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Full House Resorts (FLL)
NASDAQ:FLL
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Full House Resorts
(NASDAQ:FLL)
Rating:54Neutral
Price Target:
$3.50
▲( 3.55% Upside)
Positive Factors
Financial Performance
Full House Resorts generated revenue of $73M, which is 1% higher than consensus expectations, and its EBITDA increased by 13% compared to consensus, marking its first EBITDA beat in four quarters.
Growth Potential
Shares are considered attractive due to the expected growth profile, including a significant EBITDA compound annual growth rate from 2024 to 2026.
Legal and Regulatory
The Illinois Supreme Court ruled in favor of the Illinois Gaming Board, allowing Full House Resorts to proceed with construction on a casino project.
Negative Factors
Cost Management
Chamonix struggled to manage expenses over the year, leading to adjustments in estimates to reflect a slower ramp at the property.
Market Challenges
The company faces challenges with lower-end consumer headwinds and snow levels in Colorado, which are expected to impact EBITDA results negatively.
Full House Resorts (FLL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$123.76M
Dividend YieldN/A
Average Volume (3M)167.99K
Price to Earnings (P/E)―
Beta (1Y)1.60
Revenue Growth13.92%
EPS Growth-54.82%
CountryUS
Employees1,685
SectorConsumer Cyclical
Sector Strength76
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)-0.27
Shares Outstanding35,975,647
10 Day Avg. Volume173,421
30 Day Avg. Volume167,992
Financial Highlights & Ratios
PEG Ratio-0.65
Price to Book (P/B)4.22
Price to Sales (P/S)0.00
P/FCF Ratio-5.49
Enterprise Value/Market Cap5.10
Enterprise Value/Revenue0.56
Enterprise Value/Gross Profit6.83
Enterprise Value/Ebitda4.08
Forecast
1Y Price Target
$5.38Price Target Upside59.17% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
Full House Resorts Business Overview & Revenue Model
Company DescriptionFull House Resorts, Inc. owns, develops, invests in, operates, manages, and leases casinos, and related hospitality and entertainment facilities in the United States. The company owns and operates the Silver Slipper Casino and Hotel in Hancock County, Mississippi, which has 757 slot machines and 24 table games, a surface parking lot, and a 129 hotel rooms; an on-site sportsbook, a fine-dining restaurant, a buffet, and a quick-service restaurant, as well as an oyster bar, a casino bar, and a beachfront bar; and 37-space beachfront RV park. It also owns and operates the Bronco Billy's Casino and Hotel in Cripple Creek, Colorado that has gaming space and 14 hotel rooms, as well as a steakhouse and a casual dining outlet. In addition, the company owns and operates the Rising Star Casino Resort in Rising Sun, Indiana, which has 642 slot machines and 16 table games; a land-based pavilion with approximately 31,500 square feet of meeting and convention space; a contiguous 190-guest-room hotel and an adjacent leased 104-guest-room hotel; a 56-space RV park; surface parking; an 18-hole golf course on approximately 230 acres; and four dining outlets. Further, it owns and operates the Stockman's Casino that is located in Fallon, Nevada, which has 186 slot machines, a bar, a fine-dining restaurant, and a coffee shop; and the Grand Lodge Casino that has 269 slot machines and 9 table games, which is integrated into the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. Full House Resorts, Inc. was incorporated in 1987 and is headquartered in Las Vegas, Nevada.
How the Company Makes MoneyFull House Resorts generates revenue primarily through its gaming operations, which include slot machines, table games, and sports betting. The company operates multiple regional casinos, each contributing to its overall income. In addition to gaming, the company earns money from non-gaming amenities such as hotel accommodations, dining, and entertainment offerings within its resorts. These additional services enhance the overall guest experience and contribute supplementary income. Full House Resorts also seeks to increase profitability through strategic partnerships, marketing initiatives, and the expansion of its existing properties, along with potential new developments in the gaming and hospitality sector.
