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Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 4:30 p.m. ET Chief Executive Officer - Daniel Lee President and Chief Financial Officer - Lewis Fanger Operator: Greetings and welcome to the Full House Resorts Second Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Adam Campbell. You may begin. Adam Campbell: Thank you, and good afternoon, everyone. Welcome to our second quarter earnings call. As always, before we begin, we remind you that today's conference call may contain forward-looking statements that we're making under the safe harbor provision of federal security laws. I would also like to remind you that the company's actual results could differ materially from the anticipated results in these forward-looking statements. Please see today's press release under the caption Forward-Looking Statements for the discussion of risks that may affect our results. Also, we may make reference to non-GAAP measures such as adjusted EBITDA. For reconciliation of those measures, please see our website as well as the various press releases that we issue. Lastly, we're also broadcasting this conference call at fullhouseresorts.com, where you can find today's earnings release as well as all of our SEC filings. And with that said, we're ready to go, Lewis. Lewis Fanger: Good afternoon, everyone. We had a strong quarter of growth led by our two newest properties, American Place and Chamonix. On a consolidated basis, revenues grew 5.6% in the second quarter and adjusted EBITDA increased 19.5%. That growth was led by American Place, which once again had its best quarter ever. I feel like a broken record when I say that since we've said it so many times, but get used to it because we expect to say it quite a few more times in the future. Revenues at American Place rose 13.4% to $34.8 million. That compares to revenues of $30.7 million in last year's second quarter. Adjusted property EBITDA at American Place rose by 13.8% to $10.1 million, up from $8.9 million in last year's second quarter. Prior to the second quarter, we had never crossed $11 million in monthly gaming revenue, much less $12 million. In May of 2026, we crossed both of those thresholds, reaching $12.7 million. Our Temporary American facility has seen consistent growth since it opened, and we fully expect that growth to continue even in the temporary facility. In the month of July, we continued to grow. While I don't believe the monthly gaming revenue reports are out quite yet, it was our second best gaming revenue month ever. Historically, the second half of the year is even better than the first half. At Chamonix, you may recall that we changed marketing agencies late in the fourth quarter and onboarded them in the first quarter. In the second quarter of 2026, with that new ad agency, we launched new, more targeted marketing strategies, made changes to the offers that we send to our guests, and revamped our overall branding, especially on social channels. Those efforts helped revenues rise almost 12% in the quarter. Adjusted property EBITDA was approximately break-even for the quarter. We augmented our casino host team recently, adding two more people to that group. And a few weeks ago, we added a new casino director with experience at higher quality casinos and having worked at Fontainebleau for two and a half years and at Wynn in Las Vegas for almost 15 years. As we continue to refine our casino host program and build our high-end business, his experience will be useful to our Colorado team. One stat that I think continues to show the available opportunity in Colorado is win per position per day. For Black Hawk as a whole, that statistic was about $330. We estimate that Monarch, the other high-quality casino in the -- the only other high-quality casino in the entire state, is maybe twice as high, or north of $600. At Chamonix, we're currently at about half the Black Hawk average. And so in the near term, our goal is to improve our win per position per day figure of about $175. If we can hit the Black Hawk average and get 70% EBITDA flow-through, that results in roughly $30 million of annual EBITDA. If we can get a 15% premium to the Black Hawk average, which would still be a massive discount to Monarch, you approach $40 million of EBITDA. We're not there yet. We don't expect to be there this year or even fully there next year, but we do expect to make massive improvement over the coming 18 months. You get there by filling the hotel, which still has significant capacity midweek, and continuing to add names to the database. As an example, we define a VIP guest as someone that generates more than $150 of gaming win in a visit. In the month of June, the strongest part of our database was that VIP group. Leading the growth for all of our rated play was our top segment that spent $750 or more on our gaming floor in a single trip. Our second best growth segment was the $350 to $749 group. And our third best performing segment in our rated database was the $150 to $349 group. We are seeing better guests visit Chamonix, and we're seeing them return, in part due to our evolving marketing efforts and expanding database, increasing awareness, and a high-quality product that we built. At our other properties, just a few quick notes. Rising Star was impacted during the quarter by a 42-hour power outage due to a downed power line. As we said last quarter, we tried to move that gaming license to the Fort Wayne area, weren't successful with those efforts, which was disappointing, but we are pretty busy anyway with the construction of our permanent casino in Waukegan. Rising Star does make several million dollars a year of EBITDA, and we will continue to operate it at its full potential. At Silver Slipper, revenues declined slightly as we continue to eliminate unprofitable business and adjusted property EBITDA slightly improved. We think there's room to improve operating profits at Silver Slipper, including related to controlling food waste at our high-volume buffet, and we're studying things like that in real time. In Lake Tahoe, our Grand Lodge Casino is located within the Hyatt Lake Tahoe. The renovation of that Hyatt continues to disrupt our casino business in the near term, but the resort should be spectacular once complete. Work on the cottages and the restaurant across the street, as well as access to the resort's beach, is expected to be complete in late 2027. Regarding our financing, we completed several important items since our last call, all of which were necessary prior to completing a new debt transaction. The first was the passage of a legislative bill allowing for temporary casinos to operate for a longer period of time. As this bill involved the state legislature, it was a once a year process that could only be done when the legislature was in session. That bill was passed in May 2026. Though the bill also required us to request and receive approval of an extension from the Gaming Board. We were granted that Gaming Board approval in June 2026. As a result, we are now permitted to operate our Temporary Facility until February of 2029. As February of 2029 is beyond the date that we expect to complete a permanent casino, there should be minimal downtime when we transition operations from our temporary to our permanent facility. With a new timeline and more refined construction plans in place, we approached the City of Waukegan for approval of an amendment to our development agreement. As one example, our original development agreement required us to tear down our Temporary Facility shortly after opening. Rather than do that, we wanted to maintain the Sprung structure for trade shows and use as an entertainment facility. It has bathrooms, bars, and an expansive footprint, so it is well-suited to the task. And so amongst other things, the approved amendment with the city lets us retain our Temporary Facility for five years to see if it makes sense to eventually add a permanent mixed-use facility to our footprint. We also adjusted the dates in our development agreement. Lastly, we know everyone is eager for us to complete the refinancing. We are obviously as well. It's a pretty complicated transaction because we are simultaneously refinancing our existing bonds, financing the construction of a permanent casino, and closing on a new revolving credit facility. While we are not completely through the legal paperwork for that financing, we moved through a large portion of it. The new revolver is more or less complete at this point with commitments from four different banks and the paperwork is largely done. All parties continue to work diligently on the balance of the rest of the documentation and we'll give you more detail once we can. We hope and believe we can get this done in the third quarter. What I missed, Dan? Daniel Lee: I think you did a good job. I'm going to address a couple of things because I address it a little differently than most did. You know, we used to report on each property, and a few years ago we switched to be like most casino companies where we group them together. And sometimes that masks how well results actually are. And so in this case, you'll see the Midwest segment up 4.7% and even American Place on its own was up almost 14%. But Rising Star had a storm that took down the power line. We're kind of at the end of the power grid. And it took them 42 hours to get us back up. And so Rising Star, instead of making half a million like it did last year, actually lost $100,000 in the quarter, right? And that masked how good the quarter was for American Place. And Silver Slipper, which is still our #2 property, I mean, it's really the third leg of the stool. It's a cash cow. It did $3.4 million in the same quarter of both years, but because it's in that segment and doesn't grow -- and we think we can grow it, but it's basically a cash cow -- it brings down the percentage. But, you know, the most important one is American Place. It's our #1 property. It's the one where we're building a new one, and it did really well, and a flat Silver Slipper and a down Rising Star camouflage that a little bit. A little bit of the same in the West segment. While we improved results by $1.2 million at American Place, we improved results by $1.1 million at Chamonix. Now, that was going from a loss last year of $1.2 million to just under break-even in the West segment. If we hadn't had some headhunter fees and so on, we probably would have made a little bit of money. And all the trends are positive. And so we think that will continue. Now, Grand Lodge, Lewis mentioned the renovation. It's kind of hard to recognize this hotel is a high-rise in Incline Village, which will never be repeated. The codes have changed. You wouldn't be allowed to build it today, but it had a beachfront community that had about a dozen high-end suites and a restaurant called the Lone Eagle, which was the #1 grossing restaurant in the entire Hyatt chain, or so I've been told. All that's been torn down. And Larry Ellison, who's the owner, is building something new there, which will include a big restaurant and new high-end suites and a whole new beach complex. At the moment, it's kind of a beach resort on Lake Tahoe without a beach, and without the high-end suites that our customers liked, and without the Lone Eagle restaurant, which they liked to eat at. It has other restaurants, but that was by far their biggest and best restaurant. And so we're doing okay there, but earnings are off. But all of this is supposed to be open next year. They slipped a little bit. They used to say in the first half of next year. Now it is saying the second half of next year. And knowing what Larry Ellison has built on the island of Lanai in Hawaii and what he's built in Palm Springs, even at the hotel he owns in Palo Alto, I expect it to be spectacular when it's done, and we think ultimately that'll be a positive for the casino. But at the moment, it's pretty small relative to the rest of our company, probably will remain small relative to the rest of the company. But the fact that it's off a little, and understandably, masks a little bit how well we're doing in Colorado. And we have a long ways to go in Colorado, but we are trending in the right direction. On the financing, look, we want to get this done as fast as anyone else. I think it's 1,500 pages of documents, and I have this bad habit of wanting to make sure I read every page because any sentence can screw you. And so we've been working our way through it. It's a very complex thing we're trying to do, but we've made some really good progress. We needed the extension before, because otherwise you had to make the assumption that you were going to close the temporary and then you'd either have to pay people for not working for a while or you'd have to lay them off and try to hire them back. It was going to be a real mess. So the extension was important. That took state legislature approval. These things always happen in the last day of the legislature. This year was absolutely the last day, almost the last hour, but they gave us the extension we needed. Well, technically that had to be signed by the governor. He doesn't do that immediately, so that took a little while, and technically it authorized the Gaming Board to approve the extension so we had to request that and then the Gaming Board quite promptly gave it to us. And so that was important. Well, that was one of the factors we had to change in the city and the development agreement we have with the city where it had certain dates in it we had to get the permanent done by. And we needed those dates to mirror the state dates. Well, you kind of needed to fix the state first, then we went to the city and there's a list of things. And Lewis mentioned probably the most important commercially is trying to use the temporary casino as an event center. We think we can do that in very creative ways. And because it's a temporary building, the city, under the building code, can't just approve it to be there forever, but they changed the requirement from, we were supposed to tear it down when the permanent opened. Now they've said we can keep it open for five years after the permanent opens. And that gives us plenty of time to see if we can put things into it that will drive business to the property. Then none of that's been in any of our projections. It was kind of a late minute thought of, wait a minute. And it was really Bill Richardson, who's developed a lot of casinos, who said to me, why are you tearing this down? What a great place for a boat show or all sorts of concerts and everything. And he's right. So it's not attached to our casino, but it's maybe 100, 150 feet away. And so we will use it and see if we can make it work as a profit center and as a source of business driving to the casino. And the city accommodated that by extending it for five years. I'll bet if we make it a successful part of the community, it's by far the biggest event center like this anywhere between Chicago and