Full House Resorts 2025 Q3 Earnings Net Loss Narrows 9.4% Amid 26.1% Adjusted EBITDA Growth

Full House Resorts (FLL) reported mixed Q3 2025 results, with revenue beating estimates but EPS missing forecasts. The company narrowed its net loss by 9.4% year-over-year and raised guidance for American Place’s growth, signaling operational progress.

Revenue

Consolidated revenue rose 3.0% to $77.95 million, exceeding the $76.62 million consensus. The Midwest & South segment, led by American Place Casino, drove growth with a 7.0% increase to $58.3 million. The West segment, including Chamonix and Bronco Billy’s, reported a 7.3% revenue boost despite the sale of Stockman’s Casino and renovation disruptions at Grand Lodge. Contracted Sports Wagering contributed marginally, though specifics were not quantified.

Earnings/Net Income

Full House narrowed its net loss to $7.68 million ($0.21 per share) in Q3 2025, a 9.4% improvement from $8.47 million ($0.24 per share) in Q3 2024. While the EPS miss of $0.01 reflected ongoing profitability challenges, the reduction in losses and 26.1% Adjusted EBITDA growth to $14.8 million highlight positive operational momentum.

Post-Earnings Price Action Review

The strategy of buying FLL shares on revenue-announcement dates and holding for 30 days delivered cumulative returns of 28.2% over three years, outperforming the SPY ETF’s 16.6%. This outperformance suggests investor confidence in the company’s ability to capitalize on its growth initiatives.

CEO Commentary

CEO Daniel R. Lee emphasized American Place’s record $32 million revenue (14.0% growth) and Chamonix’s $2.1 million Adjusted EBITDA contribution. He highlighted Waukegan City Council’s unanimous approval for the permanent American Place facility and optimism about untapped markets in Colorado Springs and southern Denver.

Guidance

The company expects sustained growth at American Place and Chamonix, with operational efficiencies and market penetration driving Adjusted EBITDA. While no specific financial targets were provided, management reiterated confidence in the permanent facility’s $50 million run-rate EBITDA potential by Q1 2026.

Additional News

1. Waukegan Site Approval: Unanimous council approval for the permanent American Place facility reduced the project budget to $302 million, accelerating development.

2. Financing Challenges: Delays in securing loans for the facility raised concerns, though management remains optimistic about Q1 2026 funding.

3. Colorado Market Expansion: The company plans targeted marketing to boost visitation in Colorado Springs, where only 12-15% of households visited Cripple Creek last year.

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