Full House Resorts Inc 10-Q for FY2026 Q3

Full House Resorts Inc (FLL)

10-Q 2026-11-05 For: 2026-09-30

Added on November 05, 2026

About this 10-Q

Full House Resorts Inc filed this 10-Q on November 5, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Full House Resorts reported nine-month 2026 revenue growth of 3.2% and operating income growth of 120.5%, driven by American Place and Chamonix. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $81.78M; up 4.9% from $77.95M a year earlier
Net loss: $8.65M; compared with a net loss of $7.68M a year earlier
Diluted EPS: -$0.24; compared with -$0.21 a year earlier

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(Mark One)
☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended September 30, 2026
or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from to


Delaware (State or other jurisdiction of incorporation or organization)		13-3391527 (I.R.S. Employer Identification No.)

One Summerlin, 1980 Festival Plaza Drive, Suite 680 Las Vegas, Nevada (Address of principal executive offices)		89135 (Zip Code)


Title of each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	FLL	The Nasdaq Stock Market LLC

Large accelerated filer ☐	Accelerated filer ☑	Emerging growth company ☐
Non-accelerated filer ☐	Smaller reporting company ☑


		Page
PART I FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2026 and 2025	3
	Condensed Consolidated Balance Sheets at September 30, 2026 and December 31, 2025	4
	Condensed Consolidated Statements of Changes in Stockholders’ Equity for each of the Quarters within the Nine Months Ended September 30, 2026 and 2025	5
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025	6
	Notes to Condensed Consolidated Financial Statements	8
	Note 1 ─ Organization	8
	Note 2 ─ Basis of Presentation and Significant Accounting Policies	9
	Note 3 ─ Accounts Receivable, net	11
	Note 4 ─ Leases	11
	Note 5 ─ Long-Term Debt and Subsequent Event	15
	Note 6 ─ Contract Liabilities	16
	Note 7 ─ Income Taxes	17
	Note 8 ─ Commitments and Contingencies	17
	Note 9 ─ Earnings (Loss) Per Share	18
	Note 10 ─ Segment Information	18
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	36
Item 4.	Controls and Procedures	36

PART II OTHER INFORMATION

Item 1A.	Risk Factors	36
Item 5.	Other Information	37
Item 6.	Exhibits	37

Signatures		38


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2026		2025		2026		2025
Revenues
Casino		$	63,055	$	59,823	$	179,052	$	172,106
Food and beverage			10,481		9,950		30,138		29,591
Hotel			4,554		4,465		12,494		12,027
Other operations, including contracted sports wagering			3,687		3,712		12,578		13,230
			81,777		77,950		234,262		226,954
Operating costs and expenses
Casino			25,653		22,661		74,020		68,423
Food and beverage			10,396		9,950		30,087		29,777
Hotel			2,364		2,203		6,505		6,749
Other operations			1,074		1,155		2,922		3,123
Selling, general and administrative			28,408		27,843		81,176		82,500
Project development costs			10		57		69		231
Depreciation and amortization			9,452		10,641		30,443		31,836
Loss on disposal of assets			—		—		—		6
Loss on sale of Stockman’s, net of impairment			—		4		—		209
			77,357		74,514		225,222		222,854
Operating income			4,420		3,436		9,040		4,100
Other expenses
Interest expense, net			(12,999)		(11,128)		(34,222)		(31,779)
Other			—		—		—		(50)
			(12,999)		(11,128)		(34,222)		(31,829)
Loss before income taxes			(8,579)		(7,692)		(25,182)		(27,729)
Income tax provision (benefit)			70		(14)		311		97
Net loss		$	(8,649)	$	(7,678)	$	(25,493)	$	(27,826)

Basic loss per share		$	(0.24)	$	(0.21)	$	(0.70)	$	(0.77)
Diluted loss per share		$	(0.24)	$	(0.21)	$	(0.70)	$	(0.77)


		September 30,			December 31,
		2026			2025
ASSETS
Current assets
Cash and equivalents		$	30,700		$	40,670
Accounts receivable, net			3,343			3,666
Inventories			2,188			1,976
Prepaid expenses and other			9,557			6,690
			45,788			53,002

Property and equipment, net			385,889			412,456
Operating lease right-of-use assets, net			52,755			53,142
Finance lease right-of-use assets, net			1,200			2,101
Goodwill			19,477			19,477
Other intangible assets, net of accumulated amortization of $687 and $582			102,365			108,915
Deposits and other			778			716
		$	608,252		$	649,809
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	8,433		$	8,074
Capital expenditures payable			801			2,574
Accrued payroll and related			9,520			7,016
Accrued interest			4,842			14,265
Other accrued liabilities			27,855			35,990
Current portion of operating lease obligations			3,777			3,819
Current portion of finance lease obligations			1,998			1,802
			57,226			73,540

