Full House Resorts Announces Strong Third Quarter Results
Full House Resorts (NASDAQ: FLL) reported third quarter 2025 consolidated revenues of $78.0 million, up from $75.7 million a year earlier. Adjusted EBITDA rose 26.1% to $14.8 million. Net loss improved to $(7.7) million or $(0.21) per diluted share. American Place set a property revenue record of $32.0 million (up 14.0%), while Chamonix/Bronco Billy’s contributed $2.1 million to Adjusted EBITDA and showed a $2.8 million improvement in Adjusted Property EBITDA year-over-year. The company held $30.9 million in cash, had $10.0 million available on its revolver, and $450.0 million of senior secured notes due 2028. Results reflect ramping operations, the April 2025 sale of Stockman’s, and renovation-related disruptions at Grand Lodge Casino.
Full House Resorts (NASDAQ: FLL) ha riportato i ricavi consolidati del terzo trimestre 2025 di $78.0 million, in aumento rispetto a $75.7 million dell'anno precedente. Adjusted EBITDA è salito del 26.1% a $14.8 million. La perdita netta si è deteriorata a $(7.7) million o $(0.21) per azione diluita. American Place ha fissato un record di ricavi della proprietà di $32.0 million (in aumento del 14,0%), mentre Chamonix/Bronco Billy’s ha contribuito $2.1 million all'Adjusted EBITDA e ha mostrato un miglioramento di $2.8 million nell'Adjusted Property EBITDA anno su anno. L'azienda deteneva $30.9 million in contanti, aveva $10.0 million disponibili sul revolver e $450.0 million di senior secured notes in scadenza nel 2028. I risultati riflettono l'avvio delle operazioni, la vendita di Stockman’s nell’aprile 2025 e le interruzioni legate a ristrutturazioni al Grand Lodge Casino.
Full House Resorts (NASDAQ: FLL) reportó ingresos consolidados del tercer trimestre de 2025 de $78.0 million, frente a $75.7 million un año antes. El EBITDA ajustado subió un 26.1% hasta $14.8 million. La pérdida neta se redujo a $(7.7) million o $(0.21) por acción diluida. American Place estableció un récord de ingresos de la propiedad de $32.0 million (incremento del 14.0%), mientras que Chamonix/Bronco Billy’s aportó $2.1 million al EBITDA ajustado y mostró una mejora de $2.8 million en el EBITDA de la propiedad ajustado año tras año. La empresa reunió $30.9 million en efectivo, tenía $10.0 million disponibles en su revolver y $450.0 million de notas senior garantizadas con vencimiento en 2028. Los resultados reflejan la ramp-up de operaciones, la venta de Stockman’s en abril de 2025 y las interrupciones relacionadas con la renovación en Grand Lodge Casino.
Full House Resorts (NASDAQ: FLL) 는 2025년 3분기 연결 매출이 $78.0 million로 전년 동기 $75.7 million 대비 증가했다고 발표했습니다. 조정 EBITDA는 26.1% 상승한 $14.8 million입니다. 순손실은 $(7.7) million 또는 희석 후 주당 $(0.21)로 개선되었습니다. American Place는 부동산 매출 기록을 $32.0 million로 세웠고(+14.0%), 반면 Chamonix/Bronco Billy’s 은 $2.1 million의 조정 EBITDA에 기여했으며 연도별로 조정 자산 EBITDA가 $2.8 million 개선되었습니다. 현금은 $30.9 million을 보유했고, revolver에서 $10.0 million을 사용할 수 있었으며, 2028년 만기의 선순위 담보채권은 $450.0 million이었습니다. 이번 실적은 운영 증가, 2025년 4월 Stockman’s 매각, Grand Lodge Casino의 리노베이션 관련 차질을 반영합니다.
Full House Resorts (NASDAQ: FLL) a annoncé pour le troisième trimestre 2025 un chiffre d'affaires consolidé de $78.0 million, en hausse par rapport à $75.7 million l'an passé. L’EBITDA ajusté a augmenté de 26,1% pour atteindre $14.8 million. La perte nette s’est améliorée à $(7.7) million ou $(0.21) par action diluée. American Place a établi un record de revenus de propriété de $32.0 million (en hausse de 14,0%), tandis que Chamonix/Bronco Billy’s a apporté $2.1 million à l’EBITDA ajusté et a affiché une amélioration de $2.8 million de l’EBITDA ajusté par propriété par rapport à l’an dernier. L’entreprise détenait $30.9 million en liquidités, avait $10.0 million disponibles sur son revolver, et $450.0 million d’obligations garanties seniors arrivant à échéance en 2028. Les résultats reflètent l'amorce des opérations, la vente de Stockman’s en avril 2025 et les perturbations liées aux rénovations du Grand Lodge Casino.
