Full House Resorts (F4L) Q3 2026 Earnings Report

The call was broadly positive, led by record performance at American Place, strong results at Rising Star and Silver Slipper, consolidated revenue and operating-income growth, and substantial Chamonix cost-saving initiatives. The main challenges were the slight decline in consolidated adjusted EBITDA, wildfire and hurricane disruptions, Chamonix's still-underdeveloped profitability, and the unfinished bond refinancing needed for the permanent American Place project.

Management said the permanent American Place casino, designed to have roughly twice the square footage of the current temporary facility, can generate more than $100 million a year of EBITDAR before rent; at Chamonix, approximately $8 million of cost improvements have commenced, with more than $10 million of total bottom line improvements targeted in the near term, including about $1 million per year from in-house housekeeping and laundry, about $1.5 million per year from targeted digital marketing, and between $250 thousand and $300 thousand per year from ending the consulting agreement. The efficiency program is expected to deliver about $4.5 million of savings, with about $2 million into that $4.5 million, and the changes are expected to set Chamonix up to generate meaningful positive cash flow in 2027; management said Chamonix should be able to make between $10 million and $20 million in 2027 and grow from there. Group business is targeted at something like 10 percentage points of occupancy in the coming year as a stretch goal, with a realistic outcome of somewhere kind of mid to high single digits.