Operating lease obligations, net of current portion			50,250			50,492
Finance lease obligations, net of current portion			—			1,538
Other long-term liabilities, net of current portion			45,987			41,376
Long-term debt, net			469,910			473,646
Deferred income taxes, net			2,788			2,476
Contract liabilities, net of current portion			3,464			4,203
			629,625			647,271
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value, 100,000,000 shares authorized; 36,644,480 and 36,130,876 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively			4			4
Additional paid-in capital			119,601			118,019
Accumulated deficit			(140,978)			(115,485)
			(21,373)			2,538
		$	608,252		$	649,809


				Additional				Total
	Common Stock			Paid-in		Accumulated		Stockholders’
	Shares	Dollars		Capital		Deficit		Equity
Balance, January 1, 2026	36,131	$	4	$	118,019	$	(115,485)	$	2,538
Issuance of stock on options exercised and restricted stocks vested	99		—		95		—		95
Stock-based compensation	—		—		526		—		526
Cancellation of performance-based shares	—		—		(321)		—		(321)
Tax withholding on vesting and exercise of equity awards	—		—		(38)		—		(38)
Net loss	—		—		—		(8,150)		(8,150)
Balance, March 31, 2026	36,230		4		118,281		(123,635)		(5,350)
Issuance of stock on options exercised and restricted stocks vested	404		—		157		—		157
Stock-based compensation	—		—		602		—		602
Tax withholding on vesting and exercise of equity awards	—		—		(46)		—		(46)
Net loss	—		—		—		(8,694)		(8,694)
Balance, June 30, 2026	36,634		4		118,994		(132,329)		(13,331)
Issuance of stock on restricted stocks vested	10		—		(84)		—		(84)
Stock-based compensation	—		—		696		—		696
Tax withholding on vesting of equity awards	—		—		(5)		—		(5)
Net loss	—		—		—		(8,649)		(8,649)
Balance, September 30, 2026	36,644	$	4	$	119,601	$	(140,978)	$	(21,373)


Segments and Properties		Locations
Midwest & South
American Place Casino (“American Place”)		Waukegan, IL (northern suburb of Chicago)
Silver Slipper Casino and Hotel (“Silver Slipper”)		Hancock County, MS (near New Orleans)
Rising Star Casino Resort (“Rising Star”)		Rising Sun, IN (near Cincinnati)
West*
Chamonix Casino Hotel (“Chamonix”) and Bronco Billy’s Casino (“Bronco Billy’s”)		Cripple Creek, CO (near Colorado Springs)
Grand Lodge Casino (“Grand Lodge”), leased and part of the Hyatt Regency Lake Tahoe Resort, Spa and Casino		Incline Village, NV (North Shore of Lake Tahoe)
Contracted Sports Wagering
Three idle sports wagering websites (“skins”)		Colorado
One active sports wagering website (“skin”), plus two others that are currently idle		Indiana
One active sports wagering website (“skin”)		Illinois


(In thousands)	September 30,			December 31,
	2026			2025
Casino	$	432		$	313
Hotel		251			167
Other Operations⁽¹⁾		1,937			2,622
Contracted Sports Wagering		1			168
Other		845			499
		3,466			3,769
Less: Provision for credit losses		(123)			(103)
	$	3,343		$	3,666


(In thousands)
		Operating		Finance
Years Ending December 31,		Leases		Leases
2026 (excluding the nine months ended September 30, 2026)		$	1,818	$	499
2027			7,543		1,585
2028			7,190		—
2029			7,208		—
2030			7,042		—
Thereafter			311,369		—
Total future minimum lease payments			342,170		2,084
Less: Amount representing interest			(288,143)		(86)
Present value of lease liabilities			54,027		1,998
Less: Current lease obligations			(3,777)		(1,998)
Long-term lease obligations		$	50,250	$	—


	September 30,		December 31,
Lease Term and Discount Rate	2026		2025
Weighted-average remaining lease term
Operating leases	56.2	years	56.7	years
Finance leases	1.0	years	1.8	years
Weighted-average discount rate
Operating leases	10.89	%	10.88	%
Finance leases	7.61	%	7.58	%