Full House Resorts (NASDAQ: FLL) meldete für das dritte Quartal 2025 consolidierte Umsätze von $78.0 million, gegenüber $75.7 million im Vorjahr. Das bereinigte EBITDA stieg um 26,1% auf $14.8 million. Der Nettverlust verbesserte sich auf $(7.7) million oder $(0.21) je verwässerter Aktie. American Place setzte einen Umsatzrekord der Immobilie von $32.0 million (plus 14,0%), während Chamonix/Bronco Billy’s zu $2.1 million zum bereinigten EBITDA beitrug und im Jahr‑über‑Jahr eine Verbesserung des bereinigten Property EBITDA um $2.8 million zeigte. Das Unternehmen hielt $30.9 million in bar, hatte $10.0 million verfügbar auf dem Revolver und $450.0 million an Senior Secured Notes fällig 2028. Die Ergebnisse spiegeln den Anlauf des Betriebs, den Verkauf von Stockman’s im April 2025 und Renovierungsstörungen im Grand Lodge Casino wider.
Full House Resorts (NASDAQ: FLL) أبلغت عن إيرادات موحدة للربع الثالث من عام 2025 بلغت $78.0 million، مقارنة بـ $75.7 million قبل عام واحد. ارتفع EBITDA المعدل بنسبة 26.1% إلى $14.8 million. تحسن صافي الخسارة ليصل إلى $(7.7) million أو $(0.21) للسهم المخفف. حققت American Place رقمًا قياسيًا في إيرادات الملكية بلغ $32.0 million (ارتفاع 14.0%)، بينما ساهمت Chamonix/Bronco Billy’s بـ $2.1 million في EBITDA المعدل وظهرت زيادة قدرها $2.8 million في EBITDA الملكية المعدلة مقارنة بالعام الماضي. احتفظت الشركة بـ $30.9 million نقدًا، وكانت لديها $10.0 million متاحة على خط التسهيل، و$450.0 million من الأوراق المالية المضمونة الممتازة المستحقة في 2028. تعكس النتائج بدء التشغيل، وبيع Stockman’s في أبريل 2025، والاضطرابات المرتبطة بالتجديد في Grand Lodge Casino.
- Adjusted EBITDA +26.1% to $14.8 million
- American Place revenue record of $32.0 million (+14.0%)
- Chamonix/Bronco Billy’s contributed $2.1 million to Adjusted EBITDA
- Adjusted Property EBITDA at Chamonix improved by $2.8 million
- $30.9 million cash and $10.0 million revolver availability
- Net loss of $(7.7) million in Q3 2025
- $450.0 million senior secured notes due 2028 outstanding
- West segment revenues down 7.2% due to Stockman’s sale and Grand Lodge disruptions
- Food and beverage revenues declined ~10% YoY to $9.95 million
Insights
Consolidated results show clear operational improvement driven by American Place and Chamonix, raising EBITDA despite a continuing GAAP net loss.
Consolidated revenue rose to
Material caveats remain on the face of the numbers: the company reported a GAAP net loss of
Watch for continued ramp metrics over the next several quarters: same‑store trends at American Place (customer database growth cited at >115,000 members), sequential Adjusted Property EBITDA from Chamonix as amenities fully open, and any change in interest expense or liquidity availability on the revolving facility (currently
- American Place Casino Continued Its Strong Growth,
With Revenues Increasing
- Consolidated Operating Income Rose
Net Loss Improved to
- Adjusted EBITDA Increased
Reflecting Strong Results at American Place and a
LAS VEGAS, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the third quarter ended September 30, 2025.
On a consolidated basis, revenues in the third quarter of 2025 were
“Both American Place and Chamonix shined during the third quarter,” said Daniel R. Lee, Chief Executive Officer of Full House Resorts. “American Place continues to deliver outstanding growth, setting new records for revenue and profitability in the third quarter. Its customer database also continues to grow, having recently surpassed 115,000 members. Driven by the success of our temporary American Place casino, we remain excited for the construction of our permanent American Place facility. We recently received unanimous site approval for our permanent facility from the Waukegan City Council.”
