Full House Resorts Inc.

03/05/2026 | Press release | Distributed by Public on 03/05/2026 15:08

FULL HOUSE RESORTS ANNOUNCES FOURTH QUARTER AND FULL-YEAR RESULTS (Form 8-K)

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
Sports Wagering

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

Full House Resorts Inc. published this content on March 05, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 05, 2026 at 21:09 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]