Key Highlights

  • Second-quarter Revenue reached $78.1 million, up 5.6% year over year, with adjusted EBITDA rising 19.5% to $13.3 million, though the company posted a net loss of $8.7 million.
  • American Place casino in Illinois grew revenue 13.4% to new property records, and Chamonix in Colorado grew revenue 11.7% with adjusted property EBITDA up sharply.
  • The company operates American Place under a temporary Facility approved through early 2029, with a permanent casino targeted for the second half of 2028.
  • Full House held $48.4 million in Liquidity against $450 million of senior secured notes due 2028, and management expressed confidence in refinancing that debt.

Full House Resorts (NASDAQ:FLL), a regional casino operator, reported that its two newest properties are ramping up and driving record results, even as the company continues to post net losses tied to its heavy Investment phase. The question for investors is whether its new casinos can mature quickly enough to justify the financing needed for a permanent flagship facility.

Full House owns and operates a portfolio of regional gaming properties across several U.S. states, including its American Place casino in Illinois and Chamonix in Colorado, along with casinos in Mississippi, Indiana and Nevada. Its recent growth has centered on bringing new, higher-potential properties online, which involves substantial upfront investment and Debt but offers meaningful upside as they ramp.

Latest Developments

In its second-quarter 2026 results, Full House reported revenue of $78.1 million, up 5.6% year over year, with adjusted EBITDA rising 19.5% to $13.3 million, though it posted a net loss of $8.7 million ($0.24 per share). Its American Place casino in Illinois grew revenue 13.4% to new property records, and its Chamonix property in Colorado grew revenue 11.7% with adjusted property EBITDA up sharply. The company operates American Place under a temporary facility approved through early 2029, with a permanent casino targeted for the second half of 2028. It held $48.4 million in liquidity against $450 million of senior secured notes due 2028, and management expressed confidence in refinancing that debt while financing the permanent facility.

Financial and Business Position

Full House's newest properties are delivering strong growth, and the rising adjusted EBITDA shows the ramp is improving the company's Earnings power. The net loss reflects the costs of its investment phase, including interest on its substantial debt, and the key financial challenges ahead are refinancing that debt and funding the permanent American Place facility. The temporary-to-permanent transition at American Place is central to the story, as the permanent casino could substantially increase the property's earnings potential if financed and built successfully.

Stock-Market Context

The company carries a strong-buy analyst rating, reflecting the strong ramp of its new casinos. The case for continued momentum rests on American Place and Chamonix continuing to grow, the successful refinancing of debt and financing of the permanent facility, and the eventual step-up in earnings; the cautionary case is that the company remains unprofitable, carries significant debt maturing in 2028, and faces execution and financing risk on the permanent American Place project.

What Investors Should Watch

Investors may focus on continued revenue and EBITDA growth at American Place and Chamonix, progress and financing on the permanent American Place casino, the refinancing of the 2028 senior notes, and the trajectory from net losses toward profitability. Evidence that the new properties keep ramping while the company secures the financing for its permanent facility and refinances its debt would do the most to determine the durability of the recent progress.

Full House Resorts is executing a high-risk, high-reward regional-casino strategy in which it invests heavily to bring new properties online, accepting near-term losses and substantial debt in exchange for the potential of significant earnings growth as those casinos mature. The strong ramp of its American Place casino in Illinois and its Chamonix property in Colorado validates the strategy, with both delivering double-digit revenue growth and American Place setting property records. The central financial challenges are refinancing the company's substantial senior notes due in 2028, and financing the construction of the permanent American Place facility, which could dramatically increase that property's earnings potential but requires Capital and carries execution risk.