FULL HOUSE RESORTS INC FLL
Formed as a Delaware corporation in 1987, Full House Resorts, Inc. owns, leases, operates, develops, manages, and/or invests in casinos and related hospitality and entertainment facilities. Headquartered in Las Vegas, Nevada, we have operations domestically in Nevada, Colorado, Illinois, Indiana, and Mississippi.
We currently operate six casinos: five on real estate that we own or lease, and one located within a hotel owned by a third party. Additionally, we currently benefit from two active sports wagering websites (referred to as skins), one in Indiana and one in Illinois.
In February 2023, we opened our temporary American Place facility. We have begun the design work for the permanent gaming facility that we plan to build on adjoining land.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $302.4M | $292.1M | $241.1M | $163.3M | $180.2M | $125.6M | $165.4M | $163.9M | $161.3M | $146.0M |
| Cost of revenue | $20.2M | $22.7M | $19.4M | — | — | — | — | — | — | — |
| Gross profit | $282.2M | $269.4M | $221.7M | — | — | — | — | — | — | — |
| SG&A | $109.7M | $104.1M | $85.7M | $59.7M | $60.0M | $47.6M | $56.1M | $54.4M | $53.5M | $49.8M |
| Total operating expenses | $248.7M | $238.1M | $188.0M | $150.6M | $142.6M | $115.1M | $159.2M | $156.5M | $154.2M | $139.8M |
| Operating income | $3.1M | $2.8M | -$1.2M | $12.7M | $37.6M | $10.5M | $6.2M | $7.4M | $7.1M | $6.2M |
| Interest expense | — | — | — | — | — | $9.8M | $10.7M | $10.3M | $10.9M | $9.5M |
| Pre-tax income | -$39.7M | -$40.5M | -$23.8M | -$14.8M | $12.1M | $55.0K | -$5.7M | -$3.9M | -$5.2M | -$4.5M |
| Income tax | $530.0K | $221.0K | $1.1M | $31.0K | $435.0K | $92.0K | $80.0K | $476.0K | $150.0K | $630.0K |
| Net income | -$40.2M | -$40.7M | -$24.9M | -$14.8M | $11.7M | $147.0K | -$5.8M | -$4.4M | -$5.0M | -$5.1M |
| EPS, basic | -1.12 | -1.16 | -0.72 | -0.43 | 0.36 | 0.01 | -0.22 | -0.17 | -0.22 | — |
| EPS, diluted | -1.12 | -1.16 | -0.72 | -0.43 | 0.33 | 0.01 | -0.22 | -0.23 | -0.22 | -0.26 |
| Shares, diluted (wtd. avg.) | $36.0M | $35.0M | $34.5M | $34.4M | $34.9M | $27.8M | $27.0M | $26.5M | $22.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $40.7M | $40.2M | $73.8M | $191.2M | $265.3M | $37.7M | $29.9M | $20.6M | $19.9M | $27.0M |
| Receivables | $3.7M | $5.1M | $5.3M | $4.1M | $4.7M | $4.9M | $2.2M | $2.0M | $1.8M | $1.9M |
| Inventory | $2.0M | $2.1M | $1.8M | $1.5M | $1.7M | $1.5M | $2.3M | $1.4M | $1.7M | $1.3M |
| Total current assets | $53.0M | $53.4M | $84.6M | $202.9M | $275.4M | $46.6M | $37.7M | $27.0M | $26.2M | $33.1M |
| Property, plant and equipment | — | — | — | — | — | — | $121.5M | $122.1M | $114.1M | $111.5M |
| Goodwill | $19.5M | $19.5M | $21.3M | $21.3M | $21.3M | $21.3M | $21.3M | $21.3M | $21.3M | $21.3M |
| Other intangibles | $108.9M | $96.1M | $76.3M | $10.9M | $10.9M | $11.0M | $11.1M | $11.1M | $10.9M | $11.0M |
| Total assets | $649.8M | $673.3M | $688.5M | $595.3M | $473.8M | $212.6M | $211.3M | $182.3M | $173.5M | $177.2M |
| Accounts payable | $8.1M | $8.4M | $12.8M | $4.6M | $3.9M | $4.2M | $5.2M | $5.9M | $5.2M | $4.9M |
| Short-term debt | — | — | — | — | — | $426.0K | $1.1M | $1.0M | $1.0M | $1.7M |
| Total current liabilities | $73.5M | $67.5M | $78.6M | $65.7M | $38.1M | $24.3M | $25.2M | $21.6M | $18.6M | $18.1M |
| Long-term debt | $473.6M | $468.1M | $465.2M | $401.9M | $301.6M | $106.8M | $102.9M | $94.2M | $93.6M | $94.2M |
| Total liabilities | $647.3M | $632.8M | $610.6M | $495.5M | $361.1M | $155.9M | $155.2M | $120.9M | $121.4M | $120.7M |
| Retained earnings | -$115.5M | -$75.3M | -$34.6M | -$9.7M | $5.1M | -$6.6M | -$6.8M | -$939.0K | $1.8M | $6.9M |
| Total equity | $2.5M | $40.5M | $77.8M | $99.8M | $112.7M | $56.7M | $56.1M | $61.3M | $53.6M | $56.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.0M | $13.8M | $22.3M | $4.4M | $29.5M | $9.0M | $10.5M | $9.8M | $7.1M | $7.9M |
| Depreciation and amortisation | $42.6M | $42.1M | $31.1M | $7.9M | $7.2M | $7.7M | $8.3M | $8.4M | $8.6M | $7.9M |
| Stock-based compensation | $1.7M | $2.9M | $2.9M | $1.7M | $966.0K | $405.0K | $348.0K | $632.0K | $525.0K | $409.0K |
| Capital expenditure | $12.7M | $52.6M | $148.6M | $170.9M | $37.0M | $2.6M | $8.1M | $17.1M | $11.1M | $3.5M |
| Investing cash flow | -$10.3M | -$45.7M | -$198.8M | -$172.1M | -$37.2M | -$2.6M | -$8.7M | -$17.4M | -$11.2M | -$28.5M |
| Financing cash flow | $801.0K | -$1.5M | $59.0M | $93.6M | $235.3M | $1.5M | $7.4M | $8.3M | -$3.1M | $33.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000891482-26-000018.
Others in SIC 7011
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MAR | MARRIOTT INTERNATIONAL INC /MD/ | $87.75B | 35.4x | 4.3% |
| HLT | Hilton Worldwide Holdings Inc. | $70.04B | 50.8x | 7.7% |
| LVS | LAS VEGAS SANDS CORP | $28.74B | 18.9x | 15.2% |
| H | Hyatt Hotels Corp | $15.64B | — | 6.8% |
| MGM | MGM Resorts International | $10.37B | 54.2x | 1.7% |
| WYNN | WYNN RESORTS LTD | $9.43B | 29.2x | 0.1% |
| CZR | Caesars Entertainment, Inc. | $6.05B | — | 2.1% |
| BYD | BOYD GAMING CORP | $5.67B | 3.5x | 4.1% |