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1. Company Snapshot

1.a. 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 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.

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1.b. Last Insights on FLL

Recent negative drivers behind Full House Resorts' performance include the company's Q1 2025 earnings release, which reported a net loss of ($0.27) per share, beating analysts' consensus estimates of ($0.29) by $0.02. However, the company's revenue of $65.36 million for the quarter fell short of the consensus estimate of $80.96 million. Additionally, the company's negative net margin of 14.64% and negative return on equity of 66.86% indicate ongoing operational challenges. Furthermore, the company's debt-to-equity ratio of 9.04 and quick ratio of 0.83 suggest liquidity concerns.

1.c. Company Highlights

2. Full House Resorts' Q4 2025 Earnings: A Strong Finish to a Promising Year

Full House Resorts reported a robust fourth quarter, with revenues rising to $75.4 million, up from $73 million in the same period last year. On an apples-to-apples basis, revenue growth was 5.6%. Adjusted EBITDA for the quarter was $10.7 million. The company's EPS came in at -$0.34, missing estimates of -$0.23477. For the full year, revenues and adjusted property EBITDA at American Place rose to $124 million and $34.3 million, increases of 13% and 17%, respectively.

Publication Date: Mar -07

📋 Highlights
  • 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.

3. NewsRoom

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Full House Resorts (NASDAQ:FLL) Stock Crosses Above 200-Day Moving Average – Here’s Why

Apr -07

Source: defenseworld.net

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Snail (NASDAQ:SNAL) and Full House Resorts (NASDAQ:FLL) Head to Head Contrast

Mar -20

Source: defenseworld.net

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Brokerages Set Full House Resorts, Inc. (NASDAQ:FLL) Target Price at $4.25

Mar -09

Source: defenseworld.net

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Full House Resorts Q4 Earnings Call Highlights

Mar -07

Source: defenseworld.net

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Full House Resorts, Inc. (FLL) Q4 2025 Earnings Call Transcript

Mar -06

Source: seekingalpha.com

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Full House Resorts Announces Fourth Quarter and Full-Year Results

Mar -05

Source: globenewswire.com

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Contrasting Full House Resorts (NASDAQ:FLL) & Super Group (SGHC) (NYSE:SGHC)

Feb -19

Source: defenseworld.net

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Full House Resorts, Inc. (NASDAQ:FLL) Receives $4.50 Average Target Price from Analysts

Feb -08

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.31%)

6. Segments

Midwest & South

Expected Growth: 10%

The Midwest and South segments of Full House Resorts, Inc. are driven by a 10% growth rate, attributed to increasing demand for gaming and hospitality services, strategic marketing initiatives, and expansion into new markets. Additionally, the regions' growing population, rising disposable income, and favorable regulatory environments contribute to the segment's growth.

West

Expected Growth: 11%

Full House Resorts' West segment, led by the Silver Slipper Casino, drove 11% growth. Key drivers include increased gaming revenue from slot machines and table games, higher hotel occupancy rates, and a strong entertainment lineup. Additionally, the company's focus on cost savings initiatives and effective marketing strategies contributed to the segment's growth.

Contracted Sports Wagering

Expected Growth: 13%

The 13% growth in Contracted Sports Wagering from Full House Resorts, Inc. is driven by increasing demand for online sports betting, strategic partnerships with sportsbooks, and expansion into new markets. Additionally, the company's focus on enhancing user experience, improving marketing efforts, and optimizing operational efficiency have contributed to the segment's growth.

7. Detailed Products

Casino Operations

Full House Resorts, Inc. owns and operates several casinos across the United States, offering a range of gaming options, including slots, table games, and poker.

Hotel Operations

The company operates several hotels and resorts, offering accommodations, dining, and entertainment options to guests.

Food and Beverage Operations

Full House Resorts, Inc. offers a range of dining options, including restaurants, bars, and cafes, within its casinos and hotels.

Gaming Promotions and Events

The company hosts various gaming promotions, tournaments, and events, such as slot tournaments and poker tournaments.

Gaming Technology and Services

Full House Resorts, Inc. provides gaming technology and services, including gaming systems and equipment, to its casinos and hotels.

8. Full House Resorts, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Full House Resorts, Inc. faces moderate threat from substitutes, as customers have alternative options for entertainment and leisure activities.

Bargaining Power Of Customers

Full House Resorts, Inc. has a diverse customer base, which reduces the bargaining power of individual customers, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

Full House Resorts, Inc. relies on various suppliers for goods and services, but the company's size and scale of operations give it some bargaining power in negotiations.

Threat Of New Entrants

The gaming and hospitality industry is highly competitive, and new entrants can easily disrupt the market, posing a significant threat to Full House Resorts, Inc.'s market share.

Intensity Of Rivalry

The gaming and hospitality industry is highly competitive, with many established players, leading to intense rivalry among companies, including Full House Resorts, Inc.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 85.84%
Debt Cost 7.90%
Equity Weight 14.16%
Equity Cost 13.75%
WACC 8.73%
Leverage 606.16%

11. Quality Control: Full House Resorts, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
PlayAGS

A-Score: 5.0/10

Value: 5.6

Growth: 6.7

Quality: 5.7

Yield: 0.0

Momentum: 7.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Everi

A-Score: 4.5/10

Value: 5.1

Growth: 4.6

Quality: 4.8

Yield: 0.0

Momentum: 7.0

Volatility: 5.3

1-Year Total Return ->

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Inspired Entertainment

A-Score: 4.4/10

Value: 7.2

Growth: 6.9

Quality: 5.5

Yield: 0.0

Momentum: 2.5

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Full House Resorts

A-Score: 3.2/10

Value: 8.1

Growth: 2.9

Quality: 3.7

Yield: 0.0

Momentum: 1.5

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Ballys

A-Score: 3.1/10

Value: 6.4

Growth: 4.4

Quality: 1.9

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Century Casinos

A-Score: 3.1/10

Value: 9.0

Growth: 2.8

Quality: 3.6

Yield: 0.0

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.51$

Current Price

2.51$

Potential

-0.00%

Expected Cash-Flows