FULL HOUSE RESORTS INC
For the period ended Mar 31, 2026. Filed May 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
FLL$0.62-14.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0000891482-25-000056
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0000891482-26-000025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 94 previous paragraphs and 88 current paragraphs.
56 unchanged; 22 reworded; 10 added; 15 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 14 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Progress Toward Construction of the Permanent American Place Facility. In September 2025, the Waukegan City Council unanimously approved our revised site plans. In April 2026, the City of Waukegan approved our earthmoving and foundation drawings. With these drawings, we intend to soon begin construction, pending approval from the Illinois Gaming Board. Foundation work, while not cost intensive, requires several months to complete. By starting construction now, funding it with internal sources, we believe we can accelerate the opening of the permanent casino, anticipated in approximately 18 to 24 months. A bill was also recently introduced in the Illinois legislature to extend the date that our temporary American Place casino is permitted to operate by 18 months beyond August 2027. This bill, if passed, will ensure that there will be no gap in tax revenue or employment prior to the opening of our permanent casino facility. While there can be no assurance of the bill’s passage, we received a similar one-year extension in 2023 from the Illinois Gaming Board (“IGB”) to operate the temporary facility when our project was delayed due to a lawsuit from a competitor. Such lawsuit was resolved in January 2025.
Current report
**Revenues.**Consolidated total revenues declined by 0.8% (or $0.6 million) for the three months ended March 31, 2026, compared to the prior-year period, reflecting growth at American Place Casino and Rising Star Casino Resort, offset by the sale of Stockman’s Casino in April 2025 and the termination of an agreement with one of our contracted sports wagering providers in 2025. Excluding Stockman’s, revenues would have increased by 0.9%.
Current report
**Operating Expenses.**Consolidated operating expenses declined by 3.0% (or $2.2 million) for the three months ended March 31, 2026, compared to the prior-year period, which included operating costs to run Stockman’s. Additionally, declines in selling, general and administrative expenses for the current quarter reflect a continued focus on reducing inefficiencies at Chamonix, led by a new property management team that arrived throughout 2025 and early 2026.
Current report
Net interest expense for the three months ended March 31, 2026 remained relatively flat at $10.4 million, compared to $10.3 million in the prior-year period. During the current quarter, there was less capitalized interest to offset interest expense, as Chamonix’s parking lot resurfacing projects were completed in mid-2025.
Current report
Casino revenue increased by 5.1% (or $2.3 million) for the three months ended March 31, 2026. Slot revenue increased by 8.5% (or $3.0 million), while table games revenue declined by 11.7% (or $1.0 million).
Current report
Non-casino revenue declined by 4.0% (or $0.2 million) for the three months ended March 31, 2026. Food and beverage revenue declined by 18.7% (or $0.4 million) due to the sale of Stockman’s. Hotel revenue rose by 1.6% (or less than $0.1 million), due to Chamonix’s continuing ramp-up of operations.
Current report
Adjusted Segment EBITDA improved by 28.3% (or $0.7 million), despite the renovation at the Hyatt. This improvement in Adjusted Segment EBITDA was led by Chamonix/Bronco Billy’s, which reduced its operating expenses, excluding depreciation and amortization, by 9.6% (or $1.3 million). As the Company’s newest property, Chamonix is early in its expected ramp, with operations expected to continue improving in the coming quarters and years.
Current report
Revenues and Adjusted Segment EBITDA were $1.5 million and $1.4 million, respectively, in the first quarter of 2026. In the prior-year period, revenues and Adjusted Segment EBITDA benefited from an additional active sports skin. Such amounts in the first quarter of 2025 were $2.3 million and $2.2 million, respectively.
Current report
Corporate expenses for the three months ended March 31, 2026 was $1.3 million, flat when compared to the prior-year period.
