Full House Resorts(FLL) - 2025 Q3 - Quarterly Results

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]