Full House Resorts

What Full House Resorts does

Full House Resorts, Inc. is a Las Vegas-based, publicly traded (NASDAQ: FLL) regional casino operator founded in 1986 that owns, operates, develops, and manages gaming and hospitality properties across five U.S. states. Following the April 2025 sale of Stockman's Casino, the company runs six casino properties: American Place (Waukegan, Illinois, in a temporary facility), Chamonix Casino Hotel and Bronco Billy's Casino (integrated in Cripple Creek, Colorado), Silver Slipper Casino Hotel (Bay St. Louis, Mississippi), Rising Star Casino Resort (Rising Sun, Indiana), and Grand Lodge Casino (within Hyatt Regency Lake Tahoe, Nevada). Revenue is generated primarily through on-site gaming (slots, video poker, table games), with secondary streams from hotel rooms, food and beverage, contracted third-party sports wagering skins in Colorado, Indiana, and Illinois, and ancillary amenities such as golf courses and ferry service.

The underlying business model is asset-heavy physical gaming: the company operates traditional slot machines and table games under house odds, markets through regional advertising and loyalty programs (American Place's player database exceeded 115,000 members as of Q3 2025), and earns food, beverage, and hotel revenue from property visits. FY2025 revenue was $302.4M (+3.5% YoY), with casino gaming representing ~75% of Q1 2026 revenue; full-year Adjusted EBITDA reached $48.1M, though the company reported a net loss of $(40.2)M. Capital structure includes $450M of senior secured notes due 2028 and $30M drawn on a revolving credit facility as of March 31, 2026, funding the ~$300M permanent American Place development (groundbreaking June 2026, target opening 2028) intended to roughly double the existing footprint.

The customer base is B2C and fragmented across regional markets, with two stated segments: regional gaming customers in underserved markets (e.g., Lake County IL, Mississippi Gulf Coast, Colorado mountain markets with under 15% household penetration from Colorado Springs) and premium/high-value players targeted via database marketing. Distribution is almost entirely through physical casino locations; the only online channel is third-party-operated sports wagering skins. Management is led by CEO Daniel R. Lee and President & CFO Lewis Fanger, and the company has no parent or controlling shareholder, operating as an independent publicly traded entity.

Name

Full House Resorts

Legal name

Full House Resorts, Inc.

Website

https://fullhouseresorts.com

Company type

Public

Founded year

1986

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Full House Resorts is a Las Vegas-based, NASDAQ-listed (FLL) regional casino operator that owns and manages six gaming and hospitality properties across Illinois, Mississippi, Indiana, Colorado, and Nevada, generating revenue primarily from on-site casino gaming, hotel, food and beverage, and contracted sports wagering.

Ownership category

akta.pro rank

Product category

Regional Casino and Gaming Resorts

NAICS

Casino Hotels (721120), Casinos (except Casino Hotels) (71321), Gambling Industries (7132)

SIC

Hotels, Rooming Houses, Camps & Other Lodging Places (7000), Hotels & Motels (7011), Services-Amusement & Recreation Services (7900)

akta.pro primary industry

Integrated Casino Resorts (Casino + Hotel/Entertainment) (MPAEAAAA)

akta.pro secondary industries

Integrated Casino Resorts (THAGAJAA), Destination Casino Hotels (THAGAJAC)

Keywords

• Regional casino operations
• Casino resort management
• Gaming hospitality services
• Hotel accommodations gaming
• Sports wagering services

Headquarters

HQ city

Las Vegas

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Casino Gaming: Core revenue stream from slot machines, video poker, and table games across seven casino properties in Illinois, Mississippi, Indiana, Nevada, and Colorado. Casino gaming typically represents the largest portion of revenue, with Q1 2026 casino revenue of $55.7 million out of $74.4 million total.
2. Food and Beverage: Hotel restaurants, fine dining, buffets, quick service, bars, and casino lounges across properties. Q1 2026 food and beverage revenue was $9.6 million.
3. Hotel Accommodations: Hotel rooms at Silver Slipper (129 rooms), Rising Star (294 rooms), Chamonix (313 rooms), and Grand Lodge (422 rooms). Q1 2026 hotel revenue was $3.8 million.
4. Contracted Sports Wagering: On-site and online sports wagering 'skins' in Colorado, Indiana, and Illinois operated through third-party providers. Q1 2026 sports wagering revenue was $1.5 million.
5. Other Operations: Includes retail, entertainment venues, golf courses (Rising Star), ferry services, and other ancillary hospitality offerings.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Full House Resorts develops, owns, operates, and manages regional casino properties and related hospitality and entertainment facilities in five U.S. states. Its core offering comprises slot machines, video poker, and table games at seven casino properties, supplemented by hotel rooms, restaurants and bars, sports wagering, and ancillary amenities such as golf courses and ferry services. Revenue is generated primarily from gaming win, with secondary contributions from lodging, food and beverage, sports wagering, and other leisure operations.

