FULL HOUSE RESORTS INC

Previous wording

The following tables summarize our consolidated operating results for the three and six months ended June 30, 2026 and 2025:

Current wording

The following tables summarize our consolidated operating results for the three and nine months ended September 30, 2026 and 2025:

Previous wording

The following discussion is based on our condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025.

Current wording

The following discussion is based on our condensed consolidated financial statements for the three and nine months ended September 30, 2026 and 2025.

Previous wording

**Revenues.**Consolidated total revenues increased by 5.6% (or $4.1 million) and 2.3% (or $3.5 million) for the three and six months ended June 30, 2026, compared to the prior-year periods. These increases reflect growth at our two newest properties, American Place and Chamonix, which were 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 3.3% (or $4.8 million) for the six months ended June 30, 2026.

Current wording

**Revenues.**Consolidated total revenues increased by 4.9% (or $3.8 million) and 3.2% (or $7.3 million) for the three and nine months ended September 30, 2026, compared to the prior-year periods. These increases reflect growth at our two newest properties, American Place and Chamonix, as well as improvements at Rising Star, which were 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 3.8% (or $8.6 million) for the nine months ended September 30, 2026.

Previous wording

**Operating Expenses.**Consolidated operating expenses increased by 2.4% (or $1.8 million) for the three months ended June 30, 2026, compared to the prior-year period. This was primarily due to the growth mentioned above at American Place and Chamonix, which resulted in increased casino expenses of $1.5 million and $0.5 million, respectively.

Current wording

**Operating Expenses.**Consolidated operating expenses increased by 3.8% (or $2.8 million) for the three months ended September 30, 2026, compared to the prior-year period. This was primarily due to the growth mentioned above at American Place and Chamonix, which resulted in increased casino expenses of $1.3 million and $1.7 million, respectively.

Previous wording

For the six months ended June 30, 2026, consolidated operating expenses declined by 0.3% (or $0.5 million) as compared to the prior-year period, which included operating costs to run Stockman’s. Excluding Stockman’s, consolidating operating expenses would have increased by 1.0% (or $1.5 million). This was primarily due to the growth mentioned above at American Place during 2026, which resulted in increased casino expenses of $2.6 million.

Current wording

For the nine months ended September 30, 2026, consolidated operating expenses also increased by 1.1% (or $2.4 million) as compared to the prior-year period, which included operating costs to run Stockman’s. Excluding Stockman’s, consolidating operating expenses would have increased by 1.9% (or $4.3 million). This was primarily due to the growth mentioned above at American Place during 2026, which resulted in increased casino expenses of $3.9 million.

Previous wording

We recognized income tax provisions of $0.1 million and $0.2 million for the respective three and six months ended June 30, 2026, which resulted in effective income tax rates of (1.4%) and (1.5%), respectively. For the respective three and six months ended June 30, 2025, we recognized an income tax benefit of $0.1 million and an income tax provision of $0.1 million, which resulted in effective income tax rates of 0.9% and (0.6%), respectively. The changes in the effective income tax rates were primarily due to our projections for pre‑tax book income in each of those years and changes in our valuation allowances.

Current wording

We recognized income tax provisions of $0.1 million and $0.3 million for the respective three and nine months ended September 30, 2026, which resulted in effective income tax rates of (0.8%) and (1.2%), respectively. For the respective three and nine months ended September 30, 2025, we recognized an income tax benefit of $14,000 and an income tax provision of $0.1 million, which resulted in effective income tax rates of 0.2% and (0.3%), respectively. The changes in the effective income tax rates were primarily due to our projections for pre‑tax book income in each of those years and changes in our valuation allowances.

Previous wording

Our Midwest & South segment includes Silver Slipper, Rising Star and American Place. Total revenues for the three and six months ended June 30, 2026 increased by 5.6% (or $3.2 million) and 4.7% (or $5.4 million), respectively. Continued growth at American Place more than offset 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 and nine months ended September 30, 2026 increased by 6.4% (or $3.7 million) and 5.3% (or $9.1 million), respectively. Continued growth at American Place, as well as at Rising Star, more than offset modest revenue declines at Silver Slipper.

Previous wording

Casino revenue increased by 6.8% (or $3.1 million) and 6.0% (or $5.4 million) for the three and six months ended June 30, 2026. For the three and six months ended June 30, 2026, slot revenue increased by 3.5% (or $1.4 million) and 5.9% (or $4.4 million), respectively. For the corresponding periods, table games revenue increased by 20.7% (or $1.5 million) and 3.1% (or $0.5 million), respectively.