Current report
**Cash flows – investing activities.**On a consolidated basis, cash used in investing activities during the respective three months ended March 31, 2026 and 2025 was $2.7 million and $2.9 million. During 2026, such costs were primarily related to refurbishments at Bronco Billy’s and designing the permanent American Place casino. During the prior-year period, such costs were primarily related to the construction of Chamonix.
Removed paragraphs (15)
Previous report
Stockman’s Sale. On August 28, 2024, we entered into an agreement to sell the operating assets of Stockman’s for aggregate cash consideration of $9.2 million, plus certain working capital adjustments at closing. The asset sale was completed in two phases: the sale of Stockman’s real property for $7.0 million, which closed in the second half of 2024 at a $1.9 million gain; and the sale of certain remaining operating assets for $2.2 million (excluding working capital adjustments), which closed on April 1, 2025 at a $0.2 million loss. Accordingly, as of April 1, 2025, we no longer own or operate Stockman’s Casino.
Previous report
Extension of Contracted Sports Wagering Agreement in Indiana. In January 2025, we received notice that our contracted sports betting operator in Colorado and Indiana was discontinuing its operations in those states, to be effective in June 2025 and December 2025, respectively. In July 2025, such operator reversed its decision to discontinue its Indiana operations and fully prepaid its remaining term for the Indiana skin through December 2031 for a negotiated fee of $1.5 million.
Previous report
N.M. Not meaningful.
Previous report
**Revenues.**Consolidated total revenues improved by 3.0% (or $2.3 million) and 3.6% (or $7.9 million) for the three and nine months ended September 30, 2025, compared to the prior-year periods, due to the continued ramp-up of operations at our two newest properties, American Place and Chamonix. The sale of Stockman’s Casino in April 2025 and renovation-related disruptions surrounding our Grand Lodge Casino partially offset those revenue gains.
Previous report
**Operating Expenses.**Consolidated operating expenses rose by 1.7% (or $1.3 million) for the three months ended September 30, 2025 as compared to the prior-year period, which benefited from the $2.0 million gain on the sale of Stockman’s real property in September 2024. Excluding the impact of such cost recovery in the prior-year period, consolidated operating expenses declined during the quarter.
Previous report
For the nine months ended September 30, 2025, consolidated operating expenses rose by 3.7% (or $7.9 million), primarily due to the ramp-up of operations mentioned above at American Place and Chamonix, which resulted in increased casino and selling, general and administrative expenses. At American Place, casino expenses rose $4.8 million compared to the prior-year period, largely due to costs associated with increased volumes. At Chamonix, selling, general and administrative expenses increased $4.4 million due to it being only partially open in the prior-year period.
Previous report
Net interest expense for the three months ended September 30, 2025 remained relatively flat at $11.1 million, compared to $11.0 million in the prior-year period. For the nine months ended September 30, 2025, the slight decrease in net interest expense was due to reductions in interest rates applied to the revolving credit facility than in the prior-year period. Interest income also declined compared to the prior-year periods, as we maintained higher cash balances throughout much of 2024 to complete the construction of Chamonix.
Previous report
In July 2025, new U.S. tax legislation (“H.R. 1”) was signed into law, which makes permanent many of the tax provisions enacted in 2017, as part of the Tax Cuts and Jobs Act, that were set to expire at the end of 2025. In addition, H.R. 1 makes changes to certain U.S. corporate tax provisions, but many are generally not effective until 2026. We are still in the process of evaluating the new tax legislation, but we do not expect it to have a material impact on the results of our operations.
Previous report
N.M. Not meaningful.
Previous report
Casino revenue increased by 11.5% (or $4.8 million) and 8.8% (or $11.1 million) for the three and nine months ended September 30, 2025. For the three months ended September 30, 2025, slot revenue increased by 9.2% (or $3.2 million) and table games revenue rose by 21.5% (or $1.5 million). For the nine months ended September 30, 2025, slot revenue increased by 8.5% (or $8.8 million) and table games revenue rose by 9.8% (or $2.2 million).
