Full House Resorts Q2 2026 earnings: New casinos lift adjusted EBITDA

Full House Resorts (Nasdaq: FLL) reported Q2 2026 revenue of $78.1 million, up 5.6% year over year, while diluted EPS was -$0.24 versus -$0.29 a year earlier. Growth at American Place and Chamonix/Bronco Billy’s lifted adjusted EBITDA by 19.5%, although elevated interest expense kept the company in a GAAP net loss.

Core financial results

The quarter’s improvement was led by Full House Resorts’ two newest casinos. American Place revenue increased 13.4%, while Chamonix/Bronco Billy’s revenue grew 11.7%, helping consolidated operating income turn positive.

Adjusted EBITDA also benefited from improving property profitability and lower corporate-related costs. The adjusted EBITDA margin expanded by approximately two percentage points, but the company still reported an $8.7 million net loss.

Dollar figures are in millions except per-share data.

Adjusted EBITDA is a non-GAAP measure that excludes interest, taxes, depreciation and amortization, and certain other items. It should therefore be considered alongside the company’s GAAP operating income and net loss.

Business and segment performance

The Midwest & South segment generated $61.0 million of revenue, up 5.6%, while adjusted segment EBITDA increased 4.7% to $13.4 million. American Place was the principal growth driver, with revenue rising 13.4% and the property setting new internal records. Some of that improvement was offset by weaker adjusted property EBITDA at Rising Star, where a downed power line caused a 42-hour outage.

The West segment recorded revenue of $15.5 million, up 7.3%. Its adjusted segment EBITDA improved to a loss of $0.1 million from a loss of $1.1 million. Chamonix/Bronco Billy’s drove the change: revenue increased 11.7% to $13.0 million, and its adjusted property EBITDA loss narrowed to $0.1 million from $1.2 million. Management said a modest loss in April was offset by positive contributions in May and June.

Grand Lodge Casino remained a drag on the West segment. Revenue declined 10.8% to $2.6 million as renovations at the Hyatt Regency Lake Tahoe Resort disrupted operations. The resort’s new beachfront suites and food and beverage amenities are expected to be completed in late 2027.

The Contracted Sports Wagering segment produced $1.5 million of both revenue and adjusted segment EBITDA, down from $1.7 million and $1.6 million, respectively. The prior-year quarter benefited from an additional active sports wagering skin.

Casino ramp-up improved operations, but interest costs preserved the loss

Full House Resorts generated approximately $4.1 million of additional revenue while total operating costs and expenses increased by about $1.8 million. Selling, general and administrative expenses declined slightly, allowing operating income to improve to $2.3 million from a small loss.

That operating progress did not reach the GAAP bottom line because net interest expense was $10.8 million, substantially above operating income. The difference resulted in an $8.6 million pretax loss. Adjusted EBITDA excludes both the quarter’s $10.4 million of depreciation and amortization and its interest expense, so the measure shows the improving underlying casino operations but not the burden created by the company’s capital structure.

Liquidity, debt and American Place financing

Full House Resorts had $48.4 million of liquidity as of June 30, 2026. This included $33.4 million of cash and cash equivalents and $15.0 million of unused capacity under its $40.0 million revolving credit facility.

Debt consisted primarily of $450.0 million of senior secured notes due in 2028 and $25.0 million drawn under the revolving credit facility. The senior notes are callable at par. Management is working to refinance its primary debt while arranging construction financing for the permanent American Place casino, although the necessary legal documentation has taken longer than expected.

Management’s view

CEO Daniel R. Lee said American Place continued to set property records and is expected to contribute further as the temporary casino ramps up. The company received approval to operate that temporary facility through February 2029, providing additional time for construction of the permanent property.

Management expects the permanent American Place casino to require approximately 18 to 24 months of construction and to open in the second half of 2028. The planned property would have roughly twice the overall square footage of the temporary casino, more gaming positions, and expanded food, beverage, and entertainment offerings.

At Chamonix, management attributed the recent revenue improvement to new marketing initiatives and a growing customer database. The company also hired a new casino director as it works to improve the property’s operations and reach customers in Colorado Springs and southern Denver.

Risks investors need to watch

• Refinancing and construction funding: The company has $450.0 million of senior secured notes due in 2028 and must also finance permanent American Place. Delays or unfavorable financing terms could increase pressure on liquidity and interest expense.
• American Place execution: The permanent casino requires an estimated 18 to 24 months of construction. Financing, regulatory delays, construction costs, or schedule changes could affect the anticipated second-half 2028 opening.
• Chamonix remains near break-even: Chamonix/Bronco Billy’s improved significantly but still recorded a small adjusted property EBITDA loss for the quarter. Further progress depends on the effectiveness of marketing and operating changes.
• Grand Lodge renovation disruption: Construction at the surrounding Hyatt Regency property reduced Grand Lodge revenue and profitability. Key resort amenities are not expected to be completed until late 2027.

Summary

Full House Resorts’ Q2 2026 results showed better operating leverage as American Place and Chamonix/Bronco Billy’s continued to ramp up. Operating income turned positive and adjusted EBITDA grew faster than revenue, but the company remained unprofitable because of its substantial interest burden. The next major points to monitor are continued improvement at the newer casinos, completion of the debt refinancing, and financing and construction progress for permanent American Place.