olivLaw · US equity research
Full House Resorts, Inc. FLL
Hotels & Motels · SIC 7011 · Vertical: Hotels & Motels (SIC 7011)
Full House Resorts operates casinos and hospitality facilities in Nevada, Colorado, Illinois, Indiana and Mississippi, with growing emphasis on its new American Place casino in Waukegan. The second quarter of 2026 showed growth, but the company remains heavily indebted, and its debt raises important questions for investors.
At the close of 04 Nov 2026, Full House Resorts, Inc. (FLL) stock was 0.79 USD (+4.54% on the day), with market capitalisation 29.1 m USD, beta 1.21, 52-week range 0.74–3.32 USD. Latest reported quarter (Q2 2026): revenue of 78.1 m USD (+5.6% YoY), net income of -8.7 m USD, diluted EPS -0.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 25.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.66 – 1.26
- in the lower half of the band · %B 0.22 · band width 62.1%
- SMA 50 / 200
- 1.48 / 2.24
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.21 / -0.22
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −42.0% | −1.1% | −40.9 pp | — |
| 3 months | −64.2% | −0.5% | −63.8 pp | — |
| 6 months | −68.5% | +4.4% | −72.9 pp | — |
| Year to date | −69.6% | +12.3% | −81.9 pp | — |
| 1 year | −67.0% | +13.5% | −80.6 pp | +9.5% |
| 3 years | −79.8% | +76.4% | −156.2 pp | +9.3% |
| 5 years | −92.4% | +63.7% | −156.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 75.7 m | 73.0 m | 75.1 m | 73.9 m | 78.0 m | 75.4 m | 74.4 m | 78.1 m |
| Cost of revenue | 5.9 m | 5.8 m | 4.9 m | 4.8 m | 5.3 m | 5.2 m | 5.0 m | 5.4 m |
| SG&A | 26.7 m | 27.2 m | 26.9 m | 27.9 m | 27.8 m | 27.2 m | 25.1 m | 27.7 m |
| Operating income | 2.4 m | -1.4 m | 738.0 k | -74.0 k | 3.4 m | -976.0 k | 2.4 m | 2.3 m |
| Depreciation & amortisation | 10.5 m | 10.7 m | 10.6 m | 10.6 m | 10.6 m | 10.8 m | 10.6 m | 10.4 m |
| Interest expense | 11.0 m | 10.9 m | 10.3 m | 10.4 m | 11.1 m | 11.0 m | 10.4 m | 10.8 m |
| Pre-tax income | -8.6 m | -12.3 m | -9.6 m | -10.5 m | -7.7 m | -11.9 m | -8.0 m | -8.6 m |
| Income tax | -126.0 k | 10.0 k | 206.0 k | -95.0 k | -14.0 k | 433.0 k | 120.0 k | 121.0 k |
| Net income | -8.5 m | -12.3 m | -9.8 m | -10.4 m | -7.7 m | -12.4 m | -8.2 m | -8.7 m |
| Diluted EPS | -0.24 | -0.35 ≈ | -0.27 | -0.29 | -0.21 | -0.34 ≈ | -0.23 | -0.24 |
| Operating cash flow | -6.7 m ≈ | 14.8 m | -7.1 m | 1.2 m ≈ | 3.8 m ≈ | 12.0 m | -3.8 m | 2.4 m ≈ |
| Capex | 10.7 m ≈ | 8.0 m | 2.9 m | 3.3 m ≈ | 5.1 m ≈ | 1.4 m | 2.7 m | 1.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 163.9 m | 165.4 m | 125.6 m | 180.2 m | 163.3 m | 241.1 m | 292.1 m | 302.4 m |
| Revenue YoY | +1.6% | +0.9% | −24.1% | +43.5% | −9.4% | +47.6% | +21.2% | +3.5% |
| Net income | -4.4 m | -5.8 m | 147.0 k | 11.7 m | -14.8 m | -24.9 m | -40.7 m | -40.2 m |
| Net income YoY | unavailable | unavailable | unavailable | +7,863.3% | −226.5% | unavailable | unavailable | unavailable |
| Diluted EPS | -0.23 | -0.22 | 0.01 | 0.33 | -0.43 | -0.72 | -1.16 | -1.12 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +3,200.0% | −230.3% | unavailable | unavailable | unavailable |
| net % | -2.7% | -3.5% | 0.1% | 6.5% | -9.1% | -10.3% | -13.9% | -13.3% |
| Free cash flow | -7.2 m | 2.4 m | 6.4 m | -7.5 m | -166.6 m | -126.2 m | -38.7 m | -2.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 40.7 m USD
- Financial debt
- 473.6 m USD
- Net debt
- 433.0 m USD
- Equity
- 2.5 m USD
- Total assets
- 649.8 m USD
- Debt / equity
- 186.62x
- Current ratio
- 0.72x
- ROE
- -186.8%
- ROA
- -6.1%
- FCF margin
- -0.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 125.6 m | 180.2 m | 163.3 m | 241.1 m | 292.1 m | 302.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Cost of revenue | — | — | — | 19.4 m | 22.7 m | 20.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Gross profit | — | — | — | 221.7 m ≈ | 269.4 m ≈ | 282.2 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| SG&A | 47.6 m | 60.0 m | 59.7 m | 85.7 m | 104.1 m | 109.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Operating income | 10.5 m | 37.6 m | 12.7 m | -1.2 m | 2.8 m | 3.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Depreciation & amortisation | 7.7 m | 7.2 m | 7.9 m | 31.1 m | 42.1 m | 42.6 m | SEC (XBRL)· 16 Mar 2026verified |
