Research Reports

Summary

Full House Resorts reported Q1 2026 consolidated revenue of $74.4 million, net loss of $(8.2) million, and Adjusted EBITDA of $13.2 million — representing a 14.7% year-over-year increase — driven by strength at American Place and Chamonix/Bronco Billy’s, partially offset by the April 2025 sale of Stockman’s Casino and sports wagering contract termination.

Key takeaways

Consolidated Q1 2026 revenue was $74.4 million, down 0.9% excluding Stockman’s Casino, with American Place revenues up 7.1% year-over-year — indicating sustained regional momentum.

Net loss improved to $(8.2) million from $(9.8) million in Q1 2025, reflecting lower impairment charges and stable development costs, supporting near-term earnings stabilization.

Adjusted EBITDA rose 14.7% to $13.2 million, led by double-digit growth at American Place, Chamonix/Bronco Billy’s, Rising Star, and Silver Slipper — signaling broad operational leverage.

Chamonix/Bronco Billy’s Adjusted Property EBITDA improved 42.0% to $(1.3) million despite flat revenues, aided by new management hires, facility upgrades, and rebranded dining — suggesting early-stage ramp acceleration.

Liquidity stood at $31.4 million as of March 31, 2026, with $450.0 million in 2028 senior secured notes and $30.0 million drawn on an extended revolving credit facility maturing August 2027 — preserving near-term debt service capacity.

Management disclosed progress on the permanent American Place casino, including approved earthmoving plans, pre-construction agreements with Power Construction and W.A. Richardson Builders, and anticipated refinancing of 2028 bonds — advancing a key long-term value driver.

Full analysis

Full House Resorts delivered a materially improved first quarter in 2026, with operating income surging 218.4% to $2.4 million and Adjusted EBITDA rising 14.7% to $13.2 million — both driven by strong performance across core properties despite headwinds from the April 2025 sale of Stockman’s Casino and termination of a sports wagering agreement. Revenue declined modestly to $74.4 million from $75.1 million year-over-year, but grew 0.9% excluding Stockman’s, underscoring organic resilience. American Place Casino — now in Chicago’s northern suburbs — delivered a 7.1% revenue increase, attributed to expanding player database awareness and popularity; management highlighted its upcoming permanent facility (twice the square footage, 39% more slots, 86% more tables) as a multi-year growth catalyst. Chamonix/Bronco Billy’s showed outsized operational improvement: Adjusted Property EBITDA rose 42.0% to $(1.3) million despite a 3.2% revenue decline, supported by new leadership, facility enhancements, and Don Juan’s Cocina rebranding — validating early-stage execution in the underpenetrated Colorado Springs market. Liquidity remains solid at $31.4 million, and the company extended its revolver to August 2027 while actively arranging financing to refinance its $450 million 2028 notes — critical for funding the American Place build. Although no formal forward guidance was issued, management emphasized seasonal strength ahead in Colorado and reiterated expectations for continued ramp at Chamonix and American Place, positioning the company for further margin expansion and cash flow generation in coming quarters.