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Full House Resorts
(NASDAQ:FLL)
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Rating:53Neutral
Price Target:
$2.00
▼(-14.16% Downside)
Action:Reiterated
Date:06/16/26
The score is held back primarily by weak financial performance (persistent net losses, margin compression, and historically strained/volatile leverage) and a negative P/E. These are partially offset by improving operational momentum discussed on the earnings call (EBITDA growth and better early trends) and supportive technical trend signals with price above major moving averages.
Positive Factors
Adjusted EBITDA Momentum
A sustained ~15% YoY EBITDA increase across multiple properties reflects improving operating leverage and execution on cost and revenue initiatives. Durable EBITDA expansion supports reinvestment and debt servicing potential, making operations more resilient even if headline revenue growth remains uneven.
Negative Factors
Historic Extreme Leverage
Prior years' extreme debt-to-equity ratios and sharp swings in capital structure indicate an unstable balance sheet that can constrain strategic options. High leverage increases refinancing and covenant risk, reduces resilience to shocks, and raises the cost of capital for needed investments like the Waukegan permanent build.
Read all positive and negative factors
Positive Factors
Negative Factors
Adjusted EBITDA Momentum
A sustained ~15% YoY EBITDA increase across multiple properties reflects improving operating leverage and execution on cost and revenue initiatives. Durable EBITDA expansion supports reinvestment and debt servicing potential, making operations more resilient even if headline revenue growth remains uneven.
Read all positive factors
Full House Resorts (FLL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$79.42M
Dividend YieldN/A
Average Volume (3M)154.70K
Price to Earnings (P/E)―
Beta (1Y)1.27
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. Volume193,881
30 Day Avg. Volume154,701
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.82
Revenue Forecast (FY)$314.99M
Full House Resorts Business Overview & Revenue Model
Company Description
Full House Resorts, Inc. is an enterprise that engages in the ownership, development, investment, operation, management, and leasing of casinos along with their associated hospitality and entertainment venues across the United States. Among its ho...
How the Company Makes Money
Full House Resorts primarily generates revenue by operating casino and hospitality properties where customers spend money on gaming and on-site amenities. The core revenue stream is casino gaming win: (1) slot revenue, representing the net win fro...
Full House Resorts Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 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 | 25.80M | 45.68M | 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
Negative
2.33
Price Trends
2.62
Negative
2.58
Negative
2.56
Negative
Market Momentum
-0.10
Positive
35.03
Neutral
11.27
Positive
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 2.33 is below the 20-day moving average (MA) of 2.46, below the 50-day MA of 2.62, and below the 200-day MA of 2.56, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 35.03 is Neutral, neither overbought nor oversold. The STOCH value of 11.27 is Positive, 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 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 |
|---|---|---|---|---|---|---|---|
62 Neutral | $78.54M | -1,285.71 | -0.07% | 1.80% | -1.11% | -107.22% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | $182.19M | -11.59 | 147.77% | ― | 1.31% | -123.26% | |
53 Neutral | $79.42M | -2.07 | -473.31% | ― | 1.53% | 3.65% | |
51 Neutral | $63.07M | 11.44 | 7.94% | ― | -39.43% | ― | |
44 Neutral | $33.20M | -0.62 | 68.93% | ― | 1.65% | 62.88% |
* Consumer Cyclical Sector Average
FLL
Full House Resorts
2.21
-2.35
-51.54%
CPHC
Canterbury Park Holding
15.30
-2.33
-13.20%
CNTY
Century Casinos
1.21
-0.92
-43.19%
INSE
Inspired Entertainment
6.88
-1.93
-21.91%
ROLR
High Roller Technologies, Inc.
5.83
3.58
159.11%
Full House Resorts Corporate Events
Executive/Board ChangesShareholder Meetings
Full House Resorts Stockholders Weigh in on Governance
Neutral
May 20, 2026
On May 14, 2026, Full House Resorts, Inc. held its annual meeting of stockholders, with 72.4% of outstanding shares represented, and shareholders elected seven directors to serve until the 2027 annual meeting. Investors also ratified Ernst Young ...
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.