Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended: December 31, 2025 ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____ to ____ Commission File No. 001-32583 FULL HOUSE RESORTS, INC. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of (I. ...

Financial Data and Key Metrics Changes - Revenues for Q4 2025 increased to $75.4 million, up from $73 million in Q4 2024, representing a growth of 5.6% on a comparable basis [4][5] - Adjusted EBITDA for Q4 2025 rose to $10.7 million, compared to $10.4 million in Q4 2024, with a 23% increase when excluding one-time items from the previous year [4][5] Business Line Data and Key Metrics Changes - At American Place, revenues increased by 11% to $32 million in Q4 2025, with adjusted property EBITDA rising 29% to $8.7 million [5] - For the full year, American Place's revenues and adjusted property EBITDA rose to $124 million and $34.3 million, reflecting increases of 13% and 17% respectively [5] - Chaminade's revenue growth was 5% in the second half of 2025 compared to the same period in 2024, with adjusted property EBITDA improving significantly [8] Market Data and Key Metrics Changes - The company operates in a market that remains under-penetrated, with the permanent American Place facility expected to achieve a run rate EBITDA of about $100 million [6][7] - The closest competitor generates approximately $500 million in gaming revenue annually, indicating significant market potential for the company [7] Company Strategy and Development Direction - The company is focused on enhancing its management team and marketing efforts to drive growth, particularly at Chaminade and Silver Slipper [8][12] - Plans for the permanent American Place Casino are progressing, with foundation drawings expected to be completed soon, allowing for construction to begin [13][14] - The company aims to improve customer loyalty and expand its market reach through targeted marketing strategies [59][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of American Place, citing its strategic location and market dynamics [6][7] - The company is optimistic about revenue growth in 2026, particularly at American Place and Chaminade, despite some operational challenges [10][28] - Management acknowledged the need for ongoing improvements in operational efficiency and customer service to enhance profitability [25][76] Other Important Information - The company had approximately $51 million in liquidity at the end of the quarter, positioning it well for cash flow generation [12] - A recent amendment to the revolving credit facility extended its maturity date to August 15, 2027, providing financial flexibility [13] Q&A Session Summary Question: What is the outlook for Chaminade given recent performance? - Management noted that previous promotional strategies had inflated revenues without corresponding profit, but new management is expected to drive better results moving forward [19][20] Question: Have there been any signs of re-acceleration in Q1 2026? - Management indicated that there has been some improvement in revenue despite renovation disruptions, suggesting a positive trend [22] Question: What is the status of the Indiana bill regarding Rising Sun? - Management highlighted the evolving nature of the legislation and expressed cautious optimism about the potential for relocation, while continuing to generate profits from Rising Sun [36][38] Question: Can you provide an update on the financing for American Place? - Management confirmed that they are in discussions for financing that will not involve equity sales and will also address existing debt refinancing [42][46] Question: What is driving the growth at Waukegan? - Management credited a strong team and effective marketing strategies for the continued double-digit growth in the region [121][124]

Financial Data and Key Metrics Changes - Revenues for Q4 2025 rose to $75.4 million, up from $73 million in Q4 2024, representing a growth of 5.6% on a comparable basis after excluding $1.5 million from the sold Stockman's [4] - Adjusted EBITDA for Q4 2025 increased to $10.7 million from $10.4 million in Q4 2024, marking a 23% increase when backing out one-time items from the previous year [5] Business Line Data and Key Metrics Changes - At American Place, revenues increased by 11% to $32 million in Q4 2025, with adjusted property EBITDA rising 29% to $8.7 million [5] - For the full year, American Place's revenues and adjusted property EBITDA rose to $124 million and $34.3 million, increases of 13% and 17% respectively [5] - Chamonix saw a revenue increase of $1.2 million or about 5% in the second half of 2025 compared to the same period in 2024, with adjusted property EBITDA improving significantly [8] Market Data and Key Metrics Changes - The company operates in a market with significant potential, being the closest casino to over 1 million people in a wealthy county, with competitors generating substantial gaming revenues [6][7] - The company believes its market remains under-penetrated, with expectations for continued growth at American Place [6] Company Strategy and Development Direction - The company is focused on enhancing its marketing efforts and improving operational efficiency, particularly at Chamonix, where a new management team has been established [8] - Plans for a permanent American Place Casino are underway, with foundation work expected to begin soon, aiming to accelerate the construction timeline [13][14] - The company is exploring financing options for the permanent facility without issuing equity, indicating a strategic approach to capital management [42][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of American Place, citing its strategic location and market dynamics [6][7] - The management team acknowledged past marketing missteps at Chamonix but is optimistic about future revenue growth due to new strategies and management [20][30] - The company is monitoring legislative developments