Full House Resorts, Inc. Q4 FY2025 earnings call

• American Place temporary casino shows significant growth, permanent facility in progress with foundation drawings near completion and financing progress.
• Chamonix has new management team, with marketing re-energized and progress in revenue and EBITDA.
• Silver Slipper has upgraded management team gearing up for growth in 2026.
• Grand Lodge is managing through renovation disruption at Hyatt Lake Tahoe.
• Permanent American Place Casino's architects near finishing foundation drawings, expecting to break ground soon.

American Place: Fourth quarter 2025 revenues rose to $32 million, up 11%; full year revenues $124 million, up 13%. Adjusted property EBITDA in fourth quarter 2025 rose 29% to $8.7 million; full year $34.3 million, up 17%. Chamonix: Second half 2025 under new management team saw revenues increase $1.2 million, ~5%, adjusted property EBITDA jump $4.2 million. Silver Slipper and Rising Star: Declined slightly for the quarter. Grand Lodge: Adversely affected by renovation disruption at Hyatt Lake Tahoe housing its casino

• American Place expected adjusted property EBITDA to continue climbing in 2026 and year off to good start.
• Chamonix new team believed to be significant positive contributor to adjusted EBITDA in 2026.
• Anticipated financing for permanent American Place Casino and bill extension in Illinois legislature to allow smooth transition from temporary casino.

• Chamonix prior year numbers artificially inflated by inefficient marketing.
• Indiana casino relocation referendum in November challenging with well-funded opposition.
• Grand Lodge affected by renovation disruption at Hyatt Lake Tahoe housing its casino.

Q: Hey, Dan, Louis. Nice job, and good to see the results in Waukegan. I want to start with Chamonix...

A: Well, Ryan, if you recall last year when we reported the third quarter...

Q: Have you seen any re-acceleration thus far in Q1 of 26?

A: We have, with the caveat that it was pretty torn up back in January...

Q: First, congratulations on the progress on the American Place financing...

A: David, I'm sure you'll appreciate, you know, when you're going through one of these processes...

Q: The Chamonix, you know, you gave some encouraging data points on penetration...

A: Yeah, well, you mentioned buses. We've looked at buses...

Q: Good afternoon. Louis, I think you kind of characterized Chamonix as it was...

A: Apologies. I didn't mean for you to think that we're not focused on the other tiers...

Q: Hi. Afternoon, Daniel Lewis. Thanks for taking my question. I wanted to ask about your sports wagering business...

A: Most of that is with Circa in Illinois, and I think they're pretty happy with what they have...

Q: Hi, Louis, Dan. Thank you for taking my question. I think just one from me on Waukegan...

A: Well, actually, I want to give credit to the team we have there...