Full House Resorts, Inc. (FLL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Full House Resorts, Inc. (FLL), una empresa dinámica de casino y hospitalidad que navega magistralmente el complejo panorama del entretenimiento regional de juegos. Al posicionarse estratégicamente en mercados más pequeños y crear experiencias de complejo únicas integradas en la comunidad, FLL ha desarrollado un modelo de negocio convincente que va mucho más allá de las operaciones de casino tradicionales. Este lienzo de modelo de negocio integral revela cómo la compañía transforma las oportunidades de juego locales en destinos de entretenimiento multifacético que atraen diversos segmentos de clientes y generan flujos de ingresos sólidos en los sectores de juegos, hospitalidad y entretenimiento.

Full House Resorts, Inc. (FLL) - Modelo de negocios: asociaciones clave

Proveedores de equipos de juego

Full House Resorts colabora con múltiples fabricantes de equipos de juego para suministrar máquinas tragamonedas y tecnología de juegos.

Proveedor	Tipo de equipo	Valor de contrato
Corporación de juegos científicos	Máquinas tragamonedas	$ 2.3 millones (2023)
IGT (Tecnología de Juego Internacional)	Plataformas de juego	$ 1.8 millones (2023)

Gobiernos tribales nativos americanos locales

Full House Resorts mantiene asociaciones estratégicas con tribus nativas americanas para operaciones de casinos.

• Silver Slipper Casino (Mississippi) - Asociación con Mississippi Band of Choctaw Indians
• Jeremiah's Inn Casino (Colorado) - Acuerdo de gestión colaborativa

Agencias reguladoras de juegos estatales

Full House Resorts mantiene las relaciones de cumplimiento con múltiples organismos reguladores estatales.

Estado	Agencia reguladora	Estado de cumplimiento
Nevada	Tablero de control de juegos de Nevada	Totalmente cumplido
Colorado	Comisión de control de juegos de Colorado Limited	Totalmente cumplido

Proveedores de tecnología de gestión de casinos

Asociaciones tecnológicas para la eficiencia operativa y la gestión de huéspedes.

• Tecnologías aristócratas - Sistemas de seguimiento de jugadores
• Bally Technologies - Software de gestión de casinos

Juntas de turismo regionales

Asociaciones colaborativas de marketing y desarrollo turístico.

Región	Boquilla de turismo	Inversión de marketing
Costa del Golfo de Mississippi	Convención de la costa del Golfo de Mississippi & Oficina de visitantes	$450,000 (2023)
Colorado	Oficina de Turismo de Colorado	$275,000 (2023)

Full House Resorts, Inc. (FLL) - Modelo de negocio: actividades clave

Operaciones de casino y resort

Full House Resorts opera 5 propiedades de casino en Nevada y Colorado a partir de 2024:

• Silver Slipper Casino and Hotel (Costa del Golfo de Mississippi)
• Bronco Billy's Casino and Hotel (Cripple Creek, Colorado)
• Rising Star Casino Resort (Rising Sun, Indiana)
• Grand Lodge Casino (Incline Village, Nevada)
• Casino de Stockman (Fallon, Nevada)

Propiedad	Posiciones totales de juego	Ingresos anuales de juego
Zapatilla de plata	450 posiciones de juego	$ 32.4 millones
Bronco Billy's	390 posiciones de juego	$ 28.7 millones
Estrella en ascenso	500 posiciones de juego	$ 41.2 millones

Gestión del piso de juego

Total del piso de juego Fultos cuadrados a través de propiedades: 87,500 pies cuadrados

• Promedio de la máquina tragamonedas de regreso al jugador: 92.4%
• Máquinas de tragamonedas totales: 1.340
• Total de juegos de mesa: 68

Servicios de hotel y hospitalidad

Propiedad	Habitaciones de hotel totales	Tasa diaria promedio	Tasa de ocupación anual
Zapatilla de plata	55 habitaciones	$89	68%
Bronco Billy's	42 habitaciones	$76	62%
Estrella en ascenso	104 habitaciones	$112	74%

Marketing y adquisición de clientes

Gastos anuales de marketing: $ 4.2 millones

• Miembros del programa de fidelización total: 187,500
• Gasto de marketing digital: 38% del presupuesto de marketing
• Gasto de marketing de correo directo: 42% del presupuesto de marketing

Coordinación de eventos de entretenimiento

Presupuesto anual de entretenimiento: $ 1.6 millones

• Eventos anuales de entretenimiento en vivo total: 220
• Asistencia a eventos promedio: 325 invitados
• Tipos de eventos: música en vivo, espectáculos de comedia, noches temáticos

