(In thousands, Unaudited)
| | Three Months Ended | | |
| | Year Ended | | | | ||||||||
| | December 31, | | Increase / | | December 31, | | Increase / | ||||||||||
| | 2025 | | 2024 | | (Decrease) | | 2025 | | 2024 | | (Decrease) | ||||||
Revenues by Property for West Segment | | | | | | | | | | | | | | | | | | |
Chamonix Casino Hotel and Bronco Billy’s Casino |
| $ | 11,849 | | $ | 11,629 |
| 1.9 | % | | $ | 49,108 | | $ | 44,150 |
| 11.2 | % |
Grand Lodge Casino |
|
| 3,714 | |
| 2,943 |
| 26.2 | % | |
| 13,215 | |
| 13,489 |
| (2.0) | % |
Stockman’s Casino(1) | | | — | | | 1,506 | | (100.0) | % | | | 1,322 | | | 6,009 | | (78.0) | % |
|
| $ | 15,563 | | $ | 16,078 |
| (3.2) | % | | $ | 63,645 | | $ | 63,648 |
| — | % |
Adjusted Property EBITDA for West Segment | | | | | | | | | | | | | | | | | | |
Chamonix Casino Hotel and Bronco Billy’s Casino |
| $ | (1,973) | | $ | (3,436) |
| 42.6 | % | | $ | (3,336) | | $ | (4,010) |
| 16.8 | % |
Grand Lodge Casino |
|
| (60) | |
| 286 |
| N.M. | |
| 1,309 | |
| 2,675 |
| (51.1) | % | |
Stockman’s Casino(1) | | | — | | | (79) | | N.M. | | | (402) | | | 33 | | N.M. | ||
|
| $ | (2,033) | | $ | (3,229) |
| 37.0 | % | | $ | (2,429) | | $ | (1,302) |
| (86.6) | % |
__________
N.M. Not meaningful.
| (1) | On April 1, 2025, the Company completed the sale of Stockman’s Casino. In December 2025, working capital adjustments in connection with such sale were finalized. |
Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Reconciliation of Net Loss and Operating (Loss) Income to Adjusted EBITDA
(In thousands, Unaudited)
| Three Months Ended | | Year Ended | ||||||||
| December 31, | | December 31, | ||||||||
| 2025 | | 2024 | | 2025 | | 2024 | ||||
Net loss | $ | (12,371) | | $ | (12,299) | | $ | (40,197) | | $ | (40,672) |
Income tax expense | | 433 | | | 10 | | | 530 | | | 221 |
Interest expense, net | | 10,962 | | | 10,881 | | | 42,741 | | | 43,201 |
Other | | — | | | — | | | 50 | | | — |
Operating (loss) income | | (976) | | | (1,408) | | | 3,124 | | | 2,750 |
Project development costs | | 79 | | | 313 | | | 310 | | | 368 |
Preopening costs | | — | | | 2 | | | — | | | 2,464 |
Depreciation and amortization | | 10,773 | | | 10,657 | | | 42,609 | | | 42,101 |
Loss on disposal of assets | | 26 | | | — | | | 32 | | | 18 |
Loss (gain) on sale of Stockman’s, net of impairment | | 111 | | | 74 | | | 320 | | | (1,926) |
Stock-based compensation, net | | 685 | | | 718 | | | 1,736 | | | 2,873 |
Adjusted EBITDA | $ | 10,698 | | $ | 10,356 | | $ | 48,131 | | $ | 48,648 |
Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA
(In thousands, Unaudited)
Three Months Ended December 31, 2025 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | Adjusted | ||
| | | | | | | | | | | | | | | | | | | Segment | ||
| | Operating | | Depreciation | | Loss on | | Loss on | | Project | | Stock- | | EBITDA and | |||||||
| | Income | | and | | Disposal | | Sale of | | Development | | Based | | Adjusted | |||||||
| | (Loss) | | Amortization | | of Assets | | Stockman’s | | Costs | | Compensation | | EBITDA | |||||||
Reporting segments | | |
| | |
| | |
| | |
| | |
| | |
| | | |
Midwest & South | | $ | 5,518 | | $ | 6,157 | | $ | 26 | | $ | — | | $ | — | | $ | — | | $ | 11,701 |
West | |
| (6,747) | |
| 4,603 | |
| — | |
| 111 | |
| — | |
| — | |
| (2,033) |
Contracted Sports Wagering | | | 1,623 | | | — | | | — | | | — | | | — | | | — | | | 1,623 |
| |
| 394 | |
| 10,760 | |
| 26 | |
| 111 | |
| — | |
| — | |
| 11,291 |
Other operations |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Corporate | |
| (1,370) | |
| 13 | |
| — | |
| — | |
| 79 | |
| 685 | |
| (593) |
| | $ | (976) | | $ | 10,773 | | $ | 26 | | $ | 111 | | $ | 79 | | $ | 685 | | $ | 10,698 |