Previous report
Non-casino revenue declined by 5.6% (or $0.3 million) for the three months ended September 30, 2025, but rose by 17.7% (or $1.9 million) for the nine months ended September 30, 2025. Food and beverage revenue declined by 23.8% (or $0.5 million) and 3.5% (or $0.2 million) for the respective three and nine months ended September 30, 2025. Hotel revenue rose by 5.2% (or $0.1 million) and 33.6% (or $1.7 million) for the corresponding 2025 periods, due to the completion of Chamonix’s phased opening in October 2024 and its continuing ramp-up of operations.
Previous report
Adjusted Segment EBITDA rose 167.9% to $3.2 million in the third quarter of 2025, with $2.1 million of such amount generated by Chamonix/Bronco Billy’s in Colorado. In the prior-year period, Adjusted Segment EBITDA was $1.2 million, including $(0.7) million from our Colorado operations. As the Company’s newest property, Chamonix is early in its expected ramp-up, with operations expected to continue improving in the coming quarters and years. In March 2025, we hired a new general manager to lead our Chamonix and Bronco Billy’s operations, with a focus on profitable revenue growth and reducing inefficiencies. Of note, when comparing the first and second quarters of 2025, operating expenses at Chamonix/Bronco Billy’s were $1.2 million lower with flat revenues of $11.6 million. In the third quarter of 2025, the Adjusted Segment EBITDA Margin for the segment rose 11.6 percentage points to 17.8% from 6.2% in the prior-year period. For the nine months ended September 30, 2025, Adjusted Segment EBITDA was $(0.4) million compared to $1.9 million in the prior-year period, reflecting revenue declines as mentioned above and early inefficiencies related to Chamonix’s ramp-up of operations.
Previous report
Comparisons for both the three- and nine-month periods were adversely affected by fewer active sports wagering skins in the 2025 periods. Accordingly, revenues for the three months ended September 30, 2025 declined from $1.8 million in the prior-year period to $1.6 million, and Adjusted Segment EBITDA declined from $2.0 million to $1.5 million. For the nine months ended September 30, 2025, revenues declined from $6.9 million in the prior-year period to $5.6 million, and Adjusted Segment EBITDA declined from $6.5 million to $5.3 million.
Previous report
Corporate expenses for the three and nine months ended September 30, 2025 decreased by $0.3 million and $0.5 million, respectively, when compared to the prior-year periods, primarily due to decreases in accrued bonus compensation and certain third-party professional services fees. Corporate expenses were $1.5 million and $1.7 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, corporate expenses were $4.9 million and $5.4 million, respectively.
Previous report
**Cash flows – investing activities.**On a consolidated basis, cash used in investing activities during the respective nine months ended September 30, 2025 and 2024 was $8.9 million and $37.7 million, both primarily related to the construction of Chamonix. During the recent period, we completed the surface parking lots at Chamonix, construction of which had been affected by a delay in receiving certain local approvals.
Reworded paragraphs (22)
Previous wording
Our primary business is the ownership and/or operation of casino and related hospitality and entertainment facilities, which includes offering, among other amenities, casino gambling, hotel accommodations, dining, golf, RV camping, sports betting, entertainment and retail outlets.
Current wording
Headquartered in Las Vegas, Nevada, we have gaming operations in Nevada, Colorado, Illinois, Indiana, and Mississippi. Our primary business is the ownership and/or operation of casino and related hospitality and entertainment facilities, which includes offering, among other amenities, casino gambling, hotel accommodations, dining, golf, RV camping, sports betting, entertainment and retail outlets.
Previous wording
We currently operate six casinos: five on real estate that we own or lease and one located within a hotel owned by a third party. Additionally, we currently benefit from two active sports wagering websites (referred to as skins), one in Indiana and one in Illinois.