Milwaukee. It might even be bigger than anything in Milwaukee. It's bigger than a football field inside. And so there's a lot of things we can do in this area. But of course, it only makes sense if you find the right things to put in it. And so we will spend a couple of years while we're building to see what we can put in it. Then we'll have five years to show that it's successful. And my guess is if we need a further extension, we could ask the city and we'd probably get it. Or we decide that gives us the confidence to build a permanent exhibit center that's attached to our casino. So, you know, getting the state extension was important, getting the city development agreement to be in accord with that state extension was important. That only happened a few weeks ago. Those were very important steps. When you do this sort of financing, one of the things that happens is a bunch of lawyers pore over everything and make sure the T's are crossed and the I's are dotted, and now they are. And I think you mentioned the credit agreement. We have commitments from four banks to provide a significant credit agreement going forward. We are working diligently on the source of capital to build out the American Place. And then there'll be a third component, which is the refinancing of the existing bonds. And we intend for that to all happen simultaneously, which sounds complicated and it is legally complicated, but in a business sense, it's kind of not. You know, the source of capital, any source of capital for building the permanent is going to want to know that the bonds don't mature in the middle of construction. And, of course, people refinancing the bonds want to know that you have the money to build the permanent. Everybody wants to make sure we have adequate liquidity and so the credit facility, which is one that we anticipate not actually having to use, but it's an important source of liquidity if needed in cases, god knows, another pandemic or something. And so in some sense, that's sometimes the most complicated piece. And yet we have the commitments for that at this point. And that's all documented. It's just kind of waiting for the other two pieces, and we expect to get it all done this quarter. And I realize I just repeated a lot of what Lewis said, but it's a lot of stuff. Sometimes you have to hear it twice. So on that, we can take questions. Operator: [Operator Instructions] Our first question comes from the line of Jordan Bender with Citizens Bank. Please go ahead. Jordan Bender: Lewis, Dan, it's obviously been a number of years since you kind of unveiled what the permanent casino will actually look like in terms of size and scope. And I guess my question is, you know, over the years of operating the temporary and just kind of understanding the market, has your thinking at all changed around what you want to offer there? I guess the size, the scope, I mean, you have a tent now for a couple of years, does that change the dynamic of what ultimately goes into the permanent casino? Daniel Lee: It's refined it. The size is somewhat dictated by the law. We're anticipating opening with a little less than the total number of gaming units that we're allowed to have, but we have a way to expand the casino if it's needed. I mean, the machines don't gamble, people gamble. So we looked at what we expect the revenues to be and how many machines we need for those revenues. And if it's higher than that, we can add machines later. Yes, it affected what restaurants we have and the type of restaurants. But frankly, the Temporary has done very much what we expected it to do. And notice, you know, we're doing $12 million a month of revenues roughly, and we've had very little, if any, competitive impact on Rivers, on the Potawatomi Casino up in Milwaukee, or even on the VGTs in Lake County, which are pretty significant competitors, all approximately flat. And so we've increased the gambling per capita by people who live in our area, which is what we expected. And so, you know, are there little refinements? Of course there are. Little things like we found quite a few people don't want to have to go through the casino to get to the restaurants. They might have people under 21 with them. So we've designed into it ways for people to go to some of our restaurants in what I'd call a family dining room where you can go with people under 21, enjoy the food, and not be in the casino environment. And so we've done that a little bit. I think it's as much of looking around and probably Durango Station had a bigger impact on this design than anything else because Stations did a very good job with it. They did a wonderful food court and we didn't have a food court in the project in the first place. Substituted one of the restaurants is now a food court and the city approved that change in the development agreement. And food hall, food hall, yes, not food court. It's a food fall, it's slightly different. A food court has Burger King and McDonald's in it, a food hall doesn't. Ours is, we're not as big as Durango Station. They were much bigger than we're allowed to build in Colorado or in Illinois. Nor do we have their budget, but the quality would be very similar to them. They have a very compact back of house. The Sysco truck has to make several stops to get to their restaurants. And that's pretty common to a lot of shopping malls. But in the casino business, that it evolved into, and I was part of that at Bellagio, evolved into these massive back of houses that are underneath the casino and tunnels everywhere. So you can get everywhere without crossing the casino and it's like, you know what, make Sysco make a couple of stops, just have a couple different loading docks and you can save a lot of money in construction. And that was a learning from Durango Station that we copied, the food hall we copied. We think they have a great sportsbook, and ours is somewhat similar. I don't want to say we copied, they'll sue me for trademark copying or whatever that would be, because they probably have a trademark on their plans. We didn't exactly copy it, but we learned from it. It's legal to learn from it. And then there have been four places built in Northern Illinois in the last three or four years. And we've walked through all of them, studied all of them. The first was the Hard Rock in Rockford. They shifted from a temporary into the permanent and their revenues doubled. We did a good job and we went and looked at it very carefully. They don't have a hotel, they don't have a parking garage, but they do have an event center. And part of our thinking of, well, maybe we should have a place to have events is drawn from that. And they do quite well. They were, I think it was $350 million. We will be similar in size, similar in quality without the event center, and our number is $302 million. Then there was the Wind Creek, a new tribal casino on the south side of Chicago. They have a hotel, a high-rise hotel. They have a big parking garage, and they did not have a temporary casino. So their budget was like $500 million, but that includes about $50 million in upfront fees to the gaming commission, which we paid that as part of the Temporary. And so if you adjust their budget for the upfront fees, the hotel and the parking garage, you also get to about $300 million. And they've done quite well. I've heard from the bankers that they were a little disappointed in their results, but they are dead on with what we had in our econometric model for what they would do at that location. And I think ultimately they'll be pleased with their results and they're doing pretty well. There is a lot of competition in south of Chicago, much less competition where we are in north of Chicago. Lewis Fanger: I think they ramped a little slow, but they're doing just fine now. Daniel Lee: Yes, they're doing just fine. And you had -- PENN did two projects. They had these old riverboats that were not near the freeways and getting pretty tired, and they replaced both of them in the last year. The one in Joliet they replaced several months ago now, and it's doing much better than it was on the boat. I joked with the guy who oversaw that, actually both of the guys who oversaw it used to work for us. And I joked to them, they value-engineered out the porte-cochere, which I think is kind of stupid in a place where it rains. But otherwise, they did a pretty good job. And it also has a parking garage. If you have enough land, we have 40 acres, so we don't have to build a parking garage. It's much cheaper to have surface parking. Even if you have a shuttle bus running around the surface parking to help people get to the facility, it's much cheaper than building a garage. And in a lot of markets, including here, people prefer to be in the surface lot. The garage fills last, not first, unless it's a snowstorm or something. And so anyway, they were a little less than $300 million, but they value-engineered a lot of stuff out. Then the most recent one is Hollywood Aurora. They did a good job there. They have a nice food hall. Actually, they do in Joliet too. They have a 229-room hotel. They have a 1,300-car parking garage. If you adjust for that, they're right about $300 million and did a good job. And the numbers are pretty early, but I think we're going to see a pretty big lift from what they were doing in the old riverboat there as well. So, you know, we've obviously -- in fact the people who work for me joke with me that I'm going to get in trouble because I walk through their back of the house and take pictures of it and everything. I know some of these places better than the CEOs of their own companies because we go to town learning what we can do and what's smart, what they did right, what they did wrong. And so, yes, does it evolve? The basic project is the same, but there's a lot of evolution in small ways. Jordan Bender: Awesome. I appreciate that answer. And just to follow up, I know it's small, but will you get any business interruption insurance or proceeds from the downed power lines during the quarter? Daniel Lee: No, and the way business interruption works is you only get it if you have a property damage claim. And we were not damaged at all. There was a tornado some distance away, took out the power line to the whole town of Rising Sun, and it took them quite a while to get it back up. Must have been a pretty high-powered power line. And you know, you only get business interruption insurance if you have a property claim and we don't. Jordan Bender: Perfect. Thank you, guys. Operator: Your next question comes from the line of Ryan Sigdahl with Craig-Hallum. Will Yager: Hey, good afternoon. This is Will on for Ryan. First, I wanted to ask on the financing. I know I think it was last call you guys were still sort of working through the legal paperwork and it sounds like that's still going on. Curious, you were talking about the foundation as well, perhaps laying that, maybe doing other little bits of construction. I guess what we'd like to know is what's your confidence in getting this done within the next quarter or so? Daniel Lee: Well, we are doing some stuff. We've been testing the dirt because, you know, there used to be a mall on this site. You don't want to start moving the dirt around and then find out that you took a pile of bad dirt and spread it all over the property, now you've got a real problem. So the guys have been out there testing the dirt. We think it's all clean, but we want to verify that before we start moving it to fix up the fence around it. But the biggest thing is not what you see. We authorized the architects to go ahead and complete a big chunk of the plans so we will have full schematic drawings. We were at 75% before. That's like $1.3 million. And we can afford to do some stuff before we have the financing in place. And that was one of the things we went ahead on. We've also approved the civil drawings. And that's all to allow us to move ahead more quickly once we have the full financing. And so things are happening. Most of it behind the scenes. But, you know, some pretty significant numbers. Between those two, it's probably $1.5 million, and that'll be spent in the next two months or three months. The civil stuff takes a little longer. Now, listen, all the paperwork, like nobody is saying this can't get done. Everybody wants to get it done. It's just complicated. You have inter-creditor issues between the three issues that all has to be worked out and you know, sometimes lawyers like to play ping-pong and it goes back and forth and back and forth until either Lewis or I say, hey, cut it out, just let's put the ball in the middle and let's move on. And that's been kind of the process. We have one analyst who wrote me kind of an email complaining about how long this was taking. When we're done, I want to send them a set of the documents in paper because it's like eight inches deep. And it's like when you're done reading this, you'll appreciate what this takes. And you find things in there that you look at and say, well, that doesn't look right. And in fact, one of these things, I found something, doesn't affect anything currently, but affects stuff way down the road. And when the people on the other side of the transaction, I said, you know, it probably isn't material and it's way down the road, it's intellectually wrong and they said yes, we think we might agree with you on that but you're the first company out of 30 who's brought that up. And maybe we're too careful. And frankly, we were trying to get everything done before August because we know a lot of Wall Street goes away on vacation over August. And once it was obvious we probably missed that, it was like, okay, well, let's work through August on the details and be ready to go in September. So. Lewis Fanger: So, you know, some of the, when you have a revolver, those details, when you, if they're slightly off, you can always go back and fix those later. When you have a longer piece of the paper, like five-year bonds or something, changing that is not easy at all. And so to Dan's point, there are a lot of potential conflicts that we're just trying to make sure all, everything's in agreement between the three different sets of docs. It's, and as Dan mentioned, this is thousands of pages. It's not like you're reading through 50. Daniel Lee: And to be quite honest, I mean, we have a track that we're on that we've been working on for a while. But we get phone calls all the time from other people saying, hey, you know, we take a look at this and we're kind of like, I think the car has left the garage here and we're moving down the way and we're 95% sure we're going to get there. But if we ran into a big pothole, we do have other people standing by. Will Yager: That's fair. Let's hope for no potholes. Chamonix, wanted to switch over to there. I know you were talking about last quarter, Dan, about doing a bit of blocking and tackling in terms of Bronco Billy's. Maybe just talk about the improvements at both of those properties, given, you know, profit