Full House Resorts (FLL)
Market Price (6/28/2026): $2.78 | Market Cap: $100.5 MilSector: Consumer Discretionary | Industry: Casinos & Gaming
Full House Resorts (FLL)
Market Price (6/28/2026): $2.78Market Cap: $100.5 MilSector: Consumer DiscretionaryIndustry: Casinos & Gaming
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Regional Casino Gaming, and Localized Hospitality Services. | Weak multi-year price returns2Y Excs Rtn is -74%, 3Y Excs Rtn is -125% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 496% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 52x Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.8% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -43% Key risksFLL key risks include [1] a high debt load creating significant bankruptcy risk and [2] the operational underperformance and slower-than-expected ramp-up of new growth projects. |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Regional Casino Gaming, and Localized Hospitality Services. |
| Weak multi-year price returns2Y Excs Rtn is -74%, 3Y Excs Rtn is -125% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 496% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 52x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.8% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -43% |
| Key risksFLL key risks include [1] a high debt load creating significant bankruptcy risk and [2] the operational underperformance and slower-than-expected ramp-up of new growth projects. |
Qualitative Assessment
AI Analysis | Feedback
Full House Resorts (FLL) stock has gained about 25% since 2/28/2026 because of the following key factors:
1. Improved Operational Performance in Fiscal Q1 2026.
Full House Resorts, Inc. announced results for its fiscal first quarter ended March 31, 2026, which indicated improved operational execution despite some misses. The company reported a 14.7% year-over-year increase in Adjusted EBITDA to $13.2 million, and consolidated operating income rose significantly by 218.4% to $2.4 million. Specifically, American Place Casino revenues grew by 7.1%, and Colorado operations showed continued improvement in profitability during the quarter.
2. Significant Progress on American Place Casino Development.
The company secured approximately $300 million in financing for its permanent American Place casino in Waukegan, Illinois, with plans to break ground in March or April 2026. This transformative project is expected to open within two years and is projected to generate $100 million in EBITDA within five years of opening, signaling substantial long-term revenue growth.
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Full House Resorts (FLL) stock has gained about 25% since 2/28/2026 because of the following key factors:
1. Improved Operational Performance in Fiscal Q1 2026.
Full House Resorts, Inc. announced results for its fiscal first quarter ended March 31, 2026, which indicated improved operational execution despite some misses. The company reported a 14.7% year-over-year increase in Adjusted EBITDA to $13.2 million, and consolidated operating income rose significantly by 218.4% to $2.4 million. Specifically, American Place Casino revenues grew by 7.1%, and Colorado operations showed continued improvement in profitability during the quarter.
2. Significant Progress on American Place Casino Development.
The company secured approximately $300 million in financing for its permanent American Place casino in Waukegan, Illinois, with plans to break ground in March or April 2026. This transformative project is expected to open within two years and is projected to generate $100 million in EBITDA within five years of opening, signaling substantial long-term revenue growth.
3. Positive Analyst Sentiment and Upgraded Price Targets.
During the period, several investment banks reiterated positive ratings and price targets for Full House Resorts. Citizens maintained a "Buy" rating with a $4.00 price target on March 5, 2026, and Craig-Hallum reiterated a "Buy" rating with a $4.00 price target on March 6, 2026, and again on June 2, 2026. The consensus among analysts resulted in a "Moderate Buy" rating, with an average price target of $4.00 as of June 18, 2026, suggesting a significant potential upside of 38.89% from the stock's price at that time.