Three Months Ended December 31, 2024 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | Adjusted | |
| | | | | | | | | | | | | | | | | | | Segment | ||
| | Operating | | Depreciation | | Loss on | | Project | | | | Stock- | | EBITDA and | |||||||
| | Income | | and | | Sale of | | Development | | Preopening | | Based | | Adjusted | |||||||
| | (Loss) | | Amortization | | Stockman’s | | Costs | | Costs | | Compensation |
| EBITDA | |||||||
Reporting segments | | |
| | |
| | |
| | |
| | |
| | |
| | | |
Midwest & South | | $ | 4,496 | | $ | 6,034 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 10,530 |
West | |
| (7,890) | |
| 4,585 | |
| 74 | |
| — | |
| 2 | |
| — | |
| (3,229) |
Contracted Sports Wagering | | | 2,954 | | | — | | | — | | | — | | | — | | | — | | | 2,954 |
| |
| (440) | |
| 10,619 | |
| 74 | |
| — | |
| 2 | |
| — | |
| 10,255 |
Other operations |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Corporate | |
| (968) | | | 38 | | | — | | | 313 | | | — | | | 718 | | | 101 |
| | $ | (1,408) | | $ | 10,657 | | $ | 74 | | $ | 313 | | $ | 2 | | $ | 718 | | $ | 10,356 |
Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA
(In thousands, Unaudited)
Year Ended December 31, 2025 | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | Adjusted | ||||
| | | | | | | | | | | Loss on | | | | | Stock- | | Segment | |||||
| | Operating | | Depreciation | | Loss on | | Sale of | | Project | | Based | | EBITDA and | |||||||||
| | Income | | and | | Disposal | | Stockman’s, | | Development | | Compensation, | | Adjusted | |||||||||
| | (Loss) | | Amortization | | of Assets | | net | | Costs | | net | | EBITDA | |||||||||
Reporting segments | | |
| | |
| | |
| | |
| | |
| | |
| | | |||
Midwest & South | | $ | 24,352 | | $ | 24,732 | | $ | 32 | | $ | — | | $ | — | | $ | — | | $ | 49,116 | ||
West | |
| (20,565) | |
| 17,816 | |
| — | |
| 320 | |
| — | |
| — | |
| (2,429) | ||
Contracted Sports Wagering | | | 6,956 | | | — | | | — | | | — | | | — | | | — | | | 6,956 | ||
| |
| 10,743 | |
| 42,548 | |
| 32 | |
| 320 | |
| — | |
| — | |
| 53,643 | ||
Other operations |
| | |
| | |
| | |
| | |
| | |
| | |
| | |||
Corporate | |
| (7,619) | |
| 61 | |
| — | |
| — | |
| 310 | |
| 1,736 | |
| (5,512) | ||
| | $ | 3,124 | | $ | 42,609 | | $ | 32 | | $ | 320 | | $ | 310 | | $ | 1,736 | | $ | 48,131 | ||
Year Ended December 31, 2024 | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | Adjusted | ||
| | | | | | | | | | | | | | | | | | | | | Segment | |||
| | Operating | | Depreciation | | Loss on | | Gain on | | Project | | | | Stock- | | EBITDA and | ||||||||
| | Income | | and | | Disposal | | Sale of | | Development | | Preopening | | Based | | Adjusted | ||||||||
| | (Loss) | | Amortization | | of Assets | | Stockman’s | | Costs | | Costs | | Compensation | | EBITDA | ||||||||
Reporting segments | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | | |
Midwest & South | | $ | 20,631 | | $ | 24,969 | | $ | 18 | | $ | — | | $ | — | | $ | 119 | | $ | — | | $ | 45,737 |
West | |
| (18,718) | |
| 16,997 | |
| — | |
| (1,926) | |
| — | |
| 2,345 | |
| — | |
| (1,302) |
Contracted | | | 9,503 | | | — | | | — | | | — | | | — | | | — | | | — | | | 9,503 |
| |
| 11,416 | |
| 41,966 | |
| 18 | |
| (1,926) | |
| — | |
| 2,464 | |
| — | |
| 53,938 |
Other operations |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Corporate | |
| (8,666) | | | 135 | | | — | | | — | | | 368 | | | — | | | 2,873 | | | (5,290) |
| | $ | 2,750 | | $ | 42,101 | | $ | 18 | | $ | (1,926) | | $ | 368 | | $ | 2,464 | | $ | 2,873 | | $ | 48,648 |
Cautionary Note Regarding Forward-looking Statements