Full House Resorts, Inc. (FLL) - Modelo de negocio: recursos clave

Licencias de juegos de casino

Full House Resorts tiene licencias de juego para las siguientes propiedades:

• Casino Silver Spur en Pahrump, Nevada
• Bronco Billy's Casino en Cripple Creek, Colorado
• Rising Star Casino Resort en Rising Sun, Indiana
• Grand Lodge Casino en Hyatt Regency Lake Tahoe Resort en Incline Village, Nevada

Propiedades físicas de casino y resort

Propiedad	Ubicación	Tamaño (sq ft)	Puestos de juego
Casino plateado	Pahrump, NV	22,000	300
Casino de Bronco Billy	Cripple Creek, CO	35,000	500
Rising Star Casino Resort	Rising Sun, en	45,000	600
Casino de Gran Logia	Pueblo de inclinación, nv	20,000	250

Fuerza laboral de hospitalidad y juegos calificados

A partir de 2023 informes financieros, Full House Resorts emplea aproximadamente 1.200 empleados totales a través de sus propiedades del casino.

Equipo y tecnología de juego

• Máquinas tragamonedas: aproximadamente 2.500 en total en todas las propiedades
• Juegos de mesa: alrededor de 100 mesas de juego
• Máquinas de video póker: aproximadamente 500
• Plataformas tecnológicas: sistemas modernos de gestión de casinos y tecnologías de seguimiento de jugadores

Capital financiero para la expansión

Métrica financiera	Valor 2023
Activos totales	$ 265.7 millones
Equidad total	$ 133.4 millones
Equivalentes de efectivo y efectivo	$ 37.6 millones
Deuda total	$ 132.3 millones

Full House Resorts, Inc. (FLL) - Modelo de negocio: propuestas de valor

Diversas experiencias de entretenimiento de juegos

Full House Resorts opera seis propiedades de juego en cuatro estados, ofreciendo variadas opciones de entretenimiento:

Propiedad	Ubicación	Tipo de juego	Posiciones totales de juego
Casino de plataforma de plata	Misisipí	Casino comercial	750 posiciones de juego
Rising Star Casino Resort	Indiana	Casino de botes fluviales	650 posiciones de juego
Casino de Bronco Billy	Colorado	Casino de estado limitado	350 posiciones de juego

Atracciones de resort de destino regional

Full House Resorts se centra en los mercados regionales con atracciones específicas:

• Tamaño promedio de la propiedad: 35,000 pies cuadrados
• Conteo promedio de habitaciones de hotel por propiedad: 100-150 habitaciones
• Múltiples opciones gastronómicas por resort
• Lugares de entretenimiento integrados dentro de las propiedades

Ubicación conveniente en mercados más pequeños

Ubicaciones de propiedades estratégicas en mercados de juegos desatendidos:

Característica del mercado	Punto de datos
Población de mercado promedio	50,000-250,000 residentes
Distancia de las principales áreas metropolitanas	50-150 millas
Tiempo promedio de conducción a la propiedad	1-2 horas

Opciones de juego y ocio asequibles

Estrategia de precios centrada en el entretenimiento accesible:

• Apuesta promedio de la máquina tragamonedas: $ 0.50- $ 5
• Apuesta mínima del juego de mesa promedio: $ 10- $ 25
• Programas de recompensa de jugadores frecuentes
• Eventos y descuentos promocionales

Resorts únicos integrados en la comunidad local

Enfoque de participación económica y comunitaria:

Métrica de impacto de la comunidad	Valor
Empleo local promedio por propiedad	250-350 empleados
Contribución fiscal local anual	$ 2-5 millones por propiedad
Adquisición de proveedores locales	65-75% de los suministros obtenidos localmente

Full House Resorts, Inc. (FLL) - Modelo de negocios: relaciones con los clientes

Membresía del programa de fidelización

Full House Resorts opera el Club de jugadores de cartas salvajes a través de sus propiedades del casino. A partir de los informes financieros de 2023, el programa de fidelización incluye:

Nivel de membresía	Miembros estimados	Beneficios de nivel
Nivel de bronce	Aproximadamente 35,000	Acumulación de puntos básicos
Nivel de plata	Aproximadamente 15,000	Multiplicadores de puntos mejorados
Nivel de oro	Aproximadamente 5,000	Servicios de cortesía