Current wording

Casino revenue increased by 7.1% (or $3.3 million) and 6.4% (or $8.7 million) for the three and nine months ended September 30, 2026. For the three and nine months ended September 30, 2026, slot revenue increased by 6.5% (or $2.5 million) and 6.1% (or $6.8 million), respectively. For the corresponding periods, table games revenue rose by 8.2% (or $0.7 million) and 4.8% (or $1.2 million), respectively.

Previous wording

Non-casino revenue remained relatively flat at $11.7 million and $24.8 million for the respective three and six months ended June 30, 2026, primarily due to the discontinuation of unprofitable promotional programs at Silver Slipper. Food and beverage revenue improved by 3.3% (or $0.3 million) and 1.0% (or $0.2 million) for the respective three and six months ended June 30, 2026, with American Place offsetting declines within the segment. Hotel revenue declined by 3.2% (or $0.1 million) and 4.2% (or $0.1 million) for the corresponding periods during the year.

Current wording

Non-casino revenue rose by 3.6% (or $0.4 million) and 1.2% (or $0.4 million) for the three and nine months ended September 30, 2026, primarily due to the discontinuation of unprofitable promotional programs at Silver Slipper. Food and beverage revenue improved by 4.4% (or $0.4 million) and 2.1% (or $0.5 million) for the respective three and nine months ended September 30, 2026, with American Place and Rising Star offsetting declines at Silver Slipper. Hotel revenue improved by 3.8% (or $0.1 million), but declined by 1.5% (or $0.1 million), for the corresponding periods during the year.

Previous wording

Adjusted Segment EBITDA improved by 4.7% (or $0.6 million) and 9.0% (or $2.3 million) for the respective three and six months ended June 30, 2026, benefiting from revenue growth at American Place as mentioned above, as well as Silver Slipper’s focus on operational efficiencies.

Current wording

Adjusted Segment EBITDA increased by 18.0% (or $2.1 million) and 11.8% (or $4.4 million) for the respective three and nine months ended September 30, 2026, reflecting improvement from all three properties in this segment. Specifically, Adjusted Segment EBITDA benefited from revenue growth at American Place as mentioned above, improvements in overall profitability at Rising Star during the year, and Silver Slipper’s focus on operational efficiencies.

Previous wording

Total revenues rose by 7.3% (or $1.1 million) for the three months ended June 30, 2026, but declined by 3.2% (or $1.0 million) for the six months ended June 30, 2026. These results reflect growth at our Colorado casinos, as Chamonix continues to ramp up its operations. Such growth was offset by 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 rose by 1.2% (or $0.2 million) for the three months ended September 30, 2026, but declined by 1.6% (or $0.8 million) for the nine months ended September 30, 2026. These results reflect growth at our Colorado casinos, despite significant nearby wildfires impacting visitation in July 2026, offset by the sale of Stockman’s in April 2025 and extensive renovation-related disruptions at the Hyatt Regency Lake Tahoe Resort (“Hyatt Lake Tahoe”), which houses our Grand Lodge Casino. Such renovations underway include the transformation of the property’s cottage suites, main restaurant, and much of its meeting room space, as well as the temporary closure of its beach along Lake Tahoe. Completion of these items is expected in late 2027.

Previous wording

Casino revenue improved by 1.8% (or $0.2 million) for the three months ended June 30, 2026, reflecting growth from Chamonix, but declined by 7.5% (or $1.7 million) for the six months ended June 30, 2026, primarily reflecting the sale of Stockman’s in April 2025. For the three and six months ended June 30, 2026, slot revenue remained flat at $9.5 million and declined by 9.3% (or $1.8 million), respectively. For the corresponding periods, table games revenue increased by 14.1% (or $0.2 million) and 3.9% (or $0.1 million), respectively.

Current wording

Casino revenue declined by 0.7% (or $0.1 million) and 5.0% (or $1.8 million) for the respective three and nine months ended September 30, 2026, primarily reflecting the sale of Stockman’s in April 2025. For the three and nine months ended September 30, 2026, slot revenue declined by 0.6% (or $0.1 million) and 6.0% (or $1.8 million), respectively. For the corresponding periods, table games revenue was relatively flat during the quarter, but rose by 2.1% (or $0.1 million) during the year.

Previous wording

Non-casino revenue rose by 23.6% (or $0.9 million) and 8.6% (or $0.7 million) for the respective three and six months ended June 30, 2026, as Chamonix continues to ramp its overall operations. For the corresponding periods, food and beverage revenue rose by 14.2% (or $0.2 million) and declined by 4.5% (or $0.1 million) due to the sale of Stockman’s. Hotel revenue rose by 26.3% (or $0.5 million) and 13.1% (or $0.5 million), due to increases at Chamonix.

