- Q4 2025 Revenue Growth: Revenues rose to $75.4M, a 5.6% increase on an apples-to-apples basis from $73M in Q4 2024.
- American Place Performance: Q4 revenue reached $32M (+11%), with adjusted EBITDA climbing 29% to $8.7M; full-year revenue and EBITDA hit $124M (+13%) and $34.3M (+17%), respectively.
- Chamonix Progress: Second-half 2025 revenue grew $1.2M (+5%), while adjusted EBITDA surged $4.2M in six months, driven by a new management team.
- Liquidity and Debt Management: $51M liquidity at quarter-end, with revolver maturity extended to 2027 and Illinois operations covering all interest expenses on current debt.
- Permanent Casino Project: Foundation construction for American Place is set to begin soon, with financing proposals secured at ~10% rates, avoiding equity issuance.
Operational Highlights
The company's American Place temporary casino continues to show significant growth, with revenues increasing by 11% to $32 million in the fourth quarter. Chamonix, with its newly formed management team, also reported growth, with revenues increasing by $1.2 million or about 5% in the second half of 2025 compared to the same period last year. Adjusted property EBITDA in those 6 months jumped by $4.2 million.
Balance Sheet and Liquidity
At the end of the quarter, Full House Resorts had about $51 million of liquidity, including the undrawn portion of its revolver. The company amended its revolving credit facility, extending the maturity date to August 15, 2027. The Illinois operations alone pay for the interest expense on the company's current debt.
Valuation and Growth Prospects
Analysts estimate next year's revenue growth at 6.9%. With a current P/S Ratio of 0.32 and EV/EBITDA of 12.89, the market seems to be pricing in moderate growth expectations. The company's ROE is -150.39%, and ROIC is 0.57%, indicating potential operational challenges. However, the progress made in American Place and Chamonix, along with the expected growth in 2026, could be positive catalysts for the stock.
Outlook and Guidance
Full House Resorts is optimistic about its prospects, with expected adjusted property EBITDA at American Place to continue to climb in 2026. The company is also making progress on its permanent American Place Casino project, with architects putting the finishing touches on foundation drawings. The company expects to break ground on the casino's foundations in the coming weeks and has received several proposals for the construction of the permanent facility at attractive rates.