Full House Resorts (FLL) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues were $74.4 million, down slightly year-over-year due to the sale of Stockman's Casino and reduced sports wagering, but up 0.9% on a comparable basis after adjusting for the sale.

• Adjusted EBITDA rose 14.7% to $13.2 million, with broad-based growth at American Place, Chamonix/Bronco Billy's, Rising Star, and Silver Slipper.

• Operating income increased to $2.4 million from $0.7 million, reflecting improved efficiencies and cost controls, especially at Chamonix.

• Net loss narrowed to $8.2 million from $9.8 million year-over-year, driven by higher operating income and lower expenses.

• American Place saw 7% revenue growth and 8% adjusted property EBITDA growth; Chamonix and Bronco Billy's improved EBITDA by 42% despite flat revenues.

Financial highlights

• Casino revenues grew 0.7% to $55.7 million; slot revenue up 2.7%, table games down 10.7%.

• Adjusted EBITDA margin improved to 17.7% from 15.3% year-over-year.

• Midwest & South segment revenues grew 3.8% to $59.4 million; Adjusted Segment EBITDA up 13.1% to $14.8 million.

• West segment revenues declined to $13.6 million due to Stockman's sale and renovation disruptions, but Adjusted Segment EBITDA improved 28.3% to $(1.8) million.

• Cash and equivalents at quarter-end were $31.4 million, with $450 million in senior secured notes and $30 million on the revolving credit facility.

Outlook and guidance

• Construction of the permanent American Place Casino is set to begin within weeks, pending regulatory approval, with an estimated budget of $302 million and opening targeted in about two years.

• Management expects continued ramp-up and profitability improvements at Chamonix and American Place, especially as market awareness grows in the summer season.

• Liquidity is expected to be sufficient for the next 12 months, but additional financing will be needed for major capital projects.

• Legislative efforts are underway to extend the temporary casino's operating period by 18 months.