The case for & against
Bull & Bear analysis
Full House Resorts, Inc. (NASDAQ: FLL) is a regional gaming and entertainment company, engaged in owning and operating casinos and resort facilities primarily in underserved markets across the United States. With key properties, such as American Place in Illinois and Chamonix in Colorado, it aims to deliver unique gaming experiences alongside hospitality services to capture greater market share. The company stands out by focusing on improving operational efficiencies and customer engagement through strategic renovations, marketing, and enhancements at its facilities.
Bull says
- ↑Q1 2026 revenues $74.4M (up 0.9% adj) and adjusted EBITDA $13.2M (+15% YoY).
- ↑American Place permanent casino: $300M capex planned; construction to start soon.
- ↑Operational improvements delivered $5M in annual cost savings across properties.
- ↑Database sign-ups rose 12%, boosting targeted marketing in underserved markets.
- ↑Chamonix adjusted EBITDA loss narrowed from $2.3M to $1.3M, showing turnaround potential.
- ↑Dividend yield ~7.6% and positive oil sensitivity may support valuation.
Bear says
- ↓Earnings yield of –1.9% and negative profitability metrics reflect poor margins.
- ↓Leverage ratio near 2x elevates debt servicing risk in a rising‐rate environment.
- ↓Negative growth revisions and flat top-line growth signal waning investor confidence.
- ↓Chamonix slot win per day at 25% of Monarch’s, underscoring market share struggles.
- ↓Intense Colorado competition and regulatory challenges may curb expansion.
- ↓Rising rates could inflate financing costs for the $300M capex project.
Investment themes with FLL
Consumer travel services and hospitality experiences
Miscellaneous or uncategorized companies
Earnings Call · Q1 2026 · Mgmt. Guidance
Transcript signals
Bull points
- Revenues were $74.4 million in the first quarter of 2026, which compares to $75.1 million in last year's first quarter. Within this, American Place was up about 7%.
- Adjusted EBITDA in the first quarter of 2026 rose to $13.2 million. That's almost 15% higher than our adjusted EBITDA in last year's first quarter, which was $11.5 million.
- At American Place, our temporary casino continues to show significant growth. Revenues increased by 7% to $31.8 million in the first quarter of 2026. Adjusted property EBITDA rose 8% to $8.3 million.
Bear points
- At Grand Lodge, which is our smallest property, we continue to be impacted by refurbishment work that When it's done, should meaningfully upgrade the overall experience.
- Revenues were affected by several things. First, the Bronco Billy's casino was pretty torn up in January and February as we replaced carpets and installed new ceilings.
- Second, the unseasonably warm weather resulted in less cash business in the quarter.