Current wording
We currently operate six casinos: five on real estate that we own or lease, and one located within a hotel owned by a third party. Additionally, we currently benefit from two active sports wagering websites (referred to as skins), one in Indiana and one in Illinois. The sports skin in Illinois has significantly greater value than each of the sports skins in Indiana and Colorado due to the larger population of Illinois and fewer permitted sports skins.
Previous wording
In July 2025, we agreed with an operator to extend its use of our active sports wagering skin in Indiana through December 2031, and such operator fully prepaid its remaining term for the Indiana skin.
Current wording
In July 2025, we agreed with a third-party to extend its use of our sports wagering skin in Indiana through December 2031, and such operator fully prepaid its remaining term for the Indiana skin.
Previous wording
Our financial results are dependent upon the number of patrons that we attract to our properties and the amounts those guests spend per visit. While we provide credit at some of our casinos where permitted by gaming regulations, most of our revenues are cash-based, through customers wagering with cash or paying for non-gaming services with cash or credit cards. Our revenues are primarily derived from slot machines, but also include other gaming activities, including table games, keno and sports betting. In addition, we derive a significant amount of revenue from our hotels and our food and beverage outlets. We also derive revenues from our golf course and ferry boat service at Rising Star, our RV parks owned at Rising Star and managed at Silver Slipper (through August 2025), and retail outlets and entertainment. We often provide hotel rooms, food and beverages, entertainment, ferry usage, and golf privileges to customers on a complimentary basis; the value of such services is included as revenue in those categories, offset by contra-revenue in the casino revenue category. As a result, the casino revenues in our financial statements reflect patron gaming wins and losses, reduced by the retail value of complimentary services, the value of free play provided to customers, the value of points earned by casino customers that can be redeemed for services or free play, and adjustments for certain progressive jackpots offered by the Company.
Current wording
Our financial results are dependent upon the number of patrons that we attract to our properties and the amounts those guests spend per visit. While we provide credit at some of our casinos where permitted by gaming regulations, most of our revenues are cash-based, through customers wagering with cash or paying for non-gaming services with cash or credit cards. Our revenues are primarily derived from slot machines, but also include other gaming activities, including table games, keno and sports betting. In addition, we derive a significant amount of revenue from our hotels and our food and beverage outlets. We also derive revenues from our golf course and ferry boat service at Rising Star, our RV parks owned at Rising Star and previously managed at Silver Slipper (through August 2025), and retail outlets and entertainment. We often provide hotel rooms, food and beverages, entertainment, ferry usage, and golf privileges to customers on a complimentary basis. Under GAAP, the value of such services is included as revenue in those categories, offset by contra-revenue in the casino revenue category. As a result, the casino revenues in our financial statements reflect patron gaming wins and losses, reduced by the retail value of complimentary services, the value of free play provided to customers, the value of points earned by casino customers that can be redeemed for services or free play, and adjustments for certain progressive jackpots offered by the Company.
Previous wording
The following tables summarize our consolidated operating results for the three and nine months ended September 30, 2025 and 2024:
Current wording
The following tables summarize our consolidated operating results for the three months ended March 31, 2026 and 2025:
Previous wording
The following discussion is based on our condensed consolidated financial statements for the three and nine months ended September 30, 2025 and 2024.
Current wording
The following discussion is based on our condensed consolidated financial statements for the three months ended March 31, 2026 and 2025.
Previous wording
For the three months ended September 30, 2025 and 2024, we recognized income tax benefits of $14,000 and $0.1 million, respectively. This resulted in effective income tax rates of 0.2% and 1.5%, respectively, primarily due to our projections for pre‑tax book income in each of those years.
Current wording
For the three months ended March 31, 2026 and 2025, we recognized income tax provisions of $0.1 million and $0.2 million, respectively. This resulted in effective income tax rates of (1.5%) and (2.2%), respectively, primarily due to our projections for pre‑tax book income in each of those years.