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Stock Movement Drivers
Fundamental Drivers
The 24.3% change in FLL stock from 2/28/2026 to 6/27/2026 was primarily driven by a 23.7% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.25 | 2.79 | 24.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 300 | 302 | 0.6% |
| P/S Multiple | 0.3 | 0.3 | 23.7% |
| Shares Outstanding (Mil) | 36 | 36 | -0.1% |
| Cumulative Contribution | 24.3% |
Market Drivers
2/28/2026 to 6/27/2026| Return | Correlation | |
|---|---|---|
| FLL | 24.3% | |
| Market (SPY) | 6.6% | 14.0% |
| Sector (XLY) | -1.9% | 17.7% |
Fundamental Drivers
The 3.7% change in FLL stock from 11/30/2025 to 6/27/2026 was primarily driven by a 3.2% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.69 | 2.79 | 3.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 300 | 302 | 0.6% |
| P/S Multiple | 0.3 | 0.3 | 3.2% |
| Shares Outstanding (Mil) | 36 | 36 | -0.1% |
| Cumulative Contribution | 3.7% |
Market Drivers
11/30/2025 to 6/27/2026| Return | Correlation | |
|---|---|---|
| FLL | 3.7% | |
| Market (SPY) | 7.3% | 15.4% |
| Sector (XLY) | -2.9% | 21.5% |
Fundamental Drivers
The -12.3% change in FLL stock from 5/31/2025 to 6/27/2026 was primarily driven by a -12.8% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.18 | 2.79 | -12.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 297 | 302 | 1.5% |
| P/S Multiple | 0.4 | 0.3 | -12.8% |
| Shares Outstanding (Mil) | 36 | 36 | -0.9% |
| Cumulative Contribution | -12.3% |
Market Drivers
5/31/2025 to 6/27/2026| Return | Correlation | |
|---|---|---|
| FLL | -12.3% | |
| Market (SPY) | 25.1% | 16.3% |
| Sector (XLY) | 7.8% | 20.7% |
Fundamental Drivers
The -60.7% change in FLL stock from 5/31/2023 to 6/27/2026 was primarily driven by a -76.5% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.10 | 2.79 | -60.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 172 | 302 | 75.5% |
| P/S Multiple | 1.4 | 0.3 | -76.5% |
| Shares Outstanding (Mil) | 34 | 36 | -4.8% |
| Cumulative Contribution | -60.7% |
Market Drivers
5/31/2023 to 6/27/2026| Return | Correlation | |
|---|---|---|
| FLL | -60.7% | |
| Market (SPY) | 81.3% | 34.2% |
| Sector (XLY) | 54.6% | 33.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FLL Return | 208% | -38% | -29% | -24% | -36% | 0% | -34% |
| Peers Return | 18% | -1% | 10% | 17% | -1% | -15% | 26% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| FLL Win Rate | 67% | 42% | 42% | 42% | 33% | 67% | |
| Peers Win Rate | 43% | 40% | 53% | 55% | 57% | 30% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FLL Max Drawdown | -33% | -57% | -64% | -32% | -58% | -24% | |
| Peers Max Drawdown | -31% | -38% | -29% | -22% | -39% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BYD, CHDN, MCRI, GAMB, LVS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)
How Low Can It Go
| Event | FLL | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -84.7% | -33.7% |
| % Gain to Breakeven | 555.2% | 50.9% |
| Time to Breakeven | 236 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.9% | -19.2% |
| % Gain to Breakeven | 42.6% | 23.8% |
| Time to Breakeven | 308 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.2% | -3.7% |
| % Gain to Breakeven | 12.7% | 3.9% |
| Time to Breakeven | 35 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.5% | -12.2% |
| % Gain to Breakeven | 27.5% | 13.9% |
| Time to Breakeven | 47 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -28.3% | -0.2% |
| % Gain to Breakeven | 39.4% | 0.2% |
| Time to Breakeven | 1236 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -27.8% | -17.9% |
| % Gain to Breakeven | 38.5% | 21.8% |
| Time to Breakeven | 336 days | 123 days |
In The Past
Full House Resorts's stock fell -0.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.8% gain to breakeven.
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| Event | FLL | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -84.7% | -33.7% |
| % Gain to Breakeven | 555.2% | 50.9% |
| Time to Breakeven | 236 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.9% | -19.2% |
| % Gain to Breakeven | 42.6% | 23.8% |
| Time to Breakeven | 308 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.5% | -12.2% |
| % Gain to Breakeven | 27.5% | 13.9% |
| Time to Breakeven | 47 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -28.3% | -0.2% |
| % Gain to Breakeven | 39.4% | 0.2% |
| Time to Breakeven | 1236 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -27.8% | -17.9% |
| % Gain to Breakeven | 38.5% | 21.8% |
| Time to Breakeven | 336 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -67.3% | -53.4% |
| % Gain to Breakeven | 205.6% | 114.4% |
| Time to Breakeven | 177 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -26.2% | -8.6% |
| % Gain to Breakeven | 35.6% | 9.5% |
| Time to Breakeven | 1223 days | 47 days |
In The Past
Full House Resorts's stock fell -0.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Full House Resorts (FLL)
Full House Resorts, Inc. (FLL) is a hospitality and entertainment company that owns, operates, and manages a portfolio of casino and hotel properties across the United States. The company's business model focuses on providing integrated leisure experiences, combining gaming with accommodations, dining, and other amenities to attract a broad customer base.