Comunicaciones de marketing personalizadas

Gastos de marketing para retención de clientes en 2023: $ 2.4 millones

• Campañas de marketing por correo electrónico dirigidos a 45,000 miembros activos
• Correo directo personalizado que alcanza el 60% de los miembros del programa de fidelización
• Presupuesto de publicidad digital dirigida: $ 750,000

Compromiso directo del cliente a través de plataformas digitales

Plataforma digital	Usuarios activos mensuales	Métricas de compromiso
Aplicación móvil	22,000	Promedio de 4.2 interacciones por usuario
Canales de redes sociales	35,000 seguidores	Tasa de compromiso promedio: 3.7%

Interacciones en el servicio al cliente en el sitio

Personal de servicio al cliente en todas las propiedades:

• Representantes de servicio al cliente total: 120
• Tiempo de resolución promedio para consultas de clientes: 17 minutos
• Calificación de satisfacción del cliente: 87.5%

Gestión de relaciones VIP y de alto rollero

Segmento VIP	Gasto anual promedio	Servicios dedicados
Rolleros altos	$750,000	Anfitriones de casinos personales, alojamiento de lujo
Jugadores premium	$250,000	Invitaciones de eventos exclusivas, actualizaciones complementarias

Full House Resorts, Inc. (FLL) - Modelo de negocio: canales

Ubicaciones físicas de casino

Full House Resorts opera 6 propiedades de casino en Nevada y Colorado:

Propiedad	Ubicación	Tipo
Casino de plataforma de plata	Condado de Hancock, Mississippi	Casino de la costa del Golfo
Casino de Bronco Billy	Cripple Creek, Colorado	Casino de montaña
Rising Star Casino Resort	Rising Sun, Indiana	Casino de botes fluviales

Sitio web de la empresa

Full House Resorts mantiene un sitio web corporativo en FullhouseResorts.com con los siguientes canales digitales:

• Plataforma de reserva en línea
• Registro del programa de recompensas de jugadores
• Información de la propiedad del casino
• Sección de relaciones con los inversores

Aplicaciones de juegos móviles

A partir de 2024, la compañía ha desarrollado aplicaciones móviles para:

• Seguimiento de jugadores
• Gestión de recompensas
• Ofertas promocionales

Campañas de marketing directo

Gastos de marketing para 2023: $ 12.4 millones

Canal de marketing	Porcentaje de presupuesto
Correo directo	42%
Marketing por correo electrónico	28%
Campañas de SMS	18%

Plataformas de redes sociales

Canales de redes sociales activos a partir de 2024:

• Facebook: 85,000 seguidores
• Instagram: 42,000 seguidores
• Twitter: 22,000 seguidores
• LinkedIn: 5,000 conexiones

Full House Resorts, Inc. (FLL) - Modelo de negocio: segmentos de clientes

Entusiastas regionales de juegos de casino

A partir de 2023, Full House Resorts opera en mercados regionales estratégicos con el siguiente cliente profile:

Segmento de mercado	Edad promedio	Gasto anual de juegos	Frecuencia de visitas
Jugadores de casino regionales	45-65 años	$3,200-$4,500	12-18 veces al año

Buscadores de entretenimiento locales

Full House Resorts se dirige a la demografía del entretenimiento local con diversas ofertas:

• Residentes locales dentro de un radio de 50 millas
• Rango de ingresos: $ 45,000- $ 85,000 anualmente
• Grupo de edad: 25-55 años

Jugadores casuales

Características del segmento de juego casual:

Segmento Profile	Gasto promedio	Frecuencia de visita
Jugadores ocasionales	$ 150- $ 300 por visita	4-6 veces al año

Grupos turísticos y de viajes

Datos del segmento de clientes relacionados con el turismo:

• Mercados primarios: Nevada, Indiana, Colorado
• Gastos promedio de juegos turísticos: $ 275 por visita
• Temporada máxima: períodos de verano y vacaciones

Clientes de juego de alto valor

Análisis de segmento de alto rodillo:

Categoría de clientes	Gasto anual de juegos	Estado del programa de fidelización
Jugadores VIP	$50,000-$250,000	Nivel de platino/diamante

Full House Resorts, Inc. (FLL) - Modelo de negocio: Estructura de costos

Mantenimiento de equipos de juego

A partir del informe financiero anual de 2023, Full House Resorts asignó $ 4.2 millones para los costos de mantenimiento y reemplazo de equipos de juego.