Previous wording
We do not expect to pay any federal income taxes or receive any federal tax refunds related to our 2025 results, as we anticipate an overall taxable loss for the period. We continue to evaluate, on a quarterly basis, the ability to realize our deferred tax assets and the need for a valuation allowance. The valuation allowance, and the potential reversal of such allowance, have no bearing on the taxes actually paid by the Company.
Current wording
We do not expect to pay any federal income taxes or receive any federal tax refunds related to our 2026 results, as we anticipate an overall taxable loss for the period. We continue to evaluate, on a quarterly basis, the ability to realize our deferred tax assets and the need for a valuation allowance. The valuation allowance, and the potential reversal of such allowance, have no bearing on the taxes actually paid by the Company. As of December 31, 2025, we had gross federal net operating loss carryforwards totaling $95.1 million and state tax carryforwards of $267.6 million.
Previous wording
Our Midwest & South segment includes Silver Slipper, Rising Star and American Place. Total revenues for the three and nine months ended September 30, 2025 increased by 7.0% (or $3.8 million) and 5.3% (or $8.7 million), respectively. Revenues at American Place, which opened its temporary facility in February 2023, increased 14.0% in the third quarter from the prior-year period to an all-time property record in the third quarter of 2025. This more than offset modest revenue declines at Silver Slipper and Rising Star.
Current wording
Our Midwest & South segment includes Silver Slipper, Rising Star and American Place. Total revenues for the three months ended March 31, 2026 increased by 3.8% (or $2.2 million). Revenues at American Place and Rising Star more than offset slight revenue declines at Silver Slipper.
Previous wording
Non-casino revenue declined by 7.9% (or $1.0 million) and 6.1% (or $2.4 million) for the respective three and nine months ended September 30, 2025, primarily due to the discontinuation of unprofitable promotional programs at Silver Slipper. Food and beverage revenue declined by 7.0% (or $0.6 million) and 5.7% (or $1.5 million) for the respective three and nine months ended September 30, 2025, while hotel revenue declined by 16.8% (or $0.4 million) and 15.1% (or $0.9 million) for the corresponding periods during the year.
Current wording
Non-casino revenue declined by 0.6% (or $0.1 million) for the three months ended March 31, 2026, primarily due to the discontinuation of unprofitable promotional programs at Silver Slipper. Food and beverage revenue declined by 1.3% (or $0.1 million) for the current-year period, while hotel revenue declined by 5.3% (or $0.1 million).
Previous wording
Adjusted Segment EBITDA rose by 12.7% (or $1.3 million) and 6.3% (or $2.2 million) for the respective three and nine months ended September 30, 2025, benefiting from revenue growth at American Place as mentioned above, as well as Silver Slipper’s focus on operational efficiencies. Partially offsetting these improvements were an increase in overall advertising activity, additional labor costs related to expanded food options, and a higher average gaming tax rate due to higher casino revenues, all at American Place.
Current wording
Adjusted Segment EBITDA rose by 13.1% (or $1.7 million) for the three months ended March 31, 2026, benefiting from revenue growth at American Place and Rising Star as mentioned above, as well as Silver Slipper’s focus on operational efficiencies.
Previous wording
Our West segment includes Bronco Billy’s, Chamonix, Grand Lodge, and Stockman’s (until the completion of its sale in April 2025). The market in Cripple Creek, Colorado, is typically seasonal, favoring the summer months. Our Nevada operations have also historically been seasonal, with the summer months accounting for a disproportionate share of annual revenues.
Current wording
Our West segment includes Chamonix, Bronco Billy’s, Grand Lodge, and Stockman’s (until the completion of its sale in April 2025). The market in Cripple Creek, Colorado, is typically seasonal, favoring the summer months. Our Nevada operations have also historically been seasonal, with the summer months accounting for a disproportionate share of annual revenues.
Previous wording
Total revenues declined by 7.2% (or $1.4 million) for the three months ended September 30, 2025, but improved by 1.1% (or $0.5 million) for the nine months ended September 30, 2025. These results reflect revenue growth at Chamonix, as well as the sale of Stockman’s in April 2025 and renovation-related disruptions at the Hyatt Lake Tahoe, which houses our Grand Lodge Casino.