The company's main products and services include casino gaming, featuring a variety of slot machines, table games, and sportsbooks. Beyond gaming, Full House Resorts offers hotel accommodations, diverse dining options from fine restaurants to casual eateries, and various entertainment facilities like bars and live venues. Some properties also provide additional amenities such as meeting and convention spaces, RV parks, and even an 18-hole golf course.
Full House Resorts primarily serves regional leisure travelers, tourists, and local patrons seeking entertainment, gaming, and hospitality services. Its properties are strategically located in different states, including Mississippi (Silver Slipper Casino and Hotel), Colorado (Bronco Billy's Casino and Hotel), Indiana (Rising Star Casino Resort), and Nevada (Stockman's Casino and Grand Lodge Casino), allowing it to cater to diverse customer segments looking for comprehensive resort experiences.
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Here are 1-3 brief analogies for Full House Resorts (FLL):
- It's like a smaller, regional version of Penn Entertainment or Boyd Gaming, operating a diverse portfolio of casinos and hotels across different states.
- Think of it as a collection of modest, local casino-hotels spread across different regional markets, rather than a mega-resort developer like MGM Resorts or Caesars Entertainment.
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- Casino Gaming: Provides various gambling activities including slot machines, table games, and on-site sportsbooks.
- Hotel Accommodations: Offers lodging through hotel rooms and RV park spaces at its integrated resorts.
- Food and Beverage Services: Operates a diverse range of dining options, from fine-dining restaurants and buffets to casual eateries, bars, and coffee shops.
- Meeting and Convention Facilities: Features dedicated spaces for meetings, conventions, and events at its larger resorts.
- Recreational Amenities: Offers additional leisure facilities such as golf courses and other entertainment options for guests.
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Full House Resorts (FLL) primarily sells its services directly to individuals.
The company serves the following categories of customers:
- Gambling and Gaming Patrons: Individuals who visit the company's casinos specifically to engage in gaming activities, including slot machines, table games, and sports betting. These customers are driven by the entertainment and potential thrill of gambling.
- Leisure and Vacation Travelers: Individuals and families seeking hotel accommodations, dining experiences, and recreational activities such as golf, spa services, or beachfront relaxation at Full House Resorts' properties. This category includes tourists and vacationers looking for a getaway.
- Event Attendees and Business Travelers: Individuals attending conferences, meetings, or other events held at the company's facilities (e.g., the convention space at Rising Star Casino Resort). This also includes business travelers who utilize the hotel accommodations and dining services while on corporate trips.
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- Hyatt Hotels Corporation (H)
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Daniel R. Lee, Chief Executive Officer
Daniel R. Lee joined Full House Resorts in November 2014 as President and Chief Executive Officer. Prior to his current role, he was the Managing Partner of Creative Casinos, LLC, a developer of casino resorts, from September 2010 through December 2014. Mr. Lee also served as Chairman and Chief Executive Officer of Pinnacle Entertainment, Inc., a casino operator and developer, from April 2002 to November 2009. In the 1990s, he held the positions of Chief Financial Officer, Treasurer, and Senior Vice President of Finance and Development at Mirage Resorts. Earlier in his career, during the 1980s, Mr. Lee worked as a securities analyst for Drexel Burnham Lambert and CS First Boston, specializing in the lodging and gaming industries.
Lewis Fanger, President, Chief Financial Officer, and Treasurer
Lewis Fanger was promoted to President, Chief Financial Officer, and Treasurer of Full House Resorts, effective July 11, 2025, after joining the company in January 2015 as Senior Vice President, Chief Financial Officer. Before joining Full House Resorts, Mr. Fanger served as a Vice President at Wynn Resorts, Limited from June 2013 through February 2015, where he managed investor relations and supported development efforts. From August 2011 to June 2013, he was the Senior Vice President and Chief Financial Officer of Creative Casinos, LLC. Additionally, he held various roles at Pinnacle Entertainment, Inc. from July 2003 to August 2011, including Vice President of Finance, overseeing treasury and investor relations. Mr. Fanger began his career as an equity research associate in the gaming group at Bear, Stearns & Co. in New York.
