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Full House Resorts (FLL)
NASDAQ:FLL
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Full House Resorts
(NASDAQ:FLL)
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Rating:51Neutral
Price Target:
$2.50
▲(11.11% Upside)
Action:ReiteratedDate:12/02/25
Full House Resorts' overall stock score is driven by robust revenue growth and improvements in key properties, as highlighted in the earnings call. However, ongoing profitability challenges, negative cash flow, and valuation concerns weigh heavily on the score. Technical indicators suggest a mixed outlook, with bearish momentum offsetting short-term stability.
Positive Factors
Strong Revenue Growth
Sustained top-line expansion shows the company is gaining customers and scale across properties. Strong revenue growth provides room to absorb fixed costs, fund reinvestment in properties, and supports longer‑term recovery of margins if cost control continues.
Improving Adjusted EBITDA
Meaningful EBITDA improvement reflects operational leverage and better property-level profitability, notably at American Place and Chamonix. Higher adjusted EBITDA strengthens cash generation potential, enabling reinvestment, deleveraging and resilience through industry cycles.
Material Leverage Reduction
A large reduction in leverage materially improves balance sheet flexibility, lowers interest burden and increases capacity to finance capex or weather downturns. Stronger leverage metrics reduce refinancing risk and support multi‑period strategic initiatives.
Negative Factors
Negative Free Cash Flow
Persistent negative free cash flow limits the company's ability to fund capital projects, repay debt, or build liquidity internally. For a capital‑intensive casino operator, ongoing negative FCF undermines sustainable investment and increases reliance on external financing.
Profitability Pressure and Declining Margins
Negative and falling margins indicate revenue gains are not yet translating into sustainable profits. Structural cost pressures or unfavorable mix reduce retained earnings and ROE, constraining cash available for growth, capital returns, and long‑term value creation.
Operational and Execution Risks at Properties
Uneven property performance and project delays create revenue volatility and execution risk. Renovation disruptions and legislative needs for temporary casino extensions can defer expected cash flows and margin improvements, challenging multi‑period recovery plans.
Full House Resorts (FLL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$81.27M
Dividend YieldN/A
Average Volume (3M)134.75K
Price to Earnings (P/E)―
Beta (1Y)1.17
Revenue Growth7.45%
EPS Growth5.03%
CountryUS
Employees1,685
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)-0.21
Shares Outstanding36,121,500
10 Day Avg. Volume69,171
30 Day Avg. Volume134,751
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)3.52
Price to Sales (P/S)0.49
P/FCF Ratio-3.68
Enterprise Value/Market Cap1.35
Enterprise Value/Revenue0.37
Enterprise Value/Gross Profit0.70
Enterprise Value/Ebitda2.54
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 casino operations, which include gaming activities such as table games, slot machines, and sports betting. The company earns money from the operation of its hotels, restaurants, and entertainment venues, contributing to its overall revenue. Additionally, Full House Resorts benefits from partnerships with vendors and suppliers that enhance its gaming offerings, as well as strategic marketing initiatives aimed at attracting more visitors to its properties. The company also engages in promotional events and loyalty programs to encourage repeat visits and increase customer spending.
Full House Resorts Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 05, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong growth in key areas like American Place and Chamonix, with significant improvements in adjusted EBITDA. However, some challenges remain in other properties and logistical aspects of future projects. Overall, the positive developments slightly outweigh the challenges.Q3-2025 Updates
Positive Updates
Record Revenue and Growth at American Place
American Place in Illinois achieved record revenue and profitability with a 14% increase in revenues to $32 million in the third quarter. Adjusted property EBITDA rose 16% to $9 million.
Chamonix Performance Improvement
Chamonix in Colorado saw revenues increase by more than 7% and adjusted property EBITDA rose $2.8 million to positive $2.1 million from a negative $0.7 million last year. Notably, table game revenues increased by 53% compared to last year's third quarter.
Adjusted EBITDA Growth
Company-wide adjusted EBITDA rose 26% to $14.8 million despite several unusual items.
Permanent American Place Project Progress
Received unanimous site approval from the Waukegan City Council and reduced the project's total budget from $325 million to $302 million.
Negative Updates
Rising Star and Silver Slipper Performance
Rising Star and Silver Slipper were essentially flat on a combined basis.
Challenges at Grand Lodge
Grand Lodge faced challenges due to renovation disruption at the Hyatt Lake Tahoe.
Temporary Casino Complications
Temporary casino in Waukegan may require an extension beyond its initial deadline, necessitating legislative approval.