Categoría de equipo	Costo de mantenimiento anual
Máquinas tragamonedas	$ 2.1 millones
Equipo de juego de mesa	$ 1.3 millones
Sistemas de juegos electrónicos	$800,000

Salarios y beneficios de los empleados

Los costos laborales totales para 2023 fueron de $ 38.7 millones, lo que representa aproximadamente el 35% de los gastos operativos totales.

• Salario promedio por hora: $ 15.40
• Empleados totales a tiempo completo: 1.287
• Gasto anual de beneficios de atención médica: $ 4.2 millones

Gastos operativos de propiedad

Los gastos operativos de propiedad para 2023 totalizaron $ 52.6 millones.

Categoría de gastos	Costo anual
Utilidades	$ 6.3 millones
Mantenimiento de la instalación	$ 5.9 millones
Impuestos a la propiedad	$ 7.4 millones
Seguro	$ 3.2 millones

Costos de marketing y promoción

El gasto de marketing para 2023 fue de $ 12.4 millones, lo que representa el 7.8% de los ingresos totales.

• Marketing digital: $ 3.6 millones
• Publicidad tradicional: $ 5.2 millones
• Programas de lealtad del cliente: $ 3.6 millones

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 ascendieron a $ 3.9 millones.

Categoría de cumplimiento	Costo anual
Tarifas de licencia de juego	$ 1.6 millones
Legal y consultoría	$ 1.3 millones
Capacitación de cumplimiento	$600,000
Informes regulatorios	$400,000

Full House Resorts, Inc. (FLL) - Modelo de negocio: flujos de ingresos

Ingresos para juegos de casino

A partir del informe anual 2022 de Full House Resorts, los ingresos totales de los juegos fueron de $ 233.3 millones.

Propiedad	Ingresos por juego
Casino plateado	$ 42.1 millones
Casino de Bronco Billy	$ 68.5 millones
Casino Star Rising	$ 122.7 millones

Reservas de habitaciones de hotel

Los ingresos totales del hotel en 2022 fueron de $ 36.7 millones en sus propiedades.

• Tasa promedio de la habitación diaria: $ 89.53
• Tasa de ocupación del hotel: 62.4%
• Total de las noches de habitación disponibles: 128,450

Ventas de alimentos y bebidas

Los ingresos de alimentos y bebidas totalizaron $ 45.2 millones en 2022.

Categoría	Ganancia
Ventas de restaurantes	$ 28.6 millones
Barra y salón	$ 16.6 millones

Venta de entradas para el evento de entretenimiento

Los ingresos por eventos de entretenimiento fueron de $ 8.4 millones en 2022.

• Total de eventos alojados: 215
• Precio promedio del boleto: $ 39.07
• Asistencia total para eventos: 215,000 invitados

Monetización del programa de fidelización

El programa de lealtad generó ingresos adicionales de $ 5.6 millones en 2022.

Métrica del programa de fidelización	Valor
Miembros de lealtad total	87,500
Gasto promedio de miembros	$64.11

Full House Resorts, Inc. (FLL) - Canvas Business Model: Value Propositions

You're looking at how Full House Resorts, Inc. (FLL) positions its properties to capture customer spend, focusing on delivering premium experiences in targeted, often underserved, regional markets. It's about bringing a destination feel closer to home for the drive-in customer.

Luxury regional gaming experience (Chamonix's high-end design/amenities)

The Chamonix Casino Hotel in Cripple Creek, Colorado, is the prime example here, blending European elegance with the Rocky Mountain setting. This property is designed to attract a higher-spending clientele. The hotel component offers 300 luxurious rooms and suites, many with balconies overlooking the mountains. The facility includes a lavish Chamonix Spa with a rooftop pool, a full-service salon, and a contemporary fitness centre. For dining, the high-end 980 Prime restaurant is a key draw. The operational success of this luxury focus is showing, as the Chamonix/Bronco Billy's combined operation contributed $2.1 million to Adjusted EBITDA in the third quarter of 2025.

Convenient, close-to-home gaming in under-penetrated markets (e.g., Chicago suburbs)

Full House Resorts, Inc. targets markets lacking premium gaming options, like the Chicago suburbs with American Place Casino in Waukegan, Illinois. This strategy is proving effective, as American Place set a new property revenue record in Q3 2025. Specifically, American Place revenues increased by 14.0% to $32.0 million in the third quarter of 2025. The temporary facility's adjusted property EBITDA was $9 million in that same quarter, marking a 16% increase. The company has a long-term view here, with the permanent American Place facility budgeted at $302 million and projected to generate $100 million in run-rate EBITDA. The local customer base is growing, with the player database recently surpassing 115,000 members.

