Full House Resorts is a regional casino and hospitality operator headquartered in Las Vegas, with properties in Nevada, Colorado, Illinois, Indiana, and Mississippi. The second quarter of fiscal 2026 was a genuinely better quarter than the year before, in ways the headline net loss understates. Total revenues rose 5.6 percent to $78.1 million, operating income swung from a $0.1 million loss to a $2.3 million profit, and Adjusted EBITDA climbed 19.5 percent to $13.3 million. The engine of that improvement is American Place, the temporary casino in Waukegan, Illinois, whose growth more than offset softness at Silver Slipper and Rising Star, while the October 2024 opening of Chamonix in Cripple Creek, Colorado continues to ramp. The net loss of $8.7 million narrowed 16.3 percent from $10.4 million, but the gap between an improving operating line and a still-negative bottom line is the whole story of this stock, because net interest expense of $10.8 million consumes nearly a full quarter of Adjusted EBITDA before a single tax dollar.
The strategic question now has a construction schedule attached to it. In June 2026 the Illinois Gaming Board approved an extension allowing the temporary American Place casino to operate through February 17, 2029, and the permanent facility, designed at roughly double the square footage with substantially more gaming positions, is expected to open in the second half of 2028. Sitework is underway after Waukegan approved the earthmoving and foundation drawings in April 2026. The extension removes the gap in tax revenue and employment that would otherwise have separated the temporary from the permanent facility, and it lets the company keep collecting cash while the larger building takes shape.
At $2.09 per share, the last closing price on the Nasdaq, the market capitalization sits near $76.6 million against 36,644,480 shares outstanding, roughly 5.8 times the trailing twelve month Adjusted EBITDA of about $52 million if the second half of the year repeats the second quarter. That is not a cheap multiple in isolation, and it is the single most important number in this report. The stock trades within a 52-week range of $1.96 to $3.65, which tells you the market has already debated this ramp once and settled it lower. The case for the stock is that American Place and Chamonix keep executing; the case against is that the interest stack and the two year wait to the permanent casino compress the window in which the operating improvement must show up.