Company Guidance
During the Full House Resorts Third Quarter 2025 earnings call, the company reported a revenue increase to $78 million, up from $75.7 million the previous year, with a 5% growth on an apples-to-apples basis, excluding the impact of the sale of Stockman's. Adjusted EBITDA rose by 26% to $14.8 million, potentially reaching $15.2 million if not for several unusual items. American Place in Illinois saw a notable 14% revenue increase to $32 million, with adjusted property EBITDA rising 16% to $9 million. The Temporary Casino at this location continues to expand its customer base, now boasting a database of over 115,000 people. Meanwhile, Chamonix in Colorado recorded a 7% rise in revenues, with adjusted property EBITDA improving from negative $0.7 million last year to positive $2.1 million this quarter. The company highlighted growth in table games revenues, up 53% year-over-year, and slot revenues, which increased by 6%. Full House Resorts continues to refine its strategy, including cost reductions, efficiency improvements, and a focus on expanding its customer base and market reach.Full House Resorts Financial Statement Overview
Summary
Full House Resorts shows strong revenue growth but struggles with profitability and cash flow. The company has improved its debt-to-equity ratio, yet negative returns on equity and free cash flow highlight ongoing financial challenges.Income Statement
Full House Resorts has shown a significant revenue growth rate of 76% in the TTM, indicating strong top-line expansion. However, the company is struggling with profitability, as evidenced by a negative net profit margin of -13.75% and a declining EBIT margin. The gross profit margin has also decreased compared to previous years, suggesting rising costs or pricing pressures.45
Neutral
Balance Sheet
The company's debt-to-equity ratio has improved significantly in the TTM, dropping to 0.10 from a high of 13.03 in the previous year, indicating better leverage management. However, the return on equity remains negative, reflecting ongoing profitability challenges. The equity ratio is stable, suggesting a balanced asset structure.55
Neutral
Cash Flow
Operating cash flow remains positive, but the free cash flow is negative, indicating cash outflows exceeding inflows. The free cash flow growth rate is negative, showing deterioration compared to previous periods. The operating cash flow to net income ratio is low, highlighting challenges in converting earnings into cash.40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 299.92M | 292.06M | 241.06M | 163.28M | 180.16M | 125.59M |
| Gross Profit | 155.78M | 149.90M | 131.42M | 89.92M | 105.43M | 66.41M |
| EBITDA | 43.07M | 42.63M | 31.26M | 20.66M | 45.45M | 18.83M |
| Net Income | -40.13M | -40.67M | -24.90M | -14.80M | 11.71M | 147.00K |
Balance Sheet | ||||||
| Total Assets | 639.47M | 673.33M | 688.46M | 595.33M | 473.84M | 212.62M |
| Cash, Cash Equivalents and Short-Term Investments | 30.93M | 40.22M | 36.16M | 56.59M | 88.72M | 37.70M |
| Total Debt | 59.13M | 527.67M | 514.84M | 424.06M | 321.36M | 129.24M |
| Total Liabilities | 66.87M | 632.84M | 610.61M | 495.54M | 361.13M | 155.94M |
| Stockholders Equity | 572.60M | 40.50M | 77.85M | 99.79M | 112.72M | 56.68M |
Cash Flow | ||||||
| Free Cash Flow | -6.47M | -38.74M | -126.24M | -166.56M | -7.49M | 6.35M |
| Operating Cash Flow | 12.77M | 13.85M | 22.34M | 4.38M | 29.50M | 8.99M |
| Investing Cash Flow | -16.84M | -45.67M | -198.76M | -172.11M | -37.22M | -2.62M |
| Financing Cash Flow | 1.40M | -1.50M | 59.03M | 93.62M | 235.31M | 1.48M |
Full House Resorts Technical Analysis
Negative
2.25
Price Trends
2.54
Negative
2.60
Negative
3.17
Negative
Market Momentum
-0.08
Negative
41.43
Neutral
28.57
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 2.25 is below the 20-day moving average (MA) of 2.32, below the 50-day MA of 2.54, and below the 200-day MA of 3.17, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 41.43 is Neutral, neither overbought nor oversold. The STOCH value of 28.57 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $225.65M | 4.19 | ― | ― | 4.03% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | $750.25M | 153.51 | 1.15% | 3.71% | -12.25% | -84.89% | |
56 Neutral | $79.06M | -55.77 | -1.64% | 1.85% | -4.85% | -129.08% | |
51 Neutral | $81.27M | -2.01 | -121.54% | ― | 7.45% | 5.03% | |
50 Neutral | $48.90M | -15.11 | -78.26% | ― | 3.80% | 59.04% | |
45 Neutral | $45.64M | -0.36 | ― | ― | -1.57% | -80.41% |
* Consumer Cyclical Sector Average
FLL
Full House Resorts
2.25
-2.79
-55.36%
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ROLR
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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.