Alex J. Stolyar, Senior Vice President and Chief Development Officer
Alex J. Stolyar was appointed Senior Vice President and Chief Development Officer of Full House Resorts in May 2015. Prior to his tenure at Full House Resorts, Mr. Stolyar worked as a Managing Director with Union Gaming Group, where he provided advisory services on gaming development, including market feasibility, strategy, and project financing. He also spent four years as Vice President, Corporate Development for Penn National Gaming, Inc., and seven years in corporate development with Pinnacle Entertainment, Inc., where he served three years as Vice President.
Elaine L. Guidroz, Senior Vice President, Secretary, General Counsel, and Compliance Officer
Elaine L. Guidroz was appointed Secretary of Full House Resorts in December 2012 and has served as General Counsel since January 2013. She was Associate General Counsel from February 2012. Ms. Guidroz started her career in the gaming industry in 2004 as In-House Counsel to Grand Victoria Casino & Resort, which was managed by Hyatt Gaming Management, Inc. From 2006 through 2011, she served as General Counsel and Compliance Officer for Grand Victoria Casino & Resort.
Joshua Le Duff, Senior Vice President and Chief Marketing Officer
Joshua Le Duff was appointed Senior Vice President and Chief Marketing Officer in May 2025. He brings extensive marketing experience in the casino industry, particularly in regional gaming markets. Most recently, he served as Vice President of Marketing at Pala Casino Spa Golf Resort. Earlier in his career, Mr. Le Duff held several leadership positions at Isle of Capri Casinos, including Vice President of Marketing, where he supported brand and database growth before the company's acquisition by Eldorado Resorts.
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Key Risks to Full House Resorts (FLL)
- Economic Downturns and Reduced Discretionary Spending: As an owner and operator of casinos, hotels, and entertainment facilities, Full House Resorts' business is highly sensitive to the overall economic climate and consumers' willingness to engage in discretionary spending. A recession, economic slowdown, or significant reduction in consumer disposable income could lead to decreased visitation, lower gaming revenues, reduced hotel occupancy, and diminished food and beverage sales across all its properties.
- Intense Competition and Regulatory Changes in the Gaming Industry: The gaming and hospitality industry is highly competitive, with Full House Resorts operating in multiple markets across the United States. The company faces competition from existing casinos, new market entrants, and other entertainment options. Additionally, the gaming industry is subject to extensive and evolving governmental regulation. Changes in laws, increased gaming taxes, or the introduction of new forms of legalized gaming (such as online sports betting or iGaming in competing jurisdictions) could negatively impact the company's market share, operational costs, or profitability.
- Exposure to Natural Disasters and Severe Weather: A significant portion of Full House Resorts' operations, specifically the Silver Slipper Casino and Hotel in Hancock County, Mississippi, is located on the Gulf Coast. This location makes the property highly vulnerable to hurricanes, tropical storms, and other severe weather events. Such events could cause substantial property damage, business interruption, and significant costs for repairs and recovery, impacting the company's financial performance and operational continuity.
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The increasing legalization and widespread adoption of online gambling, including online casinos and sports betting platforms, presents a clear emerging threat to Full House Resorts. As a company primarily operating physical casino resorts and hotels, FLL's business model relies on attracting visitors to its land-based properties. The availability of convenient online alternatives allows consumers to engage in gambling activities from any location, potentially reducing foot traffic, visitation frequency, and overall demand for traditional brick-and-mortar casino experiences. This shift in consumer behavior mirrors historical disruptions where online services (e.g., Netflix, YouTube) supplanted physical or scheduled entertainment offerings.
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The addressable markets for Full House Resorts' main products and services, all located within the United States, are as follows:
- U.S. Casino Market: The overall U.S. casino market, which includes both land-based and online gaming, is projected to be valued at approximately USD 86.53 billion in 2025.
- U.S. Online Gambling Market: A segment of the broader casino market, the U.S. online gambling market was estimated at USD 12.68 billion in 2024.
- U.S. Hospitality Market: Encompassing hotels, food and beverage services, event planning, entertainment, and tourism, the United States hospitality market was valued at USD 1.27 trillion in 2024.
