Full House Resorts Q2 2026 earnings: Casino ramp-up lifts revenue and EBITDA

Full House Resorts (Nasdaq: FLL) reported Q2 2026 revenue of $78.1 million for the quarter ended June 30, up 5.6% year over year, while diluted EPS was -$0.24 versus -$0.29 a year earlier. Operating income turned positive and adjusted EBITDA increased 19.5%, primarily reflecting continued growth at American Place and improving results at Chamonix/Bronco Billy’s.

Core earnings data

Revenue growth remained moderate, but profitability improved more quickly. Total operating costs increased by about 2.4% to $75.8 million, below the 5.6% increase in revenue, helping the company move from a small operating loss to an operating profit.

Adjusted EBITDA also grew faster than revenue, while the net loss narrowed but remained substantial because net interest expense increased to $10.8 million.

Adjusted EBITDA is a non-GAAP measure that excludes items including interest, taxes, depreciation and amortization, project development costs, and stock-based compensation. It should not be treated as a measure of liquidity.

Business and segment performance

American Place was the main growth driver in the Midwest & South segment, while Chamonix/Bronco Billy’s led the improvement in the West. Contracted Sports Wagering declined because the prior-year quarter included an additional active sports wagering skin.

American Place revenue increased 13.4% and the temporary casino set new property records, including a quarterly revenue record. The segment’s improvement was partly offset by a modest decline in adjusted property EBITDA at Rising Star, where a downed power line caused a 42-hour outage.

Chamonix/Bronco Billy’s revenue rose 11.7% to $13.0 million. Its adjusted property EBITDA loss narrowed to $0.1 million from $1.2 million, with a modest April loss followed by positive contributions in May and June. Management attributed the progress to new marketing programs and a growing customer database.

Grand Lodge revenue declined 10.8% to $2.6 million as renovations at the Hyatt Regency Lake Tahoe Resort disrupted operations. Adjusted property EBITDA moved to a small loss from a $0.2 million profit in the prior-year quarter.

New-casino growth improved operations, but interest expense kept earnings negative

The quarter showed clearer operating leverage. Selling, general and administrative expense declined slightly to $27.7 million from $27.9 million even as revenue increased, while adjusted corporate costs improved to $1.4 million from $2.1 million. These changes, together with better results from the newer casinos, supported the move to positive operating income and a higher adjusted EBITDA margin.

The capital structure remains a constraint on GAAP earnings. Net interest expense increased to $10.8 million from $10.4 million and remained well above the company’s $2.3 million operating income. Consequently, the improvement at the property level was not enough to eliminate the consolidated net loss.

Liquidity and the permanent American Place project

Full House Resorts had $48.4 million of liquidity as of June 30, 2026, including $33.4 million of cash and cash equivalents and the undrawn portion of its revolving credit facility. Its debt consisted primarily of $450.0 million of senior secured notes due in 2028, which were callable at par, and $25.0 million outstanding under a $40.0 million revolving credit facility.

Management said the company had made progress toward financing the permanent American Place casino and refinancing its primary debt, although the related legal documentation was taking longer than expected. The company has approval to operate the temporary American Place facility through February 2029, providing additional time for the permanent property’s expected 18-to-24-month construction process. Management anticipates opening the permanent casino in the second half of 2028.

The permanent facility is designed to have roughly twice the overall square footage of the temporary casino, along with more gaming positions and expanded food, beverage, and entertainment offerings. These plans remain dependent on financing and successful construction execution.

Risks investors need to watch

• Refinancing and financing requirements: The company has $450.0 million of senior secured notes due in 2028 and needs financing for the permanent American Place development. The existing interest burden is already keeping GAAP earnings negative despite better property-level performance.
• American Place construction execution: The temporary casino can operate through February 2029, but the permanent property’s expected second-half 2028 opening remains subject to financing, construction timing, and cost control.
• Chamonix ramp-up: Chamonix/Bronco Billy’s improved significantly but still reported a small adjusted property EBITDA loss for the quarter. Continued progress depends on customer acquisition and the effectiveness of recent marketing and management changes.
• Grand Lodge renovation disruption: Construction at the host Hyatt Regency Lake Tahoe Resort reduced Grand Lodge revenue and profitability. Important renovated amenities are not expected to be completed until late 2027.
• Sports wagering contract activity: Contracted Sports Wagering revenue and adjusted segment EBITDA declined with one fewer active skin than in the prior-year quarter, showing the segment’s sensitivity to third-party contract activity.

Summary

Full House Resorts’ Q2 2026 results showed improving operating leverage as American Place continued to grow and Chamonix moved closer to property-level break-even. The main follow-up issues are whether those newer properties can sustain their progress and whether the company can complete its debt refinancing and secure funding for permanent American Place without allowing interest costs or project execution to offset operating gains.