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- **American Place Dominance**: Temporary casino EBITDA up 16% to $9M, with 115,000+ guests. Permanent casino project on track for 2027 opening at $302M budget. 
- **Chamonix Turnaround**: EBITDA turned positive at $2.1M, 33% increase in high-frequency guests, and 13% FTE reduction. Group business pipeline of 25+ events in 2026.
- **Cost Efficiency**: Illinois ops cover interest expenses, total liquidity stable at $40M. Kenosha casino deemed negligible threat.
- **Growth Catalysts**: Chamonix table games (11% penetration) and permanent casino ($50M+ EBITDA run rate) key drivers. Q4/Q1 EBITDA set for +$5.7M YoY improvement.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue rose 5% year-over-year to $78 million, driven by American Place (14% revenue growth) and Chamonix (7% revenue growth). American Place's EBITDA increased 16% to $9 million, while Chamonix's EBITDA turned positive at $2.1 million.
- **American Place Expansion**: Permanent casino project in Waukegan, IL, reduced budget to $302 million (from $325 million). Expected to open by August 2027, targeting $50 million+ EBITDA run rate. Temporary casino database grew to 115,000+ guests.
- **Chamonix Turnaround**: 33% increase in high-frequency guest visits, 4.5% slot revenue growth, and 13% FTE reduction. Group business pipeline includes 25+ events in 2026, targeting 55+ events annually by 2029.
- **Cost Efficiency**: Illinois operations generate sufficient cash flow to cover interest expenses. Total liquidity remains stable at $40 million.

**【CFO Financial Commentary】**
- **American Place**: Temporary casino revenue $32 million (Q3), EBITDA $9 million (16% YoY). Permanent casino site approved, construction pending financing. Kenosha, WI casino project deemed unlikely to impact operations.
- **Chamonix**: EBITDA improved from -$0.7 million to $2.1 million. Table games revenue up 53% YoY, slot revenue up 6%. Database additions of 3,000/month.
- **Silver Slipper/Rising Star**: Flat performance, with Silver Slipper showing EBITDA improvement through cost-cutting. Tahoe property impacted by Hyatt renovations but expected to recover.

**【Q&A Highlights】**
- **Kenosha Casino Concerns**: CFO dismisses as distant threat, noting regulatory hurdles and distance from core markets.
- **Financing Strategy**: Exploring REITs, land leases, and bond markets for permanent casino. Blake Sartini's REIT transaction cited as inspiration for potential opco/REIT split.
- **Chamonix Growth**: EBITDA expected to swing from -$4.8M trailing 12-month to positive in 2026. Table games penetration rate (11%) seen as major growth driver.
- **Seasonality**: Q4 and Q1 EBITDA expected to improve vs. prior year (Q4 2024: +$3.4M vs. -$3.4M; Q1 2025: +$2.3M vs. -$2.3M).

Full House Resorts, Inc. (FLL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FLL

FLL fundamentals

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