Full House Resorts Financial Statement Overview
Summary
Full House Resorts shows mixed financial performance. There is a positive revenue growth of 7.34%, but profitability is challenged by net losses and a negative profit margin. The balance sheet is strong with a low debt-to-equity ratio, enhancing financial stability. However, cash flow management is a concern, with negative free cash flow and reduced operating cash flow. The company needs to focus on improving profitability and cash flow stability.Income Statement
Full House Resorts has shown a mixed financial performance. Total revenue increased slightly from $241.06 million to $258.75 million, indicating a modest growth of 7.34%. However, the company reported a net loss, with a net profit margin of -15.71% for 2024, compared to -10.33% in 2023, showing worsening profitability. EBIT margin improved from -0.48% to 1.06%, but EBITDA margin decreased drastically due to negative EBITDA. Overall, revenue growth is positive, but profitability challenges remain significant.55
Neutral
Balance Sheet
The balance sheet indicates a strong equity position with stockholders' equity increasing from $77.85 million to $596.23 million. The debt-to-equity ratio improved significantly from 6.61 to 0.10, showing reduced leverage risk. Return on equity remains negative due to net losses. However, the equity ratio improved to 89.47% from 11.31%, reflecting a strong shift towards equity financing, which enhances financial stability.70
Positive
Cash Flow
Operating cash flow decreased from $22.35 million to $13.85 million, and free cash flow remains negative, although it improved slightly to -$38.74 million from -$176.77 million. The free cash flow to net income ratio is not favorable, indicating cash flow challenges. While the operating cash flow to net income ratio is positive, indicating some cash generation relative to net losses, overall cash flow management remains an area of concern.50
Neutral
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 287.50M | 292.06M | 241.06M | 163.28M | 180.16M | 125.59M | Gross Profit |
| 92.44M | 149.90M | 131.37M | 90.15M | 106.21M | 66.83M | EBIT |
| 4.85M | 2.75M | -1.16M | 12.68M | 37.55M | 10.48M | EBITDA |
| 25.67M | 48.38M | 31.26M | 20.66M | 45.45M | 18.83M | Net Income Common Stockholders |
| -39.16M | -40.67M | -24.90M | -14.80M | 11.71M | 147.00K |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 73.79M | 40.22M | 36.16M | 56.59M | 88.72M | 37.70M | Total Assets |
| 707.03M | 673.33M | 688.46M | 595.33M | 473.84M | 212.62M | Total Debt |
| 514.84M | 527.67M | 514.84M | 424.06M | 321.36M | 129.24M | Net Debt |
| 441.04M | 487.45M | 478.68M | 367.47M | 232.64M | 91.55M | Total Liabilities |
| 629.19M | 653.73M | 610.61M | 495.54M | 361.13M | 155.94M | Stockholders Equity |
| 77.85M | 40.50M | 77.85M | 99.79M | 112.72M | 56.68M |
| Cash Flow | Free Cash Flow | ||||
| -24.05M | -38.74M | -176.77M | -166.56M | -7.49M | 6.35M | Operating Cash Flow |
| 8.78M | 13.85M | 22.34M | 4.38M | 29.50M | 8.99M | Investing Cash Flow |
| -25.91M | -45.67M | -198.76M | -172.11M | -37.22M | -2.62M | Financing Cash Flow |
| 1.80M | -1.50M | 59.03M | 93.62M | 235.31M | 1.48M |
Full House Resorts Technical Analysis
Negative
3.38
Price Trends
3.53
Negative
4.18
Negative
4.51
Negative
Market Momentum
0.01
Negative
47.95
Neutral
50.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLL, the sentiment is Negative. The current price of 3.38 is above the 20-day moving average (MA) of 3.37, below the 50-day MA of 3.53, and below the 200-day MA of 4.51, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 47.95 is Neutral, neither overbought nor oversold. The STOCH value of 50.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FLL.
Full House Resorts Risk Analysis
Full House Resorts disclosed 53 risk factors in its most recent earnings report. Full House Resorts reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Full House Resorts Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $208.84M | 3.09 | -12.77% | ― | -7.53% | 2035.55% | |
62 Neutral | $89.82M | 109.34 | 0.98% | 1.61% | -2.62% | -90.75% | |
62 Neutral | $6.84B | 11.22 | 2.83% | 3.93% | 2.65% | -21.93% | |
54 Neutral | $123.76M | ― | -79.70% | ― | 13.92% | -54.82% | |
47 Neutral | $61.06M | ― | -350.66% | ― | -1.27% | -230.55% | |
| $42.72M | ― | -98.11% | ― | ― | ― | ||
46 Neutral | $91.06M | ― | 229.13% | ― | 7.02% | 74.19% |
* Consumer Cyclical Sector Average
Performance Comparison
FLL
Full House Resorts
3.38
-1.57
-31.72%
CPHC
Canterbury Park Holding
17.80
-4.82
-21.31%
CNTY
Century Casinos
1.98
-0.67
-25.28%
INSE
Inspired Entertainment
7.56
-1.60
-17.47%
LTRY
Lottery.com
1.76
-0.07
-3.83%
GAN
GAN
1.97
0.64
48.12%
Full House Resorts Earnings Call Summary
Earnings Call Date:May 08, 2025
(Q1-2025)
| % Change Since: 2.42%|
Next Earnings Date:Aug 12, 2025
Earnings Call Sentiment Neutral
The call highlighted various positive developments such as significant revenue growth at multiple properties, cost-saving initiatives, and record gaming revenues. However, there were also notable challenges including EBITDA losses at some properties and operational inefficiencies requiring management changes. The sentiment of the call is balanced with both positive growth and operational challenges.Q1-2025 Updates
Positive Updates
Silver Slipper Adjusted Property EBITDA Growth
Adjusted property EBITDA at Silver Slipper grew by 21% compared to the previous year's first quarter, despite a slight decline in revenue.