Current wording
Total revenues declined by 13.0% (or $2.0 million) for the three months ended March 31, 2026. These results reflect the sale of Stockman’s in April 2025 and renovation-related disruptions at the Hyatt Lake Tahoe, which houses our Grand Lodge Casino.
Previous wording
Casino revenue declined by 7.7% (or $1.1 million) and 3.9% (or $1.4 million) for the respective three and nine months ended September 30, 2025, reflecting the sale of Stockman’s in April 2025. Slot revenue declined by 5.5% (or $0.7 million) and 5.0% (or $1.6 million) for the respective three and nine months ended September 30, 2025. Table games revenue declined by 20.7% (or $0.4 million) for the three months ended September 30, 2025 due to renovation disruptions at Grand Lodge, but improved by 5.6% (or $0.2 million) for the nine months ended September 30, 2025, attributable mostly to expanded table games operations at Chamonix/Bronco Billy’s.
Current wording
Casino revenue declined by 16.5% (or $1.9 million) for the three months ended March 31, 2026, primarily reflecting the sale of Stockman’s in April 2025. Slot revenue declined by 18.3% (or $1.8 million), while table games revenue declined by 5.0% (or $0.1 million) for the three months ended March 31, 2026 due to renovation disruptions at Grand Lodge.
Previous wording
At September 30, 2025, we had $30.9 million of cash and equivalents. Over the past several years, we invested in two new casinos (one of which has a hotel) that are now open to the public: the temporary facility at American Place, which opened in February 2023, and Chamonix, which opened in phases between December 2023 and October 2024. Such construction activity is now complete and both operations are in their ramp-up periods.
Current wording
At March 31, 2026, we had $31.4 million of cash and equivalents. Over the past several years, we invested in two new casinos (one of which has a hotel) that are now open to the public: the temporary facility at American Place, which opened in February 2023, and Chamonix, which opened in phases between December 2023 and October 2024. Such construction activity is now complete and both operations are in their ramp-up periods.
Previous wording
**Cash flows – operating activities.**On a consolidated basis, cash used in operations during the nine months ended September 30, 2025 was $2.1 million, compared to cash used in operations of $1.0 million in the prior-year period. Trends in our operating cash flows tend to follow trends in operating income, excluding non-cash charges, but are also affected by changes in working capital. The change in operating cash flows for the nine months ended September 30, 2025, as compared to the prior-year period, was primarily related to the timing of our spending and its impact on working capital.
Current wording
**Cash flows – operating activities.**On a consolidated basis, cash used in operations during the three months ended March 31, 2026 was $3.8 million, compared to cash used in operations of $7.1 million in the prior-year period. Trends in our operating cash flows tend to follow trends in operating income, excluding non-cash charges, but are also affected by changes in working capital. The change in operating cash flows for the three months ended March 31, 2026, as compared to the prior-year period, was primarily related to the timing of our spending and its impact on working capital, as well as an increase in operating income.
Previous wording
**Cash flows – financing activities.**On a consolidated basis, cash provided by financing activities during the nine months ended September 30, 2025 was $1.6 million, compared to cash used in financing activities of $1.3 million in the prior-year period. During 2025, we increased net borrowings from the Credit Facility by $3.0 million.
Current wording
**Cash flows – financing activities.**On a consolidated basis, cash used in financing activities during the three months ended March 31, 2026 was $2.8 million, compared to cash provided by financing activities of $0.5 million in the prior-year period. During 2025, we increased net borrowings from the Credit Facility by $3.0 million.
Previous wording
**Long-term Debt.**At September 30, 2025, we had $450.0 million of principal indebtedness outstanding under the Notes and $30.0 million outstanding under the Credit Facility. We also owe $1.2 million related to our finance lease of a hotel at Rising Star. With the exception of the Credit Facility, all of our debt is at fixed interest rates. See Note 6 for details on our debt obligations.
