Full House Resorts (F4L) Q2 2026 Earnings Report

The call conveyed predominantly positive operational momentum and concrete wins: consolidated revenue and adjusted EBITDA growth, standout record performance at American Place (historic monthly gaming revenue highs and strong margins), and a clear turnaround trajectory at Chamonix driven by marketing and staffing changes. Management also secured important regulatory and local approvals (state extension and city development amendments) and has meaningful financing progress (revolver commitments and advanced documentation). Key risks and negatives include a weather-driven outage at Rising Star that materially hurt results, near-term disruptions at Grand Lodge from renovation, and remaining complexity/timing risk in completing the full refinancing and construction financing. On balance, the positive operational results and regulatory/financing progress outweigh the lowlights, though financing execution and some legacy-property disruptions remain watch items.

The company guided to continued momentum: consolidated Q2 revenue rose 5.6% with adjusted EBITDA up 19.5%; American Place revenue was up 13.4% to $34.8M and adjusted property EBITDA rose 13.8% to $10.1M (May gaming revenue hit $12.7M with roughly $4.4M EBITDA that month and running ~29%+ margins), and management expects further second‑half strength and continued growth in the temporary facility; they secured temporary‑facility approval through Feb 2029 and have revolver commitments from four banks with a goal to close the refinancing and project financing in Q3; permanent American Place construction is expected to take 18–24 months (roughly two years, targeting ~Q3 2028), with ~$1.5M already spent on plans and a ~$3M earth‑work contract to await financing; Chamonix revenue rose ~12% in Q2 with adjusted EBITDA ~break‑even, current win‑per‑position‑per‑day ~ $175 vs a Black Hawk average of ~$330 (Monarch north of $600) — management says hitting the Black Hawk average with 70% EBITDA flow‑through implies roughly $30M annual EBITDA (a 15% premium toward ~$40M) though they don’t expect to fully reach that this year or next, but expect “massive improvement” over the next 18 months; Rising Star was hurt by a 42‑hour outage (quarterly result ~‑$0.1M vs ~$0.5M prior year), and Silver Slipper revenue was flat (about $3.4M in the comparable quarter).