| EBITDA | 18.1 m ≈ | 44.8 m ≈ | 20.6 m ≈ | 29.9 m ≈ | 44.9 m ≈ | 45.7 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Interest expense | 9.8 m | 23.7 m | 23.0 m | 23.0 m | 43.2 m | 42.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Pre-tax income | 55.0 k | 12.1 m | -14.8 m | -23.8 m | -40.5 m | -39.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | -92.0 k | 435.0 k | -31.0 k | 1.1 m | 221.0 k | 530.0 k | SEC (XBRL)· 16 Mar 2026verified |
| Net income | 147.0 k | 11.7 m | -14.8 m | -24.9 m | -40.7 m | -40.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | 0.01 | 0.33 | -0.43 | -0.72 | -1.16 | -1.12 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | 27.8 m | 34.9 m | 34.4 m | 34.5 m | 35.0 m | 36.0 m | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 37.7 m | 88.7 m | 56.6 m | 36.2 m | 40.2 m | 40.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Receivables | 4.9 m | 4.7 m | 4.1 m | 5.3 m | 5.1 m | 3.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Inventories | 1.5 m | 1.7 m | 1.5 m | 1.8 m | 2.1 m | 2.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Current assets | 46.6 m | 275.4 m | 202.9 m | 84.6 m | 53.4 m | 53.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Goodwill | 21.3 m | 21.3 m | 21.3 m | 21.3 m | 19.5 m | 19.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Intangibles (excl. goodwill) | 11.0 m | 10.9 m | 10.9 m | 76.3 m | 96.1 m | 108.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Total assets | 212.6 m | 473.8 m | 595.3 m | 688.5 m | 673.3 m | 649.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Accounts payable | 4.2 m | 3.9 m | 4.6 m | 12.8 m | 8.4 m | 8.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Short-term debt | 426.0 k | — | — | — | — | — | SEC (XBRL)· 12 Mar 2021verified |
| Long-term debt | 106.8 m | 301.6 m | 401.9 m | 465.2 m | 468.1 m | 473.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Current liabilities | 24.3 m | 38.1 m | 65.7 m | 78.6 m | 67.5 m | 73.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Total liabilities | 155.9 m | 361.1 m | 495.5 m | 610.6 m | 632.8 m | 647.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Equity | 56.7 m † | 112.7 m † | 99.8 m † | 77.8 m † | 40.5 m † | 2.5 m † | SEC (XBRL)· 16 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 9.0 m | 29.5 m | 4.4 m | 22.3 m | 13.8 m | 10.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Capex | 2.6 m | 37.0 m | 170.9 m | 148.6 m | 52.6 m | 12.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Free cash flow | 6.4 m ≈ | -7.5 m ≈ | -166.6 m ≈ | -126.2 m ≈ | -38.7 m ≈ | -2.7 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Investing cash flow | -2.6 m | -37.2 m | -172.1 m | -198.8 m | -45.7 m | -10.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | 1.5 m | 235.3 m | 93.6 m | 59.0 m | -1.5 m | 801.0 k | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 29.1 m USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.00 – 102.75 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)23.57 – 102.75 (Mid 41.88)WACC 5.3% · starting FCFF 40.3 m USD · terminal value share of EV 88%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA0.00 – 10.31 (Mid 3.32)14 companies used · median multiple 11.3x · quartiles 6.1x – 16.4xBYD, CHH, CNTY, CZR, HLT, IHG, LVS, MGM, MLCO, PK, TNL, WH, WYNN, XHR
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -12.1% | 8 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 22.8% | 100 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 8.8x | 5 (vs peers) | 19% |
| Interest coverage · Balance sheet | 0.2x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 9.4x | 69 (vs peers) | 19% |
| FCF yield · Valuation | 13.6% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet3/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation83/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FULL HOUSE RESORTS INC (FLL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 302.4 m USD in 2025; YoY growth 3.5%; net margin -12.1%; ROE -936.4%; net debt/EBITDA 8.8x.