	Outstanding				Players				Contracted				Progressive
(In thousands)	Chip Liability				Club Points				Sports Wagering⁽¹⁾				Jackpots and Other
	2026		2025		2026		2025		2026		2025		2026		2025
Balance at January 1	$	682	$	683	$	999	$	930	$	9,995	$	10,404	$	5,686	$	5,767
Balance at September 30		649		568		992		994		5,599		6,519		6,692		6,171
Increase (Decrease)	$	(33)	$	(115)	$	(7)	$	64	$	(4,396)	$	(3,885)	$	1,006	$	404


(In thousands)	Three Months Ended September 30, 2026
					Contracted
					Sports
	Midwest & South		West		Wagering		Total
Revenues
Casino	$	49,987	$	13,068	$	—	$	63,055
Food and beverage		8,608		1,873		—		10,481
Hotel		1,845		2,709		—		4,554
Other operations, including contracted sports wagering		1,625		550		1,512		3,687
Total consolidated revenues		62,065		18,200		1,512		81,777

Less:
Payroll and related costs		16,295		6,099		—		22,394
Cost of sales		4,693		934		—		5,627
Gaming taxes and other⁽¹⁾		11,586		2,175		20		13,781
Other segment items⁽²⁾		15,854		7,954		70		23,878
Total segment expenses		48,428		17,162		90		65,680

Adjusted Segment EBITDA		13,637		1,038		1,422		16,097
Other operating costs and expenses:
Depreciation and amortization								(9,452)
Corporate expenses								(1,519)
Project development costs								(10)
Stock-based compensation								(696)
Operating income								4,420
Other expense:
Interest expense, net								(12,999)
Loss before income taxes								(8,579)
Income tax provision								70
Net loss							$	(8,649)


(In thousands)	Three Months Ended September 30, 2025
					Contracted
					Sports
	Midwest & South		West		Wagering		Total
Revenues
Casino	$	46,667	$	13,156	$	—	$	59,823
Food and beverage		8,248		1,702		—		9,950
Hotel		1,777		2,688		—		4,465
Other operations, including contracted sports wagering		1,633		447		1,632		3,712
Total consolidated revenues		58,325		17,993		1,632		77,950

Less:
Payroll and related costs		15,622		5,874		—		21,496
Cost of sales		4,460		827		—		5,287
Gaming taxes and other⁽¹⁾		10,782		766		13		11,561
Other segment items⁽²⁾		15,909		7,317		77		23,303
Total segment expenses		46,773		14,784		90		61,647

Adjusted Segment EBITDA		11,552		3,209		1,542		16,303
Other operating costs and expenses:
Depreciation and amortization								(10,641)
Corporate expenses								(1,491)
Project development costs								(57)
Loss on sale of Stockman’s								(4)
Stock-based compensation								(674)
Operating income								3,436
Other expense:
Interest expense, net								(11,128)
Loss before income taxes								(7,692)
Income tax benefit								(14)
Net loss							$	(7,678)


		Nine Months Ended
		September 30,
		2026			2025
Cash flows from operating activities:
Net loss		$	(25,493)		$	(27,826)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			30,443			31,836
Amortization of debt issuance costs, discounts and premiums			2,261			2,219
Non-cash change in right-of-use (“ROU”) operating lease assets			1,548			1,868
Non-cash amortization of prepaid insurance			5,881			6,162
Stock-based compensation, net			1,503			1,051
Loss on disposal of assets			—			6
Loss on sale of Stockman’s, net			—			209
Provision for credit losses			20			27
Deferred income taxes			312			97
Other			—			50
Increases and decreases in operating assets and liabilities:
Accounts receivable			303			2,059
Prepaid expenses, inventories and other			(8,960)			(8,599)
Operating lease liabilities			(1,445)			(1,356)
Contract liabilities			(4,395)			(3,883)
Accounts payable and other liabilities			(2,508)			(8,043)
Net cash used in operating activities			(530)			(4,123)
Cash flows from investing activities:
Capital expenditures, net of changes in payables			(4,642)			(11,281)
Proceeds from sale of Stockman’s			—			2,412
Net cash used in investing activities			(4,642)			(8,869)
Cash flows from financing activities:
Payment of debt issuance costs and extension fees			(350)			(281)
Borrowings under revolving credit facility			11,300			16,500
Repayment of revolving credit facility borrowings			(16,300)			(13,500)
Proceeds from insurance financing			7,923			8,218
Repayments of insurance financing			(5,881)			(6,162)
Repayment of finance lease obligations			(1,342)			(1,354)
Proceeds from exercise of stock options			168			485
Tax withholding on vesting and exercise of equity awards			(89)			—
Repayment of note payable for asset acquisition			(227)			(206)
Net cash (used in) provided by financing activities			(4,798)			3,700