in Indiana regarding potential relocations and remains committed to its operations in Rising Sun [35][38] Other Important Information - The company had approximately $51 million in liquidity at the end of the quarter, positioning it well for cash flow generation [12] - Management has made significant changes to the team at Silver Slipper to enhance performance, with expectations for improved EBITDA in 2026 [75][76] Q&A Session Summary Question: What is the outlook for Chamonix given recent performance? - Management acknowledged the seasonal aspects affecting Chamonix's performance and highlighted the impact of previous marketing strategies that inflated revenues without corresponding profits [19] Question: Have there been any signs of re-acceleration in Q1 2026? - Management confirmed early signs of revenue improvement despite some renovation disruptions, indicating a positive trend moving forward [22] Question: What is the status of the Indiana bill regarding Rising Sun? - Management noted the evolving nature of the legislation and expressed cautious optimism about the potential for relocation, while continuing to generate profits at Rising Sun [36][38] Question: Can you provide an update on the financing for American Place? - Management indicated that they are in discussions for financing that will not involve equity sales and will also encompass refinancing existing debt [42][46] Question: What is driving the growth at Waukegan? - Management credited a strong team and effective marketing strategies for the continued double-digit growth in Waukegan, emphasizing customer satisfaction and database expansion [121][124]

Financial Data and Key Metrics Changes - Revenues for Q4 2025 increased to $75.4 million, up from $73 million in Q4 2024, representing a growth of 5.6% on a comparable basis [3] - Adjusted EBITDA for Q4 2025 rose to $10.7 million, compared to $10.4 million in Q4 2024, marking a slight increase [3] - For the full year, revenues and adjusted property EBITDA at American Place reached $124 million and $34.3 million, reflecting increases of 13% and 17% respectively [4] Business Line Data and Key Metrics Changes - At American Place, revenues increased by 11% to $32 million in Q4 2025, with adjusted property EBITDA rising 29% to $8.7 million [4] - Chaminade's revenue growth in the second half of 2025 was 5% compared to the same period in 2024, with adjusted property EBITDA improving significantly [7] - Silver Slipper and Rising Star properties experienced slight declines in revenue for the quarter, while management changes are expected to drive growth in 2026 [11][12] Market Data and Key Metrics Changes - The market for American Place is described as under-penetrated, with the closest competitor generating half a billion dollars annually in gaming revenue [5][6] - The company is strategically located near a population of over 1 million people, which is expected to drive future growth [5] Company Strategy and Development Direction - The company plans to continue focusing on the growth of American Place, with expectations of reaching a run rate EBITDA of $50 million for the temporary facility and $100 million for the permanent facility [5] - Management changes at Chaminade are aimed at improving operations and profitability, with a focus on enhancing marketing efforts [7][9] - The company is also exploring new marketing strategies, including targeted advertising and loyalty programs, to increase customer engagement [10][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of American Place, citing the under-penetrated market and strong demographic support [5][6] - The company acknowledged challenges in the competitive landscape but remains optimistic about future growth driven by improved management and marketing strategies [6][10] - Management noted that the Illinois operations are generating sufficient cash flow to cover interest expenses on current debt [12] Other Important Information - The company has approximately $51 million in liquidity at the end of the quarter, including the undrawn portion of its revolving credit facility [12] - A bill to extend the operational date of the temporary casino is expected to pass in the Illinois legislature, which would facilitate a smooth transition to the permanent facility [14] Q&A Session Summary Question: What is the outlook for Chaminade given the recent revenue trends? - Management explained that previous revenue spikes were due to inefficient marketing, and with a new management team in place, they expect revenue growth to improve moving forward [20][21] Question: Have there been any signs of re-acceleration in Q1 2026? - Management confirmed that there has been some improvement in revenue despite minor disruptions from renovations [22] Question: What is the status of the Rising Sun property and the Indiana bill? - Management indicated that while they continue to make money at Rising Sun, the legislative process for relocation is complex and may face challenges [35][36] Question: Can you provide an update on the financing for the American Place project? - Management stated that they are in discussions for financing that will not involve equity sales and are confident in securing a deal soon [44][45] Question: What is the growth strategy for the Silver Slipper property? - Management noted that while the property has been stable, they are implementing management changes to enhance efficiency and profitability [75][76]

Exhibit 99.1 FULL HOUSE RESORTS ANNOUNCES FOURTH QUARTER AND FULL-YEAR RESULTS - American Place Casino Continued Its Strong Growth, With Revenues Increasing 13.1% for the Year and 11.0% in the Fourth Quarter - Colorado Operations Showed Continued Improvement, with Chamonix/Bronco Billy's Completing Its First Full Year of Expanded Operation; Revenues and Adjusted Property EBITDA Significantly Improved in Both the Year and the Fourth Quarter - Company Anticipates Breaking Ground on Its Permanent American Plac ...

