Full House Resorts Earnings Call Highlights Growth Pivot

Full House Resorts ((FLL)) has held its Q4 earnings call. Read on for the main highlights of the call.

Full House Resorts’ latest earnings call struck a cautiously upbeat tone, with management highlighting steady revenue and EBITDA gains alongside visible progress at key growth projects. Executives acknowledged pockets of weakness and execution risk, but emphasized that American Place’s momentum, Chamonix’s early turnaround signs, and solid liquidity collectively outweigh current headwinds.

Consolidated Top Line and Profitability Gains

Full House reported Q4 revenue of $75.4 million, up from $73.0 million a year earlier, translating to 5.6% growth when excluding divested Stockman’s. Adjusted EBITDA ticked up to $10.7 million from $10.4 million, but on a comparable basis excluding roughly $1.7 million of prior-year one-offs, underlying EBITDA growth was a much more robust 23%.

American Place Drives Growth and Margin Expansion

The temporary American Place casino in Waukegan remained the company’s standout asset, with Q4 revenue up 11% to $32.0 million. Property-level adjusted EBITDA jumped 29% to $8.7 million, helping full-year revenue reach $124 million and EBITDA $34.3 million, increases of 13% and 17% respectively and reinforcing management’s confidence in higher run-rate earnings.

Chamonix Turnaround Gathers Steam

At Chamonix, a fully assembled management team in the second half of 2025 began to show results, lifting revenue by about $1.2 million (roughly 5%) versus the prior-year period. Adjusted property EBITDA improved by approximately $4.2 million and the Q4 seasonal loss narrowed significantly, signaling that operational resets and staffing changes are beginning to pay off.

Improving Database and Loyalty Trends in Early 2026

Early 2026 marketing data showed encouraging customer engagement, with the top database segment seeing unique guests climb around 20% and total visits surge 36% in January–February. The second segment also posted healthy gains, with unique guests up 12% and visits up 24%, suggesting growing repeat play and strengthening loyalty across core customer tiers.

Waukegan Market Expansion Supports American Place

The Waukegan market continued to mature roughly three years after launch, still posting double-digit growth in Q4 with reported revenue up 11%. The casino’s player database has expanded to roughly 121,000 to 125,000 names, and new-member sign-ups remain steady, underpinning management’s confidence in American Place’s long-term earnings potential.

Liquidity Position and Extended Revolver Provide Cushion

Full House ended the quarter with about $51 million of liquidity, including an undrawn revolving credit facility. The company also secured an amendment extending the revolver’s maturity to August 15, 2027 and noted that its Illinois operations are currently sufficient to cover interest expense, reducing short-term balance sheet pressure.

Advancing Financing and Construction for Permanent American Place

Architects are finalizing foundation drawings for the permanent American Place, enabling foundation work to begin in the coming weeks and setting up an 18–24 month build with heavier capital spending in 2027. Management has multiple financing proposals in hand, including options that may fully fund the project without issuing equity, and is evaluating structures while awaiting an expected legislative extension of the temporary license.

Sports Wagering Delivers High-Margin EBITDA

Sportsbook partnerships, highlighted by the Circa deal in Illinois, are generating meaningful, asset-light cash flow for the company. Management pegs the current EBITDA contribution at roughly $5.9 million to $7 million annually, assuming minimum guarantees, though it stressed that contract changes or partner exits remain a risk investors should monitor.

Chamonix Seasonality and Marketing Reset

Despite progress, Chamonix posted a small adjusted property EBITDA loss in seasonally slow Q4 2025, underscoring winter sensitivity. Management also admitted that 2024 results were inflated by uneconomic promotions and an expensive grand opening, forcing a 2025 reset that included pulling back unsustainable offers and overhauling the operating team.

Construction-Related Disruption in Cripple Creek

Ongoing capital projects created temporary friction at Chamonix and sister property Bronco Billy’s, as January–February 2026 carpet and ceiling replacements modestly disrupted operations. The incremental cost was in the low six-figure range, but management noted some short-term drag on first-quarter performance as work progressed across the casino floors.

Softness at Silver Slipper and Rising Star

Among the company’s smaller properties, the Silver Slipper and Rising Star posted slight revenue declines during the quarter, weighing on overall performance. Management said Silver Slipper’s EBITDA margin is running below its high-teens target, coming in at low double digits, and has responded with leadership changes aimed at sharpening operations and profitability.

Grand Lodge Hit by Third-Party Renovations

Full House’s Grand Lodge property continues to suffer from renovation work being carried out by Hyatt at Lake Tahoe. With key amenities not expected to be fully renovated until 2027, management warned that this external disruption will likely continue to pressure Grand Lodge’s near-term performance despite the company’s limited control over the timeline.

Rising Sun’s Clouded Future Amid Legislative Uncertainty

The outlook for Rising Sun remains murky as Indiana lawmakers debate evolving casino relocation legislation that has become increasingly complex. Multiple required county referendums and well-funded opposition groups have made the odds of a successful relocation difficult to predict, leaving Rising Sun modestly profitable today but with unclear long-term prospects.

Financing and Sportsbook Contract Execution Risks

While the company is making headway on permanent American Place financing, its existing bonds maturing in early 2028 must be refinanced, and management conceded that borrowing costs will be acceptable but not ultra-cheap. Executives also flagged contract risk in sportsbooks, noting that a partner could exit and reduce the current $6–7 million EBITDA contribution, even as the segment remains attractive.

Guidance and Outlook Emphasize Growth and Execution

Management reiterated confidence in American Place reaching a roughly $50 million EBITDA run rate in its temporary form and about $100 million once the permanent facility opens, supported by double-digit growth and a growing database. With foundation work set to start shortly, most heavy construction spending expected in 2027, a roughly $6–7 million sportsbook EBITDA run-rate, and early-2026 database gains plus improving Chamonix metrics, the company framed the next few years as execution-heavy but opportunity-rich.

Full House’s earnings call painted a picture of a regional operator leaning into its growth assets while methodically addressing pockets of weakness and funding needs. For investors, the stock story hinges on continued outperformance at American Place, a successful refinancing and build-out of the permanent casino, and a sustained turnaround at Chamonix, with manageable but real legislative and contract risks along the way.