Full House Resorts (FLL) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 revenues rose to $75.4 million, up 3.4% year-over-year, driven by American Place and improved Colorado operations, partially offset by the sale of Stockman's Casino.

• Adjusted EBITDA for Q4 2025 was $10.7 million, up from $10.4 million in Q4 2024; excluding one-time items in 2024, the increase was about 23%.

• American Place temporary casino posted 11% revenue growth to $32 million in Q4 2025, with adjusted property EBITDA up 29% to $8.7 million.

• Chamonix saw a small adjusted property EBITDA loss in Q4 2025, but this was a significant improvement over the prior year.

• Net loss for Q4 2025 was $(12.4) million, or $(0.34) per diluted share, compared to $(12.3) million, or $(0.35) per share, in Q4 2024.

Financial highlights

• Excluding Stockman's Casino, Q4 revenues increased 5.6% year-over-year; full-year revenues up 5.2%.

• Adjusted EBITDA for 2025 was $48.1 million, slightly down from $48.6 million in 2024 due to the absence of one-time settlement gains.

• Midwest & South segment Q4 revenues rose 5.7% to $58.2 million; Adjusted Segment EBITDA up 11.1% to $11.7 million.

• Sports wagering business generated around $7 million of EBITDA in 2025, with ongoing contracts expected to deliver about $5.9 million annually.

• Liquidity at quarter-end was about $51 million, including undrawn revolver.

Outlook and guidance

• Permanent American Place Casino construction expected to begin March or April 2026, with opening in 18–24 months; financing completion anticipated in the next few months.

• Adjusted EBITDA at American Place is expected to continue climbing in 2026, with a long-term run rate target of $50 million for the temporary facility and $100 million for the permanent one.

• Chamonix is projected to be a significant positive contributor to adjusted EBITDA in 2026, with further improvements anticipated as new management initiatives take hold.

• Silver Slipper is targeted to reach $15 million in EBITDA in 2026, with potential for $19 million longer term.

• Illinois legislature considering a bill to extend temporary American Place Casino operations by 18 months beyond August 2027.