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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' Q3 2025 Earnings: Steady Growth and Promising Outlook

Full House Resorts reported a 5% increase in revenues to $78 million for the third quarter of 2025, compared to $75.7 million in the same quarter last year. Adjusted EBITDA rose 26% to $14.8 million, driven by strong performances at American Place in Illinois and Chamonix in Colorado. The company's actual EPS came in at -$0.21, slightly missing estimates of -$0.19704. American Place's Temporary Casino achieved record revenue and profitability, with a 14% increase in revenue to $32 million and adjusted property EBITDA of $9 million.

Publication Date: Dec -21

📋 Highlights
  • Revenue & EBITDA Growth: Q3 2025 revenues rose 5% to $78M; adjusted EBITDA surged 26% to $14.8M, driven by American Place and Chamonix.
  • American Place Performance: Temporary casino achieved $32M revenue (+14%) and $9M adjusted EBITDA; permanent project budget cut to $302M with August 2027 opening target.
  • Chamonix Turnaround: Adjusted EBITDA turned positive to $2.1M (vs. $0.7M loss last year) amid 7% revenue growth and cost controls.
  • Financial Position: $40M liquidity, with Illinois operations covering debt interest; $500M total casino investment planned ($170M spent on temporary, $302M budgeted for permanent).
  • Strategic Relocation Plans: Proposed Indianapolis casino relocation could boost state tax revenue; Waukegan permanent casino expected to reach $50M run rate by 2027.

Operational Highlights

The growth was driven by the success of American Place and Chamonix, with the latter reporting a 7% increase in revenues and a positive adjusted property EBITDA of $2.1 million. The company has made significant progress in its Illinois operations, with the Temporary Casino achieving record revenue and profitability. Chamonix has also shown improvement, driven by a focus on controlling costs and growing revenues through digital marketing and casino hosts.

Financing and Capital Allocation

Full House Resorts has $40 million in liquidity and is expected to incur low capital expenditures until the permanent American Place casino construction begins. The company is exploring financing options, including bonds, land leases, and REITs, to fund the $302 million budgeted for the permanent casino. Management has expressed a preference for the bond market but is evaluating other options, citing recent REIT transactions as potentially favorable.

Valuation and Outlook

With a P/S Ratio of 0.36 and an EV/EBITDA of 6.12, the company's valuation appears reasonable. Analysts estimate next year's revenue growth at 7.5%. The company's ROE is currently negative at -24.12%, but its ROIC is 0.43%. The Net Debt / EBITDA ratio stands at 1.31. As Daniel Lee noted, the company is focused on building long-term shareholder value and finding the right financing for the permanent American Place casino. With a strong recent quarter and easy comparisons going forward, the company is optimistic about its future.

Growth Prospects

The company is working to build a day-trip business from Colorado Springs and develop meeting room space at Chamonix. The management team is focused on filling rooms midweek as a key lever for growth. In Indiana, the company is exploring the possibility of relocating a casino to a higher-population area, which could potentially increase state tax revenues.

3. NewsRoom

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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

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Analyzing Trans World (OTCMKTS:TWOC) & Full House Resorts (NASDAQ:FLL)

Feb -02

Source: defenseworld.net

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

Nov -25

Source: defenseworld.net

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Full House Resorts, Inc. (FLL) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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Full House Resorts Announces Strong Third Quarter Results

Nov -06

Source: globenewswire.com

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Full House Resorts (NASDAQ:FLL) vs. Accel Entertainment (NYSE:ACEL) Critical Contrast

Oct -22

Source: defenseworld.net

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Full House Resorts Announces Third Quarter Earnings Release Date

Oct -09

Source: globenewswire.com

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

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PlayAGS

A-Score: 5.0/10

Value: 5.6

Growth: 6.7

Quality: 5.7

Yield: 0.0

Momentum: 7.0

Volatility: 5.0

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Everi

A-Score: 4.5/10

Value: 5.1

Growth: 4.6

Quality: 4.8

Yield: 0.0

Momentum: 7.0

Volatility: 5.3

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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

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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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Ballys

A-Score: 3.1/10

Value: 6.4

Growth: 4.4

Quality: 1.9

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

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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

2.21$

Current Price

2.21$

Potential

-0.00%

Expected Cash-Flows