Full House Resorts NASDAQ: FLL reported what management described as a “solid” first quarter of 2026, with adjusted EBITDA growth driven by improvements across most properties and continued momentum at its American Place temporary casino in Waukegan, Illinois. Executives also provided an update on efforts to secure financing for the permanent American Place facility and outlined new initiatives aimed at improving performance at its Chamonix/Bronco Billy’s operation in Cripple Creek, Colorado.
First-quarter results: revenue roughly flat, adjusted EBITDA up
President, CFO and Treasurer Lewis Fanger said first-quarter 2026 revenue totaled $74.4 million, compared with $75.1 million in the prior-year quarter. He noted that last year’s figure included $1.3 million of revenue from Stockman’s, which the company sold in April 2025. “On an apples-to-apples basis, revenues grew by 0.9%” in the quarter, Fanger said.
Adjusted EBITDA rose to $13.2 million, up from $11.5 million in the first quarter of 2025, which Fanger said represented an increase of “almost 15%.” He said “almost all of our properties” posted growth, citing “large % increases in EBITDA” at American Place, Chamonix and Bronco Billy’s, Silver Slipper, and Rising Star. At Grand Lodge, Full House continues to be affected by refurbishment work that management expects will “meaningfully upgrade the overall experience” when completed.
Fanger also pointed to a decline related to the company’s sports betting “skins,” explaining that the year-over-year change reflected having “an additional active skin last year.”
American Place: continued growth despite lower table hold
At American Place, Full House’s temporary casino in Waukegan, Fanger said revenue increased 7% year over year to $31.8 million in the first quarter, while adjusted property EBITDA rose 8% to $8.3 million. He noted a headwind from table games, as “our table games hold was 1.2 percentage points lower than in last year’s Q1.”
Management also pointed to April results. Fanger said Illinois’ April gaming revenue data showed American Place had “a very good April” with total gaming revenue up “almost 6%” versus April 2025, though table hold again came in below expectations. “If we held as expected, our total gaming revenues would have been up almost 16% versus April of last year,” he said.
Chamonix and Bronco Billy’s: seasonal headwinds, cost and marketing focus
In Colorado, Fanger said Chamonix and Bronco Billy’s revenue declined slightly to $11.3 million from $11.6 million, citing several factors:
- Renovation disruption at Bronco Billy’s in January and February, including carpet replacement and new ceilings.
- Unseasonably warm weather that reduced winter visitation and “less cash business,” including impacts to major winter events such as Ice Fest and Ice Castles.
- Changes in promotional strategy compared with the prior year, after what Fanger called “some unprofitable promotional activity in the prior year period.”
Despite the revenue pressure, adjusted property EBITDA improved to negative $1.3 million from negative $2.3 million a year earlier, which Fanger said was a 42% improvement. He emphasized the market’s seasonality, saying it “strongly favor[s] the upcoming summer months.”
During Q&A, CEO Daniel Lee said the company is continuing “blocking and tackling” on costs and operational efficiency, including evaluating housekeeping and laundry operations and using more targeted marketing. Lee also discussed staffing approaches aimed at weekend-heavy demand, including potentially offering “a $5 an hour premium” for employees who only want to work weekends, which he suggested could be economical versus benefits costs for full-time employees.
Executives said they are also working to enhance non-gaming offerings. Lee highlighted the revamp of a previously closed Mexican restaurant, renamed Don Juan’s, and said the company plans to offer weekend brunch service at 980 Prime.
On the marketing side, Fanger reiterated a view that awareness in Colorado Springs is low and described efforts to improve penetration through digital campaigns focused on specific zip codes. He offered preliminary April figures for the Cripple Creek property, citing “an estimated 9% increase in net slot win and a 20% increase in net table win.”
When asked about database trends, Fanger said April new sign-ups were up 12%, rated visits rose 19%, and win per rated visit increased about 14%. Lee attributed faster, more reliable reporting to a new finance director and said the company is now receiving daily operating reports that it would not have had a year earlier.
Balance sheet and American Place permanent casino financing and timeline
Fanger said Full House ended the quarter with about $41 million of liquidity, including the undrawn portion of its revolver. He added that the company expects near-term cash flow to benefit from the summer season and “a lack of any major construction spend right now.”
Management spent significant time discussing plans for the permanent American Place Casino. Fanger said the company has invested about $170 million to date in American Place-related items, including the gaming license, land, slot machines, the temporary casino, and workforce and database buildout. He said the company is working with a funding source prepared to “fully fund construction of the permanent American Place Casino,” which he said would provide “the approximately $300 million needed to move into the permanent facility.”
While noting that the solution involves “a lot of legal paperwork,” Fanger said the company continues to “feel very good about that solution” and expects to begin construction “within the next few weeks,” adding that it may be able to share more details “potentially in the next few weeks.” Lee said the company does “not take this lightly,” but is confident enough in the financing process to begin early-stage construction work because “otherwise, the opening day keeps sliding.”
Fanger said the company hopes to open the permanent American Place “about two years from now.” He also said earth-moving drawings were approved by the city of Waukegan and the company is working on other approvals. Management named several members of its construction team, including Power Construction, W.A. Richardson Builders, and architect WATG.
Fanger also noted that the temporary casino is currently permitted to operate until August 2027, and said a bill has been introduced in the Illinois legislature to extend that date by 18 months to support a smooth transition to the permanent facility.
In response to a question on earnings power, Lee said the temporary casino’s “run rate to date is in the ballpark of $40 million per year of EBIT.” He said the permanent facility will be roughly twice the size in square footage, with more restaurants and improved “street appeal” and décor, and increased gaming capacity. Citing examples of other markets moving from temporary to permanent facilities, Lee said the company believes the permanent American Place can reach around $100 million of EBITDA over time, though he cautioned it “doesn’t happen overnight.”
Other topics: Silver Slipper and sports betting skins
Asked about Silver Slipper performance, Fanger said improvement has been “a little bit of both” operating expense management and revenue, though “probably a little more on the OpEx side.” He credited a new general manager and a more disciplined approach to marketing spend, offering an example of eliminating or rethinking low-return promotions.
On sports betting skins, Lee said Full House currently has two, including one with Smarkets in Indiana and one with Circa in Illinois. He said Smarkets paid an amount in advance, with revenue recognized over time. Fanger clarified the accounting treatment, saying the initial access fee is spread over a longer period. Lee said Illinois is “by far the most valuable skin,” and that Circa is “a niche player” with sportsbook expertise. Executives also noted that current agreements cover sports betting but do not include potential online casino rights, which Fanger said could represent upside “to the extent that that were to ever happen.”
In closing remarks, Lee said the company is “making good progress” and expects the period ahead to be active as it pursues financing and begins construction work at American Place.
About Full House Resorts NASDAQ: FLL
Full House Resorts, Inc NASDAQ: FLL is a gaming, lodging and entertainment company headquartered in Summerfield, Nevada. Founded in 1987, the company designs, develops and operates casino resorts and ancillary hospitality facilities in multiple U.S. markets. Its business model emphasizes regional gaming properties that combine slot machines, table games, hotel accommodations and live entertainment to serve a broad customer base.
The company's property portfolio spans five states, including Bronco Billy's Casino & Hotel and Grand Lodge Casino in Black Hawk, Colorado; Silver Slipper Casino Hotel and Harlow's Casino Resort in Mississippi; Running Aces Harness Park & Casino in Minnesota; Rising Star Casino Resort in Indiana; and Stockman's Casino in Nevada.
Read More
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Full House Resorts, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Full House Resorts wasn't on the list.
While Full House Resorts currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