improved sequentially throughout the quarter? Daniel Lee: Well, it's a little bit on all counts. I mean, we're holding the line on expenses. We're growing revenues. We're trying to grow our revenues in an efficient way, so we're also making the marketing more efficient. You know, it's one of the nice things we did this quarter, we have a new food and beverage manager, the only person in the management team from before, he was our pastry chef, and he's a very well-known pastry chef. He's written some books and won a bunch of awards. And I went to him and basically said, we need a food and beverage manager. We can't afford you as a pastry chef. And he was hesitant, I don't know, you know, and I said, you're smart, you clearly know how to cook, you clearly know -- you clearly care. And he said, well, would I be allowed to get rid of some dead wood around here? I said, absolutely, that's why I want you to take the job. He took the job. And we had a Mexican restaurant that wasn't very good. And in fact, it had effectively closed last winter. We weren't even using it. Food was so bad, Lewis and I would joke about how bad it was when we went up there. And I sent this guy two cookbooks I got from Amazon of great Mexican cooking. And damned if he didn't cook his way through both books. He showed me the books. They're just dog-eared and Post-it and worked his way through it. And he introduced a new menu with new recipes. We came up with a new name. It's Don Juan's now. It's in the same place. And it's very popular. And it's small. It's big if you go there on a Friday night, you're going to wait more than an hour to get in. And now the food is really good. I'd be willing to say it's probably the best Mexican restaurant in the state of Colorado. And watch out for the margaritas, they're pretty damn good too. And so, that's the blocking and tackling. Taking a Mexican restaurant with very little CapEx and giving it a new menu, new recipes, new name, new staff. And in fact, you can tell when you're there, you can tell this guy cares. We make all the salsas ourselves. There's nothing from Sysco. We make our own nachos. We make our own tortillas. Everything's done homemade, if you will. And the staff who works there is very proud of the quality of what they're producing. And, you know, as a CEO, you look around and say, okay, promoting this guy to food and beverage manager was the right move because now we've taken a restaurant that wasn't doing much and now you can't get in. And that's great. And so we need to do more of that. And that was kind of a first little trial. We have a basic coffee shop we need to upgrade as well. We're making some changes in 980 Prime that I think will be better. We're now looking to use it as a brunch lunch on weekends. So that's just the food service. Little things you wake up to, we have a little speakeasy that is only open on Fridays and Saturday evenings. And it's got a bunch of slot machines in the bar tops. We're looking at it and say, wait a minute, we pay a fee to the city on a monthly basis for every slot machine we have. Why does it make sense for us to have slot machines in this bar top? A bar that's only open two nights a week. It doesn't make sense. And when you run the math, it really doesn't make sense. And so we're taking those slot machines out and run it as an interesting bar. It is a very interesting bar, but it's stupid for us to have slot machines in it. It's one of those things like, why do we do this? And then once you understand, you know, somebody pointed it out to me. I'm like, wow, yes, that really was dumb. We shouldn't have done that. And so we're fixing that. Oh, probably the biggest thing. We have a sales and marketing team. When I say sales and marketing, this is different than the casino hosts and sales and marketing. We have a team of people whose job it is to fill the hotel. It's about meetings and conventions. And we have seven people there now. And they are attending meetings. There are conventions and meeting planners. There are associations. There are cold calls. And they're all working their butts off to bring in business. And we're starting to put, you know, significant business on the books. But that stuff is booked way in advance. So that's to help us in 2027 and 2028. If somebody's getting ready to get married, they're not booking their wedding tomorrow. And so we now have an active sales team who will see the dividends in the years ahead. Now, along those same lines, when -- we had a very competent director of casino operations, and we also had a very competent fellow down in Mississippi. And the guy in Mississippi retired. He was retirement age, and he'd been with us a long time. We were sorry to see him go, but he was younger than me. I told him he couldn't leave, but he went anyway. And so the guy from Colorado wanted to move down there. He had worked with [ Angie ] before. It was okay, that's fine. Then I thought, he was pretty good, but let's see if we can find somebody who really knows the high end, who has experience at high-end gamblers. We do have experience with the high end in Illinois. Illinois will let people gamble $25,000 a hand in Illinois. In fact, the quarter's results were achieved despite one guy beating us for $1 million one night. Some of that back. So, you know, we do get high-end play in our sprung structure in Illinois. But in Colorado, we built a high-end property and we don't have that much high-end play. And so we reached out to all the people we knew and found a guy, got a little lucky. His in-laws live in Cañon City, which is right near Cripple Creek. And his wife wanted to get back closer to her parents. And so he has moved from Las Vegas. He joined us just a couple weeks ago. And he knows how to deal with that high end. He knows how to hire hosts and cater to people who are going to come in and gamble large numbers per hand. Whereas if you look at all of our other people, all these people we've hired, they're all very competent people, but they came from Ameristar, they came from Isle of Capri or Bally's, and those are all fine companies, and they're all fine companies in the regional market, but none of them are really catering to the high end. And so, I wanted to add somebody to the team who has that high-end experience. He had been at Wynn for a long time. That's always great background that Wynn is great at training people. And then he was at Fontainebleau, which is also an educational experience, perhaps in a different way. And so we were fortunate to get him, and I think that's going to pay off in the long term because that's one of the things. If you compare us with Monarch, one of the biggest differences is that high end. They are very good at dealing to the high end, and to date we have not been. Lewis Fanger: Yes, you got it. Probably have time for two more questions, Dan. Daniel Lee: Sorry, that was a long question -- long answer. Simple question. Operator: Your next question comes from the line of Chad Beynon with Macquarie. Please go ahead. Chad Beynon: Congrats and good luck on the progress and the final stages of the financing. I'm sure within that stack of legal documents, there's probably some language around M&A but I wanted to ask about it as well. It seems like there's a lot of chatter around single properties and, you know, multi-properties that could hit the market here. Just wanted to test your temperature on your appetite for those. Thanks. Daniel Lee: Well, we're a small company. We're pretty busy. I mean, we're trying to fix Colorado and build American Place permanent, so it's not high on our list to go take on a third challenge at the same time. Now, if something were offered to us that was very cheap, you'd try to figure it out, but then you look at the other side and say, okay, how are we going to pay for this? We're pretty heavily levered. You're right, and the financing would probably limit us and our existing debt limits us as to additional debt. Our new debt would also limit us as to additional debt. And, you know, we certainly don't want to issue equity at these prices. We think our equity will ultimately be worth much more than it is today. So either organizationally or financially, I don't know. I'm not sure how we could do an acquisition. You know, you could always merge with somebody, but you're effectively using your equity again, and again, our equity is cheap. So never say never. If something was given to us that was just so cheap, you'd try to find, you know, a REIT to buy it, and we get the operating company or something. You know, you'd try to find some creative way if it were really cheap, but a lot of times when stuff is being offered, it's got hair on it. Right. And I was told that there was a lawyer we worked with for a long time at Pinnacle who's retired now, who told me we'd probably never make an acquisition. I said, why do you say that? He says, because you guys read the documents and you run the numbers and you look at the tax ramifications and everything. He says, the buyers are almost always the dumbest buyer willing to pay the highest price. And you're not the dumbest buyer. And he's not wrong. In our career, with very little things we've bought. On occasion, we look at a lot of stuff. When you look down the list of what we bought, it's a pretty small list. And that goes from way back when I worked with Steve Wynn to Pinnacle to here. And so we look at things, you always learn something. I mean, somebody did show me something the other day we could acquire without any capital, any equity, without any debt, just kind of assume some of the debt that's on it and not even guarantee that debt. And it's had me scratch my head, but then you get into organizationally, is that really what we want to do? So... Lewis Fanger: If this conversation were three years later, Chad, I think it'd be a different answer from us. Yes, three years from now. Pro forma for the opening of the permanent casino, the leverage profile is going to be on the lighter side. And, you know, that's okay. And if now is not the time, I'm sure there will be things for sale in three years too. That may or may not make sense. Chad Beynon: Yep, makes a lot of sense, thank you. And then on American Place, the strong, just kind of looking at the strong May results that you talked about with gross gaming revenue close to $13 million and July the second best, how should we think about flow-through or margin opportunity if the property continues to grow at GGR levels, you know, certainly well above GDP maybe not at these current levels, but yes, just help us think about flow-through in general. Thanks. Daniel Lee: I think July was similar, if not stronger. Lewis Fanger: July was not as good as May. We're pretty similar. Daniel Lee: If you go back and look at every month since we opened, just about every month showed growth over the same month of the previous year. And if it didn't, it was probably because some guy beat us for $1 million like I mentioned a minute ago. It's shown very, very steady growth. Now, it can't do that forever. At some point, you're so busy on a Saturday night, people can't find a slot machine. And that is part of why you have to build the permanent. The permanent casino has much more capacity than the temporary. Remember the numbers up here? It was 35% more slot machines and 60% more tables, if I remember correctly. Lewis Fanger: Yes, something like that. Daniel Lee: And so that at some point you kind of need the permanent to continue to show the growth. But we're not capped out yet. It continues to grow. In terms of the margin expansion, we're running 29% plus margins pretty consistently, which is a good thing, is pretty decent in a market with a pretty high tax rate. And that is after paying rent to the City of $3 million a year, a little north of $3 million a year. And we also rent the kitchens and the office space. The office space is in construction trailers, essentially. And the kitchens are from a company called Kitchens To Go. And between those two, it's almost $1.5 million a year. And so really, if you adjust for that, our margins are in the low 30s. Now, as the revenues grow, one of the issues here is you keep ending up in a higher tax tier. So to grow the revenues and keep margins flat is actually an accomplishment. And so I don't expect our margins to get to 40%. You only get to 40% if you're an Indian tribe not paying much in taxes generally. But I think we can do... Lewis Fanger: Mid-30s in the permanent. Daniel Lee: Mid-30s in the permanent, in the permanent, we won't have rented kitchens. We won't have rented construction trailers, etc. And we have the right to buy out the lease from the city and part of our financing involves taking that out at some point. And so you won't have rent at which point the EBIT margins are probably in the mid-30s. Lewis Fanger: Yes, if it helps you in the month of May, we did $4.4 million of EBITDA on that $12.7 million of gaming revenue. Obviously, there's other food and beverage and some other revenue on top of that. But it was a very, very good month for us all in. Daniel Lee: Yes, one of the little nuances is we're not allowed to comp alcohol. And that's a good thing because we make a profit on our alcohol in Illinois. Most other markets, they may show a profit on the income statement because of the way accountants have some crazy ways of accounting for things, but in like Colorado and some of our other markets, most of our beverage sales are really given away. And you know, if it applies to all of the competition, I'd rather we have to charge because we can make money on it. Chad Beynon: Thank you both very much. Appreciate it. Lewis Fanger: Thanks, Chad. I really, we only have time for one last question now, Dan. Operator: Your last question comes from the line of John DeCree with CBRE. Please go ahead. John DeCree: Dan, maybe quickly, high level, I know earlier you talked about some of the site work, soil testing, drawings happening for the permanent, but assuming the financing is ready in 3Q, how quickly do you think you guys would be ready to start hard construction and then you know, broadly speaking, what's your latest thinking for timeline? If you know, we talked 18 to 24 months in the past, but not sure if that's still kind of the right time frame until you get the permanent up and running. Daniel Lee: Yes, it's still the right time frame. It's 18 to 24 months. It might not favor the 18 anymore. It might be more like two years. Like opening in the third quarter of 2028, probably a good guess. Now, some of this stuff, when you end up at that range, because in the construction agreements is there's a lot of work that happens before the building's enclosed and that depends on weather. And so in the subcontracts with the subcontractors, there's always something in there for expected number of rain days based on the historic weather patterns of Waukegan, Illinois. And if it rains more than you expect or rains more midweek than you expect, it takes a little longer. So -- but this is not