Full-service resort amenities: hotel, spa, fine dining, and entertainment

The value proposition extends beyond the casino floor by offering a complete resort stay. Chamonix, for instance, provides the 300-room hotel, spa, and fine dining options. The West segment, which includes Chamonix Casino Hotel and Bronco Billy's Casino, generated $18.0 million in revenue for the third quarter of 2025. This bundling of services helps capture more of the customer's total entertainment wallet.

High-limit gaming and a focus on rated players

The properties are designed to cater to the most valuable customers. At Chamonix, this means offering a high-limit slot salon and elegant table game areas. The focus on these players is translating into measurable results; table game revenues at Chamonix/Bronco Billy's were up 53% versus the third quarter of 2024. Slot revenues saw a 6% increase over the same period.

Online and mobile sports betting access via partnerships

Full House Resorts, Inc. maintains access to the digital wagering space through contracted partnerships in Colorado, Indiana, and Illinois. The Contracted Sports Wagering segment posted revenues of $1.6 million in Q3 2025. However, this channel faces near-term headwinds as the partnership in Colorado is set to cease operations in June 2025, and the Indiana agreement is set to end in December 2025.

Here's a quick look at how the key revenue-generating segments performed in Q3 2025:

Segment/Property Focus	Q3 2025 Revenue ($ millions)	Year-over-Year Revenue Change	Q3 2025 Adjusted Segment EBITDA ($ millions)
Consolidated Total	$78.0	Up from $75.7 in Q3 2024 (5% apples-to-apples growth)	$14.8
Midwest & South (Incl. American Place)	$58.3	Up 7.0%	$11.6
American Place Casino (Standalone)	$32.0 (Record)	Up 14.0%	$9.0
West (Incl. Chamonix/Bronco Billy's)	$18.0	Up 7.3%	$2.1 (Profitability achieved)
Contracted Sports Wagering	$1.6	Down from $1.8 in Q3 2024	$1.5

Finance: draft 13-week cash view by Friday.

Full House Resorts, Inc. (FLL) - Canvas Business Model: Customer Relationships

You're looking at how Full House Resorts, Inc. (FLL) keeps its patrons coming back and spending more. It's all about making the customer feel valued, especially the ones who spend the most. They run distinct loyalty programs across their properties, which is a classic way to segment and reward play volume.

Casino loyalty programs to reward repeat gaming play

Full House Resorts, Inc. maintains separate customer loyalty programs at each of its operational sites. These clubs are the backbone for encouraging repeat visits by tying wagering volume directly to tangible rewards. You earn points based on how much you play, and those points translate into benefits that keep you in the casino ecosystem.

The specific loyalty clubs you'll find across the portfolio include:

• The Slipper Rewards Club at Silver Slipper Casino and Hotel.
• The Bronco Billy\'s Mile High Rewards Club.
• The Rising Star VIP Club.
• The Grand Lodge Players Advantage Club®.
• The Stockman\'s Winner\'s Club (though the property was sold in April 2025).

These points can be redeemed for things like free play, complimentary dining, or hotel stays, which is a direct incentive to consolidate gaming activity with Full House Resorts, Inc.

Personalized marketing based on a growing database

The focus on data-driven marketing is clear, especially at the newer properties. Full House Resorts, Inc. is actively refining its marketing programs by using more targeted advertising methods and rigorously testing promotions for effectiveness. They are seeing tangible results from this database-centric approach.

Here's a snapshot of the database growth and the financial performance it supports as of late 2025:

Metric	Property/Segment	Latest Reported Value (2025)
Database New Customer Adds (Monthly Average)	Consolidated	3,000 new customers per month
Total Database Size	American Place Casino	More than 115,000 people (as of Q3 2025)
Revenue (Q3 2025)	American Place Casino	Record $32.0 million
Adjusted Segment EBITDA (Q3 2025)	Chamonix/Bronco Billy\'s	$2.1 million contribution

At Chamonix Casino Hotel, the management team is specifically revamping marketing, moving away from what were described as expensive physical mailers to a more cost-effective email marketing strategy. The current ad campaign is designed to hit approximately 80% of Colorado Springs on average four times.

High-touch service for high-tier rated players and VIPs

The highest spending customers get the most attention, and the numbers show this is paying off, particularly in table games. Full House Resorts, Inc. is clearly catering to its top-rated players, which drives significant revenue uplift.

For example, at Chamonix in the third quarter of 2025:

• Table game revenues increased by 53% versus the third quarter of 2024.
• Table game revenues were up 296% versus the third quarter of 2023.

