Full House Resorts (FLL)
NASDAQ:FLL
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Full House Resorts
(NASDAQ:FLL)
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Rating:56Neutral
Price Target:
$2.50
▼(-7.41% Downside)
Action:ReiteratedDate:03/17/26
The score is driven primarily by improving fundamentals (strong revenue growth, stabilized operating profitability, and better 2025 balance-sheet leverage) and a constructive earnings-call outlook led by American Place and early Chamonix progress. Offsetting factors are continued net losses/uneven free cash flow, a weak valuation signal from the negative P/E, and only mixed technicals with the stock still below its 200-day moving average.
Positive Factors
Accelerating revenue growth and stabilized operating margins
The company has moved from uneven top-line performance to accelerating revenue and a stable operating margin profile (EBIT/EBITDA ~13–15%). Durable revenue expansion combined with steady property-level margins supports reinvestment, scale benefits and a clearer path to translating operations into consistent cash flow.
Negative Factors
Persistent net losses and negative returns on equity
Despite improving operating metrics, the persistence of net losses constrains capital formation and reduces retained earnings, keeping ROE negative. Over the medium term this limits the firm's ability to self-fund growth or build cash buffers, making it more reliant on external financing or asset sales.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating revenue growth and stabilized operating margins
The company has moved from uneven top-line performance to accelerating revenue and a stable operating margin profile (EBIT/EBITDA ~13–15%). Durable revenue expansion combined with steady property-level margins supports reinvestment, scale benefits and a clearer path to translating operations into consistent cash flow.
Read all positive factors
Full House Resorts (FLL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$97.69M
Dividend YieldN/A
Average Volume (3M)126.39K
Price to Earnings (P/E)―
Beta (1Y)1.18
Revenue Growth7.45%
EPS Growth5.03%
CountryUS
Employees1,685
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)-0.34
Shares Outstanding36,183,070
10 Day Avg. Volume98,242
30 Day Avg. Volume126,392
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 Cap6.03
Enterprise Value/Revenue1.95
Enterprise Value/Gross Profit5.19
Enterprise Value/Ebitda13.23
Forecast
1Y Price Target
$4.00Price Target Upside48.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.79
Revenue Forecast (FY)$325.59M
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:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
Earnings Call Sentiment Positive
The call conveyed a generally constructive outlook: consolidated revenue and adjusted EBITDA improved, American Place showed strong quarter and full-year growth with meaningful upside potential for the permanent facility, Chamonix is showing early signs of operational turnaround under a new management team, and liquidity plus progress on financing and foundation drawings reduce near-term capital-execution risk. Notable challenges include seasonal weakness and earlier promotional missteps at Chamonix, minor declines at smaller properties, third-party renovation impacts at Grand Lodge, and lingering legislative and financing execution risks. On balance, operational momentum and financing progress outweigh the manageable near-term headwinds.Positive Updates
Consolidated Revenue Growth (Q4 2025)
Q4 revenues rose to $75.4M from $73.0M a year ago; on an apples-to-apples basis (excluding $1.5M from divested Stockman's), revenue growth was 5.6% year-over-year.
Negative Updates
Chamonix Seasonal Weakness and Earlier Promotional Missteps
Q4 2025 experienced a small adjusted property EBITDA loss in the seasonally weaker winter period. Management acknowledged that FY2024 results were artificially inflated by non-economical marketing and an expensive grand-opening event, requiring operational reset and staff changes in 2025.
Read all updates
Q4-2025 Updates
Positive
Negative
Consolidated Revenue Growth (Q4 2025)
Q4 revenues rose to $75.4M from $73.0M a year ago; on an apples-to-apples basis (excluding $1.5M from divested Stockman's), revenue growth was 5.6% year-over-year.