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Full House Resorts (FLL) is anticipated to experience future revenue growth over the next 2-3 years driven by several key initiatives and the continued ramp-up of its recently developed properties.
Here are the expected drivers of future revenue growth:
- Opening and Ramp-up of the Permanent American Place Casino: The most significant driver is the construction and opening of the permanent American Place casino in Waukegan, Illinois. The temporary American Place facility, operational since February 2023, has consistently exceeded revenue expectations and is showing substantial growth. The Illinois Supreme Court's ruling in favor of the Gaming Commission has cleared the path for financing and construction of the permanent facility. Groundbreaking is expected in March/April 2026, with an anticipated opening around August 2027. The permanent casino is projected to generate significantly higher revenue and EBITDA, with expectations of approximately $200 million in revenue and $100 million in EBITDA from the casino alone, double the expected run-rate EBITDA of the temporary facility. This expansion will include 1,640 slot machines, 100 table games, multiple restaurants, a 1,500-seat venue, and a luxury hotel, significantly increasing the company's gaming capacity and hospitality offerings.
- Continued Ramp-up and Operational Improvements at Chamonix Casino Hotel: The Chamonix Casino Hotel in Cripple Creek, Colorado, which completed its phased opening throughout 2024 and fully opened in October 2024, is expected to be another key growth driver. Chamonix is recognized for offering a high-quality gaming product in the Colorado Springs market, attracting new guests. Following management changes and operational fixes in the latter half of 2025, the Colorado operations, led by Chamonix, have shown a turnaround with improved Adjusted Property EBITDA. Early 2026 data indicates a notable increase in top-tier guest counts and visits, suggesting continued momentum and profitability as the property fully ramps up its operations.
- Sustained Growth from the Temporary American Place Facility: Even prior to the permanent casino's completion, the temporary American Place facility is expected to continue its growth trajectory. Management anticipates its run-rate EBITDA to reach approximately $50 million, contributing meaningfully to revenue growth in 2026 until the permanent structure takes over. The success and insights gained from operating the temporary facility are also being used to refine plans for the permanent resort, ensuring optimized offerings based on customer preferences.
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Share Issuance
- The number of common shares outstanding for Full House Resorts increased from 35,875,647 as of March 6, 2025, to 36,111,498 as of August 4, 2025, and remained at approximately 36,111,000 as of February 2026.
Inbound Investments
- Full House Resorts issued $450.0 million in senior secured notes due 2028 to fund the construction of the Chamonix Casino Hotel.
- As of December 31, 2023, the company held $73.8 million in cash and cash equivalents, which included $37.6 million specifically reserved under bond indentures for the Chamonix construction.
- The company is actively working to secure financing to fully fund the permanent American Place casino, with completion of this financing anticipated within the next few months as of March 2026.
Outbound Investments
- Full House Resorts sold Stockman's Casino in April 2025, generating proceeds of $2.412 million.
Capital Expenditures
- Significant capital investments were directed towards the completion of the Chamonix Casino Hotel, which opened in phases between December 2023 and October 2024.
- The estimated construction budget for the permanent American Place casino is $302 million, excluding capitalized interest.