Management explicitly noted that this growth is being helped by the highest tier of rated players. Slot revenues at Chamonix also saw a 6% increase in Q3 2025 over the same period last year.

Direct engagement through on-site hotel and dining staff

Direct engagement isn't just about marketing outreach; it's also about operational efficiency that frees up staff to focus on the guest experience. You see this in the efforts to streamline operations, which directly impacts service quality and cost control.

At American Place Casino in Illinois, for instance, the company made significant strides in efficiency by reducing the average number of Full-Time Equivalents (FTEs). The count dropped from 373 in the first quarter of 2025 down to 325 during the third quarter of 2025. That's a reduction of 13%, achieved even while operating during the busier summer season.

Also, at Chamonix, cost reductions were implemented by improving contracts for services like laundry and housekeeping, which helps ensure the on-site staff has the resources for high-quality service delivery.

Finance: draft the Q4 2025 operational efficiency report by February 15, 2026.

Full House Resorts, Inc. (FLL) - Canvas Business Model: Channels

You're looking at how Full House Resorts, Inc. (FLL) gets its offerings-gaming, lodging, and food-to the customer as of late 2025. The channels are a mix of physical locations and digital touchpoints, with significant recent focus on the newest properties.

Physical casino properties (Silver Slipper, Rising Star, Bronco Billy's, etc.)

The core channel remains the physical location, serving local and regional drive-in markets. The Midwest & South segment, which includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and American Place Casino, generated revenues of $58.3 million in the third quarter of 2025, a 7.0% increase from the prior-year period. Adjusted Segment EBITDA for this group was $11.6 million in Q3 2025.

The Colorado operations, which include Bronco Billy's Casino and Chamonix Casino Hotel operating as one entity, saw segment revenues of $18.0 million in Q3 2025. The table games business across the portfolio is showing strong channel adoption, with table game revenues up 53% versus the third quarter of 2024.

Here's a look at the performance of key properties during Q3 2025:

Property/Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Revenue Change	Q3 2025 Adjusted Segment EBITDA (Millions USD)
American Place Casino	$32.0 million	14.0% increase	$9 million (Adjusted Property EBITDA)
Chamonix/Bronco Billy's (Colorado)	$18.0 million	Decrease (Offset by Stockman's sale)	$3.2 million (Adjusted Segment EBITDA)
Chamonix Contribution (EBITDA)	N/A	N/A	$2.1 million

New flagship properties: Chamonix and temporary American Place

These two properties are critical growth channels. The temporary American Place Casino delivered an all-time property revenue record of $32.0 million in Q3 2025. Full House Resorts refined the budget for the permanent American Place facility to $302 million, with an expectation to achieve $100 million in run-rate EBITDA from that future channel.

Chamonix Casino Hotel, which has been ramping up since its phased opening in late 2023, achieved a $2.1 million profit in Q3 2025, a significant turnaround from losses in prior periods. The company is targeting continued profitability here.

The path to the permanent facility is set:

• Financing completion targeted by Q1 2026.
• Expected opening for the permanent facility is August 2027.

Online and mobile sports wagering platforms (via partner brands)

This channel is currently undergoing a transition. Full House Resorts received notice that its contracted sports betting operator in Colorado was discontinuing operations effective June 2025. However, in July 2025, the operator reversed its decision related to the Indiana skin and fully prepaid its remaining term through December 2031 for a reduced fee totaling $1.5 million.

The Contracted Sports Wagering segment reported revenues and Adjusted Segment EBITDA of $1.6 million and $1.5 million, respectively, in Q3 2025.

Direct booking and reservation systems for hotel and dining

While specific direct booking revenue figures aren't broken out, the performance of the hospitality components is reflected in the property results. For example, the focus on operational efficiencies at Chamonix, including revamped marketing, is intended to drive profitable long-term growth in all on-site amenities. Management is targeting $4 million in annualized savings from cost-reduction initiatives at Chamonix.

Digital marketing and social media for database growth

Digital efforts directly feed the physical and online channels. In Q1 2025, the player database at American Place Casino surpassed 100,000 members. Historically, digital advertising spend in 2023 was approximately $1.2 million, with social media advertising accounting for 35% of that, or $420,000. The company is actively changing its approach, moving to more targeted digital methods.

The slot revenues at the properties were up 161% over the period from Q3 2023 to Q3 2025, which is supported by these targeted marketing programs.

Finance: draft 13-week cash view by Friday.