Continued Mr. Lee, “Chamonix also made great strides during the third quarter, led by its new management team. Revenues at our Colorado operations grew
“While Chamonix’s new management team made significant advances during the quarter, we believe substantial opportunity remains for us in the largely untapped Colorado Springs market, as well as in southern Denver. We estimate that less than
Third 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
$58.3 million in the third quarter of 2025, a7.0% increase from$54.5 million in the prior-year period. Revenues at American Place rose14.0% from the third quarter of 2024, reaching an all-time property revenue record of$32.0 million . Adjusted Segment EBITDA was$11.6 million , a12.7% increase from$10.2 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), 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. Bronco Billy’s and Chamonix are two integrated and adjoining casinos, operating as a single entity. Revenues for the segment were
$18.0 million in the third quarter of 2025, versus$19.4 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 Lake Tahoe that houses our Grand Lodge Casino. Adjusted Segment EBITDA rose167.9% to$3.2 million in the third quarter of 2025, with$2.1 million of such amount generated by Chamonix/Bronco Billy’s in Colorado. In the prior-year period, Adjusted Segment EBITDA was$1.2 million , including$(0.7) million from our Colorado operations. 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
$1.6 million and$1.5 million , respectively, in the third quarter of 2025. In the prior-year period, revenues and Adjusted Segment EBITDA were$1.8 million and$2.0 million , respectively.
In January 2025, we received notice that our contracted sports betting operator in Colorado and Indiana was discontinuing its operations in those states, to be effective in June 2025 and December 2025, respectively. In July 2025, such operator reversed its decision to discontinue its Indiana operations and fully prepaid its remaining term for such skin through December 2031 for a negotiated fee of$1.5 million .
Liquidity and Capital Resources
As of September 30, 2025, we had
Conference Call Information
We will host a conference call for investors today, November 6, 2025, at 2:00 p.m. ET (11:00 a.m. PT) to discuss our 2025 third 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 November 20, 2025. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 13753302.
(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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Casino | $ | 59,823 | $ | 56,116 | $ | 172,106 | $ | 162,474 | ||||||||
| Food and beverage | 9,950 | 11,100 | 29,591 | 31,272 | ||||||||||||
| Hotel | 4,465 | 4,693 | 12,027 | 11,287 | ||||||||||||
| Other operations, including contracted sports wagering | 3,712 | 3,778 | 13,230 | 14,070 | ||||||||||||
| 77,950 | 75,687 | 226,954 | 219,103 | |||||||||||||
| Operating costs and expenses | ||||||||||||||||
| Casino | 22,661 | 22,582 | 68,423 | 63,876 | ||||||||||||
| Food and beverage | 9,950 | 11,561 | 29,777 | 32,035 | ||||||||||||
| Hotel | 2,203 | 3,160 | 6,749 | 7,706 | ||||||||||||
| Other operations | 1,155 | 610 | 3,123 | 2,391 | ||||||||||||
| Selling, general and administrative | 27,843 | 26,738 | 82,500 | 76,958 | ||||||||||||
| Project development costs | 57 | 52 | 231 | 55 | ||||||||||||
| Preopening costs | — | 42 | — | 2,462 | ||||||||||||
| Depreciation and amortization | 10,641 | 10,493 | 31,836 | 31,444 | ||||||||||||
