FULL HOUSE RESORTS INC

For the period ended Jun 30, 2026. Filed Aug 6, 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.

Jun 30, 2026 · Filed Aug 6, 2026

FLL$0.72+16.3%Stored close · as of Nov 9, 2026

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Contents

Note

COMMITMENTS AND CONTINGENCIES

Litigation

The Company is party to a number of pending legal proceedings related to matters that occurred in the normal course of business. Management does not expect that the outcome of any such proceedings, either individually or in the aggregate, will have a material effect on the Company’s financial position, results of operations and cash flows.

Contingent Gaming License Fees in Illinois

As required for its gaming licensure at American Place, the Company has accrued for a “Reconciliation Payment” that will be due to the State of Illinois over a long-term basis. The Reconciliation Payment is an amount equal to 75% of the adjusted gross receipts for the highest grossing 12-month period in the casino’s first three years of operations, offset by certain licensing fees already paid by the Company. To calculate its present value, such amount is discounted using the effective interest rate of the Revolving Credit Facility (see Note 5) and is remeasured each reporting period. This one-time fee will be paid in installments that are expected to begin in 2026 and extend over a period ofsix years.

The estimated present value of the long-term obligation for the Company’s gaming license in Illinois consists of the following, and results in a corresponding increase to the Illinois gaming license valuation:


(In thousands) · · June 30, · · December 31,
· · 2026 · · 2025
Estimated IGB Reconciliation Fee	$56,832	$56,300
Less: Amount representing imputed interest(1)	(8,287)	(8,515)
Present value of IGB Reconciliation Fee(2)	$48,545	$47,785

(1)	Interest is imputed on this long-term obligation and its corresponding increase to the Illinois gaming license valuation, which approximates their fair values.

(2)	The current and noncurrent balances are located respectively within “Other accrued liabilities” and “Other long-term liabilities, net of current portion” on the condensed consolidated balance sheets.

EARNINGS (LOSS) PER SHARE

The table below reconciles basic and diluted loss per share of common stock:


(In thousands) · · Three Months Ended · · Six Months Ended
· · June 30, · · June 30,
· · 2026 · · 2025 · · 2026 · · 2025
Numerator: · · · · · · · ·
Net loss ─ basic	$(8,694)	$(10,383)	$(16,844)	$(20,148)
Net loss ─ diluted	$(8,694)	$(10,383)	$(16,844)	$(20,148)

Denominator:
Weighted-average common shares ─ basic	36,451	36,055	36,303	35,944
Potential dilution from share-based awards	—	—	—	—
Weighted-average common and common share equivalents ─ diluted	36,451	36,055	36,303	35,944
Anti-dilutive share-based awards excluded from the calculation of diluted loss per share	3,612	3,394	3,434	3,249

SEGMENT INFORMATION

The Company manages its reporting segments based on geographic regions within the United States and type of income. The Company’s management views the regions where each of its casino resorts are located as reportable segments, in addition to its contracted sports wagering segment. Reportable segments are aggregated based on geography, economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. Therefore, the Company has determined three reportable segments as follows: Midwest & South, West, and Contracted Sports Wagering (see Note 1).

The Company’s chief operating decision maker (“CODM”) is the chief executive officer.

The Company’s CODM assesses the performance of each segment by using Adjusted Segment EBITDA as the measure of segment profitability. Adjusted Segment EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset sales and disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment.

The Company’s CODM uses Adjusted Segment EBITDA for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances and period-over-period fluctuations when making decisions about the allocation of operating and capital resources to each segment, as well as a basis for determining certain incentive compensation.

The following tables present the Company’s segment information:


(In thousands) · · Three Months Ended June 30, 2026
· · · · · · Contracted · ·
· · · · · · Sports · ·
· · Midwest & South · · West · · Wagering · · Total
Revenues
Casino	$49,272	$11,018	$—	$60,290
Food and beverage	8,416	1,640	—	10,056
Hotel	1,788	2,366	—	4,154
Other operations,including contracted sports wagering	1,543	515	1,506	3,564
Total consolidated revenues	61,019	15,539	1,506	78,064

Less:
Payroll and related costs	16,311	5,703	—	22,014
Cost of sales	4,587	853	—	5,440
Gaming taxes and other(1)	11,335	1,797	13	13,145
Other segment items(2)	15,431	7,279	41	22,751
Total segment expenses	47,664	15,632	54	63,350

Adjusted Segment EBITDA	13,355	(93)	1,452	14,714
Other operating costs and expenses:
Depreciation and amortization				(10,431)
Corporate expenses				(1,407)
Project development costs				(4)
Stock-based compensation				(602)
Operating income				2,270
Other expense:
Interest expense, net				(10,843)
Loss before income taxes				(8,573)
Income tax provision				121
Net loss				$(8,694)

(1)	Excludes real estate and property taxes.

(2)	For each reportable segment, the “Other segment items” category includes:

●	Midwest & South and West ─ Advertising and marketing, rent expense, insurance, and other miscellaneous costs.