The estimated value range is 11.78–56.53 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 22.60 USD, the price of 0.79 USD leaves a potential of 2,745.0% (value / price − 1) and a margin of safety of 96.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 22.8%
- FCF yield: 13.6%
- The price is below the estimated value range
What contradicts it
- Net margin: -12.1%
- Net debt / EBITDA: 8.8x
- Interest coverage: 0.2x
- Current ratio: 0.6x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Hotels & Motels (SIC 7011) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HTHTH World Group Ltd | 154.3 bn | 218.4 | 41.5% | 20.1% | +10.5% | +9% / +37% |
| MARMarriott International Inc | 109.4 bn | 42.4 | — | 9.7% | +4.3% | +39% / +110% |
| HLTHilton Worldwide Holdings Inc. | 83.8 bn | 50.8 | — | 13.4% | +7.7% | +32% / +125% |
| IHGInterContinental Hotels Group PLC | 29.0 bn | 36.2 | — | 14.6% | +5.4% | +31% / +124% |
| LVSLas Vegas Sands Corp. | 25.5 bn | 16.7 | 262.8% | 11.8% | +15.2% | −40% / −12% |
| ATATAtour Lifestyle Holdings Limited | 14.5 bn | 63.7 | 50.5% | 16.6% | +41.0% | −9% / +97% |
| WYNNWynn Resorts, Limited | 8.5 bn | 19.7 | — | 6.1% | +0.1% | −36% / −2% |
| MGMMGM Resorts International | 8.3 bn | 12.7 | 26.8% | 3.9% | +1.7% | −7% / −17% |
| CZRCaesars Entertainment, Inc. | 6.0 bn | — | -15.1% | -4.5% | +2.1% | +26% / −34% |
| WHWyndham Hotels & Resorts, Inc. | 5.9 bn | 29.8 | 38.2% | 14.0% | +1.5% | +10% / +4% |
| MLCOMelco Resorts & Entertainment Limited | 5.7 bn | 30.6 | — | 3.6% | +11.3% | −48% / −33% |
| BYDBoyd Gaming Corp | 5.5 bn | 11.7 | 19.6% | 12.3% | +4.1% | −7% / +32% |
| CHHChoice Hotels International Inc | 5.4 bn | 26.7 | 146.5% | 12.7% | +0.8% | +32% / +9% |
| TNLTravel & Leisure Co. | 4.7 bn | 20.7 | — | 5.7% | +4.1% | +13% / +118% |
| PKPark Hotels & Resorts Inc. | 3.4 bn | — | -5.0% | -6.4% | −2.2% | +57% / +14% |
| SHOSunstone Hotel Investors, Inc. | 2.4 bn | 54.7 | 2.8% | 5.3% | +6.0% | +39% / +32% |
| PENNPenn Entertainment, Inc. | 2.3 bn | — | -37.4% | -12.7% | +5.8% | +18% / −29% |
| XHRXenia Hotels & Resorts, Inc. | 2.0 bn | 628.9 | 0.3% | 0.3% | +3.8% | +57% / +79% |
| MCRIMonarch Casino & Resort, Inc. | 2.0 bn | 17.9 | 20.4% | 20.4% | +4.4% | +17% / +80% |
| BALYBally’s Corporation | 680.3 m | — | — | — | +0.1% | −23% / unavailable |
| FLLFull House Resorts Inc | 29.1 m | — | -936.4% | -12.1% | +3.5% | −67% / −80% |
| CNTYCentury Casinos, Inc. | 16.9 m | — | — | -9.6% | −0.5% | −61% / −86% |
| RRRRed Rock Resorts, Inc. | — | 29.1 | 60.8% | 5.8% | +3.7% | −17% / +9% |
| MRNOMurano Global Investments Plc | — | — | -54.7% | -488.8% | +154.6% | −88% / −98% |
| HHyatt Hotels Corporation | — | 98.6 | 5.6% | 2.6% | +6.8% | +16% / +66% |
1- and 3-year price returns: for FLL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Full House Resorts operates casinos and hospitality facilities in Nevada, Colorado, Illinois, Indiana and Mississippi, with growing emphasis on its new American Place casino in Waukegan. The second quarter of 2026 showed growth, but the company remains heavily indebted, and its debt raises important questions for investors 13.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- High indebtednesshigh
Senior secured notes due 2028 form the main debt, and refinancing is still in progress 3. Delays could affect the company's ability to meet its obligations.
