Traders should monitor progress on permanent American Place financing and construction start, as well as the Illinois legislative extension. Continued ramp at Chamonix and sustained growth at American Place could drive EBITDA expansion in 2026, but high leverage ($450M notes due 2028) remains a risk.
Price Chart
Executive Summary
Full House Resorts reported modest revenue growth for Q4 and full-year 2025, driven by strong performance at American Place and improving operations at Chamonix/Bronco Billy’s, offset by the sale of Stockman’s Casino. Net losses remained stable year-over-year, while Adjusted EBITDA declined slightly due to the absence of a prior-year $1.2M recovery. The company plans to begin construction on its permanent American Place casino in Q2 2026, with an 18-month extension bill introduced to keep the temporary facility open longer.
Key Financial Metrics
Key Facts
- Q4 2025 revenue increased 3.4% YoY to $75.4M; full-year revenue up 3.5% to $302.4M
- Q4 Adjusted EBITDA rose to $10.7M from $10.4M, but full-year Adjusted EBITDA declined to $48.1M from $48.6M
- American Place Casino delivered 11.0% Q4 revenue growth and 13.1% full-year growth
- Chamonix/Bronco Billy’s revenue up 11.2% for the year; Adjusted Property EBITDA loss narrowed significantly
- Net loss for the year was $(40.2)M vs. $(40.7)M in 2024; EPS improved to $(1.12) from $(1.16)
- Construction on permanent American Place casino expected to begin March/April 2026, with opening in 18–24 months
- Illinois bill introduced to extend temporary American Place operations by 18 months beyond August 2027
Financial Impact
Revenue growth of $10.3M year-over-year, but Adjusted EBITDA down $0.5M despite growth at key properties due to lapping of $1.2M recovery
Risk Factors
- High debt load with $450M senior notes due 2028 and limited revolver capacity
- Construction delays or cost overruns at American Place
- Failure of Illinois extension bill could create operational gap
- Chamonix still in early ramp phase with negative Adjusted Property EBITDA
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3250667 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $0.9700 | awaiting T+20 | — | $0.8361 (−13.80%) |
Apr 22, 2026 26w ago | Press Release | $2.47 $2.74 | ▲ +10.93% | ▲ +6.30% | $0.8361 (−66.15%) |
Mar 5, 2026 33w ago | 8-K | $2.68 $2.56 | ▼ −4.48% | ▼ −2.43% | $0.8361 (−68.80%) |
Mar 5, 2026 33w ago | Press Release | $2.68 $2.56 | ▼ −4.48% | ▼ −2.43% | $0.8361 (−68.80%) |
US Market Status
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