Full House Resorts (FLL)
NASDAQ:FLL
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Full House Resorts
(NASDAQ:FLL)
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Rating:50Neutral
Price Target:
$2.50
▲(0.81% Upside)
Action:Reiterated
Date:05/09/26
The score is held down primarily by weak financial performance (persistent net losses, compressed gross margin, and historically stretched/volatile leverage), partially offset by a more positive recent operational trajectory highlighted on the earnings call (EBITDA growth and improving property/customer metrics). Technicals are supportive in the short term but not yet confirmed by the long-term trend, while valuation remains constrained by losses and no dividend support.
Positive Factors
Operating Cash Flow
Consistent positive operating cash flow signals the underlying casino operations generate recurring cash, supporting day-to-day funding, modest reinvestment and temporary construction spend. For a regional gaming operator, durable cash generation reduces reliance on short-term financing and underpins operational resilience.
Negative Factors
Persistent Net Losses
Despite operating improvements and positive EBITDA, recurring negative net margins indicate below-the-line costs (interest, taxes, depreciation) and losses that erode equity. Sustained net losses limit retained earnings, constrain reinvestment capacity, and increase sensitivity to any downturns or revenue variability over the medium term.
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Positive Factors
Negative Factors
Operating Cash Flow
Consistent positive operating cash flow signals the underlying casino operations generate recurring cash, supporting day-to-day funding, modest reinvestment and temporary construction spend. For a regional gaming operator, durable cash generation reduces reliance on short-term financing and underpins operational resilience.
Read all positive factors
Full House Resorts (FLL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$99.37M
Dividend YieldN/A
Average Volume (3M)155.49K
Price to Earnings (P/E)―
Beta (1Y)1.21
Revenue Growth1.53%
EPS Growth3.65%
CountryUS
Employees1,685
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)-1.07
Shares Outstanding36,265,182
10 Day Avg. Volume202,436
30 Day Avg. Volume155,489
Financial Highlights & Ratios
PEG Ratio0.68
Price to Book (P/B)37.05
Price to Sales (P/S)0.31
P/FCF Ratio-35.08
Enterprise Value/Market Cap6.06
Enterprise Value/Revenue2.00
Enterprise Value/Gross Profit4.49
Enterprise Value/Ebitda12.88
Forecast
1Y Price Target
$4.00Price Target Upside61.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.81
Revenue Forecast (FY)$314.91M
Full House Resorts Business Overview & Revenue Model
Company Description
Full 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 Cou...
How the Company Makes Money
Full House Resorts generates revenue primarily by operating casino gaming activities at its properties. The largest driver is casino gaming win/hold from slot machines and table games (the difference between amounts wagered and amounts paid out), ...
Full House Resorts Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive operational trajectory highlighted by a ~15% increase in adjusted EBITDA, solid American Place performance, improving database and marketing metrics, and meaningful progress toward Waukegan permanent casino financing and construction. Challenges remain including modest nominal revenue decline, table-hold variability that suppressed reported gaming revenue, ongoing refurbishment impacts, and execution risk tied to financing and legislative timing. Property-level cost controls and marketing initiatives are showing early traction (April/March improvements), suggesting the positives outweigh the negatives in the near to medium term.Positive Updates
Adjusted EBITDA Growth
Adjusted EBITDA rose to $13.2 million in Q1 2026 from $11.5 million in Q1 2025, an increase of ~15%, driven by broad EBITDA growth across multiple properties (American Place, Chamonix/Bronco Billy's, Silver Slipper, Rising Star).
Negative Updates
Nominal Revenue Slightly Down YoY
Reported revenue declined slightly to $74.4 million from $75.1 million in Q1 2025 (nominal decline of ~0.9%); while apples-to-apples was +0.9%, headline revenue was down.
Read all updates
Q1-2026 Updates
Positive
Negative
Adjusted EBITDA Growth
Adjusted EBITDA rose to $13.2 million in Q1 2026 from $11.5 million in Q1 2025, an increase of ~15%, driven by broad EBITDA growth across multiple properties (American Place, Chamonix/Bronco Billy's, Silver Slipper, Rising Star).