- Geographic concentrationhigh
Revenues depend on a few states, so regional problems could have a large impact on results 1.
- Lease arrangementsmedium
Some casinos sit on leased land, and non-renewal or termination of leases could mean losing possession 1.
- Licensing and regulationmedium
The industry is heavily regulated, and legislative changes or licensing delays could affect operations 12.
- External factorslow
Weather, road works, pandemics or natural disasters could reduce customer traffic 1.
Investment thesis
What would need to be true (bull case)
- If American Place keeps growing and opens on schedule, the company could see a meaningful improvement in results 3.
- Growth at Chamonix and in Adjusted EBITDA could show that the development strategy is paying off 3.
- A successful debt refinancing could reduce financial risk and support development plans 3.
What to watch
- Progress on refinancing the senior secured notes and terms of new financing2026
- American Place revenue trend before the permanent openingQ3 2026
- Maturing of Chamonix and Bronco Billy's results2027
- Permanent American Place opening and its financing2028
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Full House Resorts, Inc., formed as a Delaware corporation in 1987 and headquartered in Las Vegas, owns, leases and operates casinos and hospitality and entertainment facilities 1. The company runs six casinos, five on owned or leased real estate, plus sports wagering websites in Indiana and Illinois 1. Total revenues were 302.4 million USD in fiscal 2025, up 3.5% 1.
The strategy focuses on improving existing properties through revenue growth and expense management, and on assessing new property development and acquisitions 1. The business model depends on casinos generating operating cash flow to pay interest and debt 1. The company sold Stockman’s Casino in April 2025 and completed the phased opening of Chamonix in October 2024 1.
Segments
Market context
The company operates in a heavily regulated and highly competitive gaming market, facing traditional casinos, lotteries, online betting and other entertainment 1. Its casinos are concentrated in a few regions, and Illinois and Mississippi generate a major share of revenues and Adjusted EBITDA 1.
The market is sensitive to discretionary consumer spending and regional economic conditions, and online gaming could divert customers from physical casinos 1. Liquidity stood at 48.4 million USD as of June 30, 2026 3.
Trends
- Ramp-up of newer propertiestailwind
American Place and Chamonix are still growing, and their revenues rose significantly in the second quarter of 2026 3. If this continues, it could support the company's results 3.
- Debt refinancingmixed
The company reported progress on refinancing its primary debt, particularly the senior secured notes due 2028 3. Delays in legal documentation could postpone resolution 3.
- Discretionary spendingheadwind
A decline in discretionary spending due to economic conditions, inflation or uncertainty could reduce casino revenues 1.
- Expansion of online gamingmixed
Legalization of online betting and gaming could diversify demand but also draw customers away from physical casinos 1.
Competitive position
Competition includes traditional casinos, tribal casinos, state lotteries, slot machines in bars and restaurants, online betting and other entertainment 1. The company cites location, product quality and promotional programs as key differentiators 1.
In Illinois, American Place competes with two other casinos in the northern Chicago suburbs and a tribal casino in Milwaukee 1. In Colorado, Chamonix and Bronco Billy’s are among several facilities in Cripple Creek 1.
- Casinos in the northern Chicago suburbs
Two competing casinos for American Place; no US ticker identified in the sources.
- Tribal casino in Milwaukee
Competitor for American Place in the Chicago market area; no ticker identified.
- Louisiana and Mississippi casinos
Competition for Silver Slipper from riverboat and racetrack casinos.
- Cincinnati and Louisville casinos
Competition for Rising Star from casinos in Ohio and Kentucky.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report21 Oct 2026Regulation FD disclosure
- Current report08 Sept 2026Material agreement · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report20 May 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement10 Apr 2026
- Annual report16 Mar 2026
- Current report05 Mar 2026Material agreement · Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Full House Resorts, Inc. · 16 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Full House Resorts, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Full House Resorts, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.