Product overview

Full House Resorts operates as a regional casino company with seven gaming facilities across five states. The portfolio consists of six casino properties plus contracted sports wagering operations. Core casino brands include American Place Casino (Illinois), Chamonix Casino Hotel and Bronco Billy's Casino (Colorado, integrated as a single entity), Silver Slipper Casino Hotel (Mississippi), Rising Star Casino Resort (Indiana), and Grand Lodge Casino (Nevada). An additional sports wagering segment provides online and on-site betting skins in multiple states. The company also has development projects including a permanent American Place Casino facility under construction in Waukegan, Illinois.

Differentiator

Problem solved

Functional benefit

Products and services

• American Place Casino Casino operation in Waukegan, Illinois (Lake County); currently The Temporary by American Place offering the only casino gaming in Lake County, with a permanent larger facility featuring approximately 40% more slot machines and 85% more table games under development.
• Chamonix Casino Hotel Luxury casino hotel in Cripple Creek, Colorado with 313 guest rooms, 600+ slot machines and video poker games, 16 table games, rooftop pool and spa, high-end steakhouse, and meeting and entertainment facilities, designed as the first luxury casino hotel in the market.
• Bronco Billy's Casino Casino in Cripple Creek, Colorado, integrated with Chamonix Casino Hotel to provide a combined gaming experience with additional casino space and several restaurants.
• Silver Slipper Casino Hotel Land-based casino hotel in Bay St. Louis, Mississippi — the first land-based casino built from the ground up on the Mississippi Gulf Coast — featuring 37,000 square feet of gaming space with over 750 slot and video poker machines, 20 table games, a 129-room hotel, fine dining, buffet, sports book, and beach club.
• Rising Star Casino Resort Casino resort in Rising Sun, Indiana with 40,000 square feet of gaming space, 944 slot and video poker machines, 25 table games, two hotels with 294 rooms, pool, meeting space, pavilion with five food and beverage outlets, 18-hole Scottish links golf course, and the MS Lucky Lady ferry boat to Kentucky.
• Grand Lodge Casino Casino located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada, featuring 18,900 square feet of gaming space with 255 slots, 20 table games, and a sports book.
• Contracted Sports Wagering On-site and online sports wagering 'skins' in Colorado, Indiana, and Illinois operated through third-party sports betting operators under partnership agreements; Q1 2026 sports wagering revenue of $1.5 million.

Quantifiable outcome

• American Place Casino revenue grew 13.1% for full-year 2025 to $124 million, with Q4 growth of 11% and Q1 2026 growth of 7.1%
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• Hyatt Regency Lake TahoecoreStrategic or Co-development Partner · 3 June 2026Host property for Grand Lodge Casino at Hyatt Regency Resort, Spa and Casino on north shore of Lake Tahoe. One of two AAA Four Diamond hotels in Lake Tahoe area. Full House acquired casino operations in September 2011.
• Powers & Sons ConstructionminorImplementation/ SI/ Consulting Partner · 7 May 2026Construction company retained to design and build the permanent American Place casino in Waukegan, Illinois, working alongside Power Construction.
• Power ConstructioncoreImplementation/ SI/ Consulting Partner · 5 March 2026Chicago-based construction company retained to build the permanent American Place casino in Waukegan, Illinois. Currently building the Hollywood Casino and Hotel in Aurora, Illinois. Selected as pre-construction partner for the project.
• W.A. Richardson BuilderscoreImplementation/ SI/ Consulting Partner · 5 March 2026Las Vegas-based construction company engaged as construction advisory for permanent American Place casino. Principals previously held major roles at Mandalay Resort Group, involved in development of Grand Victoria casino and other Las Vegas/regional properties.
• WATGcoreImplementation/ SI/ Consulting Partner · 5 March 2026Architectural firm designing the permanent American Place casino in Waukegan. Design team has worked on numerous casinos including The Venetian in Las Vegas and Hard Rock in Rockford, Illinois.
• Sports Wagering Operators (Colorado, Indiana, Illinois)minorChannel Partner/ Reseller/ Distributor · 1 July 2025Third-party sports betting operators running on-site and online sports wagering skins under contracts with Full House Resorts. Includes one operator that reversed discontinuation decision and prepaid $1.5 million for Indiana skin through December 2031.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries6 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Full House Resorts