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what it is
Full House runs six regional casinos, one hotel partner casino, and two sports betting skins across the Midwest, South, West, and Illinois.
how it gets paid
Last year Fll made $302M in revenue. casino gaming was the main engine at $201M, or 66% of sales.
why it's growing
Revenue grew 3.5% last year. $227 million matters because it proves demand exists.
what just happened
Revenue hit $227M in the latest quarter, up 191% vs. prior year, but EPS still landed at -$0.77. More volume, still no real profit.
At a glance
C balance sheet — red flag territory — real financial stress
25/100 earnings predictability — expect surprises
1.6% return on capital — nothing to write home about
-$1.16 fy2024 eps est
$292M fy2024 rev est
xvary composite: 25/100 — weak
What they do
Full House runs six regional casinos, one hotel partner casino, and two sports betting skins across the Midwest, South, West, and Illinois.
This moat is licenses and geography, not love. Full House runs six casinos and two permitted sports betting skins, and those state approvals are scarce by design. The proof is plain: those assets produced $302 million of annual revenue in 2025 despite just a $94 million market cap. If you want in, you do not build next door overnight. You wait for regulators.
How they make money
$302M
annual revenue · their business grew +3.5% last year
casino gaming
$201M
hotel rooms
$42M
food and beverage
$34M
sports betting skins
$5M
other amenities
$20M
The products that matter
core casino revenue stream
Gaming revenue
$270M · 89.3% of revenue
it's $270M of a $292M business. that's the whole story in plain English: slot machines and table games carry the company.
89.3% of revenue
mississippi gulf coast casino
Silver Slipper Casino
one of five properties
it is one of five casinos supporting a business expected to do $292M in annual revenue. When you only own five properties, each one matters.
property-level execution
colorado casino hotel
Chamonix Casino Hotel
turnaround watch
with operating margin at 0.99% and debt at $527M, this property needs to help earnings, not delay them. that's why investors keep coming back to it.
the key swing factor
Key numbers
$527M
long-term debt
That debt load is more than 5.5 times the $94 million market cap, which means lenders matter more than shareholders.
1.0%
operating margin
Operating margin → profit after running the business → so what: Full House keeps almost nothing when customers spend.
$302M
annual revenue
Revenue is real scale, but scale without profit is just a larger electricity bill.
1.6%
return on capital
Return on capital → profit from money invested → so what: the business is earning almost nothing on a very asset-heavy model.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 10 / 100
- long-term debt $527M (85% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for FLL right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $227M in the latest quarter, up 191% vs. prior year, but EPS still landed at -$0.77. More volume, still no real profit.
The quarter showed top-line scale from newer properties, but losses still widened on the bottom line. That is growth without translation: more customers, more revenue, still not enough earnings.
$227M
revenue
$0.77
eps
+191%
revenue growth
the number that mattered
$227 million matters because it proves demand exists, but the -$0.77 EPS says the ramp is not paying shareholders yet.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Chamonix failing to earn its keep while $527M of debt stays on the books.
high
Debt overwhelms the equity
Long-term debt is $527M, or 85% of capital, versus a market cap of roughly $94M.
If operating results stay weak, the balance sheet decides how much room common shareholders actually have.
high
Margins leave no room for error
Operating margin is 0.99%, worse than 79% of casino peers.
At 1 cent of operating profit per revenue dollar, a cost spike or soft quarter can erase the little profitability that exists.
med
Regional casinos are local fights
The company operates five properties across competitive regional markets against larger operators with more scale.
There is no moat here. If a property underperforms, you feel it quickly because the portfolio is only five casinos deep.
$527M of debt, a $94M market cap, and a 0.99% operating margin is the combined risk picture. This setup can work, but only if execution improves fast enough to matter.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Operating margin
0.99% is the number to watch. If that stays pinned around 1%, the revenue base is not doing enough work for equity holders.
risk
Debt trajectory
Long-term debt is already $527M. In a turnaround, you want leverage moving down or at least holding flat, not creeping higher.
calendar
Q1 2026 earnings report
Expected in May 2026. You want updates on property-level execution and whether the loss profile is narrowing after the Q4 miss.
trend
Analyst target gap
Four analysts average $4.00, with the high at $4.25. That's a large gap from $2.61, but it only matters if operations start catching up to the targets.
Analyst rankings
earnings predictability
25 / 100
Quarterly results are hard to trust from one report to the next. In human-speak: analysts do not see a smooth earnings story here.
analyst price target
$4.00 avg
Four analysts sit at an average target of $4.00 versus a $2.61 stock price. That's optimism, not proof.
source: institutional data
Institutional activity
institutional ownership data for FLL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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