a very complicated building. It's almost all of it's one level. There's one small part in the back of the house that's got a second level. There's no basement. There's no high-rise... Lewis Fanger: No parking garage. Daniel Lee: No parking garage and so it can be built pretty quickly, but roughly, you know, we're in the third quarter now, so two years now is probably a good guess. Lewis Fanger: And we, I mean, the way that things are working behind the scenes, there's a lot of stuff that happens sequentially. So as Dan mentioned earlier, we've got the earth moving plans. We've got the foundation plans. And both of those things will take several months just to get done. And so as that work is getting done, then they complete work on making up another plan. But, you know, they'll be working on electrical plans. And while the electrical is going in, you've got people working on the fit out on the interior. So it's all kind of sequential, and we have enough to truly be on the ground running pretty quickly. Daniel Lee: Look, to be honest, you know, our existing debt has limitations on additional debt until we refinance. Those limitations are there. We'd like Colorado to be making some money. So far, it's achieved break-even in the quarter. So we're watching our spending pretty carefully, but we're confident enough that we have gone ahead and are spending $1.5 million on the plans and some additional money on the site so that the date stops slipping on when we can open. I mean, you obviously need to move the plans along. We have done the foundation plans. We've done the earth moving plans. But the next step in the earth moving is a $3 million contract for the guys to actually be there. We have to move a swale and all this stuff, $3 million. We probably will not release that because it's $3 million until we have the financing tied together. John DeCree: Got it. Thanks, Dan. And, Lewis, if I could sneak one more in, not sure if you'll touch this one, but not sure, cost -- all-in cost of financing where you sit today, I guess to ask as broadly as possible, is it within kind of the range you've expected to the extent you share a comment? Lewis Fanger: It is, I think, yes. Daniel Lee: It's not 6% and it's not 12%. Lewis Fanger: It's, you know, look, I'm trying to think of what I can tell you. It's... Daniel Lee: It's what you would expect for a leveraged company. We're a weird hybrid. We're not an Indian tribe building something from nothing, and we're not Boyd who could build the $300 million casino out of cash flow. And if you just look at other companies like us that are leveraged and doing a project, you would conclude that the cost of borrowing is in the high single digits. Some components of it might be in very low double digits, and that's a blended number is hopefully still in single digits. Lewis Fanger: Yes, I was going to say, I think it still blends to a pretty decent spot. Daniel Lee: And there's other aspects like some of the financing -- we're looking at allows us to avoid construction period interest. That's a pretty big saver for us. If we can draw the money down as needed, then, and so that's not, there's a lot of different levers here. Look, we own a lot of the equity. It's an important part of both of our net worths. So we're trying to get the best deal we can for our shareholders. John DeCree: So we appreciate all the color today, guys. Thanks. Lewis Fanger: Yes, thank you. Daniel Lee: I think we're done. Lewis Fanger: Yes, that's it, Dan. Operator: This now concludes our question and answer session. I would like to turn the floor back over to Lewis Fanger, President and Chief Financial Officer, for closing comments. Lewis Fanger: I'll turn it over to you, Dan. Daniel Lee: I think we covered everything. Hopefully next time we can talk openly about having refinanced everything. So thank you for your time and your patience. Operator: Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day. Before you buy stock in Full House Resorts, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Full House Resorts wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 13, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Full House Resorts (FLL) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Full House Resorts Inc (NASDAQ:FLL) reported strong consolidated growth in Q2 2026, with revenues up 5.6% and adjusted EBITDA increasing 19.5%. American Place, the company's flagship property, delivered its best quarter ever, with revenues up 13.4% to $34.8 million and adjusted property EBITDA up 13.8% to $10.1 million. Chamonix showed significant improvement, with revenues rising nearly 12% and adjusted property EBITDA reaching approximately break-even, up from a $1.2 million loss in the prior year. The company secured a crucial extension to operate its temporary Illinois casino until February 2029, minimizing downtime during the transition to the permanent facility. Management is making operational improvements at Chamonix, including revamping the restaurant offerings and hiring a new casino director with high-end experience from Wynn and Fontainebleau. The company is progressing on its complex refinancing, having secured commitments from four banks for a new revolving credit facility and expects to complete the transaction in Q3 2026. Rising Star's results were negatively impacted by a 42-hour power outage caused by a downed power line, leading to a $100,000 loss for the quarter versus a $500,000 profit last year. The renovation of the Grand Lodge in Lake Tahoe continues to disrupt casino business, with earnings off due to the closure of key amenities like the beach, high-end suites, and the Lone Eagle restaurant. The refinancing process is taking longer than expected due to the complexity of the transaction, involving over 1,500 pages of legal documents and coordination between three different financing components. Chamonix's win per position per day is currently about half the Black Hawk average, indicating significant underperformance compared to its primary competitor, Monarch. The company's ability to pursue acquisitions is limited by its high leverage and the restrictions in its existing and upcoming debt agreements, as well as a desire to avoid issuing equity at current prices. The timeline for the permanent casino in Waukegan has slipped, with the opening now expected around Q3 2028, which is closer to the 24-month end of the original 18-24 month estimate. Warning! GuruFocus has detected 8 Warning Signs with FLL. Is FLL fairly valued? Test your thesis with our free DCF calculator. Q: What is the timeline for completing the refinancing, and what gives you confidence it will be done in the third quarter?A: Dan Lee (CEO) and Lewis Fanger (CFO) stated that the transaction is extremely complex, involving roughly 1,500 pages of documents to refinance existing bonds, finance the permanent casino construction, and close a new revolving credit facility. They have commitments from four banks for the revolver, and the paperwork is largely done. They are working through creditor issues between the three components, and while they missed an August target due to Wall Street vacations, they are confident of completing the deal in September. They noted they are already spending about $1.5 million on civil drawings and soil testing to keep the project moving, but will not release the $3 million earth-moving contract until financing is tied together. Q: How has your thinking evolved on the design and scope of the permanent casino in Waukegan after operating the temporary facility?A: Dan Lee (CEO) explained that the basic project size is dictated by law, but the design has been refined based on learnings from the temporary facility and by studying competitors like Durango Station, Hard Rock Rockford, Wind Creek Chicago, and Penn's Hollywood Aurora. Key changes include adding a food hall (similar to Durango Station), designing family dining rooms so guests under 21 can access restaurants without going through the casino, and improving the back-of-house layout to be more compact and efficient. The budget remains around $302 million, similar in size and quality to other recent projects in the region, and they plan to open with slightly fewer gaming units than allowed, with the ability to expand later. Q: Can you provide more detail on the improvements at Chamonix and the "blocking and tackling" efforts to drive profitability?A: Dan Lee (CEO) detailed several operational improvements at Chamonix. They promoted their pastry chef to Food & Beverage Manager, who revamped the underperforming Mexican restaurant into "Don Juan's" with a new menu and recipes, making it a popular destination. They are also removing slot machines from a speakeasy bar that is only open two nights a week, as the city fee on machines makes it unprofitable. Additionally, they have a seven-person sales and marketing team focused on filling the hotel with meetings and conventions, which will benefit 2027 and 2028. They also hired a new casino director with high-end experience from Wynn and Fontainebleau to build the premium business, a key differentiator versus competitor Monarch. Q: What is your appetite for M&A given the chatter about properties potentially hitting the market?A: Dan Lee (CEO) stated that M&A is not a priority right now. The company is focused on fixing Colorado and building the permanent casino in Waukegan. Financially, they are heavily levered, and the new financing will limit additional debt. They do not want to issue equity at current prices, believing the stock is undervalued. While they would look at something "very cheap," they are not the "dumbest buyer" and are selective. He noted that in three years, post-opening of the permanent casino, their leverage profile will be lighter, making M&A a more realistic conversation then. Q: With American Place's strong GGR growth, how should we think about margin expansion and flow-through?A: Dan Lee (CEO) and Lewis Fanger (CFO) explained that American Place is running at roughly 29% EBITDA margins, which is solid given the high tax rate in Illinois. This is after paying about $3 million in rent to the city and nearly $1.5 million for temporary kitchens and office trailers. Adjusting for those rents, margins are in the low 30s. In the permanent facility, they will not have those rental costs and will buy out the city lease, pushing margins to the mid-30s. They noted that May 2026 was a record month with $12.7 million in gaming revenue and $4.4 million in EBITDA. They do not expect margins to reach 40% due to the tax structure, but steady growth is expected until the temporary facility reaches capacity. Q: Assuming financing is ready in Q3, how quickly can you start hard construction, and what is the latest timeline for opening the permanent casino?A: Dan Lee (CEO) stated the timeline remains 18 to 24 months, but it is now leaning closer to 24 months, with a potential opening in the third quarter of 2028. The building is mostly single-level with no basement or parking garage, making it relatively quick to build. However, weather delays in Waukegan are factored into subcontracts. They are currently completing schematic drawings and civil plans to be "on the ground running" once financing closes, but will not release the $3 million earth-moving contract until the financing is secured. Q: What is the all-in cost of the new financing, and is it within your expected range?A: Dan Lee (CEO) indicated the cost is in the high single-digits, with some components potentially in the low double-digits, but the blended rate should remain in single digits. He noted that some financing structures allow them to avoid construction period interest by drawing money down as needed, which is a significant saver. He emphasized that they own a lot of equity in the deal, which is an important part of the transaction for shareholders. Q: Can you elaborate on the impact of the 42-hour power outage at Rising Star and whether you will receive any business interruption insurance?A: Dan Lee (CEO) confirmed that Rising Star lost about $600,000 in EBITDA due to the outage, turning a typical $500,000 profit into a $100,000 loss for the quarter. He clarified that they will not receive any business interruption insurance because there was no property damage claimthe outage was caused by a tornado that took down a power line serving the town. Business interruption coverage only applies when there is an underlying property claim. Q: What is the status of the Grand Lodge renovation in Lake Tahoe, and how is it impacting results?A: Dan Lee (CEO) explained that the renovation by owner Larry Ellison is disrupting the casino business. The high-end suites, the Lone Eagle restaurant (the top-grossing restaurant in the Hyatt chain), and the beach access have all been torn down, leaving the resort without its key amenities. Earnings are off, but the project is expected to be complete in late 2027. Lee expects the finished product to be "spectacular" based on Ellison's other projects For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Full House Resorts, Inc.? Here are five stocks we like better. Strong quarterly performance: Full House Resorts reported a 5.6% increase in second-quarter revenue and a 19.5% rise in adjusted EBITDA. American Place led results, with revenue up 13.4% to $34.8 million and property EBITDA reaching $10.1 million. Permanent American Place casino advances: The company expects to complete refinancing during the third quarter to address existing bonds, fund construction and establish a revolver. The permanent casino could open around the third quarter of 2028, with substantially more gaming capacity, while the temporary casino is authorized to operate through February 2029. Chamonix shows meaningful improvement: Targeted marketing and operational changes lifted second-quarter revenue nearly 12% and improved adjusted EBITDA from a $1.2 million loss to roughly breakeven. Management sees significant longer-term upside as it attracts more high-value gaming customers, though it does not expect to reach its full EBITDA potential this year or next. Full House Resorts (NASDAQ:FLL) reported second-quarter revenue growth of 5.6% and a 19.5% increase in adjusted EBITDA, led by continued gains at its American Place temporary casino in Waukegan, Illinois, and improving results at the Chamonix Casino Hotel in Colorado. President, CFO and Treasurer Lewis Fanger said American Place delivered its best quarter to date, with revenue rising 13.4% year over year to $34.8 million. Adjusted property EBITDA increased 13.8% to $10.1 million, compared with $8.9 million in the prior-year period. → 3 Drone Stocks That Should Soar After the Summer Slump American Place exceeded $12 million in monthly gaming revenue for the first time in May, reaching $12.7 million, Fanger said. July was the property’s second-best gaming revenue month on record, according to management, though the company said the monthly gaming revenue report had not yet been released. The company is working toward a refinancing that would simultaneously address its existing bonds, fund construction of the permanent American Place casino and establish a revolving credit facility. Fanger said commitments for the revolver have been received from four banks and that related documentation is largely complete. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Management said it expects to complete the broader financing package during the third quarter, while acknowledging that documentation remains extensive and complex. CEO Dan Lee described the transaction as involving roughly 1,500 pages of documents and said the company has continued moving forward with selected planning work while financing is finalized. Full House has authorized additional schematic and civil plans for the permanent casino and has been conducting soil testing at the site. Lee said the company likely would not release a roughly $3 million earth-moving contract until financing is in place. → Jersey Mike's Serves Fresh Gains After IPO Stumble Management’s current expectation is for the permanent casino to open in roughly 18 to 24 months, with Lee characterizing the third quarter of 2028 as a reasonable estimate. The planned facility is expected to have substantially more capacity than the temporary venue, including approximately 35% more slot machines and 60% more table games, according to Lee. The permanent project has evolved based on the operating experience at the temporary casino and reviews of recently opened northern Illinois gaming properties. Lee said the company has added plans for a food hall and family dining access that would not require guests to pass through the casino floor. During the quarter, Full House received approvals that will allow American Place’s temporary casino to remain open through February 2029. The approval followed passage of a state legislative measure in May and Gaming Board approval in June. The extension is intended to minimize potential downtime between the temporary and permanent casino operations. The company also amended its development agreement with the City of Waukegan, allowing it to retain the temporary Sprung structure for five years after the permanent casino opens. Management said it may use the temporary structure for trade shows, concerts and other entertainment events. The building includes bathrooms, bars and a large indoor footprint, and Lee said it is larger than a football field inside. The possible event-center use was not included in the company’s projections, he said. American Place has been producing EBITDA margins above 29% despite paying rent to the city and leasing kitchen and office facilities, management said. Lee said those margins would be in the low-30% range when adjusted for those costs, while Fanger said margins in the permanent facility could reach the mid-30% range. At Chamonix in Cripple Creek, Colorado, second-quarter revenue rose nearly 12% as Full House implemented more targeted marketing, changed guest offers and revamped branding, particularly on social media. Adjusted property EBITDA was approximately breakeven for the quarter. Lee said the property’s year-over-year EBITDA improvement was approximately $1.1 million, reflecting a shift from a $1.2 million loss in the prior-year quarter to just below breakeven. He said the company has focused on controlling expenses, improving marketing efficiency and making operational changes across food, beverage and gaming. The company expanded the casino-host team and hired a new casino director with prior experience at Fontainebleau and Wynn Las Vegas. Management said it is seeking to build more high-end gaming business at the property. Fanger said Chamonix’s current win per position per day is about $175, compared with about $330 for the overall Black Hawk market. He said that reaching the Black Hawk average, with 70% EBITDA flow-through, could translate to roughly $30 million of annual EBITDA, while a 15% premium to the market average could approach $40 million. Management said it does not expect to reach those levels this year or fully next year, but anticipates substantial improvement over the next 18 months. The company also highlighted growth among higher-value rated guests in June. Its strongest-performing database segments were guests generating at least $750 of gaming win in a single trip, followed by those generating $350 to $749 and $150 to $349. Rising Star: A downed power line caused a 42-hour outage during the quarter. Lee said the property lost about $100,000 during the period, compared with about $500,000 of EBITDA in the prior-year quarter. The company said it does not expect business-interruption insurance proceeds because the property itself was not damaged. Silver Slipper: Revenue declined slightly as the company continued eliminating unprofitable business, while adjusted property EBITDA improved slightly. Management said it is examining opportunities to improve profitability, including food-waste controls at the property’s buffet. Grand Lodge Casino: Renovations at the Hyatt Regency Lake Tahoe continue to disrupt casino operations. Lee said work involving cottages, a restaurant and beach access is now expected to be completed in the second half of 2027, rather than the first half. Management expects the renovated resort ultimately to benefit the casino. On potential acquisitions, Lee said the company is focused on improving Chamonix and building the permanent American Place facility. He said Full House is heavily leveraged and does not want to issue equity at current prices, though it could consider an unusually attractive opportunity. Fanger said the company’s perspective could differ in approximately three years, following the expected opening of the permanent casino and a potentially lower leverage profile. 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. 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 [email protected]. The article "Full House Resorts Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

- Consolidated Revenues Increased 5.6% to $78.1 Million in the Second Quarter of 2026, Led by Strong Growth at American Place Casino and the Company’s Colorado Operations - American Place Achieved New Property Records During the Second Quarter, With Revenues Rising 13.4% from the Prior-Year Period; Approvals Received to Operate the Temporary Facility Until February 2029 - Revenues at Chamonix/Bronco Billy’s Grew 11.7% from the Prior-Year’s Second Quarter, Helped by New Marketing Programs and a Growing Database - Consolidated Operating Income Rose to $2.3 Million from $(0.1) Million, and Net Loss Improved to $(8.7) Million from $(10.4) Million, in the Second Quarters of 2026 and 2025, Respectively - Adjusted EBITDA for the Quarter Increased 19.5%, to $13.3 Million, from the Prior-Year’s Second Quarter LAS VEGAS, Aug. 06, 2026 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the second quarter ended June 30, 2026. On a consolidated basis, revenues in the second quarter of 2026 rose 5.6% to $78.1 million, reflecting strong year-over-year growth at American Place Casino and Chamonix Casino Resort. In the prior-year period, revenues were $73.9 million. Net loss for the second quarter of 2026 was $(8.7) million, or $(0.24) per diluted common share. In the prior-year period, net loss was $(10.4) million, or $(0.29) per diluted common share. Adjusted EBITDA(a) rose to $13.3 million in the second quarter of 2026, a 19.5% increase from $11.1 million in the prior-year period, reflecting increased profitability at American Place and Chamonix/Bronco Billy’s. American Place and Chamonix are the Company’s newest casinos, and both are expected to continue their growth as their operations ramp further. “Our second quarter results highlight the strength of American Place and continuing progress at Chamonix,” said Daniel R. Lee, Chief Executive Officer of Full House Resorts. “American Place achieved new all-time property records during the second quarter, including a new revenue record. We believe we will continue to see meaningful growth in our temporary American Place facility in the coming quarters, and look forward to even greater contributions from our permanent American Place casino, which we expect to open in the second half of 2028. “Regarding that permanent casino, we made significant progress toward its full financing, as well as the refinancing of all of our primary debt, in recent weeks. We remain confident in our refinancing goals, though some of the necessary legal work has taken longer to document than expected. Amongst other things, during the quarter, we received approval to operate our temporary American Place facility through February 2029. As our permanent American Place casino is expected to require approximately 18 to 24 months of construction, with its opening anticipated in the second half of 2028, this extension was important to future bondholders. It also helps provide continuity for our guests, employees, and local stakeholders while we build the permanent facility. Most recently, the Waukegan City Council approved several changes to our development agreement, including allowing us to keep the temporary casino’s Sprung structure for five years from the opening of the permanent casino. We believe it will be, by far, the largest event space in the region and we intend to use it to host special events and entertainment that can drive business to our casino. The permanent American Place facility was designed to be substantially larger and more amenity-rich than our existing temporary casino, with roughly double the overall square footage, a significant increase in gaming positions, enhanced food, beverage, and entertainment offerings, and a more upscale architectural design. “At Chamonix/Bronco Billy’s, total revenues grew 11.7% in the second quarter, reflecting new marketing initiatives that were unveiled in recent months. Adjusted Property EBITDA improved by $1.1 million versus the same period last year, with a modest loss in April offset by positive contributions in May and June. We also continued to improve our management team, including the hiring of a new casino director, formerly with Wynn and Fontainebleau in Las Vegas, a few weeks ago. As awareness of Chamonix builds and the Colorado Springs market continues to develop, we believe there is meaningful upside to the property’s revenues and long-term profitability.” Second Quarter Highlights Midwest & South. This segment includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place Casino. Revenues for the segment were $61.0 million in the second quarter of 2026, a 5.6% increase from $57.8 million in the prior-year period. These results reflect continuing strength at American Place, where revenues rose 13.4% from the second quarter of 2025. Adjusted Segment EBITDA was $13.4 million, a 4.7% increase from $12.8 million in the prior-year period. The improvements at American Place were partially offset by a modest decline in Adjusted Property EBITDA at Rising Star, which was impacted by a 42-hour power outage caused by a downed power line. West. This segment includes Grand Lodge Casino, Stockman’s Casino (until the completion of its sale in April 2025), Chamonix Casino Hotel, and Bronco Billy’s Casino. Chamonix and Bronco Billy’s are two integrated and adjoining casinos, operating as a single entity. Revenues for the segment increased 7.3% to $15.5 million in the second quarter of 2026, versus $14.5 million in the prior-year period. These results reflect strong growth and increased profitability from Chamonix, partially offset by renovation-related disruptions at the Hyatt Regency Lake Tahoe Resort that houses our Grand Lodge Casino, which is a small casino relative to our total operations. Adjusted Segment EBITDA improved 91.8% to $(0.1) million in the second quarter of 2026 from $(1.1) million in the prior-year period. This improvement in Adjusted Segment EBITDA was led by Chamonix/Bronco Billy’s, which improved its Adjusted Property EBITDA by 92.6% to $(0.1) million from $(1.2) million. As our newest property, Chamonix is early in its expected ramp, with operations expected to continue improving in the coming quarters and years. Construction operations continue to impact Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort, leading to lower revenue and Adjusted Property EBITDA in the quarter. Important amenities, including new beachfront high-end suites and food and beverage options, are expected to be complete in late 2027. Contracted Sports Wagering. This segment consists of our on-site and online sports wagering “skins” (akin to websites) in Colorado, Indiana, and Illinois. Revenues and Adjusted Segment EBITDA were both $1.5 million in the second quarter of 2026. In the prior-year period, revenues and Adjusted Segment EBITDA benefited from an additional active sports skin. Such amounts in the second quarter of 2025 were $1.7 million and $1.6 million, respectively. Liquidity and Capital ResourcesAs of June 30, 2026, we had $48.4 million of liquidity, including $33.4 million in cash and cash equivalents and the undrawn portion of our revolving credit facility. Our debt consisted primarily of $450.0 million in outstanding senior secured notes due 2028, which are currently callable at par, and $25.0 million outstanding under our $40.0 million revolving credit facility. Conference Call InformationWe will host a conference call for investors today, August 6, 2026, at 4:30 p.m. ET (1:30 p.m. PT) to discuss our 2026 second quarter results. Investors can access the live audio webcast from our website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (201) 689-8470. A replay of the conference call will be available shortly after the conclusion of the call through August 20, 2026. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 13757786. (a) Reconciliation of Non-GAAP Financial MeasuresOur presentation of non-GAAP Measures may be different from the presentation used by other companies, and therefore, comparability may be limited. While excluded from certain non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, our non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. Our non-GAAP Measures are to be used in addition to, and in conjunction with, results presented in accordance with GAAP. These non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. These non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure. Adjusted Segment EBITDA. We utilize Adjusted Segment EBITDA as the measure of segment profitability in assessing performance and allocating resources at the reportable segment level. Adjusted Segment EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset sales and disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment. Adjusted Property EBITDA. Adjusted Property EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset sales and disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each property. Adjusted EBITDA. We also utilize Adjusted EBITDA, which is defined as Adjusted Segment EBITDA, net of corporate-related costs and expenses. Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, we believe this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity. We utilize this metric or measure internally to focus management on year-over-year changes in core operating performance, which we consider our ordinary, ongoing and customary operations, and which we believe is useful information to investors. Accordingly, management excludes certain items when analyzing core operating performance, such as the items mentioned above, that management believes are not reflective of ordinary, ongoing and customary operations. Full House Resorts, Inc. and SubsidiariesConsolidated Statements of Operations (Unaudited)(In thousands, except per share data) Full House Resorts, Inc. and SubsidiariesSupplemental InformationSegment Revenues, Adjusted Segment EBITDA and Adjusted EBITDA(In thousands, Unaudited) __________(1) The Company utilizes Adjusted Segment EBITDA as the measure of segment operating profitability in assessing performance and allocating resources at the reportable segment level. Supplemental InformationWest Segment Revenues, Adjusted Property EBITDA and Adjusted Segment EBITDA(In thousands, Unaudited) __________N.M. Not meaningful.(1)   On April 1, 2025, the Company completed the sale of Stockman’s Casino. Full House Resorts, Inc. and SubsidiariesSupplemental InformationReconciliation of Net Loss and Operating Income (Loss) to Adjusted EBITDA(In thousands, Unaudited) Full House Resorts, Inc. and SubsidiariesSupplemental InformationReconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA(In thousands, Unaudited) Full House Resorts, Inc. and SubsidiariesSupplemental InformationReconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA(In thousands, Unaudited) Cautionary Note Regarding Forward-looking StatementsThis press release contains statements by us and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include details regarding our growth projects; our expected construction budgets, estimated commencement and completion dates, and expected amenities, including related to the permanent American Place facility; our expected operational performance for our growth projects, including Chamonix and American Place; our expectations regarding the timing of the ramp-up of operations of Chamonix and American Place; our expectations regarding the operation and performance of our other properties and segments; our expectations regarding the renovation-related disruptions at the Hyatt Regency Lake Tahoe Resort that houses our Grand Lodge Casino; our expectations regarding our ability to generate operating cash flow and to obtain debt financing on reasonable terms and conditions for the construction of the permanent American Place facility, including the progress we have made related to financing the permanent American Place Facility; our expectations regarding our ability to refinance our outstanding debt; our expectations regarding the effect of management changes and operational improvements at our properties, including Chamonix; our expectations regarding the effect of our revamped marketing strategy at Chamonix, including our ability to access the Colorado Springs and southern Denver markets; and our sports wagering contracts with third-party providers, including the expected revenues and expenses, as well as our expectations regarding the potential usage of our idle sports skins by us or others. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Such risks include, without limitation, our ability to repay and/or refinance our substantial indebtedness; our ability to finance the construction of the permanent American Place facility; our ability to complete construction at American Place, on-time and on-budget; legal or regulatory restrictions, delays, or challenges for our construction projects, including American Place; construction risks, disputes and cost overruns; the timing of the completion of renovations at the Hyatt Regency Lake Tahoe Resort that houses our Grand Lodge Casino; inflation, tariffs, immigration policies, and their potential impacts on labor costs and the price of food, construction, and other materials; the effects of potential disruptions in the supply chains for goods, such as food, lumber, and other materials; general macroeconomic conditions; our ability to effectively manage and control expenses; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; the financial performance of our finished projects and renovations; effectiveness of expense and operating efficiencies; effectiveness of management changes and operational improvements at our properties; effectiveness of our marketing efforts; changes in guest visitation or spending patterns due to economic conditions, health, international relations or other concerns; cyber events and their impacts to our operations; and regulatory and business conditions in the gaming industry (including the possible authorization or expansion of gaming in the states we operate or nearby states). Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the Securities and Exchange Commission, including, but not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. About Full House Resorts, Inc.We own, lease, develop and operate gaming facilities throughout the country. Our properties include American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Chamonix Casino Hotel and Bronco Billy’s Casino in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. For further information, please visit www.fullhouseresorts.com. CONTACT: Contact: Lewis Fanger, President & Chief Financial Officer Full House Resorts, Inc. 702-221-7800 www.fullhouseresorts.com

LAS VEGAS, July 30, 2026 (GLOBE NEWSWIRE) -- Full House Resorts (NASDAQ: FLL) announced today that it will report its second quarter 2026 financial results on Thursday, August 6, 2026, followed by a conference call at 4:30 p.m. ET (1:30 p.m. PT). Investors can access the live audio webcast from the Company’s website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (201) 689-8470. A replay of the conference call will be available shortly after the conclusion of the call through August 20, 2026. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 13757786. Forward-looking StatementsThis press release may contain statements by Full House Resorts, Inc. that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the SEC, including, but not limited to, our Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise, except as otherwise required by law. Actual results may differ materially from those indicated in the forward-looking statements. About Full House Resorts, Inc.Full House Resorts owns, leases, develops and operates gaming facilities throughout the country. The Company’s properties include American Place in Waukegan, Illinois; Chamonix Casino Hotel and Bronco Billy’s Casino, both in Cripple Creek, Colorado; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Rising Star Casino Resort in Rising Sun, Indiana; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. For further information, please visit www.fullhouseresorts.com. CONTACT: Contact: Lewis Fanger, President Full House Resorts, Inc. (702) 221-7800 www.fullhouseresorts.com

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Revenue growth of 0.9% on an apples-to-apples basis was driven by a 7% increase at American Place, offsetting the divestiture of Stockman's. Adjusted EBITDA rose 15% year-over-year, supported by margin improvements across nearly all properties despite a decline in sports skin revenue due to one fewer active skin. Chamonix performance was hindered by unseasonably warm weather that disrupted major winter festivals and city visitation, alongside temporary construction disruptions at Bronco Billy's. Management identified a significant revenue opportunity in Colorado, noting that slot win-per-day is currently only one-fourth of their primary competitor, Monarch. Operational efficiency is being addressed through a transition from outsourced to in-house housekeeping and more targeted, digital-first marketing campaigns. The company is leveraging a new management team in Colorado to shift away from unprofitable promotional activity toward high-value guest acquisition. Construction on the permanent American Place facility is expected to commence within weeks, with a target opening date approximately two years away. Management is finalizing a financing solution to provide approximately $300 million for the permanent facility, which is expected to be announced shortly. The permanent American Place is projected to eventually reach $100 million in annual EBITDA, driven by expanded gaming capacity and superior amenities compared to the temporary site. Marketing efforts in Colorado are shifting focus toward 1.4 million residents in specific high-potential ZIP codes to increase currently low market penetration. A legislative bill has been introduced in Illinois to extend the temporary casino's operating window by 18 months to ensure a seamless transition to the permanent resort. Grand Lodge performance remains temporarily suppressed by ongoing refurbishment work intended to upgrade the guest experience. Table games hold percentages at American Place were lower than expected in both Q1 and April, creating a headwind against total gaming revenue growth. The company faces seasonal volatility in Colorado, with winter performance heavily dependent on weather-sensitive local festivals. Management expressed confidence in the competitive moat of American Place, dismissing potential tribal casino competition in Kenosha as a long-term and unlikely threat. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management is targeting labor efficiencies by bringing housekeeping in-house and offering premiums for weekend-only staff to avoid high healthcare benefit costs. The focus is shifting from pure cost-cutting to revenue growth, as the current cost structure is largely fixed and incremental revenue will have high flow-through. The company expects the new debt package to be higher than current rates but not excessively so, describing it as 'acceptable' and 'attractive' given market conditions. Final documentation is underway with a specific funding source that requires anonymity until the deal is signed. April data showed a 12% increase in new sign-ups and a 19% rise in rated visits, indicating that new marketing strategies are beginning to attract higher-value guests. Management noted that Colorado Springs currently has less than one-third the casino visitation rate of the U.S. average, representing a massive untapped market.

Interested in Full House Resorts, Inc.? Here are five stocks we like better. Full House reported Q1 2026 revenue of $74.4 million (roughly flat year‑over‑year) while adjusted EBITDA rose nearly 15% to $13.2 million, with gains across most properties and strong performance at American Place. Management said a funding partner is prepared to “fully fund” the roughly $300 million needed to build the permanent American Place, expects to begin construction within weeks, and targets opening about two years from now (temporary casino run‑rate ~$40M EBIT; permit currently through Aug 2027). Operational fixes—renovations, tighter promotions, targeted digital marketing, staffing incentives and non‑gaming upgrades—helped reduce losses at Chamonix/Bronco Billy’s (adjusted property EBITDA improved ~42%) and drove margin gains at Silver Slipper and other properties. 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. 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. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% 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.” → Years in the Making, AMD’s Upside Movement Has Just Begun 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. → Light Speed Returns: Corning Cashes In on NVIDIA Growth 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. 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.” 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. 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. The article "Full House Resorts Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

- American Place Casino Revenues Increased 7.1%, Reflecting Continued Momentum in the First Quarter - Colorado Operations Showed Continued Improvement, with Profitability Significantly Improving in the First Quarter - Consolidated Operating Income Rose 218.4% to $2.4 Million in the First Quarter of 2026; Net Loss Improved to $(8.2) Million from $(9.8) Million - Adjusted EBITDA Increased 14.7% to $13.2 Million in the First Quarter of 2026 LAS VEGAS, May 07, 2026 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the first quarter ended March 31, 2026. On a consolidated basis, revenues in the first quarter of 2026 were $74.4 million, reflecting growth at American Place Casino and Rising Star Casino Resort, offset by the sale of Stockman’s Casino in April 2025 and the termination of an agreement with one of our contracted sports wagering providers in 2025. In the prior-year period, revenues were $75.1 million. Excluding Stockman’s, revenues increased by 0.9%. Net loss for the first quarter of 2026 was $(8.2) million, or $(0.23) per diluted common share, which includes $0.1 million of development costs. In the prior-year period, net loss was $(9.8) million, or $(0.27) per diluted common share, reflecting $0.1 million of project development costs and a $0.2 million impairment of certain assets at Stockman’s Casino. Adjusted EBITDA(a) rose to $13.2 million in the first quarter of 2026, a 14.7% increase from $11.5 million in the prior-year period, reflecting growth at most of our casino properties, including large percentage increases at American Place, Chamonix/Bronco Billy’s and Rising Star, as well as growth at Silver Slipper Casino Hotel. “We had a great first quarter, led by continuing strength at American Place,” said Daniel R. Lee, Chief Executive Officer of Full House Resorts. “Our growth at American Place, located in Chicago’s northern suburbs, reflects its increasing awareness and popularity, as well as the continued expansion of our player database. Looking ahead, we remain excited about the construction and opening of our permanent American Place facility, to be located adjacent to the existing temporary casino. The permanent casino is designed to have more than twice the overall square footage, 39% more slot machines, 86% more table games, additional amenities, and significantly more lavish street appeal and décor than the temporary casino, which is in a sprung structure. “The City of Waukegan recently approved our earthmoving plans. We are also preparing to enter into a pre-construction agreement with Power Construction and recently entered into a construction advisory agreement with W. A. Richardson Builders (“Richardson”). Power Construction is a large Chicago-based contractor and is currently building the Hollywood Casino and Hotel in Aurora, Illinois. Richardson is a large construction company based in Las Vegas and oversaw construction of both the Fontainebleau and Durango resort casinos. The principals in