Full House Resorts (FLL) Investor presentation summary

Portfolio overview and market positioning

• Operates diversified casino properties across the U.S., with a focus on underserved, high-barrier-to-entry markets.

• Owns or controls land at all locations except Grand Lodge Casino, which is leased.

• Strategic locations include Chicagoland, Colorado Springs, North Lake Pontchartrain, Cincinnati Metro, and Lake Tahoe.

• Properties benefit from limited competition due to licensing and zoning restrictions.

American Place development and performance

• Temporary American Place casino in Lake County, IL, opened in February 2023 and has shown consistent revenue growth.

• Permanent facility will replace the temporary, expanding to 1,300 slots and 80 tables, with a 2-year construction timeline post-financing.

• Ground lease allows for land purchase at $30M; current lease is 99 years with annual rent tied to gaming revenue.

• Temporary facility has delivered 18 months of consecutive LTM revenue growth, outperforming despite new regional competition.

• Permanent project budget is $302M, with significant embedded value from existing infrastructure and minimal tariff exposure.

Chamonix Casino Hotel ramp and Colorado market

• Chamonix opened in phases from December 2023 to October 2024, targeting the underpenetrated Colorado Springs/Denver market.

• Colorado Springs MSA population grew 20% from 2010–2023, with high median household incomes.

• Chamonix has grown market share to 26% and increased WPD by 49% year-over-year.

• Management changes and cost-saving initiatives have delivered over $4M in annual savings.

• Cripple Creek market has significant GGR growth potential if it reaches U.S. average win per capita.