Full House Resor Stock Price, News & Analysis

Full House Resorts, Inc. (Nasdaq: FLL) is a casino and gaming company in the arts, entertainment, and recreation sector. According to its public disclosures, the company owns, operates, develops, manages, and invests in casinos and related hospitality and entertainment facilities. Its operations span casino gaming, hotel, food and beverage, entertainment, retail, and other amenities, as well as contracted sports wagering arrangements.

The company reports its business through three primary segments: Midwest & South, West, and Contracted Sports Wagering. This structure is central to understanding the FLL stock story, because segment performance and property-level trends are key drivers of the company’s consolidated results.

Midwest & South segment

The Midwest & South segment includes the Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place Casino. Company filings and earnings releases indicate that this segment generates a substantial portion of the company’s revenues. Within this segment, American Place Casino has been a major source of growth, with management repeatedly highlighting its continued ramp-up of operations and record property revenues in recent quarters.

American Place operates today as a temporary casino facility, with the company describing plans for a permanent American Place casino. Public statements reference its location in Chicago’s northern suburbs and characterize the surrounding area as a populous and historically underserved gaming market. Management has emphasized the growth of American Place’s customer database, which has surpassed 100,000 members and continued to expand as the property matures.

Silver Slipper Casino and Hotel and Rising Star Casino Resort also contribute to this segment. The company has discussed operational improvements and new leadership at Silver Slipper, as well as refreshed slot product on the gaming floor. Segment commentary in quarterly releases often links Midwest & South performance to a combination of American Place growth and operating initiatives at Silver Slipper.

West segment

The West segment includes the Grand Lodge Casino, Bronco Billy’s Casino and Hotel, and Chamonix Casino Hotel. Until the completion of its sale in April 2025, this segment also included Stockman’s Casino. Grand Lodge Casino operates within a Hyatt Regency resort at Lake Tahoe, while Bronco Billy’s and Chamonix are integrated and adjoining casinos that the company describes as operating as a single entity.

Chamonix Casino Hotel is one of the company’s newest properties and opened in phases between December 2023 and October 2024. Company commentary highlights Chamonix’s blend of gaming and non-gaming amenities and positions it as a key driver of revenue growth in Colorado. Earnings releases describe significant year-over-year revenue increases for the Colorado operations following Chamonix’s opening, alongside a focus on improving profitability as the property moves beyond its initial ramp-up period.

The sale of Stockman’s Casino was structured in two phases: the sale of its real property, which closed in the second half of 2024, and the sale of remaining operating assets, which closed on April 1, 2025. After that date, Full House Resorts no longer owns or operates Stockman’s Casino. This transaction affects historical comparisons within the West segment and is specifically noted in the company’s financial discussions.

Contracted Sports Wagering segment

The Contracted Sports Wagering segment consists of on-site and online sports wagering “skins,” described by the company as akin to websites, in Colorado, Indiana, and Illinois. Under these arrangements, third-party operators typically run the sports betting platforms while Full House Resorts earns revenue from the use of its licenses or access rights.

Recent disclosures note changes in certain sports wagering agreements. In January 2025, the company received notice that a contracted sports betting operator intended to discontinue operations in Colorado and Indiana by specified dates. In July 2025, that operator reversed its decision with respect to Indiana and prepaid its remaining term for that skin through December 2031 for a negotiated fee. Company statements also highlight the impact of early terminations and accelerated revenues in prior periods on this segment’s results.

Growth projects and property ramp-up

Two properties feature prominently in the company’s growth narrative: American Place Casino and Chamonix Casino Hotel. American Place opened in February 2023 as a temporary facility and has shown what the company characterizes as a strong ramp in operations, including record net revenue, record operating profit, and record monthly gaming revenue in certain periods. Management has linked this performance to growing awareness in Chicago’s northern suburbs and to the perceived lack of a premium gaming and entertainment destination in that area.

Chamonix Casino Hotel completed its phased opening in October 2024. The company reports that revenues from its Colorado operations, which include Chamonix and Bronco Billy’s, have increased significantly year-over-year since Chamonix’s opening. At the same time, the company has discussed elevated costs and early inefficiencies as the property moved from partial to full operations. To address this, Full House Resorts has implemented cost-saving initiatives, revamped marketing strategies, and installed new leadership at Chamonix, including a new general manager and a new chief marketing officer at the corporate level.