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Financial Performance - Total revenues for Q3 2025 were $77,950,000, representing a 3.0% increase from $75,687,000 in Q3 2024[113] - Casino revenues increased by 6.6% to $59,823,000 in Q3 2025, compared to $56,116,000 in Q3 2024[114] - Operating income for Q3 2025 was $3,436,000, a 40.3% increase from $2,449,000 in Q3 2024[113] - Net loss for Q3 2025 was $7,678,000, a 9.4% improvement from a net loss of $8,472,000 in Q3 2024[113] - Adjusted EBITDA for the three months ended September 30, 2025, was $14.8 million, compared to $11.7 million for the same period in 2024, representing a 26.4% increase[144] - For the nine months ended September 30, 2025, Adjusted EBITDA was $37.4 million, slightly down from $38.3 million in the prior year, indicating a 2.3% decrease[144] - The net loss for the three months ended September 30, 2025, was $7.7 million, compared to a net loss of $8.5 million in the same period of 2024, showing a 9.4% improvement[144] Revenue Sources - Slot coin-in for Q3 2025 was $831,917,000, a 3.7% increase from $802,072,000 in Q3 2024[114] - Table game drop increased by 4.9% to $58,449,000 in Q3 2025, compared to $55,733,000 in Q3 2024[114] - Consolidated total revenues increased by 3.0% (or $2.3 million) for the three months ended September 30, 2025, and 3.6% (or $7.9 million) for the nine months ended September 30, 2025, driven by operations at American Place and Chamonix[118] - Total revenues for the Midwest & South segment increased by 7.0% (or $3.8 million) for the three months ended September 30, 2025, with American Place achieving a 14.0% revenue increase[130] - Total revenues for the West segment declined by 7.2% (or $1.4 million) for the three months ended September 30, 2025, but improved by 1.1% (or $0.5 million) for the nine months ended September 30, 2025[135] - Revenues for the Contracted Sports Wagering segment declined to $1.6 million for the three months ended September 30, 2025, down from $1.8 million in the prior-year period[140] Expenses and Debt - Consolidated operating expenses rose by 1.7% (or $1.3 million) for the three months ended September 30, 2025, and 3.7% (or $7.9 million) for the nine months ended September 30, 2025, primarily due to increased expenses at American Place and Chamonix[119][120] - Net interest expense for the three months ended September 30, 2025, was $11.1 million, relatively flat compared to $11.0 million in the prior-year period[122] - Long-term debt stood at $450.0 million under the Notes and $30.0 million under the Credit Facility as of September 30, 2025[159] - The company has significant outstanding debt, with principal debt maturing in February 2028, which may require additional financing for planned capital expenditures[157] - The company estimates a total of $53.5 million will be due to the Illinois Gaming Board over six years, impacting future cash flows[160] Investments and Facilities - The company opened a temporary facility at American Place in February 2023 and is designing a permanent gaming facility[96] - The construction budget for the permanent American Place facility is approximately $302 million, excluding capitalized interest[162] - The company expects to internally generate a portion of the needed funds for American Place but will likely require additional financing[162] - Capital expenditures may fluctuate based on strategic investments in new or existing facilities, with no assurance of project completion or success[163] - The company has opened two new casinos, with operations currently in their ramp-up periods, contributing to future revenue growth[152] Corporate Governance and Future Outlook - Adjusted EBITDA is used as a key performance measure, reflecting the company's focus on operational efficiency[110] - Forward-looking statements include expectations regarding growth strategies, construction budgets, and operational performance for the American Place facility[168] - The company cannot assure the success of any additional projects or that they will be pursued[164] - The company undertakes no obligation to publicly update forward-looking statements unless required by law[170] - Critical accounting estimates and policies have not significantly changed since the end of 2024[167] Other Notable Events - The sale of Stockman's Casino was completed for $9.2 million, with a gain of $1.9 million on the real property sale[104] - The sports wagering agreement in Indiana was extended through December 2031, with a prepayment of $1.5 million[105] - Corporate expenses decreased by $0.3 million and $0.5 million for the three and nine months ended September 30, 2025, respectively, compared to the prior-year periods[141] - Effective income tax rates for the three months ended September 30, 2025, were 0.2%, compared to 1.5% in the prior-year period, due to projections for pre-tax book income[123] - The lease for the Grand Lodge at Hyatt Lake Tahoe expires on December 31, 2034, with potential early termination upon significant renovation[165] - Existing bonds are callable and scheduled to mature in February 2028, indicating potential refinancing needs[162]