Richardson, before starting their construction company, had major roles at Mandalay Resort Group, where they were involved in the development and construction of several Las Vegas and regional casinos, including the Grand Victoria casino in Elgin, Illinois. The architect for the project is WATG, whose team has worked on numerous casinos, including The Venetian in Las Vegas and the Hard Rock in Rockford, Illinois. “We have made significant progress in arranging the financing for the permanent American Place casino. We anticipate refinancing our existing bonds, which mature in February 2028, as part of that financing. We will announce the details of this planned financing when such arrangements become contractual, which we anticipate within the next few weeks. “Construction of the permanent casino should require approximately 18 months to two years. Because this timeline would put its opening beyond the date permitted for operations of the temporary casino, there is a bill in the current Illinois legislative session that would extend such period. If the legislation is approved, it would ensure the continuation of significant tax and other benefits and a smooth transition from the temporary to the permanent facility. Bills such as this are often resolved late in the legislative session, which is scheduled to end on May 31. “Chamonix/Bronco Billy’s significantly improved its profitability in the first quarter from the prior-year period. These improvements reflect a combination of ongoing operational enhancements and a continued focus on driving profitable growth. We hired an assistant general manager and a finance director during the quarter, both of whom have extensive experience with casinos and hotels of this quality and size. We also further enhanced the guest experience by installing new carpet and ceilings in much of the Bronco Billy’s casino and introduced Don Juan’s Cocina, our rebranded Mexican restaurant with an entirely new menu of fresh and innovative cuisine. We strongly believe that Colorado Springs remains a significantly underpenetrated gaming market. As awareness continues to grow, so should overall profitability at Chamonix. Note that this is a seasonal market; we expect significant positive contributions from our Colorado operations in the important summer season.” First Quarter Highlights Midwest & South. This segment includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place Casino. Revenues for the segment were $59.4 million in the first quarter of 2026, a 3.8% increase from $57.2 million in the prior-year period. These results reflect continuing strength at American Place, where revenues rose 7.1% from the first quarter of 2025. Adjusted Segment EBITDA was $14.8 million, a 13.1% increase from $13.1 million in the prior-year period, with all three properties in the segment generating growth in the first quarter. West. This segment includes Grand Lodge Casino, Stockman’s Casino (until the completion of its sale in April 2025), Chamonix Casino Hotel, and Bronco Billy’s Casino. Chamonix and Bronco Billy’s are two integrated and adjoining casinos, operating as a single entity. Revenues for the segment were $13.6 million in the first quarter of 2026, versus $15.6 million in the prior-year period. These results reflect the sale of Stockman’s and renovation-related disruptions at the Hyatt Regency Lake Tahoe Resort that houses our Grand Lodge Casino, which is a small casino relative to our total operations. Despite the renovation at the Hyatt Regency Lake Tahoe Resort, Adjusted Segment EBITDA improved 28.3% to $(1.8) million in the first quarter of 2026 from $(2.5) million in the prior-year period. This improvement in Adjusted Segment EBITDA was led by Chamonix/Bronco Billy’s, which improved its Adjusted Property EBITDA by 42.0% to $(1.3) million from $(2.3) million despite a slight decline in revenues. As our newest property, Chamonix is early in its expected ramp, with operations expected to continue improving in the coming quarters and years. Contracted Sports Wagering. This segment consists of our on-site and online sports wagering “skins” (akin to websites) in Colorado, Indiana, and Illinois. Revenues and Adjusted Segment EBITDA were $1.5 million and $1.4 million, respectively, in the first quarter of 2026. In the prior-year period, revenues and Adjusted Segment EBITDA benefited from an additional active sports skin. Such amounts in the first quarter of 2025 were $2.3 million and $2.2 million, respectively. Liquidity and Capital Resources As of March 31, 2026, we had $31.4 million in cash and cash equivalents. Our debt consisted primarily of $450.0 million in outstanding senior secured notes due 2028, which are currently callable at par, and $30.0 million outstanding under our revolving credit facility. In March 2026, we extended the maturity date for our revolving credit facility from January 1, 2027 to August 15, 2027. Conference Call Information We will host a conference call for investors today, May 7, 2026, at 4:30 p.m. ET (1:30 p.m. PT) to discuss our 2026 first quarter results. Investors can access the live audio webcast from our website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (201) 689-8470. A replay of the conference call will be available shortly after the conclusion of the call through May 21, 2026. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 13757785. (a) Reconciliation of Non-GAAP Financial Measures Our presentation of non-GAAP Measures may be different from the presentation used by other companies, and therefore, comparability may be limited. While excluded from certain non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, our non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. Our non-GAAP Measures are to be used in addition to, and in conjunction with, results presented in accordance with GAAP. These non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. These non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure. Adjusted Segment EBITDA. We utilize Adjusted Segment EBITDA as the measure of segment profitability in assessing performance and allocating resources at the reportable segment level. Adjusted Segment EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset sales and disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment. Adjusted Property EBITDA. Adjusted Property EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset sales and disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each property. Adjusted EBITDA. We also utilize Adjusted EBITDA, which is defined as Adjusted Segment EBITDA, net of corporate-related costs and expenses. Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, we believe this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity. We utilize this metric or measure internally to focus management on year-over-year changes in core operating performance, which we consider our ordinary, ongoing and customary operations, and which we believe is useful information to investors. Accordingly, management excludes certain items when analyzing core operating performance, such as the items mentioned above, that management believes are not reflective of ordinary, ongoing and customary operations. Full House Resorts, Inc. and Subsidiaries Consolidated Statements of Operations (Unaudited) (In thousands, except per share data) Full House Resorts, Inc. and Subsidiaries Supplemental Information Segment Revenues, Adjusted Segment EBITDA and Adjusted EBITDA (In thousands, Unaudited) __________ (1) The Company utilizes Adjusted Segment EBITDA as the measure of segment operating profitability in assessing performance and allocating resources at the reportable segment level. Supplemental Information West Segment Revenues, Adjusted Property EBITDA and Adjusted Segment EBITDA (In thousands, Unaudited) __________ N.M. Not meaningful. (1) On April 1, 2025, the Company completed the sale of Stockman’s Casino. Full House Resorts, Inc. and Subsidiaries Supplemental Information Reconciliation of Net Loss and Operating (Loss) Income to Adjusted EBITDA (In thousands, Unaudited) Full House Resorts, Inc. and Subsidiaries Supplemental Information Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA (In thousands, Unaudited) Cautionary Note Regarding Forward-looking Statements This press release contains statements by us and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include details regarding our growth projects, including our expectations regarding the Illinois legislature passing a bill to extend the timeframe of our operation of the temporary American Place facility; our expected construction budgets, estimated commencement and completion dates, and expected amenities; our expected operational performance for our growth projects, including Chamonix and American Place; our expectations regarding the timing of the ramp-up of operations of Chamonix and American Place; our expectations regarding the operation and performance of our other properties and segments; our expectations regarding the renovation-related disruptions at the Hyatt Regency Lake Tahoe Resort that houses our Grand Lodge Casino; our expectations regarding our ability to generate operating cash flow and to obtain debt financing on reasonable terms and conditions for the construction of the permanent American Place facility; our expectations regarding our ability to refinance our outstanding debt; our expectations regarding the effect of management changes and operational improvements at our properties, including Chamonix; our expectations regarding the effect of our revamped marketing strategy at Chamonix, including our ability to access the Colorado Springs and southern Denver markets; and our sports wagering contracts with third-party providers, including the expected revenues and expenses, as well as our expectations regarding the potential usage of our idle sports skins by us or others. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Such risks include, without limitation, our ability to repay and/or refinance our substantial indebtedness; our ability to finance the construction of the permanent American Place facility; our ability to complete construction at American Place, on-time and on-budget; the passage of legislation to extend the timeframe for us to operate the temporary American Place facility; legal or regulatory restrictions, delays, or challenges for our construction projects, including American Place; construction risks, disputes and cost overruns; the timing of the completion of renovations at the Hyatt Regency Lake Tahoe Resort that houses our Grand Lodge Casino; inflation, tariffs, immigration policies, and their potential impacts on labor costs and the price of food, construction, and other materials; the effects of potential disruptions in the supply chains for goods, such as food, lumber, and other materials; general macroeconomic conditions; our ability to effectively manage and control expenses; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; the financial performance of our finished projects and renovations; effectiveness of expense and operating efficiencies; effectiveness of management changes and operational improvements at our properties; effectiveness of our marketing efforts; changes in guest visitation or spending patterns due to economic conditions, health, international relations or other concerns; cyber events and their impacts to our operations; and regulatory and business conditions in the gaming industry (including the possible authorization or expansion of gaming in the states we operate or nearby states). Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the Securities and Exchange Commission, including, but not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. About Full House Resorts, Inc. We own, lease, develop and operate gaming facilities throughout the country. Our properties include American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Chamonix Casino Hotel and Bronco Billy’s Casino in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. For further information, please visit www.fullhouseresorts.com. CONTACT: Contact: Lewis Fanger, President & Chief Financial Officer Full House Resorts, Inc. 702-221-7800 www.fullhouseresorts.com

LAS VEGAS, April 22, 2026 (GLOBE NEWSWIRE) -- Full House Resorts (NASDAQ: FLL) announced today that it will report its first quarter 2026 financial results on Thursday, May 7, 2026, followed by a conference call at 4:30 p.m. ET (1:30 p.m. PT). Investors can access the live audio webcast from the Company’s website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (201) 689-8470. A replay of the conference call will be available shortly after the conclusion of the call through May 21, 2026. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 13757785. Forward-looking Statements This press release may contain statements by Full House Resorts, Inc. that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the SEC, including, but not limited to, our Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise, except as otherwise required by law. Actual results may differ materially from those indicated in the forward-looking statements. About Full House Resorts, Inc. Full House Resorts owns, leases, develops and operates gaming facilities throughout the country. The Company’s properties include American Place in Waukegan, Illinois; Chamonix Casino Hotel and Bronco Billy’s Casino, both in Cripple Creek, Colorado; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Rising Star Casino Resort in Rising Sun, Indiana; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. For further information, please visit www.fullhouseresorts.com. CONTACT: Contact: Lewis Fanger, President Full House Resorts, Inc. (702) 221-7800 www.fullhouseresorts.com