- Full House Resorts plans to break ground on the permanent American Place casino in March or April 2026, with a significant portion of capital expenditures expected in the second half of 2026 and during 2027, targeting an opening in approximately 18 to 24 months.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Full House Resorts Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 68.03 |
| Mkt Cap | 6.2 |
| Rev LTM | 2,946 |
| Op Inc LTM | 745 |
| FCF LTM | 196 |
| FCF 3Y Avg | 206 |
| CFO LTM | 818 |
| CFO 3Y Avg | 742 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.7% |
| Rev Chg 3Y Avg | 13.9% |
| Rev Chg Q | 3.1% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Inc Chg LTM | 43.9% |
| Op Inc Chg 3Y Avg | 9.5% |
| Op Mgn LTM | 24.6% |
| Op Mgn 3Y Avg | 23.0% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 23.5% |
| CFO/Rev 3Y Avg | 27.0% |
| FCF/Rev LTM | 12.9% |
| FCF/Rev 3Y Avg | 10.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Midwest & South | 231 | 220 | 192 | ||
| West | 64 | 64 | 36 | ||
| Contracted Sports Wagering | 7 | 9 | 13 | ||
| Casino revenues - Other | 1 | 3 | |||
| Casino revenues - Slots | 99 | 114 | |||
| Casino revenues - Table games | 14 | 14 | |||
| Non-casino revenues, net- Food and beverage | 26 | 27 | |||
| Non-casino revenues, net- Hotel | 9 | 10 | |||
| Non-casino revenues, net- Other | 14 | 13 | |||
| Total | 302 | 292 | 241 | 163 | 180 |
| $ Mil | 2025 | 2024 | 2023 | 2015 | 2014 |
|---|---|---|---|---|---|
| Midwest & South | 49 | 46 | 39 | ||
| Contracted Sports Wagering | 7 | 10 | 12 | ||
| Loss on disposal of assets | -0 | -0 | -0 | ||
| Project development costs | -0 | -0 | -0 | ||
| Gain on sale of Stockman’s | -0 | 2 | |||
| Stock-based compensation, net | -2 | -3 | -3 | ||
| West | -2 | -1 | 2 | ||
| Corporate expenses | -6 | -5 | -5 | ||
| Depreciation and amortization | -43 | -42 | -31 | ||
| Preopening costs | -2 | -16 | |||
| Corporate | -5 | -8 | |||
| Northern Nevada | 3 | 4 | |||
| Rising Star Casino Resort | 1 | -13 | |||
| Silver Slipper Casino & Hotel | 5 | ||||
| Development / Management | 1 | ||||
| Silver Slipper Casino | 2 | ||||
| Total | 3 | 3 | -1 | 5 | -14 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2015 |
|---|---|---|---|---|---|
| West | 340 | 360 | 373 | 351 | |
| Midwest & South | 286 | 293 | 298 | 194 | |
| Corporate and Other | 24 | 20 | 17 | 49 | |
| Contracted Sports Wagering | 0 | 0 | 1 | 2 | |
| Corporate | 11 | ||||
| Northern Nevada | 12 | ||||
| Rising Star Casino Resort | 37 | ||||
| Silver Slipper Casino & Hotel | 83 | ||||
| Total | 650 | 673 | 688 | 595 | 143 |
Price Behavior
| Market Price | $2.79 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 08/17/1993 | |
| Distance from 52W High | -43.6% | |
| 50 Days | 200 Days | |
| DMA Price | $2.66 | $2.64 |
| DMA Trend | down | up |
| Distance from DMA | 4.9% | 5.7% |
| 3M | 1YR | |
| Volatility | 85.1% | 65.5% |
| Downside Capture | 100.08 | 153.77 |
| Upside Capture | 142.77 | 84.44 |
| Correlation (SPY) | 21.4% | 17.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.65 | 2.85 | 1.44 | 1.26 | 1.14 | 1.40 |
| Up Beta | 3.71 | 2.32 | 1.81 | 1.64 | 1.30 | 1.28 |
| Down Beta | 10.16 | 8.60 | 1.52 | 1.10 | 1.15 | 1.47 |
| Up Capture | 154% | 163% | 129% | 91% | 66% | 114% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 21 | 28 | 54 | 107 | 331 |
| Down Capture | 303% | 400% | 132% | 136% | 131% | 112% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 16 | 30 | 61 | 128 | 381 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FLL | |
|---|---|---|---|---|
| FLL | -33.1% | 65.3% | -0.36 | - |
| Sector ETF (XLY) | 8.0% | 18.5% | 0.28 | 23.0% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 17.4% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | 11.5% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | 5.3% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | 30.6% |
| Bitcoin (BTCUSD) | -44.2% | 42.5% | -1.25 | 11.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FLL | |
|---|---|---|---|---|
| FLL | -22.3% | 60.4% | -0.18 | - |