Financial Data and Key Metrics Changes - Revenues increased to $78 million from $75.7 million in the previous year's third quarter, representing a 5% growth on a comparable basis after excluding $1.5 million from the sold Stockman's [3][4] - Adjusted EBITDA rose 26% to $14.8 million, with potential adjustments bringing it closer to $15.2 million [3][4] - The company reported $40 million in liquidity at the end of the quarter, with minimal capital expenditures until the construction of the permanent American Place casino begins [16] Business Line Data and Key Metrics Changes - American Place in Illinois saw revenues increase by 14% to $32 million, with adjusted property EBITDA rising 16% to $9 million [3][4] - Chamonix in Colorado experienced a revenue increase of over 7%, with adjusted property EBITDA turning positive at $2.1 million from a negative $0.7 million last year [9][10] - Table game revenues at Chamonix surged 53% year-over-year, while slot revenues increased by 6% [9][10] Market Data and Key Metrics Changes - The database for American Place grew to over 115,000 guests, indicating strong customer acquisition [4] - The company noted that 30% of guests at Chamonix came from the Denver area, highlighting a broader market reach than initially anticipated [13][14] Company Strategy and Development Direction - The company aims to achieve $50 million in run-rate EBITDA for the temporary American Place facility and $100 million for the permanent facility [4][5] - The permanent American Place project has seen a budget reduction from $325 million to $302 million, with plans for significant expansions in gaming capacity [5][6] - The company is focusing on operational efficiencies, reducing full-time employees from 373 to 325, a 13% decrease [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of American Place and Chamonix, with expectations for continued revenue increases [3][9] - The management team is optimistic about the potential for the permanent American Place casino, despite potential delays in financing [28][31] - The company is actively exploring various financing options, including REITs and land leases, to support future growth [36][38] Other Important Information - The company is seeing a significant increase in high-frequency guests, with visits up more than 33% year-over-year [10] - Management highlighted the importance of the day trip market from Colorado Springs, which is expected to drive future revenue growth [49][56] Q&A Session Summary Question: What is the expected percentage of Colorado households visiting Cripple Creek? - Management indicated that the current visitation rate is around 15%, with potential to increase to 30%, which could significantly boost revenue [19][20] Question: How does the company plan to improve flow-through on additional revenue? - The focus is on right-sizing payroll and improving operational efficiency while growing revenues, with expectations for profitability improvements [24][26] Question: What is the status of financing for the permanent American Place casino? - Management is in discussions with bondholders and potential investors, emphasizing that there is no strict deadline for opening the permanent facility [28][29] Question: What strategies are in place for table game growth at Chamonix? - The company is introducing new games and enhancing marketing efforts, with expectations for table game revenues to double in the future [77][78] Question: What is the expected EBITDA trajectory for Chamonix? - Management is confident in strong year-over-year growth, with expectations for Chamonix to be comfortably profitable in 2026 [82]

Financial Performance - Revenues for the third quarter of 2025 increased by 3.4% to $78.0 million, up from $75.7 million in the prior-year period[2] - Adjusted EBITDA rose 26.1% to $14.8 million, compared to $11.7 million in the third quarter of 2024[2] - Net loss improved to $(7.7) million, or $(0.21) per diluted common share, compared to a net loss of $(8.5) million, or $(0.24) per diluted common share in the prior-year period[2] - Total revenues for the company reached $77,950, a 3.4% increase from $75,687 in 2024[17] - Adjusted EBITDA for the three months ended September 30, 2025, was $14,812, up 26.5% from $11,742 in 2024[21] - The company reported a net loss of $7,678 for the three months ended September 30, 2025, an improvement from a net loss of $8,472 in 2024[21] - Corporate expenses decreased to $(1,491) from $(1,742) in the same quarter last year[21] Segment Performance - American Place Casino achieved a revenue increase of 14.0%, reaching a record $32.0 million in the third quarter[10] - Chamonix