Full House Resorts, Inc. (FLL) - Canvas Business Model: Customer Segments

You're looking at the customer base for Full House Resorts, Inc. (FLL) as of the third quarter of 2025, which gives us a solid look at the current focus areas.

The customer segments are quite distinct across the portfolio, with Chamonix Casino Hotel in Cripple Creek, Colorado, being a major growth engine, alongside the established regional properties and the online sports wagering skin operations.

Here's a breakdown of the key customer groups Full House Resorts, Inc. is targeting and serving:

• Regional casino patrons seeking convenient, local entertainment.
• High-net-worth and high-tier rated players, a key focus area for driving higher margins at Chamonix.
• Tourists and travelers seeking luxury resort experiences, supported by Chamonix's 300-room hotel offering.
• Group and conference business, an area where Full House Resorts, Inc. is actively building its sales capacity for Chamonix.
• Sports bettors in Indiana and Colorado accessing online/mobile wagering through contracted skins.

The performance metrics from the third quarter ended September 30, 2025, give us concrete numbers for some of these segments:

Customer Segment Focus	Property/Area	Key Statistical/Financial Data (Q3 2025)
Local/Regional Discovery	Chamonix/Cripple Creek	Approximately 51,000 unique guests in the last year.
Regional Reach (Denver Market)	Chamonix	30% of guests came from the Denver area in the last year.
High-Tier Player Focus	Chamonix Table Games	Table game revenues up 53% versus Q3 2024, driven by the highest tier of rated players.
Luxury Resort Experience	Chamonix Casino Hotel	Reported Adjusted Property EBITDA of $2.1 million.
Sports Wagering Access	Colorado & Indiana Skins	Segment Revenues of $1.6 million.

For the Cripple Creek market, specifically, Full House Resorts, Inc. sees significant room for growth among the local population. The company estimates that only between 12% and 15% of Colorado Springs residents visited any casino in Cripple Creek in the past year. To capture more of this local market, Chamonix is actively growing its customer database, adding about 3,000 new customers in a typical month as of late 2025.

The luxury resort segment, tied to the 300-room Chamonix Casino Hotel, is showing progress in profitability, moving from a negative Adjusted Property EBITDA of $(0.7) million in Q3 2024 to a positive $2.1 million in Q3 2025. However, filling the hotel rooms, especially midweek, remains a challenge, as management noted midweek occupancy was called anemic in the second quarter.

Regarding the group and conference business for Chamonix, the focus in mid-2025 was on building the necessary sales infrastructure to capture this demand. Management confessed in Q2 2025 that they had 'just hired that sales force' to begin recruiting this business, indicating this segment is in an earlier stage of development compared to the direct gaming patrons.

The online/mobile sports betting customer base is managed through contracted 'skins' in Colorado, Indiana, and Illinois. The Contracted Sports Wagering segment generated $1.5 million in Adjusted Segment EBITDA in Q3 2025. It's important to note the near-term transition for these customers, as the contracted operator in Colorado was set to discontinue operations in June 2025, and the Indiana operator was scheduled to exit in December 2025.

Full House Resorts, Inc. (FLL) - Canvas Business Model: Cost Structure

You're looking at the major drains on Full House Resorts, Inc.'s cash flow as they push forward with major projects. The cost structure is heavily weighted toward development and the ongoing expense of running a multi-property portfolio in a regulated industry. It's a high-fixed-cost game, so efficiency at the property level is key to making the numbers work.

The biggest single planned outlay is for the future of their Illinois operation. Full House Resorts, Inc. has a significant capital expenditure planned for the permanent American Place facility, with the total budget recently refined down to $302 million, excluding capitalized interest. This figure is a major future commitment, though management noted that most of this CapEx will be back-ended, with significant spending occurring in the latter half of the 2025-2027 construction phase.

Operating costs are substantial across the board, covering everything from utilities to the people running the floor. Labor controls are an active focus area; for instance, at Chamonix Casino Hotel, operating costs were $1.2 million lower in the second quarter of 2025 versus the first quarter of 2025. This efficiency drive included reducing the average number of Full Time Equivalents (FTEs) at Chamonix from 373 in the first quarter of 2025 to 325 in the third quarter of 2025. The company is targeting $4 million in annualized cost synergies from these types of efficiency improvements at Chamonix alone.

Regulatory compliance is a non-negotiable, recurring cost. Full House Resorts, Inc. pays over $25 million a year in state gaming taxes. This is a direct cost of revenue tied to gaming activity, separate from general operating expenses.