Financial reporting and performance metrics

Full House Resorts’ SEC filings and earnings releases provide detailed financial information, including revenues by segment and by major revenue category such as casino, food and beverage, hotel, and other operations (which include contracted sports wagering). The company reports operating income or loss, net income or loss, and various non-GAAP measures.

Management places particular emphasis on Adjusted Segment EBITDA, Adjusted Property EBITDA, and Adjusted EBITDA. These non-GAAP measures exclude items such as interest and other non-operating income or expense, taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gains or losses from asset sales and disposals, project development and acquisition costs, non-cash share-based compensation, and certain corporate costs. The company states that it uses these measures internally to assess segment profitability, allocate resources, and focus on year-over-year changes in what it considers ordinary, ongoing operations.

In its disclosures, the company notes that non-GAAP measures have limitations and should be viewed in conjunction with GAAP results and reconciliations. Nonetheless, these metrics are central to management’s discussion of property performance, particularly for newer properties like American Place and Chamonix, where preopening and ramp-up costs can be significant.

Capital structure and liquidity

Full House Resorts provides regular updates on its liquidity and capital resources. As of various quarter-ends, the company has reported cash and cash equivalents balances, outstanding senior secured notes due 2028, and borrowings under a revolving credit facility. The senior secured notes are described as callable, and the company has disclosed extensions of the maturity date of its revolving credit facility.

Management has also discussed evaluating options to finance the planned permanent American Place facility, including the possibility of refinancing a significant portion of the company’s existing debt. Certain executive employment agreements include performance-based incentives tied to refinancing the company’s principal debt by a specified date, indicating that capital structure management is a strategic focus.

Corporate governance and leadership

Full House Resorts is incorporated as Full House Resorts, Inc. and lists its common stock on The Nasdaq Stock Market LLC under the symbol FLL. SEC filings identify the company’s principal executive offices in Las Vegas, Nevada. The company has reported changes and additions to its leadership team through Form 8-K filings and press releases.

In July 2025, the board of directors promoted Lewis A. Fanger to the position of President in addition to his roles as Chief Financial Officer and Treasurer. An accompanying employment agreement outlines his compensation, bonus structure, long-term incentives, and severance and change-in-control provisions. The company has also entered into a new employment agreement with its Senior Vice President, General Counsel and Secretary, with terms that include salary, bonus opportunities, long-term incentives, and severance protections.

Beyond the executive team, the company has announced key property-level appointments, such as the hiring of a Vice President and General Manager for Chamonix Casino Hotel and a Senior Vice President and Chief Marketing Officer at the corporate level. These appointments are described as part of efforts to improve marketing effectiveness, operational efficiency, and property-level profitability.

Business model and revenue mix

According to its public descriptions, Full House Resorts’ business model centers on owning and operating regional casinos and related hospitality assets, supplemented by contracted sports wagering arrangements. Revenue is generated from casino gaming, food and beverage operations, hotel stays, and other operations, including sports wagering skins. The company’s segment disclosures show how these revenue streams are distributed across its Midwest & South and West properties and its Contracted Sports Wagering segment.

Management commentary emphasizes the importance of property ramp-up, cost control, and targeted marketing in driving profitability. For example, the company has discussed identifying several million dollars of annual cost savings at Chamonix, refreshing slot product at Silver Slipper, and launching new marketing efforts for Chamonix and American Place. These initiatives are intended to support long-term growth in Adjusted EBITDA and to improve the flow-through of revenue growth to the bottom line.

Regulatory and reporting environment

As a Nasdaq-listed issuer, Full House Resorts files periodic reports and current reports with the U.S. Securities and Exchange Commission, including Forms 10-K, 10-Q, and 8-K. The company uses Form 8-K to report material events such as earnings releases, executive appointments, and changes to executive employment agreements. Earnings press releases are often furnished as exhibits to these filings.