Casino Hotel's revenues grew by 7.3% in the third quarter, with Adjusted Property EBITDA improving from $(0.7) million to $2.1 million[3] - The Midwest & South segment reported revenues of $58.3 million, a 7.0% increase from $54.5 million in the prior-year period[10] - Revenues for the Midwest & South segment increased to $58,325, up 7.3% from $54,510 in 2024[17] - Adjusted Segment EBITDA for the Midwest & South segment rose to $11,552, compared to $10,249 in the same period last year, reflecting a 12.7% increase[17] - Adjusted Segment EBITDA for the West segment increased by 167.9% to $3.2 million, driven by contributions from Chamonix/Bronco Billy's[10] - The West segment's revenues decreased by 7.2% to $17,993 from $19,387 in 2024[18] - Bronco Billy's Casino and Chamonix Casino Hotel saw a revenue increase of 7.3% to $13,994, while Grand Lodge Casino's revenue decreased by 16.6% to $3,999[18] Operational Strategy - The company anticipates continued growth in operations at American Place and Chamonix as they ramp up further[2] - The company is targeting operational efficiencies at Chamonix to enhance profitability as revenues grow[3] - The company is focused on growth projects, including the construction of the permanent American Place facility, with expected operational performance improvements[26] - Anticipated construction budgets and timelines for projects like Chamonix and American Place are being closely monitored[26] - The company is implementing a revamped marketing strategy at Chamonix to enhance access to the Colorado Springs and southern Denver markets[26] - There are expectations regarding the ramp-up of operations at Chamonix and American Place, with potential impacts on cash flow generation[26] Risks and Challenges - The company faces risks related to substantial indebtedness and the ability to refinance existing debt[27] - Construction risks, including potential cost overruns and delays, are significant concerns for the American Place project[27] - The financial performance of completed projects and renovations will be critical for future growth and operational efficiency[27] - The company is assessing the impact of macroeconomic conditions and competition on its business strategy[27] - There are ongoing evaluations of the effectiveness of management changes and operational improvements at various properties[27] Financial Position - As of September 30, 2025, the company had $30.9 million in cash and cash equivalents, with $450.0 million in outstanding senior secured notes due 2028[7] - For the nine months ended September 30, 2025, Adjusted Segment EBITDA was $42,352, slightly down from $43,683 in 2024[24] - The company completed the sale of Stockman's Casino on April 1, 2025, which impacted segment revenues[19]

Core Insights - Full House Resorts, Inc. reported a 14.0% increase in revenues for American Place Casino, reaching a record of $32.0 million in Q3 2025 [1][5] - Consolidated operating income rose by 40.3% to $3.4 million, while net loss improved to $(7.7) million from $(8.5) million in the prior year [1][2] - Adjusted EBITDA increased by 26.1% to $14.8 million, driven by strong performance at American Place and a $2.1 million contribution from Chamonix/Bronco Billy's [1][2] Financial Performance - Total revenues for Q3 2025 were $78.0 million, up from $75.7 million in Q3 2024, reflecting growth from American Place and Chamonix, offset by the sale of Stockman's Casino [2][5] - Adjusted Segment EBITDA for the Midwest & South segment was $11.6 million, a 12.7% increase from $10.2 million in the prior year [5][17] - The West segment's revenues decreased to $18.0 million from $19.4 million, impacted by the sale of Stockman's and renovation disruptions at Grand Lodge Casino [5][17] Operational Highlights - American Place Casino's customer database surpassed 115,000 members, indicating strong customer engagement [3] - Chamonix Casino Hotel experienced a 7.3% revenue growth in Q3 2025, with Adjusted Property EBITDA improving significantly from $(0.7) million to $2.1 million [3][4] - The company is targeting operational efficiencies at Chamonix as all amenities are now open to the public, expecting further revenue growth to positively impact profitability [4][5] Market Opportunities - The company sees significant growth potential in the Colorado Springs market, with less than 15% of households having visited Cripple Creek in the past year [4] - Targeted marketing campaigns and expanded entertainment options at Chamonix are expected to attract new guests and enhance revenue [4][5] Liquidity and Capital Resources - As of September 30, 2025, the company had $30.9 million in cash and cash equivalents, with $450.0 million in outstanding senior secured notes due 2028 [7][30] - The company also has $10.0 million available under its $40.0 million revolving credit facility, indicating a solid liquidity position [7][30]