Financial

Full House Resorts Focusing on Colorado, Illinois Casinos, Not Looking for Deals

Posted on: August 7, 2026, 11:24h.

Last updated on: August 7, 2026, 11:24h.

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Todd Shriber Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News...
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Key Points

Full House Resorts is focusing on American Place (Illinois) and Chamonix (Colorado)
Those are the operator’s marquee casinos and points of emphasis for investors, too
Acquisitions aren’t high on the company’s list of priorities

Shares of Full House Resorts (NASDAQ: FLL) rallied Friday after the regional casino operator posted decent second-quarter results while updating analysts and investors on goings on at American Place and Chamonix – the company’s tentpole venues.

Waukegan casino, Full House Resorts, Potawatomi, American Place, permanent casino — A digital rendering of the planned permanent American Place Casino in Waukegan. Full House Resorts is focusing on financing for that property and getting things right in Colorado over mergers and acquisitions. (Image: Full House Resorts)

While Full House didn’t complete critical financing for the permanent version of the American Place Casino in Waukegan, Illinois prior to its earnings call, Texas Capital Securities analyst David Bain points out that the company has been “transparent” about the financing situation, adding that Full House has regulatory approval from Illinois to continue operating the temporary version of American Place through February 2029 (it’s targeting opening of the permanent location in the third quarter of 2028). It’s possible Full House looks to a real estate investment trust (REIT) to procure the last pieces of the American Place (AP) financing.

“FLL’s financing for the permanent AP may include a REIT structure,” wrote Bain in a note to clients. “If that is the case, we estimate prospective rent payments (multiplied by 8 for lease debt purposes), and recent OpCo transaction valuation multiples (M&A and otherwise), would still position our $6 price target as rational to conservative.”

The temporary location isn’t hindering performance at American Place. Full House President and CFO Lewis Fanger noted the property “once again had its best quarter ever” as it posted revenue and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) growth of 13.4% and 13.8%, respectively.

Bain adds financing for the Illinois casino hotel is pivotal in better valuing Full House stock, noting “it includes a refinancing of its existing bonds, a financing of the construction of the Permanent American Place and a new revolving credit facility.” It’s possible a financing package could be wrapped up in the current quarter.

Deal-Making Not a Priority for Full House Resorts

Last week, Churchill Downs (NASDAQ: CHDN) announced plans to sell nine regional casinos and more gaming venues in non-destination markets are expected to hit the market in the coming months due to industry consolidation, but Full House isn’t rushing to go shopping.

CEO Dan Lee said on a conference call with analysts that the company’s focus is on procuring financing for the permanent iteration of American Place and righting the ship at Chamonix Casino Hotel in Cripple Creek, Colo.

“So it’s not high on our list to go take on a third challenge at the same time,” said Lee in response to a question from Macquarie analyst Chad Beynon. “Now, if something were offered to us that was very cheap, you’d try to figure it out, but then you look at the other side and say, okay, how are we going to pay for this? We’re pretty heavily levered.”

Lee added “never say never” and that Full House could get creative with financing if a deal that’s too good to pass up comes along, but he also said “a lot of times when stuff is being offered, it’s got hair on it.”

Chamonix Update

Chamonix is another focal point for Full House analysts and investors. Revenue there rose 12% in the June quarter while EBITDA was breakeven. Fanger notes that if the venue can ascend to the Black Hawk, Colo. market average win per day, Chamonix would generate “roughly $30 million of annual EBITDA” and if the venue can hit a 15% premium to the market average, yearly EBITDA could flirt with $40 million.

“We don’t expect to be there this year or even fully there next year, but we do expect to make massive improvement over the coming 18 months,” said the Full House president.

Bain points out that when American Place and Chamonix are fully ramped up, likely by 2030, those two venues will generate EBITDA that’s 2.6x larger than the rest of the Full House portfolio combined.

Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org.

Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019.

Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com.

He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better.

Contact Todd at todd.shriber@casino.org.