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Full House Resorts serves guests at casino properties in Illinois, Mississippi, Indiana, Colorado and Nevada. It earns gaming revenue from wagers after paying customer winnings, with slots providing most of its revenue. Guests also spend on rooms, dining and other on-site amenities. American Place in Illinois and Silver Slipper in Mississippi together account for most of the company’s revenue, so business depends heavily on visits and spending at those properties.
A smaller business lets outside sports-betting operators use the company’s permitted online wagering access rights under their own brands. These operators pay a share of contract-defined revenue, subject to annual minimum payments. The active arrangements are in Indiana and Illinois; other permitted rights are unused.
The company must maintain gaming licenses and pay gaming taxes to operate. American Place currently uses a temporary facility whose permitted operating period ends in August 2027. Full House is developing a permanent casino next door, but further construction depends on securing financing. If the permanent facility is not ready and the temporary facility’s permission is not extended, gaming there may have to stop until the replacement opens.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Century Casinos competes directly with Full House’s Chamonix and Bronco Billy’s in Cripple Creek for Colorado visitors’ casino spending.
Boyd Gaming and Full House compete for local gamblers’ spending at slot-led regional casinos in Illinois, Indiana and Mississippi. Boyd’s casino gaming revenue in those states is the relevant comparison for Full House, rather than its online gaming business.
PENN Entertainment’s regional casinos compete with Full House for customers spending on slots and table games in markets including Illinois, Indiana and Mississippi.
Monarch Casino & Resort’s Colorado and Reno casino resorts compete with Full House’s Colorado and Lake Tahoe properties for regional gamblers and overnight guests. Watch gaming revenue at Monarch Black Hawk and Atlantis: Monarch uses rooms and dining to attract casino play at both resorts.
Caesars Entertainment’s regional casinos compete with Full House’s properties for gamblers’ spending, including in Indiana, Mississippi and the Lake Tahoe area.
Bally’s Corporation’s Chicago casino competes with Full House’s American Place for northern Illinois gamblers’ spending; both companies also run regional casinos elsewhere.
MGM Resorts International’s Mississippi casinos compete with Full House’s Silver Slipper for Gulf Coast customers’ gambling and resort spending.
Red Rock Resorts and Full House both rely heavily on repeat customers spending on slots, rather than international destination tourists. Red Rock’s slot revenue from its Las Vegas locals casinos offers a comparison for the customer spending that supports Full House’s regional casinos.
Boyd Gaming Corporation earningsBYD
Boyd Gaming’s casino revenue in Illinois, Indiana and Mississippi will show whether gambling demand is strengthening or weakening in states where Full House Resorts also competes.
Watch Boyd’s casino gaming revenue in those three states, then compare it with Full House’s Midwest & South casino revenue when Full House reports. Growth at Boyd would point to support for customer spending in these markets; if Full House also grows, both may be benefiting from demand, while Boyd growth alongside a Full House decline would raise the possibility that Boyd is taking more business. A decline at Boyd would put a weaker-spending market on the watch list.
Fed Interest Rate Decision
Full House Resorts’ Fed rate decision matters because it can shift the cost of interest on its $30 million floating-rate credit-facility borrowing, while its $450 million of senior notes carry fixed rates.
Expected4.0%Last release4.0%
If it comes in above expectations
If the Fed sets rates higher than expected, interest on the facility may rise, leaving less operating cash after debt service for casino and resort operations or investment in the permanent American Place casino.
If it comes in below expectations
If the Fed sets rates lower than expected, interest on the facility may fall, leaving more operating cash after debt service for casino and resort operations or investment in the permanent American Place casino.
Full House Resorts, Inc. earningsThis company
Full House Resorts depends heavily on its Midwest & South business, and this report will show whether casino revenue there is translating into stronger segment earnings.
Read Midwest & South segment revenue alongside its Adjusted Segment EBITDA margin—the company’s adjusted measure of segment earnings as a share of revenue. If both rise, casino growth is producing more segment earnings; if revenue rises but the margin falls, costs or other pressures are absorbing the growth. Because the Illinois casino generated most of Full House’s 2025 Adjusted EBITDA, this segment’s results also show how much earnings remain concentrated in that business.
