Full House Resorts Stock Earnings Reports

Full House Resorts reported a strong Q3 2025 with revenue of $78.0M (≈5% apples-to-apples growth) and adjusted EBITDA up 26% to $14.8M. Growth was driven by the ramping American Place (temporary casino) in Illinois and Chamonix in Colorado. American Place produced record revenue ($32M in the quarter) and adjusted property EBITDA of $9M; management reiterated confidence in long-term targets of ~$50M run-rate EBITDA for the temporary facility and ~$100M for the permanent facility. The permanent American Place project received unanimous Waukegan site approval and its estimated budget was reduced from $325M to $302M (ex-capitalized interest). Chamonix showed meaningful operational improvement under new management (table game revenue +53% YoY, improved EBITDA to +$2.1M from -$0.7M) and ongoing marketing and cost-efficiency initiatives. Other properties were broadly stable; Rising Star and Silver Slipper were roughly flat combined. Company liquidity was about $40M at quarter end and near-term capex is limited until construction begins on the permanent American Place. Management emphasized multiple financing paths (bonds, land leases, REIT structures) and said timing of permanent construction could slip if markets don’t cooperate, but they expect to obtain financing without distress and can seek an extension if needed. Management expects continued improvement in Chamonix and American Place into 2026 and emphasized that seasonal quarters should show better performance relative to last year due to cost reductions and ongoing ramping.