Full House Resorts Inc (NASDAQ:FLL) Reports Mixed Q3 2025 Results with Revenue Beat and Wider-Than-Expected Loss

Full House Resorts Inc (NASDAQ:FLL) reported its third-quarter 2025 financial results, delivering a mixed performance that saw revenue narrowly exceed analyst expectations while earnings fell short, contributing to a negative market reaction in after-hours trading.

Quarterly Performance Versus Estimates

The casino operator reported revenue of $78.0 million for the quarter ended September 30, 2025, a modest increase from the $75.7 million recorded in the same period last year. This top-line figure slightly surpassed the analyst consensus estimate of $77.4 million. However, the company's bottom line told a different story.

• Reported Revenue: $78.0 million
• Estimated Revenue: $77.4 million
• Reported EPS: -$0.21
• Estimated EPS: -$0.19

The net loss for the quarter improved to $7.7 million, or $0.21 per diluted share, compared to a net loss of $8.5 million, or $0.24 per share, in the prior-year period. Despite this year-over-year improvement, the earnings per share result was worse than the estimated loss of $0.19 per share.

Market Reaction and Operational Highlights

Following the earnings release, the stock experienced downward pressure, reflecting investor disappointment with the wider-than-expected loss. The company's operational performance, however, showed several positive developments as highlighted in the press release.

The standout performer was the American Place Casino in Illinois, which achieved a new property revenue record of $32.0 million, representing a 14.0% increase from the third quarter of 2024. The company's consolidated Adjusted EBITDA saw significant growth, rising 26.1% to $14.8 million, up from $11.7 million a year ago. This was largely driven by the strong performance at American Place and a $2.1 million positive contribution from the Chamonix Casino Hotel in Colorado, which has recently completed its phased opening.

Segment Performance Breakdown

The company's results varied across its different operational segments, demonstrating the dynamic nature of its regional portfolio.

• Midwest & South: This segment, which includes American Place, reported a 7.0% increase in revenues to $58.3 million. Adjusted Segment EBITDA grew 12.7% to $11.6 million.
• West: Despite a revenue decline to $18.0 million from $19.4 million, primarily due to the sale of Stockman’s Casino and renovation disruptions at Grand Lodge Casino, the segment's profitability surged. Adjusted Segment EBITDA rose 167.9% to $3.2 million, fueled by Chamonix's turnaround from a loss in the prior year.
• Contracted Sports Wagering: Revenues and Adjusted Segment EBITDA for this segment were $1.6 million and $1.5 million, respectively, showing a slight decrease from the previous year.

Financial Position and Outlook

As of September 30, 2025, Full House Resorts reported cash and cash equivalents of $30.9 million. The company's debt primarily consists of $450.0 million in outstanding senior secured notes. Management expressed optimism about the continued ramp-up of operations at its newest properties, American Place and Chamonix, expecting further growth in the coming quarters.

While the press release did not provide specific quantitative financial guidance for the next quarter or full year, the company's commentary suggests confidence in its growth trajectory. The reported analyst estimates for the full year 2025 project a significant loss, and the fourth quarter is also expected to remain in negative territory. Investors will be watching closely to see if the operational improvements at the company's key properties can translate into a faster-than-expected path to profitability.

For a more detailed look at historical earnings and future analyst estimates for FULL HOUSE RESORTS INC (NASDAQ:FLL), you can review the data here.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, financial analysis, or a recommendation to buy or sell any security. The information presented is based on publicly available data and should not be relied upon as the sole basis for investment decisions.