	Nine Months Ended
	September 30,
	2026			2025
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	$	38,428		$	38,485
Income tax refund received		408			—
Payables and accruals incurred for capital expenditures		507			422
Accrued liability (adjustment) related to asset acquisition		(6,446)			9,685
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases		1,161			—
Right-of-use asset and liability remeasurements:
Operating leases		—			165
Financing leases		—			2,420


(In thousands)				Three Months Ended					Nine Months Ended
		Classification within		September 30,					September 30,
Lease Costs		Statement of Operations		2026		2025			2026		2025
Operating leases:
Fixed/base rent		Selling, General and Administrative Expenses		$	1,870	$	1,999		$	5,795	$	6,083
Short-term payments⁽¹⁾		Selling, General and Administrative Expenses			—		76			—		433
Variable payments		Selling, General and Administrative Expenses			347		299			1,065		905
Finance leases:
Amortization of leased assets		Depreciation and Amortization			339		363			1,018		1,113
Interest on lease liabilities		Interest Expense, Net			44		40			155		115
Total lease costs				$	2,600	$	2,777		$	8,033	$	8,649


(In thousands)	September 30,		December 31,
	2026		2025
Revolving Credit Facility due 2027⁽¹⁾	$	25,000	$	30,000
8.25% Senior Secured Notes due 2028		450,000		450,000
Less: Unamortized debt issuance costs and discounts/premiums, net		(5,090)		(6,354)
	$	469,910	$	473,646


(In thousands)	Nine Months Ended September 30, 2026
					Contracted
					Sports
	Midwest & South		West		Wagering		Total
Revenues
Casino	$	145,562	$	33,490	$	—	$	179,052
Food and beverage		25,087		5,051		—		30,138
Hotel		5,243		7,251		—		12,494
Other operations, including contracted sports wagering		6,542		1,527		4,509		12,578
Total consolidated revenues		182,434		47,319		4,509		234,262

Less:
Payroll and related costs		47,026		17,162		—		64,188
Cost of sales		13,557		2,555		—		16,112
Gaming taxes and other⁽¹⁾		33,382		6,107		49		39,538
Other segment items⁽²⁾		46,652		22,316		150		69,118
Total segment expenses		140,617		48,140		199		188,956

Adjusted Segment EBITDA		41,817		(821)		4,310		45,306
Other operating costs and expenses:
Depreciation and amortization								(30,443)
Corporate expenses								(4,251)
Project development costs								(69)
Stock-based compensation, net								(1,503)
Operating income								9,040
Other expense:
Interest expense, net								(34,222)
Loss before income taxes								(25,182)
Income tax provision								311
Net loss							$	(25,493)


(In thousands)	Nine Months Ended September 30, 2025
					Contracted
					Sports
	Midwest & South		West		Wagering		Total
Revenues
Casino	$	136,865	$	35,241	$	—	$	172,106
Food and beverage		24,562		5,029		—		29,591
Hotel		5,325		6,702		—		12,027
Other operations, including contracted sports wagering		6,548		1,111		5,571		13,230
Total consolidated revenues		173,300		48,083		5,571		226,954

Less:
Payroll and related costs		46,337		18,993		—		65,330
Cost of sales		12,568		2,457		—		15,025
Gaming taxes and other⁽¹⁾		31,298		4,033		38		35,369
Other segment items⁽²⁾		45,683		22,995		200		68,878
Total segment expenses		135,886		48,478		238		184,602

Adjusted Segment EBITDA		37,414		(395)		5,333		42,352
Other operating costs and expenses:
Depreciation and amortization								(31,836)
Corporate expenses								(4,919)
Project development costs								(231)
Loss on disposal of assets								(6)
Loss on sale of Stockman’s, net								(209)
Stock-based compensation, net								(1,051)
Operating income								4,100
Other expenses:
Interest expense, net								(31,779)
Other								(50)
								(31,829)
Loss before income taxes								(27,729)
Income tax provision								97
Net loss							$	(27,826)


		Three Months Ended									Nine Months Ended
(In thousands, except percentages)		September 30,						Increase /			September 30,						Increase /
		2026			2025			(Decrease)			2026			2025			(Decrease)
Revenues		$	81,777		$	77,950		4.9	%		$	234,262		$	226,954		3.2	%
Operating expenses			77,357			74,514		3.8	%			225,222			222,854		1.1	%
Operating income			4,420			3,436		28.6	%			9,040			4,100		120.5	%
Interest expense, net			12,999			11,128		16.8	%			34,222			31,779		7.7	%
Other			—			—		N.M.				—			50		N.M.
Income tax provision (benefit)			70			(14)		N.M.				311			97		220.6	%
Net loss		$	(8,649)		$	(7,678)		(12.6)	%		$	(25,493)		$	(27,826)		8.4	%


