Full House Resorts Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw 5.6% revenue and 19.5% adjusted EBITDA growth, driven by American Place and Chamonix. Financing for the permanent casino is nearly complete, with construction expected to start soon and opening targeted for Q3 2028. Margins are projected to improve as operations scale.
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Q1 2026 saw adjusted EBITDA rise 15% year-over-year on stable revenues, with strong growth at American Place and operational improvements at Chamonix, Bronco Billy's, and Silver Slipper. Permanent American Place Casino financing is nearly complete, with construction set to begin soon.
Fiscal Year 2025
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Q4 2025 saw revenue rise to $75.4M and adjusted EBITDA up 23% year-over-year (excluding one-time items). American Place and Chamonix posted strong growth, while financing for the permanent facility is progressing without equity issuance. Liquidity remains solid at $51M.
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Revenues grew 5% year-over-year to $78M, with adjusted EBITDA up 26% to $14.8M, led by strong performance at American Place and Chamonix. Both properties are ramping, with further profitability and group business growth expected, while financing options for the permanent American Place are actively explored.
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Record Q2 results at American Place drove strong company performance, with Chamonix showing cost improvements and expected profitability in Q3. Financing for permanent expansion is progressing, and cost-saving and marketing initiatives are underway across properties.
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Operational improvements and cost savings drove EBITDA growth at key properties, with record gaming revenue at American Place and strong progress on the permanent facility. Liquidity remains solid, and management expects continued margin and revenue gains as new projects mature.
Fiscal Year 2024
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American Place and Chamonix delivered strong revenue growth, with American Place up 42% for the year and Chamonix more than doubling Q4 revenue. Permanent facility construction at American Place is on track, with financing to be debt-based, and management changes at Chamonix aim to drive profitability.
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Q3 saw disappointing results as expense growth offset revenue gains, especially in Colorado, but American Place delivered strong EBITDA and revenue growth. Chamonix is expected to ramp profitability in 2025, with improved marketing and operational focus, while liquidity and capital allocation remain stable.
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Chamonix and American Place properties delivered strong Q2 growth, with Chamonix ramping up occupancy and gaming revenue, and American Place achieving significant EBITDA gains. The company plans to fund future expansion through refinancing and internal cash flow, with no equity issuance expected.