Full House Resorts: 3 Key Takeaways for Long-Term Investors

On its third-quarter 2026 earnings call, held on Nov. 5, 2026, Full House Resorts (NASDAQ:FLL) announced a 4.9% increase in quarterly revenue to $81.8 million, driven by expanding operations across its regional casino network. For long-term shareholders, the performance highlights how operational recalibrations in Colorado and regional growth in Illinois support underlying cash generation. Three key takeaways from management explain how these operational shifts impact long-term shareholders.

1. American Place Continues Continuous Revenue and Earnings Growth

American Place in Illinois continues to expand top-line performance and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), demonstrating market share gains despite new regional competitors opening nearby.

Since opening, American Place has increased both revenue and adjusted property EBITDA in every single quarter compared with the prior-year period since opening.
-- Lewis A. Fanger, President and Chief Financial Officer

2. Bond Refinancing Stands as the Final Funding Step

Securing a new credit facility and third-party construction commitments leaves existing bond refinancing as the sole remaining structural requirement before major development begins on the permanent facility.

We have the overall financing, I would say, is mostly done, but we have 1 very important key thing left, and that is refinancing the existing bonds.
-- Daniel R. Lee, Chief Executive Officer

3. Operations Adjust to Align Costs With Current Demand

Management launched expense discipline at Chamonix, cutting little-used guest services and inefficient vendor arrangements to adjust expenses to current property visitation levels.

Our revenues have been growing, and we have been gaining market share. But we are still a long way shy of where we think the revenues could be.
-- Daniel R. Lee, Chief Executive Officer

Looking Ahead

Operational efficiency initiatives and targeted digital marketing optimize property margins, while preparations for the permanent facility continue, offering significant long-term potential for earnings before interest, taxes, depreciation, amortization, and rent (EBITDAR).

More than ever, we believe that our permanent casino which is designed to have roughly twice the square footage of our current temporary facility, can generate more than $100 million a year of EBITDAR.
-- Lewis A. Fanger, President and Chief Financial Officer

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