Read all positive updates
Company Guidance
Management provided detailed operational and financial guidance: Q4 FY2025 revenue was $75.4M (vs. $73.0M a year ago; apples‑to‑apples growth 5.6%) and adjusted EBITDA $10.7M (vs. $10.4M; ~23% higher after backing out $1.7M of prior‑year items); American Place Q4 revenue was $32M (+11%) with adjusted property EBITDA $8.7M (+29%), and full‑year American Place revenue and adjusted property EBITDA were $124M and $34.3M (+13% and +17% YoY); management believes the temporary American Place can reach ~ $50M run‑rate EBITDA and the permanent facility ~ $100M; liquidity was about $51M at quarter end and the revolver maturity was extended to Aug 15, 2027; the temporary casino is authorized through Aug 2027 with an 18‑month legislative extension pending (vote expected Apr/May); foundation drawings for the permanent casino are imminent, foundation work to start in coming weeks with a total build of ~18–24 months and most heavy CapEx expected in 2027, and financing proposals (including non‑equity options) are under evaluation to refinance bonds that mature Feb 2028 (become current Feb 2027); early‑2026 marketing traction: top database segment unique guests +~20% and visits +36% (segment 2 unique guests +12%, visits +24%); Chamonix H2 2025 vs H2 2024: revenue +$1.2M (~5%) and adjusted property EBITDA +$4.2M (Q4 Chamonix loss narrowed vs prior year); sportsbook EBITDA run‑rate roughly $6–7M (minimums ~ $5.9M); other notes: Silver Slipper/Rising Star modest declines and Waukegan database ~121k–125k names.Full House Resorts Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
64
Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 302.38M | 292.06M | 241.06M | 163.28M | 180.16M |
| Gross Profit | 113.50M | 149.90M | 131.42M | 89.92M | 105.43M |
| EBITDA | 46.40M | 42.63M | 31.26M | 20.66M | 45.45M |
| Net Income | -40.20M | -40.67M | -24.90M | -14.80M | 11.71M |
Balance Sheet | |||||
| Total Assets | 672.73M | 673.33M | 688.46M | 595.33M | 473.84M |
| Cash, Cash Equivalents and Short-Term Investments | 40.67M | 40.22M | 36.16M | 56.59M | 88.72M |
| Total Debt | 531.60M | 527.67M | 514.84M | 424.06M | 321.36M |
| Total Liabilities | 670.20M | 632.84M | 610.61M | 495.54M | 361.13M |
| Stockholders Equity | 2.54M | 40.50M | 77.85M | 99.79M | 112.72M |
Cash Flow | |||||
| Free Cash Flow | -2.68M | -38.74M | -126.24M | -166.56M | -7.49M |
| Operating Cash Flow | 9.97M | 13.85M | 22.34M | 4.38M | 29.50M |
| Investing Cash Flow | -10.32M | -45.67M | -198.76M | -172.11M | -37.22M |
| Financing Cash Flow | 801.00K | -1.50M | 59.03M | 93.62M | 235.31M |
Full House Resorts Technical Analysis
Positive
2.70
Price Trends
2.38
Positive
2.51
Positive
3.03
Negative
Market Momentum
<0.01
Negative
58.60
Neutral
92.23
Negative
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 2.7 is above the 20-day moving average (MA) of 2.46, above the 50-day MA of 2.38, and below the 200-day MA of 3.03, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 58.60 is Neutral, neither overbought nor oversold. The STOCH value of 92.23 is Negative, 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 |
|---|---|---|---|---|---|---|---|
64 Neutral | $79.98M | -50.54 | -0.63% | 1.85% | -4.85% | -129.08% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | $97.69M | -2.34 | -233.17% | ― | 7.45% | 5.03% | |
56 Neutral | $191.31M | -16.00 | 184.28% | ― | 4.03% | ― | |
49 Neutral | $729.40M | -118.26 | -1.37% | 3.71% | -12.25% | -84.89% | |
47 Neutral | $42.08M | -0.65 | 155.17% | ― | -1.57% | -80.41% | |
45 Neutral | $40.08M | 25.19 | 12.75% | ― | 3.80% | 59.04% |
* Consumer Cyclical Sector Average
FLL
Full House Resorts
2.70
-0.81
-23.08%
CPHC
Canterbury Park Holding
15.61
-1.28
-7.56%
CNTY
Century Casinos
1.47
-0.04
-2.65%
GDEN
Golden Entertainment
27.63
1.98
7.74%
INSE
Inspired Entertainment
7.07
-0.63
-8.18%
ROLR
High Roller Technologies, Inc.
3.68
0.70
23.49%
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.