Full House Resorts: 3 Key Takeaways for Long-Term Investors

Full House Resorts reported a 4.9% increase in quarterly revenue to $81.8 million during its third-quarter 2026 earnings call on November 5, 2026. This growth was attributed to the expansion of operations across their regional casino network, particularly highlighting the performance in Colorado and Illinois. Three key takeaways for long-term investors were shared by management, emphasizing the impact of operational shifts on long-term shareholder value.

American Place in Illinois continued to see top-line performance and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) growth despite the opening of new regional competitors. Since its launch, American Place has consistently increased both revenue and adjusted property EBITDA compared to the previous year. Lewis A. Fanger, the President and Chief Financial Officer, noted that the property has been successful in gaining market share, with revenue growth in every quarter since its opening.

To support the development of their permanent facility, Full House Resorts secured a new credit facility and third-party construction commitments. Daniel R. Lee, the Chief Executive Officer, confirmed that while the majority of financing was secured, refinancing existing bonds remains the only outstanding structural requirement. This development is seen as a positive step for the company's long-term growth plans.

Management also emphasized the importance of expense discipline at Chamonix, where little-used guest services and inefficient vendor arrangements were cut to align expenses with current property visitation levels. Although revenues have been growing and the company has gained market share, there is still significant room for improvement.

Lewis A. Fanger explained that while the company remains far from its revenue potential, operational efficiency initiatives and targeted digital marketing are being implemented to optimize property margins.

Looking ahead, Full House Resorts is preparing for the construction of a permanent facility designed to have roughly twice the square footage of their current temporary facility. With this expansion, management believes the new casino can generate more than $100 million annually in EBITDAR. Lewis A. Fanger reiterated that this permanent facility represents significant long-term potential for earnings, making Full House Resorts an attractive prospect for long-term shareholders.