Current wording
**Long-term Debt.**At March 31, 2026, we had $450.0 million of principal indebtedness outstanding under the Notes and $30.0 million outstanding under the Credit Facility. We also owe $0.9 million related to our finance lease of a hotel at Rising Star. With the exception of the Credit Facility, all of our debt is at fixed interest rates. See Note 5 for details on our debt obligations.
Previous wording
Long-term Obligation. As required for our gaming licensure at American Place, we continue to accrue for an interest-free “Reconciliation Payment” that will be due to the Illinois Gaming Board (“IGB”) over a long-term basis (see Note 9). We currently estimate that a total of $53.5 million will be due to the IGB over the course of six years. Of the total amount, a discounted value of $44.6 million has been added to the valuation of our Illinois gaming license, while the remaining $9.0 million is expected to be expensed as imputed interest through the maturity of this obligation.
Current wording
Long-term Obligation. As required for our gaming licensure at American Place, we have accrued for an interest-free “Reconciliation Payment” that will be due to the IGB over a long-term basis (see Note 8). We currently estimate that a total of $56.8 million will be due to the IGB over the course of six years. Of the total amount, a discounted value of $48.4 million has been added to the valuation of our Illinois gaming license, while the remaining $8.4 million is expected to be expensed as imputed interest through the maturity of this obligation.
Previous wording
**Capital Investments.**In addition to normal maintenance capital expenditures, we expect to make significant capital investments once we commence construction of the permanent American Place facility. Significant construction of the permanent American Place facility is not expected to begin until funding for such construction is secured.
Current wording
**Capital Investments.**In addition to normal maintenance capital expenditures, we expect to make significant capital investments once we commence construction of the permanent American Place facility. While we may begin some of the foundation work on the project so as to expedite the opening date, most of the construction of the permanent American Place facility is not expected to begin until funding for such construction is secured.
Previous wording
American Place. We were selected by the IGB to develop and operate American Place in Waukegan, Illinois. While the larger permanent facility is under development, we are operating the temporary American Place facility, which opened in February 2023. We expect to internally generate a portion of the needed funds to complete American Place, but we will likely need additional financing. While there is no certainty that we will be able to do so, we intend to arrange such additional funding concurrent with the refinancing of our existing debt. Our existing bonds are currently callable and otherwise scheduled to mature in February 2028. The construction budget for the permanent American Place facility, excluding capitalized interest, is approximately $302 million.
Current wording
American Place. We were selected by the IGB to develop and operate American Place in Waukegan, Illinois. While the larger permanent facility is under development, we are operating the temporary American Place facility, which opened in February 2023. We expect to internally generate a portion of the needed funds to complete American Place, but we will likely need additional financing. While there is no certainty that we will be able to do so, we intend to arrange such additional funding concurrent with the refinancing of our existing debt. Our existing bonds are currently callable at par and otherwise scheduled to mature in February 2028. The construction budget for the permanent American Place facility, excluding capitalized interest, is approximately $302 million.
