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Full House Resorts
(NASDAQ:FLL)
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Rating:50Neutral
Price Target:
$2.00
▼(-14.16% Downside)
Action:Reiterated
Date:08/07/26
The score is held back primarily by weak financial performance (ongoing net losses and consistently negative free cash flow) and a bearish technical setup (price below major moving averages with negative MACD). Offsetting these, the latest earnings call reflected improving operating momentum—especially at American Place—and meaningful progress on regulatory/financing steps, though financing execution risk remains a key watch item. Valuation support is limited due to a loss-driven negative P/E and no dividend yield.
Positive Factors
Multi-year Revenue Growth
Sustained top-line expansion over several years shows durable demand and successful market penetration across properties. Growing scale improves fixed-cost absorption, supports reinvestment in facilities and marketing, and creates a foundation for eventual margin recovery if cost control persists.
Negative Factors
Ongoing Net Losses
Persistent net losses mean the business has not yet converted revenue growth into sustainable profitability. Continued losses erode equity and limit internal funding for capex, increasing reliance on external financing and making long-term self-sufficiency uncertain until margins consistently turn positive.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year Revenue Growth
Sustained top-line expansion over several years shows durable demand and successful market penetration across properties. Growing scale improves fixed-cost absorption, supports reinvestment in facilities and marketing, and creates a foundation for eventual margin recovery if cost control persists.
Read all positive factors
Full House Resorts (FLL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$80.15M
Dividend YieldN/A
Average Volume (3M)154.70K
Price to Earnings (P/E)―
Beta (1Y)1.27
Revenue Growth1.53%
EPS Growth3.65%
CountryUS
Employees1,710
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)-1.02
Shares Outstanding36,265,182
10 Day Avg. Volume193,881
30 Day Avg. Volume154,701
Financial Highlights & Ratios
PEG Ratio0.68
Price to Book (P/B)37.05
Price to Sales (P/S)0.31
P/FCF Ratio-35.08
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$3.00Price Target Upside28.76% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.82
Revenue Forecast (FY)$314.99M
Full House Resorts Business Overview & Revenue Model
Company Description
Full House Resorts, Inc. is an enterprise that engages in the ownership, development, investment, operation, management, and leasing of casinos along with their associated hospitality and entertainment venues across the United States. Among its ho...
How the Company Makes Money
Full House Resorts primarily generates revenue by operating casino and hospitality properties where customers spend money on gaming and on-site amenities. The core revenue stream is casino gaming win: (1) slot revenue, representing the net win fro...
Full House Resorts Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
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.Positive Updates
Consolidated Financial Growth
Total company revenues grew 5.6% year-over-year in Q2 FY2026 and consolidated adjusted EBITDA increased 19.5%, indicating improved operating leverage across the portfolio.
Negative Updates
Rising Star — Weather-Related Outage Damaged Quarterly Results
A 42-hour power outage (downed power line) at Rising Star caused significant disruption: the property swung from making about $0.5M of EBITDA in the same quarter last year to a loss of about $0.1M this quarter (an adverse swing of ~$0.6M), masking stronger performance elsewhere in the segment.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated Financial Growth
Total company revenues grew 5.6% year-over-year in Q2 FY2026 and consolidated adjusted EBITDA increased 19.5%, indicating improved operating leverage across the portfolio.
Read all positive updates
Company Guidance
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).Full House Resorts Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
52
Neutral
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 305.86M | 302.38M | 292.06M | 241.06M | 163.28M | 180.16M |
| Gross Profit | 136.25M | 113.50M | 149.90M | 131.42M | 89.92M | 105.43M |
| EBITDA | 18.30M | 45.68M | 42.63M | 31.26M | 20.66M | 45.45M |
| Net Income | -36.89M | -40.20M | -40.67M | -24.90M | -14.80M | 11.71M |
Balance Sheet | ||||||
| Total Assets | 617.17M | 672.73M | 673.33M | 688.46M | 595.33M | 473.84M |
| Cash, Cash Equivalents and Short-Term Investments | 33.41M | 40.67M | 40.22M | 36.16M | 56.59M | 88.72M |
| Total Debt | 56.92M | 531.60M | 527.67M | 514.84M | 424.06M | 321.36M |
| Total Liabilities | 66.67M | 670.20M | 632.84M | 610.61M | 495.54M | 361.13M |
| Stockholders Equity | 550.51M | 2.54M | 40.50M | 77.85M | 99.79M | 112.72M |
Cash Flow | ||||||
| Free Cash Flow | -6.83M | -2.68M | -38.74M | -126.24M | -166.56M | -7.49M |
| Operating Cash Flow | 6.39M | 9.97M | 13.85M | 22.34M | 4.38M | 29.50M |
| Investing Cash Flow | -13.30M | -10.32M | -45.67M | -198.76M | -172.11M | -37.22M |
| Financing Cash Flow | -1.11M | 801.00K | -1.50M | 59.03M | 93.62M | 235.31M |
Full House Resorts Technical Analysis
Neutral
2.33
Price Trends
2.58
Negative
2.56
Negative
2.55
Negative
Market Momentum
-0.10
Negative
50.72
Neutral
44.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLL, the sentiment is Neutral. The current price of 2.33 is below the 20-day moving average (MA) of 2.36, below the 50-day MA of 2.58, and below the 200-day MA of 2.55, indicating a neutral trend. The MACD of -0.10 indicates Negative momentum. The RSI at 50.72 is Neutral, neither overbought nor oversold. The STOCH value of 44.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FLL.
Full House Resorts Risk Analysis
Full House Resorts disclosed 54 risk factors in its most recent earnings report. Full House Resorts reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Full House Resorts Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $78.80M | -1,285.71 | -0.07% | 1.80% | -1.11% | -107.22% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | $183.53M | -11.59 | 70.68% | ― | 1.31% | -123.26% | |
51 Neutral | $63.95M | 11.44 | 7.94% | ― | -39.43% | ― | |
50 Neutral | $80.15M | -2.07 | -26.26% | ― | 1.53% | 3.65% | |
48 Neutral | $34.04M | -0.62 | 68.93% | ― | 1.65% | 62.88% |
* Consumer Cyclical Sector Average
FLL
Full House Resorts
2.43
-1.18
-32.69%
CPHC
Canterbury Park Holding
15.55
-1.76
-10.17%
CNTY
Century Casinos
1.21
-1.00
-45.25%
INSE
Inspired Entertainment
6.65
-1.81
-21.39%
ROLR
High Roller Technologies, Inc.
6.19
3.96
177.58%
Full House Resorts Corporate Events
Executive/Board ChangesShareholder Meetings
Full House Resorts Stockholders Weigh in on Governance
Neutral
May 20, 2026
On May 14, 2026, Full House Resorts, Inc. held its annual meeting of stockholders, with 72.4% of outstanding shares represented, and shareholders elected seven directors to serve until the 2027 annual meeting. Investors also ratified Ernst Young ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.