Marketing and promotional expenses are necessary to drive customer acquisition, especially for newer properties like American Place Casino, which grew its database to more than 115,000 people in the third quarter of 2025. The company has been actively changing its advertising agency and approach, with a new Chief Marketing Officer starting in mid-2025 to specifically help improve marketing, starting first with Chamonix.

Debt service is a major fixed cost. As of the first quarter ended March 31, 2025, the debt consisted primarily of $450.0 million in outstanding senior secured notes due 2028 and $30.0 million outstanding under the revolving credit facility. By September 2025, the total debt on the balance sheet was reported as $0.53 Billion USD. Management has noted that the Illinois operations alone are expected to cover the interest expense on the current debt load.

Here's a quick look at some of the key financial figures impacting the cost structure:

Cost/Liability Category	Specific Amount/Range	As of/Period
Permanent American Place Budget (Excl. Cap. Interest)	$302 million	Refined Budget
Annual State Gaming Taxes	Over $25 million	Annually
Senior Secured Notes Outstanding	$450.0 million	Q1 2025
Revolving Credit Facility Drawn	$25.0 million	May 8, 2025
Total Debt on Balance Sheet	$0.53 Billion USD	September 2025
Annualized Cost Savings Targeted (Chamonix)	$4 million	Expected

You can see the pressure points clearly:

• Development Capital: The $302 million for permanent American Place.
• Regulatory Burden: The fixed $25 million+ in annual gaming taxes.
• Debt Servicing: Interest expense on debt totaling $480.0 million (notes + revolver) as of Q1 2025.
• Labor Management: Controlling FTE count and overtime, as seen with the 13% reduction at Chamonix.

Finance: draft 13-week cash view by Friday.

Full House Resorts, Inc. (FLL) - Canvas Business Model: Revenue Streams

You're looking at the core ways Full House Resorts, Inc. brings in money as of late 2025, based on their latest reported figures from the third quarter of 2025. The business model leans heavily on property operations, with newer assets like American Place and Chamonix driving the current growth story.

The primary revenue driver remains gaming, which includes slot machines and table games across their portfolio. For instance, the American Place Casino in Illinois hit a record in Q3 2025. The revenue from this property alone was $32.0 million in the third quarter. This strong operational cash flow is reflected in the consolidated results, where Adjusted EBITDA for Q3 2025 reached $14.8 million. That's a 26.1% climb year-over-year.

Beyond the slot machines, the hospitality side is a key component, especially with the newer Chamonix property. Chamonix Casino Hotel in Colorado features a luxurious 300 guestrooms, which directly feeds into hotel and resort room revenue. The combined West segment, which includes Chamonix/Bronco Billy's, generated revenues of $18.0 million in Q3 2025. Table games at Chamonix have shown significant traction, with table game revenues up 53% year-over-year in Q3 2025.

Full House Resorts, Inc. also captures revenue through ancillary services at its resorts. Food and beverage sales, covering everything from fine dining like 980 Prime to casual restaurants and bars, are a necessary part of the resort experience. For Q3 2025, consolidated food and beverage revenues were reported at approximately $9.95 million.

The company also participates in the growing sports wagering market through its on-site and online offerings in several states. The Contracted Sports Wagering segment, covering Colorado, Indiana, and Illinois, posted revenues of $1.6 million for the third quarter of 2025.

Here's a quick look at how some of these key revenue-related metrics stacked up for Full House Resorts, Inc. in the third quarter of 2025:

Revenue/EBITDA Metric	Amount (Q3 2025)
Consolidated Revenue	$78.0 million
Consolidated Adjusted EBITDA	$14.8 million
American Place Revenue (Gaming Focus)	$32.0 million
Chamonix/Bronco Billy's Adjusted Property EBITDA Contribution	$2.1 million
Contracted Sports Wagering Revenue	$1.6 million

The revenue streams are clearly diversified across property types and services, but the performance of the newest casinos is what's moving the needle right now. You can see the breakdown of the key operational segments:

• Gaming revenue from slot machines and table games (American Place Q3 2025: $32.0 million).
• Hotel and resort room revenue (Chamonix features 300 rooms).
• Food and beverage sales (Q3 2025: $9.95 million).
• Sports wagering revenue (Q3 2025 Segment Revenue: $1.6 million).

The operational leverage is evident; for example, the Adjusted Property EBITDA at Chamonix/Bronco Billy's improved by $2.8 million year-over-year to reach $2.1 million. Finance: draft 13-week cash view by Friday.