- American Place Casino Continued Its Strong Growth, With Revenues Increasing 13.1% for the Year and 11.0% in the Fourth Quarter - Colorado Operations Showed Continued Improvement, with Chamonix/Bronco Billy’s Completing Its First Full Year of Expanded Operation; Revenues and Adjusted Property EBITDA Significantly Improved in Both the Year and the Fourth Quarter - Company Anticipates Breaking Ground on Its Permanent American Place Casino in March or April, Allowing for an Opening in Approximately 18 to 24 Months; Completion of Its Financing is Expected Within the Next Few Months - A Bill was Introduced in the Illinois Legislature to Extend the Operation of Our Temporary American Place Casino by 18 Months LAS VEGAS, March 05, 2026 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the fourth quarter and year ended December 31, 2025. On a consolidated basis, revenues in the fourth quarter of 2025 rose 3.4% to $75.4 million, reflecting strong growth at American Place Casino and the continuing ramp-up of operations at Chamonix Casino Hotel, partially offset by the sale of Stockman’s Casino in April 2025. Excluding Stockman’s, revenues increased by 5.6%. Net loss for the fourth quarter of 2025 was $(12.4) million, or $(0.34) per diluted common share, which includes $0.1 million of development costs. In the prior-year period, net loss was $(12.3) million, or $(0.35) per diluted common share, reflecting $0.3 million of development costs. Adjusted EBITDA(a) increased to $10.7 million in the fourth quarter of 2025. In the prior-year period, Adjusted EBITDA was $10.4 million, having benefited from a $1.2 million recovery settlement related to one of the Company’s sports wagering agreements and the reversal of certain corporate accruals taken in previous quarters. For the full year, revenues in 2025 were $302.4 million, a 3.5% increase from $292.1 million in the prior year. Excluding Stockman’s, revenues rose by 5.2%. Net loss in 2025 was $(40.2) million, or $(1.12) per diluted common share, which includes $0.3 million of development costs. For 2024, net loss was $(40.7) million, or $(1.16) per diluted common share, reflecting $2.8 million of preopening and development costs, primarily related to Chamonix, and the aforementioned recovery settlement. Depreciation and amortization totaled $42.6 million in 2025 and $42.1 million in 2024. Because of these significant non-cash charges, the Company generally produces positive cash flow from operations, despite net losses. Adjusted EBITDA was $48.1 million in 2025, with growth at American Place and improved operations at Chamonix offset by construction disruptions at Grand Lodge and the sale of Stockman’s Casino. In 2024, Adjusted EBITDA was $48.6 million, benefiting from the $1.2 million recovery settlement noted above. “We had another strong quarter of growth at American Place, which currently operates in a temporary facility,” said Daniel R. Lee, Chief Executive Officer of Full House Resorts. “As the year progressed, the rate of growth in its operating profits accelerated, highlighting the growing awareness of our brand and the relative undersaturation of gaming in the northern Chicago market. Such performance reinforces our confidence in the long-term potential for American Place. “We continue to make meaningful progress toward construction of the permanent American Place facility. In September 2025, the Waukegan City Council unanimously approved our revised site plans. Our architects are also nearing completion of working drawings for the building’s foundation. With these drawings, we will seek building permits and begin construction, anticipated in March or April 2026. Foundation work, while not cost intensive, requires several months to complete. By starting construction now, funding it with internal sources, we believe we can accelerate the opening of the permanent casino, anticipated in approximately 18 to 24 months. “A bill was also recently introduced in the Illinois legislature to extend the date that our temporary American Place casino is permitted to operate by 18 months beyond August 2027. This bill, if passed, will ensure that there will be no gap in tax revenue or employment prior to the opening of our permanent casino facility. We received a similar extension in 2023 when our project was delayed due to a lawsuit from a competitor. Such lawsuit was resolved in January 2025.” Continued Mr. Lee, “Our Colorado operations also delivered strong improvements in the fourth quarter. The fourth quarter is a seasonally slow quarter in this market. Revenues were up in the quarter and expenses declined, resulting in a significantly smaller loss in the quarter than in the same quarter of the prior year. We recently hired a new finance director and an assistant general manager, and promoted a talented chef to be the food and beverage director, filling out a largely-new management team. We reinvigorated Chamonix’s brand awareness, launching more targeted advertising efforts in the fourth quarter of 2025. Our group sales department, while still a relatively new team, is making meaningful strides at booking future business. Then, in January and February, we installed new carpet and ceilings in much of the adjoining Bronco Billy’s Casino, which now offers a gaming experience that better complements Chamonix. In anticipation of the seasonally-stronger season that we are moving into, we recently reopened the Mexican restaurant in Bronco Billy’s with an entirely new menu of fresh and innovative Mexican cuisine. We expect our Colorado operations to contribute significantly to our income in 2026 and beyond.” Fourth Quarter Highlights Midwest & South. This segment includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place Casino. Revenues for the segment were $58.2 million in the fourth quarter of 2025, a 5.7% increase from $55.0 million in the prior-year period. These results reflect continuing strength at American Place, where revenues rose 11.0% from the fourth quarter of 2024. Adjusted Segment EBITDA was $11.7 million, an 11.1% increase from $10.5 million in the prior-year period, similarly led by strong growth at American Place, which continues to ramp up its operations. West. This segment includes Grand Lodge Casino (located within the Hyatt Regency Lake Tahoe Resort in Incline Village, Nevada), Stockman’s Casino (until the completion of its sale in April 2025), Bronco Billy’s Casino, and Chamonix Casino Hotel, which opened in phases between December 2023 and October 2024. Chamonix and Bronco Billy’s are two integrated and adjoining casinos, operating as a single entity. Revenues for the segment were $15.6 million in the fourth quarter of 2025, versus $16.1 million in the prior-year period. These results reflect growth at Chamonix/Bronco Billy’s, offset by the sale of Stockman’s and renovation-related disruptions at the Hyatt Regency Lake Tahoe Resort that houses our Grand Lodge Casino, which is small relative to the Company’s total operations. Despite the renovation at the Hyatt, Adjusted Segment EBITDA improved 37.0% to $(2.0) million in the fourth quarter of 2025 from $(3.2) million in the prior-year period. As the Company’s newest property, Chamonix is early in its expected ramp, with operations expected to continue improving in the coming quarters and years. Contracted Sports Wagering. This segment consists of our on-site and online sports wagering “skins” (akin to websites) in Colorado, Indiana, and Illinois. Revenues and Adjusted Segment EBITDA were $1.7 million and $1.6 million, respectively, in the fourth quarter of 2025. In the prior-year period, revenues and Adjusted Segment EBITDA were $1.9 million and $3.0 million, respectively, with results benefiting from a $1.2 million settlement recovery related to one of the Company’s sports wagering agreements. Corporate. In the fourth quarter of 2025, corporate expense totaled $0.6 million. Conversely, the 2024 period benefited from the reversal of certain accruals, resulting in an operating credit of $0.1 million. Liquidity and Capital Resources As of December 31, 2025, we had $40.7 million in cash and cash equivalents. Our debt consisted primarily of $450.0 million in outstanding senior secured notes due 2028, which are currently callable at par. We also had $10.0 million available under our $40.0 million revolving credit facility. In March 2026, we extended the maturity date for our revolving credit facility from January 1, 2027 to August 15, 2027. Conference Call Information We will host a conference call for investors today, March 5, 2026, at 4:30 p.m. ET (1:30 p.m. PT) to discuss our 2025 fourth quarter results. Investors can access the live audio webcast from our website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (201) 689-8470. A replay of the conference call will be available shortly after the conclusion of the call through March 19, 2026. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (412) 317-6671 and using the passcode 13757784. (a) Reconciliation of Non-GAAP Financial Measures Our presentation of non-GAAP Measures may be different from the presentation used by other companies, and therefore, comparability may be limited. While excluded from certain non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, our non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. Our non-GAAP Measures are to be used in addition to, and in conjunction with, results presented in accordance with GAAP. These non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. These non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure. Adjusted Segment EBITDA. We utilize Adjusted Segment EBITDA as the measure of segment profitability in assessing performance and allocating resources at the reportable segment level. Adjusted Segment EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset sales and disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment. Adjusted Property EBITDA. Adjusted Property EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset sales and disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each property. Adjusted EBITDA. We also utilize Adjusted EBITDA, which is defined as Adjusted Segment EBITDA, net of corporate-related costs and expenses. Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, we believe this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity. We utilize this metric or measure internally to focus management on year-over-year changes in core operating performance, which we consider our ordinary, ongoing and customary operations, and which we believe is useful information to investors. Accordingly, management excludes certain items when analyzing core operating performance, such as the items mentioned above, that management believes are not reflective of ordinary, ongoing and customary operations. Full House Resorts, Inc. and Subsidiaries Consolidated Statements of Operations (Unaudited) (In thousands, except per share data) Full House Resorts, Inc. and Subsidiaries Supplemental Information Segment Revenues, Adjusted Segment EBITDA and Adjusted EBITDA (In thousands, Unaudited) __________ (1) The Company utilizes Adjusted Segment EBITDA as the measure of segment operating profitability in assessing performance and allocating resources at the reportable segment level. Supplemental Information West Segment Revenues, Adjusted Property EBITDA and Adjusted Segment EBITDA (In thousands, Unaudited) __________ N.M. Not meaningful. (1) On April 1, 2025, the Company completed the sale of Stockman’s Casino. In December 2025, working capital adjustments in connection with such sale were finalized. Full House Resorts, Inc. and Subsidiaries Supplemental Information Reconciliation of Net Loss and Operating (Loss) Income to Adjusted EBITDA (In thousands, Unaudited) Full House Resorts, Inc. and Subsidiaries Supplemental Information Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA (In thousands, Unaudited) Full House Resorts, Inc. and Subsidiaries Supplemental Information Reconciliation of Operating Income (Loss) to Adjusted Segment EBITDA and Adjusted EBITDA (In thousands, Unaudited) Cautionary Note Regarding Forward-looking Statements This press release contains statements by us and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “expect,” “future,” “should,” “will” and similar references to future periods. Some forward-looking statements in this press release include details regarding our growth projects, including our expected construction budgets, estimated commencement and completion dates, and expected amenities; our expected operational performance for our growth projects, including Chamonix and American Place; our expectations regarding the timing of the ramp-up of operations of Chamonix and American Place; our expectations regarding the operation and performance of our other properties and segments; our expectations regarding the renovation-related disruptions at the Hyatt Regency Lake Tahoe Resort that houses our Grand Lodge Casino; our expectations regarding our ability to generate operating cash flow and to obtain debt financing on reasonable terms and conditions for the construction of the permanent American Place facility; our expectations regarding our ability to refinance our outstanding debt; our expectations regarding the effect of management changes and operational improvements at our properties, including Chamonix; our expectations regarding the effect of our revamped marketing strategy at Chamonix, including our ability to access the Colorado Springs and southern Denver markets; and our sports wagering contracts with third-party providers, including the expected revenues and expenses, as well as our expectations regarding the potential usage of our idle sports skins by us or others. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Such risks include, without limitation, our ability to repay and/or refinance our substantial indebtedness; our ability to finance the construction of the permanent American Place facility; our ability to complete construction at American Place, on-time and on-budget; legal or regulatory restrictions, delays, or challenges for our construction projects, including American Place; construction risks, disputes and cost overruns; the timing of the completion of renovations at the Hyatt Regency Lake Tahoe Resort that houses our Grand Lodge Casino; inflation, tariffs, immigration policies, and their potential impacts on labor costs and the price of food, construction, and other materials; the effects of potential disruptions in the supply chains for goods, such as food, lumber, and other materials; general macroeconomic conditions; our ability to effectively manage and control expenses; dependence on existing management; competition; uncertainties over the development and success of our expansion projects; the financial performance of our finished projects and renovations; effectiveness of expense and operating efficiencies; effectiveness of management changes and operational improvements at our properties; effectiveness of our marketing efforts; changes in guest visitation or spending patterns due to economic conditions, health, international relations or other concerns; cyber events and their impacts to our operations; and regulatory and business conditions in the gaming industry (including the possible authorization or expansion of gaming in the states we operate or nearby states). Additional information concerning potential factors that could affect our financial condition and results of operations is included in the reports we file with the Securities and Exchange Commission, including, but not limited to, Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the most recently ended fiscal year and our other periodic reports filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or revise our forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. About Full House Resorts, Inc. We own, lease, develop and operate gaming facilities throughout the country. Our properties include American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Chamonix Casino Hotel and Bronco Billy’s Casino in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. For further information, please visit www.fullhouseresorts.com. CONTACT: Contact: Lewis Fanger, President & Chief Financial Officer Full House Resorts, Inc. 702-221-7800 www.fullhouseresorts.com