FULL HOUSE RESORTS INC

For the period ended Sep 30, 2026. Filed Nov 5, 2026.

About this filing

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.

Sep 30, 2026 · Filed Nov 5, 2026

FLL$0.62-14.1%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

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 to reflect the construction and ramp-up of operations at the permanent American Place facility, which payments are expected to begin in 2027 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) · · September 30, · · December 31,
· · 2026 · · 2025
Estimated IGB Reconciliation Fee	$57,060	$56,300
Less: Amount representing imputed interest(1)	(15,722)	(8,515)
Present value of IGB Reconciliation Fee(2)	$41,338	$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 · · Nine Months Ended
· · September 30, · · September 30,
· · 2026 · · 2025 · · 2026 · · 2025
Numerator: · · · · · · · ·
Net loss ─ basic	$(8,649)	$(7,678)	$(25,493)	$(27,826)
Net loss ─ diluted	$(8,649)	$(7,678)	$(25,493)	$(27,826)

Denominator:
Weighted-average common shares ─ basic	36,643	36,111	36,417	36,000
Potential dilution from share-based awards	—	—	—	—
Weighted-average common and common share equivalents ─ diluted	36,643	36,111	36,417	36,000
Anti-dilutive share-based awards excluded from the calculation of diluted loss per share	3,472	3,371	3,447	3,290

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) · · September 30, · · December 31,
· · 2026 · · 2025
Total Assets
Midwest & South	$264,097	$285,831
West	325,712	339,720
Contracted Sports Wagering	1	168
Corporate and Other	18,442	24,090
	$608,252	$649,809


(In thousands) · · Three Months Ended September 30, 2026
· · · · · · Contracted · ·
· · · · · · Sports · ·
· · Midwest & South · · West · · Wagering · · Total
Revenues
Casino	$49,987	$13,068	$—	$63,055
Food and beverage	8,608	1,873	—	10,481
Hotel	1,845	2,709	—	4,554
Other operations,including contracted sports wagering	1,625	550	1,512	3,687
Total consolidated revenues	62,065	18,200	1,512	81,777

Less:
Payroll and related costs	16,295	6,099	—	22,394
Cost of sales	4,693	934	—	5,627
Gaming taxes and other(1)	11,586	2,175	20	13,781
Other segment items(2)	15,854	7,954	70	23,878
Total segment expenses	48,428	17,162	90	65,680

Adjusted Segment EBITDA	13,637	1,038	1,422	16,097
Other operating costs and expenses:
Depreciation and amortization				(9,452)
Corporate expenses				(1,519)
Project development costs				(10)
Stock-based compensation				(696)
Operating income				4,420
Other expense:
Interest expense, net				(12,999)
Loss before income taxes				(8,579)
Income tax provision				70
Net loss				$(8,649)

(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 September 30, 2025
· · · · · · Contracted · ·
· · · · · · Sports · ·
· · Midwest & South · · West · · Wagering · · Total
Revenues
Casino	$46,667	$13,156	$—	$59,823
Food and beverage	8,248	1,702	—	9,950
Hotel	1,777	2,688	—	4,465
Other operations,including contracted sports wagering	1,633	447	1,632	3,712
Total consolidated revenues	58,325	17,993	1,632	77,950

Less:
Payroll and related costs	15,622	5,874	—	21,496
Cost of sales	4,460	827	—	5,287
Gaming taxes and other(1)	10,782	766	13	11,561
Other segment items(2)	15,909	7,317	77	23,303
Total segment expenses	46,773	14,784	90	61,647

Adjusted Segment EBITDA	11,552	3,209	1,542	16,303
Other operating costs and expenses:
Depreciation and amortization				(10,641)
Corporate expenses				(1,491)
Project development costs				(57)
Loss on sale of Stockman’s				(4)
Stock-based compensation				(674)
Operating income				3,436
Other expense:
Interest expense, net				(11,128)
Loss before income taxes				(7,692)
Income tax benefit				(14)
Net loss				$(7,678)

(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) · · Nine Months Ended September 30, 2026
· · · · · · Contracted · ·
· · · · · · Sports · ·
· · Midwest & South · · West · · Wagering · · Total
Revenues
Casino	$145,562	$33,490	$—	$179,052
Food and beverage	25,087	5,051	—	30,138
Hotel	5,243	7,251	—	12,494
Other operations,including contracted sports wagering	6,542	1,527	4,509	12,578
Total consolidated revenues	182,434	47,319	4,509	234,262

Less:
Payroll and related costs	47,026	17,162	—	64,188
Cost of sales	13,557	2,555	—	16,112
Gaming taxes and other(1)	33,382	6,107	49	39,538
Other segment items(2)	46,652	22,316	150	69,118
Total segment expenses	140,617	48,140	199	188,956

Adjusted Segment EBITDA	41,817	(821)	4,310	45,306
Other operating costs and expenses:
Depreciation and amortization				(30,443)
Corporate expenses				(4,251)
Project development costs				(69)
Stock-based compensation, net				(1,503)
Operating income				9,040
Other expense:
Interest expense, net				(34,222)
Loss before income taxes				(25,182)
Income tax provision				311
Net loss				$(25,493)

(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) · · Nine Months Ended September 30, 2025
· · · · · · Contracted · ·
· · · · · · Sports · ·
· · Midwest & South · · West · · Wagering · · Total
Revenues
Casino	$136,865	$35,241	$—	$172,106
Food and beverage	24,562	5,029	—	29,591
Hotel	5,325	6,702	—	12,027
Other operations,including contracted sports wagering	6,548	1,111	5,571	13,230
Total consolidated revenues	173,300	48,083	5,571	226,954

Less:
Payroll and related costs	46,337	18,993	—	65,330
Cost of sales	12,568	2,457	—	15,025
Gaming taxes and other(1)	31,298	4,033	38	35,369
Other segment items(2)	45,683	22,995	200	68,878
Total segment expenses	135,886	48,478	238	184,602

Adjusted Segment EBITDA	37,414	(395)	5,333	42,352
Other operating costs and expenses:
Depreciation and amortization				(31,836)
Corporate expenses				(4,919)
Project development costs				(231)
Loss on disposal of assets				(6)
Loss on sale of Stockman’s, net				(209)
Stock-based compensation, net				(1,051)
Operating income				4,100
Other expenses:
Interest expense, net				(31,779)
Other				(50)
				(31,829)
Loss before income taxes				(27,729)
Income tax provision				97
Net loss				$(27,826)

(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.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.