Full House Resorts — Third Quarter 2026 Earnings Summary

Financial Performance

• Consolidated revenues rose 4.9% year-over-year to $81.8 million for the quarter ended September 30, 2026, compared to $78.0 million in the prior-year period.
• Net loss for the quarter was $8.6 million ($0.24 per diluted share), compared to a net loss of $7.7 million ($0.21 per diluted share) in the prior-year period.
• Adjusted EBITDA was $14.6 million, a slight decrease from $14.8 million in the prior-year period.
• Midwest & South segment revenues increased 6.4% to $62.1 million, with Adjusted Segment EBITDA rising 18.0% to $13.6 million.
• West segment revenues increased 1.2% to $18.2 million, while Adjusted Segment EBITDA declined to $1.0 million from $3.2 million in the prior year.
• Contracted Sports Wagering segment revenues were $1.5 million, down from $1.6 million in the prior year; Adjusted Segment EBITDA was $1.4 million, down from $1.5 million.
• As of September 30, 2026, liquidity totaled $45.7 million, comprising $30.7 million in cash and cash equivalents and the undrawn portion of the revolving credit facility.
• Outstanding debt consisted of $450.0 million in senior secured notes due 2028 and $25.0 million drawn on a $40.0 million revolving credit facility.

Guidance and Future Outlook

• Management expects the temporary American Place facility to continue growing in coming quarters.
• The permanent American Place casino is expected to open approximately two years from the report date.
• Renovations at Grand Lodge Casino, including cottage suites, main restaurant, meeting room space, and the temporary closure of the beach, are expected to be completed in late 2027.
• Management anticipates continued improvement at Chamonix and American Place as their operations mature.

Business Segments and Product Lines

• American Place Casino revenues increased 9.8% in the third quarter of 2026, setting a new property record; revenues and profits have increased every quarter since its February 2023 opening compared to the prior year.
• Chamonix/Bronco Billy's saw revenue growth across table games, food and beverage, hotel, retail, and other departments.
• Rising Star revenues grew 10.0% year-over-year, resulting in growth in operating profits.
• Silver Slipper achieved improved margins and meaningful growth in operating profits following a review of its cost structure, revised marketing strategy, and control of departmental expenses.
• New initiatives at Chamonix/Bronco Billy's include amended operating hours for non-gaming amenities, reallocation of marketing to digital channels, in-housing of housekeeping and laundry functions, and expansion of meeting and convention business.
• Grand Lodge Casino revenues were offset by extensive renovations underway at the property.

Market and Competitive Landscape

• West segment results were impacted by significant nearby wildfires in July 2026 that affected visitation.
• Management is executing initiatives to access the Colorado Springs and southern Denver markets through revamped marketing strategies at Chamonix.

Risks and Challenges

• Risks include the ability to repay and/or refinance substantial indebtedness and finance the construction of the permanent American Place facility.
• Construction risks include potential delays, cost overruns, and regulatory restrictions for growth projects.
• Macroeconomic factors such as inflation, tariffs, immigration policies, and supply chain disruptions could impact labor costs and material prices.
• The timing of Grand Lodge Casino renovations and potential disruptions to customer service remain a challenge.
• Dependence on existing management and the effectiveness of new operational initiatives at properties like Chamonix are noted risks.

Management Commentary and Tone

• CEO Daniel R. Lee stated that third-quarter results reflect "continued momentum across our portfolio, led once again by American Place."
• Management expressed confidence that the temporary American Place facility will continue to grow and looks forward to greater contributions from the permanent facility.
• Regarding Chamonix/Bronco Billy's, management noted they are executing on new initiatives to advance profit objectives while minimizing service disruptions.
• The tone regarding Rising Star and Silver Slipper was positive, citing strong results and improved margins respectively.

Other Key Points

• The maturity date for the revolving credit facility was extended from August 15, 2027, to November 15, 2027.
• Stockman's Casino was sold in April 2025 and is no longer included in the West segment.
• Chamonix Casino Hotel and Bronco Billy's Casino operate as a single integrated entity in Colorado.
• The company hosts a conference call on November 5, 2026, at 4:30 p.m. ET to discuss results.
• Nine-month consolidated revenues were $234.3 million, up from $227.0 million in the prior year; nine-month net loss was $25.5 million compared to $27.8 million in the prior year.
• Nine-month Adjusted EBITDA was $41.1 million, up from $37.4 million in the prior year.