Current wording

Non-casino revenue rose by 6.1% (or $0.3 million) and 7.7% (or $1.0 million) for the respective three and nine months ended September 30, 2026, as Chamonix’s overall operations continue to mature. For the corresponding periods, food and beverage revenue rose by 10.1% (or $0.2 million), but remained relatively flat during the year-to-date period, due to the sale of Stockman’s. Hotel revenue was flat during the quarter, but rose 8.2% (or $0.5 million) during the nine-month period, due to improvements at Chamonix.

Previous wording

Comparisons for both the three- and six-month periods were affected by one less active sports wagering skin in the 2026 periods. Accordingly, revenues for the three months ended June 30, 2026 declined by $0.2 million, from $1.7 million in the prior-year period to $1.5 million, and Adjusted Segment EBITDA declined by $0.2 million, from $1.6 million to $1.5 million. For the six months ended June 30, 2026, revenues declined by $0.9 million, from $3.9 million in the prior-year period to $3.0 million, and Adjusted Segment EBITDA declined by $0.9 million, from $3.8 million to $2.9 million.

Current wording

Although the three-month period comparison had the same number of active skins, the nine-month period comparison was affected by one less active sports wagering skin in 2026, starting in June 2025. Accordingly, revenues for the three months ended September 30, 2026 declined by $0.1 million, from $1.6 million in the prior-year period to $1.5 million, and Adjusted Segment EBITDA declined by $0.1 million, from $1.5 million to $1.4 million. For the nine months ended September 30, 2026, revenues declined by $1.1 million, from $5.6 million in the prior-year period to $4.5 million, and Adjusted Segment EBITDA declined by $1.0 million, from $5.3 million to $4.3 million.

Previous wording

Corporate expenses declined by $0.7 million for each of the three and six months ended June 30, 2026, compared to the corresponding prior-year periods. Such improvements were primarily due to decreases in accrued bonus compensation and certain third-party professional services fees.

Current wording

Corporate expenses were relatively flat for the three months ended September 30, 2026 and declined by $0.7 million for the nine months ended September 30, 2026, compared to the corresponding prior-year periods. Such improvements were primarily due to decreases in accrued bonus compensation and certain third-party professional services fees.

Previous wording

The following table presents a reconciliation of net loss and operating income (loss) to Adjusted EBITDA:

Current wording

The following table presents a reconciliation of net loss and operating income to Adjusted EBITDA:

Previous wording

At June 30, 2026, we had $33.4 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.

Current wording

At September 30, 2026, we had $30.7 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 six months ended June 30, 2026 was $1.4 million, compared to cash used in operations of $5.9 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 six months ended June 30, 2026, as compared to the prior-year period, was primarily related to an increase in operating income, as well as 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 nine months ended September 30, 2026 was $0.5 million, compared to cash used in operations of $4.1 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 nine months ended September 30, 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 – investing activities.**On a consolidated basis, cash used in investing activities during the respective six months ended June 30, 2026 and 2025 was $4.1 million and $3.8 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, which were partially offset by the sale of Stockman’s in April 2025.

Current wording

**Cash flows – investing activities.**On a consolidated basis, cash used in investing activities during the respective nine months ended September 30, 2026 and 2025 was $4.6 million and $8.9 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, including completion of its surface parking lots, which were partially offset by the sale of Stockman’s in April 2025.

Previous wording

**Cash flows – financing activities.**On a consolidated basis, cash used in financing activities during the six months ended June 30, 2026 was $1.8 million, compared to cash provided by financing activities of $1.6 million in the prior-year period. During 2026, we paid down net borrowings from the Credit Facility by $5.0 million, compared to $2.0 million in the prior-year period.

Current wording

**Cash flows – financing activities.**On a consolidated basis, cash used in financing activities during the nine months ended September 30, 2026 was $4.8 million, compared to cash provided by financing activities of $3.7 million in the prior-year period. During 2026, we paid down net borrowings from the Credit Facility by $5.0 million, compared to $3.0 million in the prior-year period.

Previous wording

**Long-term Debt.**At June 30, 2026, we had $450.0 million of principal indebtedness outstanding under the Notes and $25.0 million outstanding under the Credit Facility. We also owe $0.8 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.

Current wording

**Long-term Debt.**At September 30, 2026, we had $450.0 million of principal indebtedness outstanding under the Notes and $25.0 million outstanding under the Credit Facility. We also owe $0.6 million related to our finance lease of a hotel at Rising Star, which will be fully paid within the next year. 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 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 $48.5 million has been added to the valuation of our Illinois gaming license, while the remaining $8.3 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 $57.1 million will be due to the IGB over the course of six years. Of the total amount, a discounted value of $41.3 million has been added to the valuation of our Illinois gaming license, while the remaining $15.7 million is expected to be expensed as imputed interest through the maturity of this obligation.

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 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; our expectations regarding our new initiatives at Chamonix/Bronco Billy’s; 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.