Read all positive updates
Company Guidance
The company reiterated that it expects near-term progress on financing and construction of the permanent American Place—having invested about $170 million to date and needing roughly $300 million more—planning to commence construction in the next few weeks and target opening in about two years, with temporary operations authorized through August 2027 (an 18‑month legislative extension is being pursued); Q1 results showed revenues of $74.4 million (versus $75.1 million prior year; apples‑to‑apples +0.9%) and adjusted EBITDA of $13.2 million (up ~15% from $11.5 million), American Place revenues of $31.8 million with adjusted property EBITDA of $8.3 million (table hold 1.2 percentage points lower), Chamonix/Bronco Billy’s revenues ~$11.3–11.6 million with adjusted EBITDA improving from −$2.3M to −$1.3M (42% improvement), preliminary April trends of state gaming revenues +~6% (would be +~16% if hold normalized), Chamonix April net slot win +9% and net table win +20%, database new sign‑ups +12%, rated visits +19% and win per rated visit +14%, liquidity of about $41 million (including undrawn revolver), a temporary EBITDA run‑rate at Waukegan near $40M with management forecasting permanent casino EBITDA potential in the ~$90–100M range over time, and expected financing costs “above 5% but well below 15%,” while noting seasonal strength into summer and limited near‑term construction spend to support cash flow.Full House Resorts Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
28
Negative
Cash Flow
36
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 301.74M | 302.38M | 292.06M | 241.06M | 163.28M | 180.16M |
| Gross Profit | 134.30M | 113.50M | 149.90M | 131.42M | 89.92M | 105.43M |
| EBITDA | 46.78M | 46.40M | 42.63M | 31.26M | 20.66M | 45.45M |
| Net Income | -38.58M | -40.20M | -40.67M | -24.90M | -14.80M | 11.71M |
Balance Sheet | ||||||
| Total Assets | 630.50M | 672.73M | 673.33M | 688.46M | 595.33M | 473.84M |
| Cash, Cash Equivalents and Short-Term Investments | 31.37M | 40.67M | 40.22M | 36.16M | 56.59M | 88.72M |
| Total Debt | 531.88M | 531.60M | 527.67M | 514.84M | 424.06M | 321.36M |
| Total Liabilities | 635.86M | 670.20M | 632.84M | 610.61M | 495.54M | 361.13M |
| Stockholders Equity | -5.35M | 2.54M | 40.50M | 77.85M | 99.79M | 112.72M |
Cash Flow | ||||||
| Free Cash Flow | 3.14M | -2.68M | -38.74M | -126.24M | -166.56M | -7.49M |
| Operating Cash Flow | 15.64M | 9.97M | 13.85M | 22.34M | 4.38M | 29.50M |
| Investing Cash Flow | -10.17M | -10.32M | -45.67M | -198.76M | -172.11M | -37.22M |
| Financing Cash Flow | -4.81M | 801.00K | -1.50M | 59.03M | 93.62M | 235.31M |
Full House Resorts Technical Analysis
Positive
2.48
Price Trends
2.54
Positive
2.48
Positive
2.75
Positive
Market Momentum
0.08
Negative
56.95
Neutral
43.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLL, the sentiment is Positive. The current price of 2.48 is below the 20-day moving average (MA) of 2.66, below the 50-day MA of 2.54, and below the 200-day MA of 2.75, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 56.95 is Neutral, neither overbought nor oversold. The STOCH value of 43.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FLL.
Full House Resorts Risk Analysis
Full House Resorts disclosed 54 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $82.51M | 117.59 | -0.63% | 1.85% | -1.11% | -107.22% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $191.80M | -104.42 | 147.77% | ― | 1.31% | -123.26% | |
52 Neutral | $58.68M | -3.05 | 7.94% | ― | -39.43% | ― | |
50 Neutral | $99.37M | -2.50 | -473.31% | ― | 1.53% | 3.65% | |
44 Neutral | $36.34M | -0.60 | 68.93% | ― | 1.65% | 62.88% |
* Consumer Cyclical Sector Average
FLL
Full House Resorts
2.81
-0.63
-18.31%
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Full House Resorts Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Full House Resorts Extends Credit Facility, Advances American Place
Positive
Mar 5, 2026
Full House Resorts, Inc. is a U.S. casino and hotel operator with properties across the Midwest, South and West, including American Place in Illinois, Silver Slipper in Mississippi, Rising Star in Indiana, Grand Lodge in Nevada, and the integrated...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.