FULL HOUSE RESORTS INC

Listed Company

FLLCIK 0000891482NasdaqAcceleratedSmaller ReportingHotels & MotelsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$302.38M

Net Income

$-40.20M

Total Assets

$649.81M

Equity

$2.54M

Shares Out

36.18M

Op. Cash Flow

$9.97M

Business

Full House Resorts Inc owns, leases, operates, develops, manages, and invests in casinos and related hospitality and entertainment facilities. It offers casino gaming, hotel accommodations, food and beverage outlets, on-site sportsbooks, convention and meeting facilities, RV parks, a golf course, ferry service, and contracted online sports wagering skins. The company organizes operations into three reportable segments: Midwest & South, West, and Contracted Sports Wagering, and manages properties and operations by geographic regions and income type. Its properties and distribution include regional casino resorts, leased operations within third-party hotels, and contracted online sports wagering partnerships across several U.S. states.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenues	302	292	241	163	180
Selling, general and administrative	110	104	86	60	60
Project development costs	310,000	368,000	53,000	228,000	782,000
Preopening costs	—	2	16	10	17,000
Depreciation and amortization	43	42	31	8	7
Loss on disposal of assets	32,000	18,000	7,000	42,000	676,000
Loss (gain) on sale of Stockman's, net of impairment	320,000	−2	—	—	—
Total operating costs and expenses	299	289	242	151	143
Operating income	3	3	−1	13	38
Interest expense, net	−43	−43	−23	−23	−24
Other	−50,000	—	384,000	—	—
Other expenses	−43	−43	−23	−28	−25
Loss before income taxes	−40	−40	−24	−15	12
Income tax expense	530,000	221,000	1	−31,000	435,000
Net loss	−40	−41	−25	−15	12
Basic loss per share (in dollars per share)	−1.12	−1.16	−0.72	−0.43	0.36
Diluted loss per share (in dollars per share)	−1.12	−1.16	−0.72	−0.43	0.33
Basic weighted average number of common shares outstanding (in shares)	36	35	35	34	33
Diluted weighted average number of common shares outstanding (in shares)	36	35	35	34	35

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-03-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and equivalents	41	—	40	36	57
Accounts receivable, net	4	—	5	5	4
Inventories	2	—	2	2	1
Prepaid expenses and other	7	—	4	4	6
Assets held for sale	—	2	2	0	—
Total current assets	53	—	53	85	203
Property and equipment, net	412	—	447	458	339
Operating lease right-of-use assets, net	53	—	56	45	16
Finance lease right-of-use assets, net	2	—	976,000	2	4
Goodwill	20	—	19	21	21
Other intangible assets, net	109	—	96	76	11
Deposits and other	716,000	—	705,000	1	2
Total Assets	650	—	673	688	595
Accounts payable	8	—	8	13	5
Capital expenditures payable	3	—	8	21	30
Accrued payroll and related	7	—	6	4	4
Accrued interest	14	—	14	14	13
Other accrued liabilities	36	—	24	20	10
Current portion of operating lease obligations	4	—	4	5	2
Current portion of finance lease obligations	2	—	2	2	2
Liabilities related to assets held for sale	—	75,000	86,000	0	—
Total current liabilities	74	—	67	79	66
Operating lease obligations, net of current portion	50	—	52	40	13
Finance lease obligations, net of current portion	2	—	1	3	5
Other long-term liabilities, net of current portion	41	—	37	16	0
Long-term debt, net	474	—	468	465	402
Deferred income taxes, net	2	—	2	2	1
Contract liabilities, net of current portion	4	—	5	6	9
Total liabilities	647	—	633	611	496
Commitments and contingencies (Note 10)	—	—	—	—	—
Common stock, $0.0001 par value, 100,000,000 shares authorized; 36,130,876 and 35,648,668 shares issued and outstanding at December 31, 2025 and 2024, respectively	4,000	—	4,000	4,000	4,000
Additional paid-in capital	118	—	116	113	111
Accumulated deficit	−115	—	−75	−35	−10
Total stockholders' equity	3	—	40	78	100
Total liabilities and stockholders' equity	650	—	673	688	595

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−40	−41	−25	−15	12
Depreciation and amortization	43	42	31	8	7
Amortization of debt issuance costs, discounts and premiums	3	3	3	2	1
"Non-cash change in right-of-use (""ROU"") operating lease assets"	2	3	4	3	3
Non-cash amortization of prepaid insurance	9	—	—	—	—
Stock-based compensation, net	2	3	3	2	966,000
Provision for credit losses	42,000	212,000	940,000	—	—
Deferred income taxes	530,000	262,000	660,000	−31,000	—
Accounts receivable	1	19,000	−2	619,000	211,000
Prepaid expenses, inventories and other	−12	−91,000	2	−2	−1
Income taxes payable	—	−489,000	489,000	—	—
Operating lease liabilities	−2	−3	−3	−4	−3
Contract liabilities	−410,000	−2	2	4	−234,000
Accounts payable and other liabilities	3	10	6	1	10
Net cash provided by operating activities	10	14	22	4	30
Capital expenditures, net of changes in payables	−13	−53	−149	−171	−37
Proceeds from sale of Stockman's	2	7	—	—	—
Acquisition of intangible assets	—	−1,000	−51	—	—
Other	−83,000	−87,000	355,000	−1	−226,000
Net cash used in investing activities	−10	−46	−199	−172	−37
Payment of debt issuance costs and extension fees	−456,000	—	−6	−8	−9
Borrowings under revolving credit facility	17	13	43	—	—
Repayment of revolving credit facility borrowings	−14	−13	−16	—	—
Proceeds from insurance financing	8	—	—	—	—
Repayments of insurance financing	−8	—	—	—	—
Repayment of finance lease obligations	−2	−2	−1	−514,000	−492,000
Proceeds from exercise of stock options	502,000	448,000	79,000	187,000	392,000
Repayment of note payable for asset acquisition	−278,000	−252,000	—	—	—
Net cash provided by (used in) financing activities	801,000	−1	59	94	235
Net increase (decrease) in cash and cash equivalents, including cash classified within current assets held for sale	449,000	−33	−117	—	—
Less: net change in cash classified within current assets held for sale	—	−250,000	—	—	—
Net increase (decrease) in cash and cash equivalents	449,000	−34	−117	−74	228
Cash paid for interest, net of amounts capitalized	39	39	22	20	12
Cash paid for income taxes (Note 9)	0	895,000	—	—	—
Payables and accruals incurred for capital expenditures	277,000	5	23	31	5
Accrued liability related to asset acquisition	13	20	15	—	—
Operating leases	−450,000	14	2	2	2
Financing leases	2	—	−150,000	—	—

Filings

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