Previous wording
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) for which the Private Securities Litigation Reform Act of 1995 provides a safe harbor. These forward-looking statements can be identified by use of terms such as “believes,” “expects,” “anticipates,” “estimates,” “plans,” “intends,” “objectives,” “goals,” “aims,” “projects,” “forecasts,” “future,” “possible,” “seeks,” “may,” “could,” “should,” “will,” “might,” “likely,” “enable,” or similar words or expressions, as well as statements containing phrases such as “in our view,” “we cannot assure you,” “although no assurance can be given,” or “there is no way to anticipate with certainty.” Examples of forward-looking statements include, among others, statements we make regarding our plans, beliefs or expectations regarding our growth strategies; our expected construction budgets, estimated commencement and completion dates, expected amenities, and our expected operational performance for the American Place permanent facility; our expectations regarding our ability to generate operating cash flow and to obtain debt financing on reasonable terms and conditions for the construction of the permanent American Place facility; our expectations regarding our ability to refinance our outstanding debt; our investments in capital improvements and other projects, including the amounts of such investments, the timing of commencement or completion of such capital improvements and projects, and the resulting impact on our financial results; our expectations regarding the effect of management changes and operational improvements at our properties, including Chamonix; beliefs in connection with our marketing efforts, including our revamped marketing strategy at Chamonix and our ability to access the Colorado Springs and southern Denver markets; our expectations regarding the renovation-related disruptions at the Hyatt Lake Tahoe complex that houses our Grand Lodge Casino; our sports wagering contracts with third-party providers, including the expected revenues and expenses and our expectations regarding the operation and usage of our available idle sports wagering contracts, our ability to replace any terminated sports wagering contracts or our ability to operate sports wagering contracts ourselves; adequacy of our financial resources to fund operating requirements and planned capital expenditures and to meet our debt and contractual obligations; expected sources of revenue; anticipated sources of funds; anticipated or potential legislative actions; factors that affect the financial performance of our properties; adequacy of our insurance; competitive outlook; outcome of legal and litigation matters; impact of recently issued accounting standards; and estimates regarding certain accounting and tax matters, among others.
Current wording
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) for which the Private Securities Litigation Reform Act of 1995 provides a safe harbor. These forward-looking statements can be identified by use of terms such as “believes,” “expects,” “anticipates,” “estimates,” “plans,” “intends,” “objectives,” “goals,” “aims,” “projects,” “forecasts,” “future,” “possible,” “seeks,” “may,” “could,” “should,” “will,” “might,” “likely,” “enable,” or similar words or expressions, as well as statements containing phrases such as “in our view,” “we cannot assure you,” “although no assurance can be given,” or “there is no way to anticipate with certainty.” Examples of forward-looking statements include, among others, statements we make regarding our plans, beliefs or expectations regarding our growth strategies; our expectations regarding the Illinois legislature passing a bill to extend the timeframe of our operation of the temporary American Place facility; our expected construction budgets, estimated commencement and completion dates, expected amenities, and our expected operational performance for the American Place permanent facility; our expectations regarding our ability to generate operating cash flow and to obtain debt financing on reasonable terms and conditions for the construction of the permanent American Place facility; our expectations regarding our ability to refinance our outstanding debt; our investments in capital improvements and other projects, including the amounts of such investments, the timing of commencement or completion of such capital improvements and projects, and the resulting impact on our financial results; our expectations regarding the effect of management changes and operational improvements at our properties, including Chamonix; beliefs in connection with our marketing efforts, including our revamped marketing strategy at Chamonix and our ability to access the Colorado Springs and southern Denver markets; our expectations regarding the renovation-related disruptions at the Hyatt Lake Tahoe complex that houses our Grand Lodge Casino; our sports wagering contracts with third-party providers, including the expected revenues and expenses and our expectations regarding the operation and usage of our available idle sports wagering contracts, our ability to replace any terminated sports wagering contracts or our ability to operate sports wagering contracts ourselves; adequacy of our financial resources to fund operating requirements and planned capital expenditures and to meet our debt and contractual obligations; expected sources of revenue; anticipated sources of funds; anticipated or potential legislative actions; factors that affect the financial performance of our properties; adequacy of our insurance; competitive outlook; outcome of legal and litigation matters; impact of recently issued accounting standards…
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Previous report — wording carried elsewhere
For the nine months ended September 30, 2025 and 2024, we recognized income tax provisions of $0.1 million and $0.2 million, respectively. This resulted in effective income tax rates of (0.3%) and (0.7%), respectively, primarily due to changes in valuation allowances, which were affected by the release of deferred tax liabilities in connection with the sale of Stockman’s intangible assets in April 2025.