This press release contains statements by us and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include details regarding our growth projects, including our expected construction budgets, estimated commencement and completion dates, and expected amenities; our expected operational performance for our growth projects, including Chamonix and American Place; our expectations regarding the timing of the ramp-up of operations of Chamonix and American Place; our expectations regarding the operation and performance of our other properties and segments; our expectations regarding the renovation-related disruptions at the Hyatt Regency Lake Tahoe Resort that houses our Grand Lodge Casino; our expectations regarding our ability to generate operating cash flow and to obtain debt financing on reasonable terms and conditions for the construction of the permanent American Place facility; our expectations regarding our ability to refinance our outstanding debt; our expectations regarding the effect of management changes and operational improvements at our properties, including Chamonix; our expectations regarding the effect of our revamped marketing strategy at Chamonix, including our ability to access the Colorado Springs and southern Denver markets; and our sports wagering contracts with third-party providers, including the expected revenues and expenses, as well as our expectations regarding the potential usage of our idle sports skins by us or others.
Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Such risks include, without limitation, our ability to repay and/or refinance our substantial indebtedness; our ability to finance the construction of the permanent American Place facility; our ability to complete construction at American Place, on-time and on-budget; legal or regulatory restrictions, delays, or challenges for our construction projects, including American Place; construction risks, disputes and cost overruns; the timing of the completion of renovations at the Hyatt Regency Lake Tahoe Resort that houses our Grand Lodge Casino; inflation, tariffs, immigration policies, and their potential impacts on labor costs and the price of food, construction, and other materials; the effects of potential disruptions in the supply chains for goods, such as food, lumber, and other materials; general macroeconomic conditions; our ability to effectively manage and control expenses; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; the financial performance of our finished projects and renovations; effectiveness of expense and operating efficiencies; effectiveness of management changes and operational improvements at our properties; effectiveness of our marketing efforts; changes in guest visitation or spending patterns due to economic conditions, health, international relations or other concerns; cyber events and their impacts to our operations; and regulatory and business conditions in the gaming industry (including the possible authorization or expansion of gaming in the states we operate or nearby states). Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the Securities and Exchange Commission, including, but not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.
About Full House Resorts, Inc.
We own, lease, develop and operate gaming facilities throughout the country. Our properties include American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Chamonix Casino Hotel and Bronco Billy’s Casino in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. For further information, please visit www.fullhouseresorts.com.
Contact:
Lewis Fanger, President & Chief Financial Officer
Full House Resorts, Inc.
702-221-7800
www.fullhouseresorts.com