The company also operates in multiple gaming jurisdictions, which require various gaming approvals for property-level executives and for certain corporate appointments. Press releases regarding new senior hires frequently note that their roles are subject to customary gaming approvals, reflecting the regulatory context of the casino industry.

Position within the casino and gaming industry

Within the casino (except casino hotels) industry, Full House Resorts presents itself as a regional operator with a portfolio that includes both established properties and newer developments. Its disclosures highlight a transition from a smaller regional footprint toward a larger platform that includes American Place and Chamonix as significant growth projects. The company’s narrative focuses on ramping new properties, optimizing existing assets, managing its capital structure, and expanding its customer base through marketing and property enhancements.

FAQs about Full House Resorts, Inc. (FLL)

• What does Full House Resorts, Inc. do?
  Full House Resorts, Inc. owns, operates, develops, manages, and invests in casinos and related hospitality and entertainment facilities. Its revenue comes from casino gaming, hotel operations, food and beverage, entertainment, retail, and other amenities, as well as contracted sports wagering arrangements.
• How is Full House Resorts’ business organized?
  The company reports three segments: Midwest & South, West, and Contracted Sports Wagering. Midwest & South includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place Casino. West includes Grand Lodge Casino, Bronco Billy’s Casino and Hotel, Chamonix Casino Hotel, and previously Stockman’s Casino until its sale. Contracted Sports Wagering consists of on-site and online sports wagering skins in Colorado, Indiana, and Illinois.
• What is American Place Casino and why is it important to FLL?
  American Place Casino is one of the company’s newest properties and operates as a temporary facility while plans for a permanent American Place casino move forward. Company disclosures show that American Place has delivered record revenues and operating profit and has built a large and growing customer database. It is a key driver of growth within the Midwest & South segment.
• What is Chamonix Casino Hotel?
  Chamonix Casino Hotel is a casino resort in the company’s West segment that opened in phases between December 2023 and October 2024. Full House Resorts describes Chamonix as offering a mix of gaming and non-gaming amenities and identifies it as a major contributor to increased revenues in its Colorado operations. Management is focused on improving Chamonix’s profitability through cost efficiencies and revamped marketing.
• How does Full House Resorts participate in sports wagering?
  The company participates in sports wagering through its Contracted Sports Wagering segment, which consists of on-site and online sports wagering skins in Colorado, Indiana, and Illinois. These arrangements allow third-party operators to offer sports betting using the company’s market access, with Full House Resorts earning revenues from those contracts.
• What non-GAAP financial measures does Full House Resorts use?
  The company highlights Adjusted Segment EBITDA, Adjusted Property EBITDA, and Adjusted EBITDA. These measures exclude items such as interest, taxes, depreciation and amortization, preopening costs, impairment charges, asset write-offs, gains and losses on asset sales, project development and acquisition costs, non-cash share-based compensation, and certain corporate expenses. Management states that these metrics help evaluate segment profitability and core operating performance.
• Where is Full House Resorts headquartered and where is its stock listed?
  SEC filings list the company’s principal executive offices in Las Vegas, Nevada. Its common stock is listed on The Nasdaq Stock Market LLC under the ticker symbol FLL.
• What happened to Stockman’s Casino?
  Full House Resorts entered into an agreement to sell the operating assets of Stockman’s Casino for cash consideration, with the transaction structured in two phases. The sale of the real property closed in the second half of 2024, and the sale of remaining operating assets closed on April 1, 2025. After that date, the company no longer owns or operates Stockman’s Casino, and this change is reflected in the West segment’s reported results.
• How is the company addressing costs and efficiency at its newer properties?
  Public statements describe several initiatives, including identifying cost savings at Chamonix, installing new leadership at that property, and revising marketing strategies. At Silver Slipper, the company has cited operational improvements and refreshed slot product. These efforts are intended to improve profitability while supporting long-term revenue growth.
• How can investors learn more about Full House Resorts’ financial performance?
  Investors can review the company’s SEC filings, including Forms 10-K, 10-Q, and 8-K, which provide detailed financial statements, segment data, and reconciliations of non-GAAP measures. The company also issues earnings press releases and hosts conference calls to discuss quarterly and annual results.