Full House Resorts, Inc.

Lewis Fanger said consolidated revenues grew 5.6% in the second quarter and adjusted EBITDA increased 19.5%. American Place revenue rose 13.4% to $34.8 million from $30.7 million last year, and adjusted property EBITDA rose 13.8% to $10.1 million from $8.9 million. At American Place, May gaming revenue reached $12.7 million, and Lewis said that month produced $4.4 million of EBITDA. Chamonix revenues rose almost 12% and adjusted property EBITDA was approximately break-even. Rising Star was hurt by a 42-hour power outage and, per management, lost $100,000 in the quarter versus making about $500,000 a year ago. For guidance, management expects continued growth at American Place, says July was the second-best gaming revenue month ever, and still targets roughly 18 to 24 months for the permanent casino build, with a possible opening around the third quarter of 2028. They also said the temporary facility can now operate until February 2029, reducing transition risk.

Daniel Lee framed the quarter as evidence that the company’s two newest properties are working, especially American Place, which he said is the main growth engine and should keep posting strong results. He emphasized that Chamonix is improving through better marketing, a stronger host team, and operating tweaks, but also said the property still has a long way to go versus what he sees as the opportunity in Colorado. His tone was upbeat but measured, repeatedly saying the company is “not there yet” on Colorado and expects “massive improvement” over the next 18 months.

Lewis Fanger highlighted the reported numbers: 5.6% consolidated revenue growth, 19.5% adjusted EBITDA growth, American Place revenue of $34.8 million, and American Place adjusted property EBITDA of $10.1 million. He pointed out that American Place ran at 29%+ margins even after paying more than $3 million a year in rent, and said margins would be in the low 30s on an adjusted basis excluding rented kitchens, office trailers, and other temporary costs. He also said the financing remains on track, with four-bank revolver commitments in place and the company hoping to finish the full package in the third quarter; he described the blended cost of financing as likely in the high single digits, with some pieces in low double digits, and noted that some structures could avoid construction-period interest.

Analysts focused first on how the temporary casino has changed the final permanent design, and management said the project has been refined but not fundamentally changed: the size is partly dictated by law, the temporary has performed as expected, and the permanent will include adjustments like family dining access and a food hall inspired by other regional casino builds. Questions on financing centered on timing and complexity; management said the process is still moving, that legal documents are large and interdependent, and that they believe it can close in the third quarter. Later questions addressed American Place margins and flow-through, and management said revenue growth has been steady, margins are already in the high 20s before temporary-site costs are fully adjusted, and the permanent should improve margins into the mid-30s. Analysts also asked about M&A appetite, and management said acquisitions are not a priority given leverage, the pending financing, and a preference not to issue equity at current prices.