Aug 6, 2026, 4:12 PM ETConsumer Cyclical

Full House Resorts — Q2 2026 Earnings Summary

FLLFULL HOUSE RESORTS INC

Financial Performance

Consolidated revenues increased 5.6% year-over-year to $78.1 million for the quarter ended June 30, 2026, compared to $73.9 million in the prior-year period.
Consolidated operating income improved to $2.3 million from a loss of $(0.1) million in the prior-year quarter.
Net loss narrowed to $(8.7) million, or $(0.24) per diluted share, from $(10.4) million, or $(0.29) per diluted share, in the prior-year quarter.
Adjusted EBITDA rose 19.5% to $13.3 million, up from $11.1 million in the prior-year quarter.
Liquidity as of June 30, 2026, stood at $48.4 million, comprising $33.4 million in cash and cash equivalents and the undrawn portion of the revolving credit facility.
Total debt consisted of $450.0 million in outstanding senior secured notes due 2028 and $25.0 million outstanding under a $40.0 million revolving credit facility.

The permanent American Place casino is expected to open in the second half of 2028, following an anticipated 18 to 24-month construction period.
Approval was received to operate the temporary American Place facility until February 2029.
Management expects the temporary Sprung structure to be retained for five years following the permanent casino's opening to serve as a large event space.
The company anticipates continued growth at American Place and Chamonix as operations ramp up.
Significant progress was made toward full financing for the permanent American Place facility and the refinancing of primary debt, though legal documentation has taken longer than expected.
Construction renovations at the Hyatt Regency Lake Tahoe Resort, housing Grand Lodge Casino, are expected to be complete in late 2027.

Midwest & South: Revenues grew 5.6% to $61.0 million, driven by a 13.4% revenue increase at American Place. Adjusted Segment EBITDA rose 4.7% to $13.4 million. Rising Star experienced a modest decline in Adjusted Property EBITDA due to a 42-hour power outage.
West: Revenues increased 7.3% to $15.5 million. Chamonix/Bronco Billy's revenues grew 11.7% to $12.98 million, supported by new marketing programs and a growing database. Adjusted Segment EBITDA improved 91.8% to $(0.1) million, led by Chamonix/Bronco Billy's Adjusted Property EBITDA improvement of 92.6% to $(0.1) million. Grand Lodge Casino revenue and Adjusted Property EBITDA were impacted by renovation-related disruptions.
Contracted Sports Wagering: Revenues and Adjusted Segment EBITDA were both $1.5 million, down from $1.7 million and $1.6 million respectively in the prior-year period, due to the absence of an additional active sports skin present in 2025.
Chamonix/Bronco Billy's: The property hired a new casino director with prior experience at Wynn and Fontainebleau in Las Vegas.

Chamonix is described as early in its expected ramp-up phase, with management believing there is meaningful upside to revenues and long-term profitability as awareness builds in the Colorado Springs market.
The permanent American Place facility is designed to be roughly double the square footage of the temporary casino, with significantly more gaming positions and enhanced amenities.
The temporary Sprung structure is intended to become the largest event space in the region to drive business to the casino.

Rising Star's performance was negatively impacted by a 42-hour power outage caused by a downed power line.
Grand Lodge Casino faces revenue and profitability headwinds due to construction operations at the Hyatt Regency Lake Tahoe Resort.
The company faces risks related to the ability to repay and refinance substantial indebtedness and finance the construction of the permanent American Place facility.
Potential risks include construction delays, cost overruns, legal or regulatory challenges, supply chain disruptions, inflation, and changes in macroeconomic conditions.

CEO Daniel R. Lee stated that results highlight the strength of American Place and progress at Chamonix.
Management expressed confidence in refinancing goals and the future contributions of the permanent American Place casino.
The tone regarding Chamonix is positive, citing new marketing initiatives and management improvements as drivers for future growth.

Stockman's Casino was sold on April 1, 2025, and is no longer included in segment results.
The Waukegan City Council approved changes to the development agreement allowing retention of the temporary Sprung structure.
The company hosts a conference call for investors on August 6, 2026, at 4:30 p.m. ET.
Adjusted Segment EBITDA for the Midwest & South segment was $13.4 million, while the West segment reported $(0.1) million and Contracted Sports Wagering reported $1.5 million.