Full House Resorts: Financing Milestones and a Permanent-Casino Inflection Point

Q2 2026 earnings underscore American Place's momentum, a Chamonix turnaround in progress, and a refinancing that is finally within reach.

FLL · Earnings Call · 2026-08-06

A Quarter Defined by Growth and a Path to the Permanent Casino

Full House Resorts' second quarter 2026 earnings call was dominated by two intertwined narratives: the continued ramp of its temporary American Place property in Waukegan, Illinois, and the long-awaited financing package that will fund and construct the permanent casino. The company is squarely in the "show-me" phase, and the call was effectively an update on execution against a multi-year plan. The headline numbers were encouraging. Consolidated revenues grew 5.6% and adjusted EBITDA rose 19.5%, driven almost entirely by American Place. President and CFO Lewis Fanger noted that “Revenues at American Place rose 13.4% to $34.8 million… Adjusted property EBITDA at American Place rose by 13.8% to $10.1 million.” — Lewis Fanger, President and Chief Financial Officer · 2026-08-06 This marks the temporary facility's best quarter ever, with May gaming revenue crossing $12.7 million—a new high. The company continues to see growth in July, its second-best gaming revenue month to date. CEO Dan Lee was blunt about the property's role in masking the portfolio's mixed performance: “American Place is our #1 property. It's the one where we're building a new one, and it did really well, and a flat Silver Slipper and a down Rising Star camouflage that a little bit.” — Daniel Lee, President and Chief Executive Officer · 2026-08-06 Indeed, Rising Star suffered a 42-hour power outage, swinging it to a small loss, while Silver Slipper remained flat. These legacy drags obscure the fact that American Place is now producing roughly $40 million of annual EBITDA in its temporary form—a critical data point as the company underwrites the more than $300 million permanent project.

We have a track that we're on that we've been working on for a while. But we get phone calls all the time from other people saying, hey, you know, we take a look at this and we're kind of like, I think the car has left the garage here and we're moving down the way and we're 95% sure we're going to get there.
Daniel Lee, President and Chief Executive Officer · 2026-08-06

That confidence was echoed in the financing update. The company has secured commitments for a new revolver, obtained state legislative approval to extend the temporary facility's operating window to February 2029, and signed an amended development agreement with the City of Waukegan. The deal also grants permission to repurpose the existing Temporary Facility as an event center for five years after the permanent opens—a creative use that management believes can drive incremental business. Lewis Fanger summed up the complexity: “It's a pretty complicated transaction because we are simultaneously refinancing our existing bonds, financing the construction of a permanent casino, and closing on a new revolving credit facility.” — Lewis Fanger, President and Chief Financial Officer · 2026-08-06

Chamonix Turns the Corner, but Legacy Assets Still Weight on the Story

The other bright spot is Chamonix in Cripple Creek, Colorado. After years of marketing missteps and management changes, the property is showing real momentum. In Q2, revenues rose nearly 12% and adjusted property EBITDA was roughly breakeven, a significant improvement from a $1.2 million loss a year earlier. The secret has been a more data-driven marketing approach, a revamped restaurant concept (Don Juan's), and a renewed focus on high-end play. Dan Lee detailed the blocking-and-tackling in a call back in May: “We are firing on all cylinders here. We now have a four-person sales force... focused on meetings and conventions.” — Daniel R. Lee, CEO · 2026-05-07 That groundwork is starting to pay off, with newer VIP segments driving gains. Lewis Fanger was cautious about the pace, noting in the same prior call that “given how difficult those ramps are and given that we still have a new team there that continues to season by the day... I won't give you a number.” — Lewis Fanger, Executive · 2025-11-06 Still, the company's balance sheet is stretched. Management is funding early construction—earthwork, schematic drawings, and civil plans—out of cash flow while waiting for the full financing package. Effective net cash stood at -$443 million as of the latest quarter, reflecting the heavy build-out phase. That leverage is precisely why the refinancing is so pivotal; the existing bonds mature in 2028 and become a current liability next year. The company is explicitly avoiding equity issuance at current prices, with Dan Lee reiterating that the shares are undervalued relative to the asset base.

What to Watch Next

The coming months will be decisive. Management expects to close the financing in Q3 and begin full-scale construction shortly thereafter, targeting a permanent-casino opening around Q3 2028. The food hall and event-center adaptations are designed to drive non-gaming revenue, while the new casino host program aims to close the win-per-position gap with Monarch. If the financing closes as expected, the story shifts from construction risk to ramp-up execution—a transition that historically has rewarded patient investors in this sector. Until then, the market will be watching the monthly gaming revenue reports from American Place as the clearest signal that the growth engine remains intact. All told, Full House Resorts is at an inflection point. The temporary operations are outperforming, the refinancing is within grasp, and the legacy drags are becoming more predictable. The next quarterly call may finally arrive with the construction shovels in the ground and the balance sheet reset—setting the stage for a re-rating that the current $99 million market cap does not yet reflect.