| Loss on disposal of assets | — | — | 6 | 18 | ||||||||||||
| Loss (gain) on sale of Stockman’s, net of impairment | 4 | (2,000 | ) | 209 | (2,000 | ) | ||||||||||
| 74,514 | 73,238 | 222,854 | 214,945 | |||||||||||||
| Operating income | 3,436 | 2,449 | 4,100 | 4,158 | ||||||||||||
| Other expenses | ||||||||||||||||
| Interest expense, net | (11,128 | ) | (11,047 | ) | (31,779 | ) | (32,320 | ) | ||||||||
| Other | — | — | (50 | ) | — | |||||||||||
| (11,128 | ) | (11,047 | ) | (31,829 | ) | (32,320 | ) | |||||||||
| Loss before income taxes | (7,692 | ) | (8,598 | ) | (27,729 | ) | (28,162 | ) | ||||||||
| Income tax (benefit) provision | (14 | ) | (126 | ) | 97 | 211 | ||||||||||
| Net loss | $ | (7,678 | ) | $ | (8,472 | ) | $ | (27,826 | ) | $ | (28,373 | ) | ||||
| Basic loss per share | $ | (0.21 | ) | $ | (0.24 | ) | $ | (0.77 | ) | $ | (0.82 | ) | ||||
| Diluted loss per share | $ | (0.21 | ) | $ | (0.24 | ) | $ | (0.77 | ) | $ | (0.82 | ) | ||||
| Basic weighted average number of common shares outstanding | 36,111 | 34,944 | 36,000 | 34,749 | ||||||||||||
| Diluted weighted average number of common shares outstanding | 36,111 | 34,944 | 36,000 | 34,749 | ||||||||||||
Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Segment Revenues, Adjusted Segment EBITDA and Adjusted EBITDA
(In thousands, Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Midwest & South | $ | 58,325 | $ | 54,510 | $ | 173,300 | $ | 164,599 | ||||||||
| West | 17,993 | 19,387 | 48,083 | 47,571 | ||||||||||||
| Contracted Sports Wagering | 1,632 | 1,790 | 5,571 | 6,933 | ||||||||||||
| $ | 77,950 | $ | 75,687 | $ | 226,954 | $ | 219,103 | |||||||||
| Adjusted Segment EBITDA(1)and Adjusted EBITDA | ||||||||||||||||
| Midwest & South | $ | 11,552 | $ | 10,249 | $ | 37,414 | $ | 35,206 | ||||||||
| West | 3,209 | 1,198 | (395 | ) | 1,928 | |||||||||||
| Contracted Sports Wagering | 1,542 | 2,037 | 5,333 | 6,549 | ||||||||||||
| Adjusted Segment EBITDA | 16,303 | 13,484 | 42,352 | 43,683 | ||||||||||||
| Corporate | (1,491 | ) | (1,742 | ) | (4,919 | ) | (5,391 | ) | ||||||||
| Adjusted EBITDA | $ | 14,812 | $ | 11,742 | $ | 37,433 | $ | 38,292 | ||||||||
__________
(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 | Nine Months Ended | ||||||||||||||||||||||
| September 30, | Increase / | September 30, | Increase / | ||||||||||||||||||||
| 2025 | 2024 | (Decrease) | 2025 | 2024 | (Decrease) | ||||||||||||||||||
| Revenues by Property for West Segment | |||||||||||||||||||||||
| Bronco Billy’s Casino and Chamonix Casino Hotel | $ | 13,994 | $ | 13,048 | 7.3 | % | $ | 37,258 | $ | 32,520 | 14.6 | % | |||||||||||
| Grand Lodge Casino | 3,999 | 4,795 | (16.6 | ) | % | 9,503 | 10,548 | (9.9 | ) | % | |||||||||||||
| Stockman’s Casino(1) | — | 1,544 | (100.0 | ) | % | 1,322 | 4,503 | (70.6 | ) | % | |||||||||||||
| $ | 17,993 | $ | 19,387 | (7.2 | ) | % | $ | 48,083 | $ | 47,571 | 1.1 | % | |||||||||||
| Adjusted Property EBITDA for West Segment | |||||||||||||||||||||||
| Bronco Billy’s Casino and Chamonix Casino Hotel | $ | 2,093 | $ | (673 | ) | N.M. | $ | (1,362 | ) | $ | (572 | ) | 138.1 | % | |||||||||
| Grand Lodge Casino | 1,116 | 1,837 | (39.2 | ) | % | 1,369 | 2,388 | (42.7 | ) | % | |||||||||||||
| Stockman’s Casino(1) | — | 34 | (100.0 | ) | % | (402 | ) | 112 | N.M. | ||||||||||||||
| $ | 3,209 | $ | 1,198 | 167.9 | % | $ | (395 | ) | $ | 1,928 | N.M. | ||||||||||||
__________
N.M. Not meaningful.
(1) On April 1, 2025, the Company completed the sale of Stockman’s Casino.
Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Reconciliation of Net Loss and Operating Income to Adjusted EBITDA
(In thousands, Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss | $ | (7,678 | ) | $ | (8,472 | ) | $ | (27,826 | ) | $ | (28,373 | ) | |||
| Income tax (benefit) provision | (14 | ) | (126 | ) | 97 | 211 | |||||||||
| Interest expense, net | 11,128 | 11,047 | 31,779 | 32,320 | |||||||||||
| Other | — | — | 50 | — | |||||||||||
| Operating income | 3,436 | 2,449 | 4,100 | 4,158 | |||||||||||
| Project development costs | 57 | 52 | 231 | 55 | |||||||||||
| Preopening costs | — | 42 | — | 2,462 | |||||||||||
| Depreciation and amortization | 10,641 | 10,493 | 31,836 | 31,444 | |||||||||||
| Loss on disposal of assets | — | — | 6 | 18 | |||||||||||
| Loss (gain) on sale of Stockman’s, net of impairment | 4 | (2,000 | ) | 209 | (2,000 | ) | |||||||||
| Stock-based compensation, net | 674 | 706 | 1,051 | 2,155 | |||||||||||
| Adjusted EBITDA | $ | 14,812 | $ | 11,742 | $ | 37,433 | $ | 38,292 | |||||||
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 September 30, 2025 | ||||||||||||||||||||
| Adjusted | ||||||||||||||||||||
| Segment | ||||||||||||||||||||
| Operating | Depreciation | Loss on | Project | Stock- | EBITDA and | |||||||||||||||
| Income | and | Sale of | Development | Based | Adjusted | |||||||||||||||
| (Loss) | Amortization | Stockman’s | Costs | Compensation | EBITDA | |||||||||||||||
| Reporting segments | ||||||||||||||||||||
| Midwest & South | $ | 5,389 | $ | 6,163 | $ | — | $ | — | $ | — | $ | 11,552 | ||||||||
| West | (1,260 | ) | 4,465 | 4 | — | — | 3,209 | |||||||||||||
| Contracted Sports Wagering | 1,542 | — | — | — | — | 1,542 | ||||||||||||||
| 5,671 | 10,628 | 4 | — | — | 16,303 | |||||||||||||||
| Other operations | ||||||||||||||||||||
| Corporate | (2,235 | ) | 13 | — | 57 | 674 | (1,491 | ) | ||||||||||||
| $ | 3,436 | $ | 10,641 | $ | 4 | $ | 57 | $ | 674 | $ | 14,812 | |||||||||
| Three Months Ended September 30, 2024 | ||||||||||||||||||||||||
| Adjusted | ||||||||||||||||||||||||
| Segment | ||||||||||||||||||||||||
| Operating | Depreciation | Gain 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 | $ | 4,091 | $ | 6,158 | $ | — | $ | — | $ | — | $ | — | $ | 10,249 | ||||||||||
| West | (1,141 | ) | 4,297 | (2,000 | ) | — | 42 | — | 1,198 | |||||||||||||||
| Contracted Sports Wagering | 2,037 | — | — | — | — | — | 2,037 | |||||||||||||||||
| 4,987 | 10,455 | (2,000 | ) | — | 42 | — | 13,484 | |||||||||||||||||
| Other operations | ||||||||||||||||||||||||
| Corporate | (2,538 | ) | 38 | — | 52 | — | 706 | (1,742 | ) | |||||||||||||||
| $ | 2,449 | $ | 10,493 | $ | (2,000 | ) | $ | 52 | $ | 42 | $ | 706 | $ | 11,742 | ||||||||||
Full House Resorts, Inc. and Subsidiaries
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA
(In thousands, Unaudited)
| Nine Months Ended September 30, 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 | $ | 18,833 | $ | 18,575 | $ | 6 | $ | — | $ | — | $ | — | $ | 37,414 | |||||||||
| West | (13,817 | ) | 13,213 | — | 209 | — | — | (395 | ) | ||||||||||||||
| Contracted Sports Wagering | 5,333 | — | — | — | — | — | 5,333 | ||||||||||||||||
| 10,349 | 31,788 | 6 | 209 | — | — | 42,352 | |||||||||||||||||
| Other operations | |||||||||||||||||||||||
| Corporate | (6,249 | ) | 48 | — | — | 231 | 1,051 | (4,919 | ) | ||||||||||||||
| $ | 4,100 | $ | 31,836 | $ | 6 | $ | 209 | $ | 231 | $ | 1,051 | $ | 37,433 | ||||||||||
| Nine Months Ended September 30, 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 | $ | 16,134 | $ | 18,935 | $ | 18 | $ | — | $ | — | $ | 119 | $ | — | $ | 35,206 | |||||||||||
| West | (10,827 | ) | 12,412 | — | (2,000 | ) | — | 2,343 | — | 1,928 | |||||||||||||||||
| Contracted Sports Wagering | 6,549 | — | — | — | — | — | — | 6,549 | |||||||||||||||||||
| 11,856 | 31,347 | 18 | (2,000 | ) | — | 2,462 | — | 43,683 | |||||||||||||||||||
| Other operations | |||||||||||||||||||||||||||
| Corporate | (7,698 | ) | 97 | — | — | 55 | — | 2,155 | (5,391 | ) | |||||||||||||||||
| $ | 4,158 | $ | 31,444 | $ | 18 | $ | (2,000 | ) | $ | 55 | $ | 2,462 | $ | 2,155 | $ | 38,292 | |||||||||||
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 Lake Tahoe 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; 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
FAQ
What were Full House Resorts (FLL) third quarter 2025 revenues and adjusted EBITDA?
How did American Place Casino perform in Q3 2025 for FLL (NASDAQ: FLL)?
What impact did Chamonix/Bronco Billy’s have on Full House Resorts’ Q3 2025 results?
What is Full House Resorts’ cash and debt position as of September 30, 2025?
Why did Full House Resorts’ West segment revenues decline in Q3 2025?