●	Contracted Sports Wagering ─ Certain overhead expenses.


(In thousands) · · Three Months Ended June 30, 2025
· · · · · · Contracted · ·
· · · · · · Sports · ·
· · Midwest & South · · West · · Wagering · · Total
Revenues
Casino	$46,155	$10,828	$—	$56,983
Food and beverage	8,143	1,437	—	9,580
Hotel	1,847	1,873	—	3,720
Other operations,including contracted sports wagering	1,657	347	1,659	3,663
Total consolidated revenues	57,802	14,485	1,659	73,946

Less:
Payroll and related costs	15,434	6,122	—	21,556
Cost of sales	4,135	674	—	4,809
Gaming taxes and other(1)	10,535	1,502	13	12,050
Other segment items(2)	14,941	7,325	35	22,301
Total segment expenses	45,045	15,623	48	60,716

Adjusted Segment EBITDA	12,757	(1,138)	1,611	13,230
Other operating costs and expenses:
Depreciation and amortization				(10,588)
Corporate expenses				(2,096)
Project development costs				(33)
Gain on sale of Stockman’s				7
Stock-based compensation				(594)
Operating loss				(74)
Other expenses:
Interest expense, net				(10,354)
Other				(50)
				(10,404)
Loss before income taxes				(10,478)
Income tax benefit				(95)
Net loss				$(10,383)

(1)	Excludes real estate and property taxes.

(2)	For each reportable segment, the “Other segment items” category includes:

●	Midwest & South and West ─ Advertising and marketing, rent expense, insurance, and other miscellaneous costs.

●	Contracted Sports Wagering ─ Credit loss expense net of recoveries, as well as certain overhead expenses.


(In thousands) · · Six Months Ended June 30, 2026
· · · · · · Contracted · ·
· · · · · · Sports · ·
· · Midwest & South · · West · · Wagering · · Total
Revenues
Casino	$95,575	$20,422	$—	$115,997
Food and beverage	16,480	3,177	—	19,657
Hotel	3,399	4,541	—	7,940
Other operations,including contracted sports wagering	4,916	978	2,997	8,891
Total consolidated revenues	120,370	29,118	2,997	152,485

Less:
Payroll and related costs	30,734	11,063	—	41,797
Cost of sales	8,864	1,622	—	10,486
Gaming taxes and other(1)	21,796	3,932	28	25,756
Other segment items(2)	30,796	14,361	81	45,238
Total segment expenses	92,190	30,978	109	123,277

Adjusted Segment EBITDA	28,180	(1,860)	2,888	29,208
Other operating costs and expenses:
Depreciation and amortization				(20,991)
Corporate expenses				(2,731)
Project development costs				(59)
Stock-based compensation, net				(807)
Operating income				4,620
Other expense:
Interest expense, net				(21,223)
Loss before income taxes				(16,603)
Income tax provision				241
Net loss				$(16,844)

(1)	Excludes real estate and property taxes.

(2)	For each reportable segment, the “Other segment items” category includes:

●	Midwest & South and West ─ Advertising and marketing, rent expense, insurance, and other miscellaneous costs.

●	Contracted Sports Wagering ─ Certain overhead expenses.


(In thousands) · · Six Months Ended June 30, 2025
· · · · · · Contracted · ·
· · · · · · Sports · ·
· · Midwest & South · · West · · Wagering · · Total
Revenues
Casino	$90,199	$22,084	$—	$112,283
Food and beverage	16,314	3,327	—	19,641
Hotel	3,548	4,014	—	7,562
Other operations,including contracted sports wagering	4,915	664	3,939	9,518
Total consolidated revenues	114,976	30,089	3,939	149,004

Less:
Payroll and related costs	30,714	13,119	—	43,833
Cost of sales	8,108	1,630	—	9,738
Gaming taxes and other(1)	20,517	3,267	25	23,809
Other segment items(2)	29,772	15,679	123	45,574
Total segment expenses	89,111	33,695	148	122,954

Adjusted Segment EBITDA	25,865	(3,606)	3,791	26,050
Other operating costs and expenses:
Depreciation and amortization				(21,195)
Corporate expenses				(3,429)
Project development costs				(174)
Loss on disposal of assets				(6)
Loss on sale of Stockman’s, net				(205)
Stock-based compensation, net				(377)
Operating income				664
Other expenses:
Interest expense, net				(20,651)
Other				(50)
				(20,701)
Loss before income taxes				(20,037)
Income tax provision				111
Net loss				$(20,148)

(1)	Excludes real estate and property taxes.

(2)	For each reportable segment, the “Other segment items” category includes:

●	Midwest & South and West ─ Advertising and marketing, rent expense, insurance, and other miscellaneous costs.

●	Contracted Sports Wagering ─ Credit loss expense net of recoveries, as well as certain overhead expenses.


(In thousands) · · June 30, · · December 31,
· · 2026 · · 2025
Total Assets
Midwest & South	$276,659	$285,831
West	332,011	339,720
Contracted Sports Wagering	59	168
Corporate and Other	21,375	24,090
	$630,104	$649,809

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