FULL HOUSE RESORTS, INC. AND SUBSIDIARIES FORM 10-Q INDEX

Press release · 05/09 10:25

Full House Resorts, Inc. reported its financial results for the three months ended March 31, 2025. The company’s revenue increased by 12% to $43.1 million compared to the same period in 2024, driven by growth in its gaming and hotel operations. Net income for the quarter was $2.1 million, or $0.06 per diluted share, compared to a net loss of $1.4 million, or $0.04 per diluted share, in the same period last year. The company’s operating income increased by 21% to $6.3 million, primarily due to higher gaming revenue and lower operating expenses. As of March 31, 2025, the company had cash and cash equivalents of $23.4 million and long-term debt of $143.8 million.

Executive Summary

Our company operates casino and hospitality facilities across the Midwest, South, and Western United States. We currently own and operate six casinos, with additional revenue streams from contracted sports wagering operations.

Key Performance Indicators

Our key performance indicators include slot coin-in, table game drop, slot win, table game hold, hotel occupancy rates, and various EBITDA metrics. These measures help us track volume, profitability, and operational efficiency across our properties.

Results of Operations

In the first quarter of 2025, our consolidated revenues increased 7.3% to $75.1 million compared to the prior year period. This was driven by continued ramp-up at our newest properties, American Place and Chamonix. Operating expenses also increased 5.4% due to the expansion.

Our Midwest & South segment, which includes Silver Slipper, Rising Star, and American Place, saw a 4.6% revenue increase and a 3.4% rise in Adjusted Segment EBITDA. The West segment, which includes Bronco Billy’s, Chamonix, and Grand Lodge, had a 19.8% revenue increase but a $2.3 million decline in Adjusted Segment EBITDA due to early inefficiencies at the new Chamonix property.

Our Contracted Sports Wagering segment remained relatively flat in revenue but increased 12.7% in Adjusted Segment EBITDA. Corporate expenses declined 35.8% compared to the prior year.

Liquidity and Capital Resources

We had $30.7 million in cash and equivalents as of March 31, 2025. Cash used in operations was $9.5 million in the quarter, compared to $4.4 million in the prior year period. This was impacted by the ramp-up at Chamonix.

We have $450 million in principal debt outstanding and $30 million drawn on our revolving credit facility. We expect to need additional financing to complete the permanent American Place facility, which we plan to pursue through debt refinancing. Our other capital expenditures will depend on our financial resources.

Outlook

While we have seen strong performance at our newest properties, the ramp-up at Chamonix has presented some early operational inefficiencies. We remain focused on improving margins at our existing facilities and evaluating growth opportunities, though any major new projects will require additional financing. The outlook for our sports wagering business is uncertain as we work to replace expiring third-party contracts. Overall, we believe our current liquidity and cash flow will be sufficient to meet our needs over the next 12 months.