Three Months Ended September 30, 2026
(In thousands)
									Adjusted
									Segment
	Operating		Depreciation		Project		Stock-		EBITDA and
	Income		and		Development		Based		Adjusted
	(Loss)		Amortization		Costs		Compensation		EBITDA
Reporting segments
Midwest & South	$	8,780	$	4,857	$	—	$	—	$	13,637
West		(3,544)		4,582		—		—		1,038
Contracted Sports Wagering		1,422		—		—		—		1,422
		6,658		9,439		—		—		16,097
Other operations
Corporate		(2,238)		13		10		696		(1,519)
	$	4,420	$	9,452	$	10	$	696	$	14,578


Exhibit Number		Description
10.1*		Fifth Amendment to Credit Agreement, dated as of November 4, 2026, among the Company, the guarantors party thereto and Capital One, National Association, as administrative agent.
10.2		Amendment No. 1 to Development and Host Community Agreement, dated as of September 2, 2026, by and between the City of Waukegan, Illinois, and FHR-Illinois LLC, as developer. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (SEC File No. 1-32583) filed on September 8, 2026).
31.1*		Certification of principal executive officer pursuant to Exchange Act Rule 13a-14(a)/15(d)-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of principal financial officer pursuant to Exchange Act Rule 13a-14(a)/15(d)-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of principal executive officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification of principal financial officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101)


	FULL HOUSE RESORTS, INC.

Date: November 5, 2026	By:	/s/ DANIEL R. LEE
		Daniel R. Lee Chief Executive Officer (on behalf of the Registrant and as principal executive officer)


Date: November 5, 2026	By:	/s/ LEWIS A. FANGER
		Lewis A. Fanger President and Chief Financial Officer (on behalf of the Registrant and as principal financial officer and as principal accounting officer)


Date: November 5, 2026	By:	/s/ DANIEL R. LEE
		Daniel R. Lee
		Chief Executive Officer


Date: November 5, 2026	By:	/s/ LEWIS A. FANGER
		Lewis A. Fanger
		President and Chief Financial Officer


	BORROWER:

	FULL HOUSE RESORTS, INC.

	By:	/s/ Lewis Fanger
	Name: Lewis Fanger
	Title: President, Chief Financial Officer, and Treasurer


	GUARANTORS:

	FHR-ATLAS LLC

	By:	/s/ Lewis Fanger
	Name: Lewis Fanger
	Title: Vice President and Treasurer


	FHR-COLORADO LLC

	By:	/s/ Lewis Fanger
	Name: Lewis Fanger
	Title: Vice President and Treasurer


	FULL HOUSE SUBSIDIARY, INC.

	By:	/s/ Lewis Fanger
	Name: Lewis Fanger
	Title: Vice President and Treasurer


	FULL HOUSE SUBSIDIARY II, INC.

	By:	/s/ Lewis Fanger
	Name: Lewis Fanger
	Title: Vice President and Treasurer


	GAMING ENTERTAINMENT (INDIANA) LLC

	By:	/s/ Lewis Fanger
	Name: Lewis Fanger
	Title: Vice President and Treasurer


	GAMING ENTERTAINMENT (KENTUCKY) LLC
	By:	/s/ Lewis Fanger
	Name: Lewis Fanger
	Title: Vice President and Treasurer


	GAMING ENTERTAINMENT (NEVADA) LLC

	By:	/s/ Lewis Fanger
	Name: Lewis Fanger
	Title: Vice President and Treasurer


	RICHARD AND LOUISE JOHNSON, LLC

	By:	/s/ Lewis Fanger
	Name: Lewis Fanger
	Title: Vice President and Treasurer


	SILVER SLIPPER CASINO VENTURE LLC

	By:	/s/ Lewis Fanger
	Name: Lewis Fanger
	Title: Vice President and Treasurer


	STOCKMAN’S CASINO

	By:	/s/ Lewis Fanger
	Name: Lewis Fanger
	Title: Vice President and Treasurer

	FHR-ILLINOIS LLC

	By:	/s/ Lewis Fanger
	Name: Lewis Fanger
	Title: Vice President and Treasurer


	CAPITAL ONE, NATIONAL ASSOCIATION, as Administrative Agent, an Issuing Lender and a Lender

	By:	/s/ Jay Patel
	Name: Jay Patel
	Title: Duly Authorized Signatory