Chamonix and Bronco Billy's Revenue Increase
Revenue increased by 34% in the first quarter for Chamonix and Bronco Billy's, although expenses grew at a similar pace.
American Place Record Gaming Revenue
American Place achieved an all-time record gaming revenue month in March, crossing $10 million and almost reaching $11 million.
Cost Savings Initiatives
Several cost-saving measures were implemented including $1.5 million annual savings in food and beverage, $800,000 in overtime cost reduction, and $350,000 savings by replenishing minibars internally.
Database Growth at American Place
Crossed 100,000 guests in the database at American Place, with a continued pace of new entries, indicating ongoing growth potential.
Sale of Stockman's and Revolver Maturity Extension
Completed the sale of Stockman's and extended the revolver maturity date from March 2026 to January 2027.
Negative Updates
EBITDA Loss at Chamonix and Bronco Billy's
Despite revenue growth, Chamonix and Bronco Billy's still experienced a loss in EBITDA, though sequential improvement was noted.
Operational Challenges and Mismanagement at Chamonix
Significant management changes were necessary at Chamonix due to operational inefficiencies and mismanagement.
Temporary Gaming Revenue Decline at Silver Slipper
Silver Slipper experienced a slight decline in property revenue, although profit was up due to cost savings.
Challenges in Relocating Rising Sun
Rising Sun faces market challenges with newer casinos opening in surrounding areas, and relocation efforts face legislative hurdles.
Company Guidance
During the Full House Resorts first quarter 2025 earnings call, significant guidance was provided around key performance metrics and operational strategies. Notably, Silver Slipper experienced a 21% growth in adjusted property EBITDA despite a small decline in revenue, attributed to $2 million in annualized cost savings. At Chamonix and Bronco Billy's, revenue grew by 34% in the first quarter, although EBITDA remained slightly negative due to parallel expense growth. Management changes were highlighted as a strategic move to improve operations, with a focus on cost reductions, including $1.5 million in annual savings in the food and beverage department and $800,000 from a new overtime approval process. The company's American Place property achieved a record gaming revenue month in March, nearly hitting $11 million, and the guest database grew to over 100,000 names. Additionally, Full House Resorts extended the maturity date of its revolver from March 2026 to January 2027 and began paying down its revolver balance, reducing it to $25 million. The company also addressed future construction plans for a permanent casino in Illinois, with intentions to break ground in the second half of 2025.Full House Resorts Corporate Events
Executive/Board ChangesShareholder Meetings
Full House Resorts Holds Annual Stockholders Meeting
Neutral
May 16, 2025
On May 15, 2025, Full House Resorts held its Annual Meeting of Stockholders, where 86.3% of shares were represented. During the meeting, stockholders elected seven directors, approved the 2025 Equity Incentive Plan, ratified Ernst & Young LLP as the independent auditor, and voted on executive compensation matters, deciding to hold advisory votes on executive compensation annually.
The most recent analyst rating on (FLL) stock is a Buy with a $5.50 price target. To see the full list of analyst forecasts on Full House Resorts stock, see the FLL Stock Forecast page.
Executive/Board Changes
Full House Resorts Appoints New Chief Marketing Officer
Neutral
May 13, 2025
On May 13, 2025, Full House Resorts announced the appointment of Joshua Le Duff as Senior Vice President and Chief Marketing Officer, pending customary gaming approvals. Le Duff, with extensive experience in the casino industry, previously served as Vice President of Marketing at Pala Casino Spa Golf Resort. To incentivize his employment, the company granted him 29,940 restricted shares, vesting over three years, as approved by the Compensation Committee under Nasdaq rules.
The most recent analyst rating on (FLL) stock is a Buy with a $5.50 price target. To see the full list of analyst forecasts on Full House Resorts stock, see the FLL Stock Forecast page.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.