| Sector ETF (XLY) | 6.7% | 23.9% | 0.24 | 40.8% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 39.6% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 5.2% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | 11.2% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 36.4% |
| Bitcoin (BTCUSD) | 10.9% | 54.0% | 0.39 | 21.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FLL | |
|---|---|---|---|---|
| FLL | 3.7% | 64.3% | 0.34 | - |
| Sector ETF (XLY) | 12.5% | 22.1% | 0.52 | 39.8% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 38.5% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | 4.7% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 17.8% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 37.2% |
| Bitcoin (BTCUSD) | 54.7% | 66.4% | 0.95 | 16.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 16.0% | 17.2% | -5.5% |
| 3/5/2026 | 18.1% | 20.7% | 12.8% |
| 11/6/2025 | 9.6% | 8.4% | 12.6% |
| 8/7/2025 | -18.0% | -18.2% | -24.3% |
| 5/8/2025 | -4.8% | 11.2% | 0.3% |
| 3/6/2025 | 2.9% | 0.2% | -19.8% |
| 11/6/2024 | -8.1% | -9.6% | -15.5% |
| 8/6/2024 | -3.3% | -0.8% | -2.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 17 |
| # Negative | 10 | 9 | 8 |
| Median Positive | 9.4% | 9.2% | 10.8% |
| Median Negative | -8.6% | -9.5% | -17.7% |
| Max Positive | 18.7% | 27.9% | 29.2% |
| Max Negative | -18.0% | -20.2% | -31.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 16.0% | 17.2% | -5.5% |
| 3/5/2026 | 18.1% | 20.7% | 12.8% |
| 11/6/2025 | 9.6% | 8.4% | 12.6% |
| 8/7/2025 | -18.0% | -18.2% | -24.3% |
| 5/8/2025 | -4.8% | 11.2% | 0.3% |
| 3/6/2025 | 2.9% | 0.2% | -19.8% |
| 11/6/2024 | -8.1% | -9.6% | -15.5% |
| 8/6/2024 | -3.3% | -0.8% | -2.3% |
| 5/8/2024 | 6.0% | 4.6% | 0.0% |
| 3/5/2024 | 5.1% | 0.8% | 8.2% |
| 11/8/2023 | 18.7% | 27.9% | 28.9% |
| 8/8/2023 | -17.2% | -15.9% | -25.4% |
| 5/8/2023 | 9.4% | 8.6% | 15.2% |
| 3/7/2023 | -10.7% | -20.2% | -31.9% |
| 11/7/2022 | -5.2% | 5.1% | 10.8% |
| 8/2/2022 | -0.9% | 9.8% | 5.0% |
| 5/9/2022 | -12.8% | -3.0% | 0.8% |
| 3/8/2022 | 18.4% | 8.0% | 18.6% |
| 1/19/2022 | -9.1% | -9.5% | -3.8% |
| 11/8/2021 | 2.8% | 2.1% | 10.0% |
| 8/10/2021 | 8.7% | -4.4% | 4.6% |
| 5/10/2021 | 5.4% | -1.9% | 10.5% |
| 3/8/2021 | 5.6% | 16.6% | 15.1% |
| 11/5/2020 | 13.4% | 19.7% | 24.8% |
| 8/6/2020 | 17.9% | 19.0% | 29.2% |
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 17 |
| # Negative | 10 | 9 | 8 |
| Median Positive | 9.4% | 9.2% | 10.8% |
| Median Negative | -8.6% | -9.5% | -17.7% |
| Max Positive | 18.7% | 27.9% | 29.2% |
| Max Negative | -18.0% | -20.2% | -31.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/11/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/11/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/15/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/11/2021 | 10-Q |
| 03/31/2021 | 05/12/2021 | 10-Q |
| 12/31/2020 | 03/12/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/13/2020 | 10-Q |
| 03/31/2020 | 05/13/2020 | 10-Q |
| 12/31/2019 | 03/30/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Insider Activity
Updated 6/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Green, Eric J | Direct | Buy | 8142025 | 3.54 | 10,000 | 35,368 | 827,466 | Form | |
| 2 | Lee, Daniel R | Chief Executive Officer | Direct | Buy | 6172025 | 4.75 | 92,100 | 437,475 | 5,114,410 | Form |
| 3 | Lee, Daniel R | Chief Executive Officer | subtrust | Buy | 6172025 | 4.75 | 184,200 | 874,950 | 1,506,439 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Green, Eric J | Direct | Buy | 8142025 | 3.54 | 10,000 | 35,368 | 827,466 | Form | |
| 2 | Lee, Daniel R | Chief Executive Officer | Direct | Buy | 6172025 | 4.75 | 92,100 | 437,475 | 5,114,410 | Form |
| 3 | Lee, Daniel R | Chief Executive Officer | subtrust | Buy | 6172025 | 4.75 | 184,200 | 874,950 | 1,506,439 | Form |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Casinos & Gaming Resources |
| Casino.org News |
| Global Gaming Business |
| CDC Gaming Reports |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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