Full House Resorts increased consolidated revenue by 5.6% to $78.1 million in the second quarter of 2026, with record performance at American Place Casino and continued improvement in Colorado driving the gain. Adjusted EBITDA rose 19.5% to $13.3 million, while operating income improved to $2.3 million from a small operating loss a year earlier.
The quarter also delivered an important development milestone in Waukegan, Illinois. Full House received approval to keep the temporary American Place facility operating through February 2029, creating a wider buffer around the financing, construction and opening of the permanent casino expected in the second half of 2028.
Revenue Growth Came With Better Operating Performance
Second-quarter revenue increased from $73.9 million in 2025, while the net loss narrowed to $8.7 million from $10.4 million. The loss per diluted share improved to $0.24 from $0.29. Those figures show that the company remains loss-making on a GAAP basis, even as its newest properties produce stronger operating results.
Adjusted EBITDA excludes interest, taxes, depreciation, amortization and several other items, so it should not be treated as a substitute for net income. It nevertheless helps explain the direction of the underlying casino business. The 19.5% increase outpaced revenue growth, indicating that stronger property performance translated into improved operating leverage during the quarter.
American Place Extends Its Record Run
American Place generated 13.4% more revenue than in the second quarter of 2025 and reached new property records for revenue and operating performance. The temporary casino opened in February 2023 in Chicago's northern suburbs and has become the most important growth asset in Full House's Midwest and South segment.
That segment, which also includes Silver Slipper Casino and Hotel and Rising Star Casino Resort, produced $61.0 million in revenue, up 5.6%. Adjusted segment EBITDA increased 4.7% to $13.4 million. Rising Star was affected by a 42-hour power outage caused by a downed power line, partly offsetting the improvement at American Place.
The 2029 Extension Reduces Development Risk
Permission to operate the temporary American Place casino through February 2029 is more than an administrative extension. Full House expects the permanent project to require approximately 18 to 24 months of construction, with opening targeted for the second half of 2028. The added operating runway reduces the risk of a gap between the temporary venue closing and the permanent casino welcoming customers.
Continuity matters to employees, guests, the City of Waukegan and prospective bondholders. A forced interruption could weaken cash flow at the point when the company is completing a major capital project and refinancing debt. The extension gives Full House more room to manage construction timing and legal documentation without placing the existing operation against an unnecessarily tight deadline.
Permanent Casino Planned as a Much Larger Destination
The permanent American Place casino is designed to have roughly twice the overall square footage of the temporary facility. Plans call for more gaming positions and expanded food, beverage and entertainment offerings, together with a more upscale architectural design. The strategy is to convert the customer base built in the temporary venue into demand for a broader destination product.
Waukegan City Council also approved changes to the development agreement that would allow the existing Sprung structure to remain for five years after the permanent casino opens. Full House intends to use it for special events and entertainment. If that plan succeeds, the temporary building could shift from a bridge facility into an additional demand generator rather than becoming immediately redundant.
Financing Remains the Key Test
The operating extension improves the timetable, but it does not complete the permanent casino. Full House said it made progress toward financing the project and refinancing its primary debt, while acknowledging that some legal documentation has taken longer than expected. At June 30, the company reported $48.4 million of liquidity, including $33.4 million in cash and cash equivalents and unused revolving-credit capacity.
Debt consisted mainly of $450 million in senior secured notes due in 2028 and $25 million drawn on a $40 million revolving facility. That maturity schedule explains why lenders and bondholders will focus closely on construction timing, expected project returns and the cash flow produced by American Place. Record property results strengthen the financing case, but execution and capital cost remain material risks.
Colorado Operations Continued to Improve
Chamonix Casino Hotel and the adjoining Bronco Billy's Casino increased combined revenue by 11.7% to approximately $13.0 million. Adjusted property EBITDA improved to a loss of about $0.1 million from a loss of $1.2 million a year earlier. Positive contributions in May and June offset a modest loss in April.
Full House attributed the revenue improvement to newer marketing programs and a growing customer database. The result suggests that Chamonix is moving closer to sustainable profitability, although one quarter near break-even does not complete its ramp. The company is also relying on further development of the Colorado Springs feeder market and stronger property awareness to support future growth.
Other Operations Produced a Mixed Quarter
The wider West segment increased revenue 7.3% to $15.5 million and reduced its adjusted EBITDA loss to approximately $0.1 million. Improvement at Chamonix and Bronco Billy's was partly offset by renovation disruption at the Hyatt Regency Lake Tahoe Resort, which houses Full House's Grand Lodge Casino. Important resort amenities are expected to remain under development into late 2027.
Contracted sports wagering generated $1.5 million of revenue and the same amount of adjusted segment EBITDA, compared with $1.7 million and $1.6 million respectively a year earlier. The prior period included an additional active sports wagering skin, making this segment a modest drag on the consolidated comparison rather than a source of growth.
What the Quarter Means for Full House Resorts
The Q2 result strengthens the argument that Full House's two newest casinos are becoming the center of its operating story. American Place is already setting records from a temporary facility, while Chamonix is narrowing losses as revenue grows. Together, they offset weaker or disrupted performance elsewhere in the portfolio and lifted consolidated adjusted EBITDA faster than revenue.
The next phase is more demanding. Full House must finish financing, refinance major debt, begin and complete construction, and preserve American Place's momentum during the transition. The 2029 operating extension removes one avoidable timing risk, but the permanent casino will still be judged on cost control, schedule and the ability to support a larger gaming and entertainment footprint.
Bottom Line
Full House Resorts delivered a stronger second quarter, with revenue up 5.6%, adjusted EBITDA up 19.5% and its net loss reduced. American Place led the result with 13.4% revenue growth and new property records, while Chamonix and Bronco Billy's continued to improve.
Approval to operate the temporary Waukegan casino through February 2029 is the quarter's most consequential development. It gives the company a practical bridge to the planned permanent American Place opening in the second half of 2028 and improves continuity during financing and construction. The extension lowers schedule risk; successful funding and delivery will determine whether the record-setting temporary operation can become a larger long-term destination.
