Full House Resorts (FLL) Q2 2026 earnings summary

Executive summary

• Consolidated revenues for Q2 2026 increased 5.6% year-over-year to $78.1 million, driven by strong growth at American Place and Chamonix, partially offset by the sale of Stockman's Casino and fewer contracted sports wagering skins.

• Adjusted EBITDA rose 19.5% year-over-year to $13.3 million, with American Place achieving its best quarter ever and margin improvements in both Midwest & South and West segments.

• Net loss improved to $(8.7) million from $(10.4) million in Q2 2025, reflecting improved operating income and lower corporate expenses; diluted loss per share was $(0.24) versus $(0.29) last year.

• Chamonix saw nearly 12% revenue growth, with break-even adjusted property EBITDA after targeted marketing and operational changes.

• Other properties faced mixed results: Rising Star was impacted by a 42-hour power outage, Silver Slipper improved EBITDA despite lower revenues, and Grand Lodge Casino continued to be disrupted by ongoing Hyatt renovations.

Financial highlights

• Q2 2026 revenues were $78.1 million (Q2 2025: $73.9 million); H1 2026 revenues: $152.5 million (H1 2025: $149.0 million).

• Adjusted EBITDA for H1 2026 was $26.5 million, up 17% year-over-year.

• American Place revenues rose 13.4% year-over-year to $34.8 million; adjusted property EBITDA up 13.8% to $10.1 million.

• Chamonix's win per position per day was about $175, below the Black Hawk market average, but targeted improvements are underway.

• Net loss per share improved to $(0.24) in Q2 2026 from $(0.29) in Q2 2025.

Outlook and guidance

• Permanent American Place casino expected to open in the second half of 2028, with construction requiring 18–24 months and sitework underway.

• Temporary American Place facility approved to operate through February 2029, ensuring continuity during construction.

• Chamonix aims to improve win per position per day to the Black Hawk average, targeting $30–$40 million annual EBITDA over 18 months.

• Management expects continued ramp-up at Chamonix and American Place to drive future growth.

• Margin expansion at American Place is expected to reach mid-30% EBITDA margins in the permanent facility.