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FLL

Full House Resorts, Inc.

FLL

Full House Resorts, Inc. • NASDAQ
$2.69 ▲ 2.67% (+0.07)
Market Cap $97.17 M
52w High $5.59
52w Low $2.25
Dividend Yield 0%
P/E -2.42
Volume 66.38K
Outstanding Shares 36.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $77.95M ▲ $38.488M $-7.678M ▲ -9.85% ▲ $0 ▲ $14.024M ▲
Q2-2025 $73.946M ▼ $38.488M ▲ $-10.383M ▼ -14.041% ▼ $-0.29 ▼ $9.775M ▼
Q1-2025 $75.058M ▲ $37.907M ▼ $-9.765M ▲ -13.01% ▲ $-0.27 ▲ $10.692M ▲
Q4-2024 $72.962M ▼ $38.209M ▲ $-12.299M ▼ -16.857% ▼ $-0.35 ▼ $8.581M ▼
Q3-2024 $75.687M $35.325M $-8.472M -11.193% $-0.24 $12.344M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $30.929M ▼ $639.466M ▼ $66.871M ▼ $572.595M ▲
Q2-2025 $32.131M ▲ $651.537M ▼ $630.326M ▲ $21.211M ▼
Q1-2025 $30.708M ▼ $657.199M ▼ $626.199M ▼ $31M ▼
Q4-2024 $40.221M ▲ $673.334M ▲ $632.837M ▲ $40.497M ▼
Q3-2024 $25.936M $668.718M $616.899M $51.819M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.678M ▲ $-472K ▼ $-5.067M ▼ $4.337M ▲ $-1.202M ▼ $-5.539M ▼
Q2-2025 $-10.383M ▼ $7.87M ▲ $-922K ▲ $-5.525M ▼ $1.423M ▲ $4.536M ▲
Q1-2025 $-9.765M ▲ $-9.465M ▼ $-2.88M ▲ $2.832M ▲ $-9.513M ▼ $-12.345M ▼
Q4-2024 $-12.299M ▼ $14.838M ▲ $-7.973M ▼ $-244K ▲ $6.621M ▲ $6.882M ▲
Q3-2024 $-8.472M $-6.716M $-3.772M $-359K $-11.097M $-17.402M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Contracted Sports Wagering
Contracted Sports Wagering
 $0 ▲$0 ▲$0 ▲$0 ▲
Midwest and South
Midwest and South
 $110.00M ▲$60.00M ▼$60.00M ▲$60.00M ▲
West
West
 $30.00M ▲$20.00M ▼$10.00M ▼$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years and is now meaningfully higher than it was before the recent expansion projects. However, this growth has not yet translated into consistent profits. The company has hovered around breakeven at the operating level, and net results have slipped into losses in each of the last three years after a small profit earlier in the period. This suggests that new properties and higher costs for labor, marketing, interest, and depreciation are weighing on earnings while the newer resorts are still ramping up. In simple terms, sales are moving in the right direction, but profitability is not yet keeping pace and remains a key execution risk.

Balance Sheet

Balance Sheet The balance sheet shows a company that has invested heavily in new resorts and facilities. Total assets have grown significantly, reflecting new developments like Chamonix and American Place. To fund this, Full House has taken on substantial debt, which now makes up most of its capital structure, while equity has stayed quite small and has recently shrunk. Cash on hand is modest relative to the size of the business and the debt load. This combination points to a leveraged, asset-heavy company with limited balance-sheet cushion, making consistent cash generation and successful ramp-up of new properties especially important.

Cash Flow

Cash Flow Operating cash flow has been positive but not strong, indicating the core business is generating cash but not in large amounts relative to its size and investment needs. Free cash flow has been clearly negative for several years because of heavy spending on new properties and improvements. This is typical for a company in a major development phase, but it also means Full House has relied on outside funding to support growth. The main question going forward is whether these large investments can turn into stronger, more stable cash flows once the new resorts mature and capital spending normalizes.

Competitive Edge

Competitive Edge Full House competes in the regional casino and resort market by focusing on underserved locations and trying to build the standout property in each area. Its strategy is to deliver destination-style resorts that are noticeably higher quality than local competitors, rather than trying to go head-to-head with the largest national casino chains in major hubs like Las Vegas. This niche approach can create strong local positions and loyal customer bases, but it also concentrates the company’s fortunes in a relatively small number of properties and markets. Any underperformance at a key resort or adverse regulatory change in one state can have an outsized impact, especially given the company’s smaller scale compared with major rivals.

Innovation and R&D

Innovation and R&D In this industry, innovation is less about traditional research labs and more about property design, guest experience, and smart use of technology. Full House leans on proven third-party systems rather than building its own, notably using Konami’s SYNKROS platform and serving as a beta site for advanced analytics tools. This allows the company to personalize marketing and understand player behavior without carrying the full cost and risk of in-house development. It also partners with established operators for online sports betting rather than trying to create a proprietary digital platform. The development pipeline—such as Chamonix in Colorado and the permanent American Place in Illinois—represents its main “R&D”: designing differentiated, themed properties tailored to local markets. The innovation risk is less about tech failure and more about execution: whether these concepts resonate with guests and can sustain premium positioning over time.

Summary

Full House Resorts is in an investment-heavy phase: revenue is growing and the company is building distinctive regional resort properties, but profits are under pressure and cash outflows for development have been large. The balance sheet reflects this strategy—asset-rich but highly leveraged, with only a thin equity layer and limited cash, leaving less room for missteps. Competitively, the company aims to dominate niche markets with destination-style casinos rather than compete directly with the largest operators, using partnerships and data tools to enhance the guest experience. The long-term story depends on how well new flagship properties ramp up, how quickly they can translate into stronger and more stable cash flows, and whether management can balance growth ambitions with the realities of a leveraged financial position.

NEWS

November 6, 2025 · 9:10 AM UTC

Full House Resorts Announces Strong Third Quarter Results

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October 9, 2025 · 8:00 AM UTC

Full House Resorts Announces Third Quarter Earnings Release Date

Read more