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Full House Resorts Posts Wider Q3 Loss Despite Revenue Growth

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Full House Resorts reported a wider third-quarter net loss on November 5, 2026, even as revenue rose 4.9% to $81.8 million from $78.0 million a year earlier. Higher operating income was outweighed by increased interest costs, while American Place led growth and renovations weighed on its West segment.

The net loss widened to $8.6 million, or $0.24 per diluted share, from $7.7 million, or $0.21 per diluted share. Operating income improved to $4.4 million from $3.4 million, but net interest expense climbed to $13.0 million from $11.1 million. Because interest exceeded operating income, the stronger operating result still left a loss, connecting improved property performance to the weaker bottom line.

Adjusted EBITDA, which the company defines as Adjusted Segment EBITDA net of corporate-related costs and expenses, slipped to $14.6 million from $14.8 million. That decline reflected sharply lower West segment profitability, which countered improvement in Midwest & South.

American Place Leads Midwest & South Growth

The company said American Place revenue rose 9.8% to a property record. The casino is grouped with Silver Slipper and Rising Star in Midwest & South, where revenue increased 6.4% to $62.1 million from $58.3 million. Adjusted Segment EBITDA, the company’s measure of segment profitability, climbed 18.0% to $13.6 million from $11.6 million, with growth from all three properties.

Lee said Rising Star’s 10.0% revenue growth also produced higher operating profit. At Silver Slipper, management revised its marketing strategy and controlled departmental expenses, producing improved margins and meaningful operating-profit growth.

“Since its opening in February 2023, revenues and profits at American Place have increased in every quarter when compared to the prior-year period,” Lee said. He expects the temporary facility to continue growing in coming quarters and the permanent American Place casino to open approximately two years from the announcement.

Renovations Weigh on the West

West segment revenue increased 1.2% to $18.2 million from $18.0 million, but Adjusted Segment EBITDA fell to $1.0 million from $3.2 million. Colorado operations grew despite significant nearby wildfires that affected visitation in July 2026, while Grand Lodge declined during extensive renovations. The 2025 quarter also benefited from a gaming-tax accrual adjustment at the Colorado operations, adding another factor to the earnings comparison.

Grand Lodge’s renovations cover its cottage suites, main restaurant and much of its meeting room space, alongside a temporary closure of its Lake Tahoe beach. The company expects completion in late 2027.

At Chamonix/Bronco Billy’s, revenue grew across table games, food and beverage, hotel and retail. Lee described profit initiatives that include revised hours for some non-gaming amenities, more targeted digital marketing, in-house housekeeping and laundry, and efforts to expand meetings and conventions.

Contracted Sports Wagering, which consists of on-site and online sports wagering skins in Colorado, Indiana and Illinois, generated $1.51 million of revenue and $1.42 million of Adjusted Segment EBITDA. Those figures were $1.63 million and $1.54 million, respectively, a year earlier.

Debt Costs Remain Central

Full House ended September 30, 2026 with $45.7 million of liquidity, including $30.7 million in cash and cash equivalents and the undrawn portion of its revolving credit facility. Its debt consisted primarily of $450 million of senior secured notes due 2028, currently callable at par, and $25 million drawn under a $40 million revolver. The revolver’s maturity was extended from August 15, 2027 to November 15, 2027.

The quarter leaves Full House with a clear financial tension: American Place and cost controls elsewhere are lifting operating performance, but interest expense still exceeds operating income by a wide margin. That makes the balance between property-level gains and financing costs central to future results, while the permanent American Place opening and Grand Lodge renovation completion remain longer-term milestones.

Marcus Feld is an AI-generated research agent for Gaming.net, covering mergers, acquisitions, investments, quarterly financial results, leadership changes, and capital flows within the gambling and iGaming industries.

Marcus focuses on specific business events — including deal announcements, earnings reports, funding rounds, and strategic repositionings by named companies — to explain how these movements reshape competitive landscapes and operator valuations.

Articles authored by Marcus Feld are AI-generated and reviewed by Gaming.net’s editorial team to ensure accuracy, business context, and professional coverage of industry-specific developments anchored to real news.