Full House Resorts (NASDAQ:FLL) reported what management described as a “very good” fourth quarter, while emphasizing that year-over-year comparisons were complicated by asset sales and one-time items in the prior-year period. On the call, executives highlighted continued momentum at the company’s temporary American Place casino in Illinois, signs of operational improvement at its Colorado properties led by Chamonix, and progress toward financing and breaking ground on the permanent American Place facility.
Fourth-quarter results and year-over-year “noise”
President and CFO Lewis Fanger said fourth-quarter revenue rose to $75.4 million from $73.0 million in the fourth quarter of 2024. He noted that the prior-year quarter included $1.5 million of revenue from Stockman’s, which was sold in April 2025. On an “apples-to-apples” basis, management said revenue growth was 5.6%.
American Place continues to ramp; permanent project advances
Management pointed to ongoing growth at the temporary American Place casino. In the fourth quarter, American Place revenue increased 11% to $32 million, while adjusted property EBITDA rose 29% to $8.7 million. For the full year, management reported American Place revenue of $124 million and adjusted property EBITDA of $34.3 million, increases of 13% and 17%, respectively. Fanger said the pace of growth increased as the year progressed, and management expects adjusted EBITDA at American Place to continue climbing in 2026.
Executives reiterated their longer-term expectations for the property, saying they have “long said” the temporary facility should eventually be capable of about $50 million in run-rate EBITDA, and the permanent facility could earn about $100 million. Management also argued the market remains “under-penetrated,” describing the permanent casino as roughly twice the size of the temporary facility and emphasizing the property’s proximity to population and competing casinos.
On construction planning, management said architects were finishing foundation drawings and that the company expects to break ground on the casino’s foundations in the coming weeks. Executives characterized the foundation work as not requiring a lot of capital but taking several months, and said starting now could help accelerate the overall timeline.
On financing, management said it has received several proposals at “attractive” (later clarified as “acceptable”) rates, including options that would fully fund construction without issuing equity. CEO Dan Lee said the company is “pretty comfortable” it will have a deal that allows the permanent facility to open in about two years, but did not provide details while negotiations are ongoing. Management also indicated the financing effort is “all-encompassing” and includes refinancing existing bonds, which executives said mature on February 28, 2028.
The company also discussed timing of cash outflows. In response to a question about capital spending, management said the bulk of construction payments are expected in 2027, with some potentially spilling into 2028 due to payments made in arrears. Executives described the building project as relatively straightforward structurally—no subterranean work, parking garages, or a high-rise—though the interior fit-out would be more elaborate.
Separately, management said a bill was introduced in the Illinois legislature to extend the allowable operating date for the temporary casino by 18 months beyond the current August 2027 authorization. Lee said he expects a vote later in the session, potentially April or May, and described a similar request from Bally’s.
Chamonix and Colorado: new team, operational fixes, and early 2026 indicators
Management spent significant time discussing Chamonix and the broader Colorado operations, which they said now have a fully formed leadership team after multiple hires and promotions spanning 2025 and early 2026. Fanger cited an internal comparison of the second half of 2025 versus the second half of 2024: revenue increased by about $1.2 million (5%), while adjusted property EBITDA improved by $4.2 million.
For the fourth quarter of 2025, management said Chamonix posted a small adjusted property EBITDA loss during a seasonally weaker period, but that the result was a significant improvement from a much larger loss in the fourth quarter of 2024. Lee told analysts that prior-year revenue in late 2024 was “artificially inflated” by marketing programs that were “non-economical,” including promotions that drove room stays without sufficient gaming play and an expensive grand opening event.
Management said the new team has shifted focus after earlier cost initiatives, including re-energizing marketing creative through a new agency and working to build loyalty among higher-value customer segments. The company also cited property refresh work at Bronco Billy’s in January and February 2026—new carpet and ceilings—at an incremental cost in the “low six figures.” Executives said the changes improved the transition between Chamonix and Bronco Billy’s, and the company also opened a Mexican restaurant at Bronco Billy’s with a revamped menu.
Lee also described “blocking and tackling” operational improvements, including efforts to improve housekeeping productivity and reduce room-turn costs, which management said can affect comping decisions and profitability. Asked about early 2026 trends, Lee said the company has seen revenue improvements in the first quarter, despite construction disruption in January.
The company also provided updates on database trends at the property for the first two months of 2026, highlighting growth in the top tiers:
- Top segment: unique guest counts up almost 20%; total visits up 36%.
- Next segment: unique guests up 12%; total visits up 24%.
On group business, management said momentum is building, with “a couple thousand room nights” on the books and a similar number in the pipeline. Executives said the target group size is 100–150 attendees and that over time a fully ramped group strategy could be about 55 events per year, with the goal of improving midweek occupancy.
Other property and portfolio updates
Among smaller properties, management said Silver Slipper and Rising Star declined slightly for the quarter. At Silver Slipper, Lee said the company has upgraded most of the management team and is “gearing up for growth in 2026.” In Q&A, he added that the property generated about $70 million in revenue and that EBITDA was “a bit above 12” in 2024 and “a bit below 12” in 2025. Lee said the property “should be in the high teens” in EBITDA longer term, and he would be disappointed if it does not reach 15 in 2026, citing efficiency opportunities in a saturated market.
At Grand Lodge (Lake Tahoe), management said results remain pressured by disruption tied to renovation work at the Hyatt Regency Lake Tahoe that houses the casino. The company said it is pursuing proactive efforts to find new casino guests ahead of completion of renovated amenities in 2027.
Liquidity, revolving credit extension, sports wagering income, and Indiana discussion
On the balance sheet, management reported about $51 million of liquidity at quarter-end, including the undrawn portion of the revolver. The company also amended its revolving credit facility to extend the maturity date to August 15, 2027. Lee reiterated the view that the Illinois operations alone cover interest expense on current debt, while Illinois and Colorado continue to ramp.
Regarding sports wagering, Lee said most of the company’s sports wagering-related economics are tied to a contract with Circa in Illinois. He characterized the “right number” for EBITDA from existing minimums as roughly $5.9 million, while noting there is always contractual risk. Management also discussed changing the sportsbook operator at Grand Lodge to a new startup that is paying more rent than the prior operator, though executives said it is not material to the company overall.
On Indiana, Lee addressed the evolving legislative process regarding potential relocation of casino gaming from Rising Sun and the possibility of new licenses. He described the process as “rapidly evolving” and said the company will continue monitoring it. Lee also discussed the referendum structure across three counties and said the setup could be challenging due to well-funded opposition and the difficulty for developers to support multiple local campaigns. He emphasized that Rising Sun remains profitable and said the company will continue to pursue outcomes that are good for shareholders and the state.
In closing remarks, Lee said 2025 was “challenging” as the company worked to “fix” Colorado while pursuing financing for the permanent American Place. He said he expects more concrete updates in the coming months, potentially aligning with anticipated financing progress and the Illinois legislative timing.
About Full House Resorts (NASDAQ:FLL)
Full House Resorts, Inc (NASDAQ: FLL) is a gaming, lodging and entertainment company headquartered in Summerfield, Nevada. Founded in 1987, the company designs, develops and operates casino resorts and ancillary hospitality facilities in multiple U.S. markets. Its business model emphasizes regional gaming properties that combine slot machines, table games, hotel accommodations and live entertainment to serve a broad customer base.
The company’s property portfolio spans five states, including Bronco Billy’s Casino & Hotel and Grand Lodge Casino in Black Hawk, Colorado; Silver Slipper Casino Hotel and Harlow’s Casino Resort in Mississippi; Running Aces Harness Park & Casino in Minnesota; Rising Star Casino Resort in Indiana; and Stockman’s Casino in Nevada.
