Full House Resorts, Inc. (FLL): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de Full House Resorts, Inc. (FLL), une entreprise dynamique de casino et d'hospitalité qui navigue magistralement dans le paysage complexe du divertissement régional de jeu. En se positionnant stratégiquement sur des marchés plus petits et en fabriquant des expériences de villégiature uniques et intégrées à la communauté, FLL a développé un modèle commercial convaincant qui va bien au-delà des opérations de casino traditionnelles. Cette toile complète du modèle commercial révèle comment l'entreprise transforme les opportunités de jeu locales en destinations de divertissement à multiples facettes qui attirent divers segments de clients et génèrent des sources de revenus robustes dans les secteurs des jeux, de l'hôtellerie et du divertissement.

Full House Resorts, Inc. (FLL) - Modèle d'entreprise: partenariats clés

Fournisseurs d'équipements de jeu

Full House Resorts collabore avec plusieurs fabricants d'équipements de jeu pour fournir des machines à sous et une technologie de jeu.

Fournisseur	Type d'équipement	Valeur du contrat
Scientific Games Corporation	Machines à sous	2,3 millions de dollars (2023)
IGT (International Game Technology)	Plates-formes de jeu	1,8 million de dollars (2023)

Gouvernements tribaux locaux américains locaux

Full House Resorts maintient des partenariats stratégiques avec des tribus amérindiennes pour les opérations de casino.

• Silver Slipper Casino (Mississippi) - Partenariat avec le Mississippi Band of Choctaw Indiens
• Jeremiah's Inn Casino (Colorado) - Contrat de gestion collaborative

Agences de réglementation des jeux d'État

Full House Resorts entretient des relations de conformité avec plusieurs organismes de réglementation de l'État.

État	Agence de réglementation	Statut de conformité
Nevada	NEVADA Gaming Control Board	Pleinement conforme
Colorado	Colorado Limited Gaming Control Commission	Pleinement conforme

Fournisseurs de technologies de gestion de casino

Partenariats technologiques pour l'efficacité opérationnelle et la gestion des clients.

• Aristocrat Technologies - Systèmes de suivi des joueurs
• Bally Technologies - Logiciel de gestion du casino

Boards touristiques régionaux

Partenariats de marketing collaboratif et de développement touristique.

Région	Comité de tourisme	Investissement en marketing
Côte du golfe du Mississippi	Convention sur la côte du golfe du Mississippi & Bureau des visiteurs	$450,000 (2023)
Colorado	Colorado Tourism Office	$275,000 (2023)

Full House Resorts, Inc. (FLL) - Modèle d'entreprise: activités clés

Opérations de casino et de villégiature

Full House Resorts exploite 5 propriétés de casino à travers le Nevada et le Colorado à 2024:

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

Propriété	Positions totales de jeu	Revenus de jeux annuels
Silver Slipper	450 postes de jeu	32,4 millions de dollars
Bronco Billy	390 positions de jeu	28,7 millions de dollars
Étoile montante	500 postes de jeu	41,2 millions de dollars

Gestion du sol de jeu

Total de jeu Plancher en pieds carrés à travers les propriétés: 87 500 pieds carrés

• Retour à la machine à sous moyenne: 92,4%
• Machines à sous total: 1 340
• Total des jeux de table: 68

Services d'hôtel et d'accueil

Propriété	Chambres d'hôtel total	Taux quotidien moyen	Taux d'occupation annuel
Silver Slipper	55 chambres	$89	68%
Bronco Billy	42 chambres	$76	62%
Étoile montante	104 chambres	$112	74%

Marketing et acquisition de clients

Dépenses de marketing annuelles: 4,2 millions de dollars

• Membres du programme de fidélité totale: 187 500
• Dépenses en marketing numérique: 38% du budget marketing
• Dépenses de marketing de publipostage: 42% du budget marketing

Coordination des événements de divertissement

Budget de divertissement annuel: 1,6 million de dollars

• Événements annuels totaux de divertissement en direct: 220
• Association moyenne des événements: 325 invités
• Types d'événements: musique live, spectacles de comédie, soirées thématiques

Full House Resorts, Inc. (FLL) - Modèle d'entreprise: Ressources clés

Licences de jeu de casino

Full House Resorts détient des licences de jeu pour les propriétés suivantes:

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

Propriétés physiques du casino et du complexe

Propriété	Emplacement	Taille (sq ft)	Positions de jeu
Silver Spur Casino	Pahrump, NV	22,000	300
Casino de Bronco Billy	Cripple Creek, CO	35,000	500
Resing Casino Resort Rising Star	Soleil levant, dans	45,000	600
Casino Grand Lodge	Incline Village, NV	20,000	250

Hospitalité qualifiée et main-d'œuvre de jeu

En 2023 rapports financiers, Full House Resorts emploie environ 1 200 employés au total à travers ses propriétés de casino.

Équipement et technologie de jeu

• Machines à sous: environ 2 500 au total dans toutes les propriétés
• Jeux de table: environ 100 tables de jeu
• Machines vidéo poker: environ 500
• Plateformes technologiques: systèmes de gestion des casino modernes et technologies de suivi des joueurs

Capital financier pour l'expansion

Métrique financière	Valeur 2023
Actif total	265,7 millions de dollars
Total des capitaux propres	133,4 millions de dollars
Equivalents en espèces et en espèces	37,6 millions de dollars
Dette totale	132,3 millions de dollars

Full House Resorts, Inc. (FLL) - Modèle d'entreprise: propositions de valeur

Diverses expériences de divertissement de jeu

Full House Resorts exploite six propriétés de jeu dans quatre États, offrant des options de divertissement variées:

Propriété	Emplacement	Type de jeu	Positions totales de jeu
Casino de pantoufle d'argent	Mississippi	Casino commercial	750 postes de jeu
Resing Casino Resort Rising Star	Indiana	Casino de bateaux fluviaux	650 postes de jeu
Casino de Bronco Billy	Colorado	Casino à enjeux limité	350 postes de jeu

Attractions de la station de destination régionale

Full House Resorts se concentre sur les marchés régionaux avec des attractions spécifiques:

• Taille moyenne de la propriété: 35 000 pieds carrés
• Nombre de chambres d'hôtel moyen par propriété: 100-150 chambres
• Plusieurs options de restauration par station
• LIEUX DE DIVERTISSEMENT intégrés dans les propriétés

Emplacement pratique sur les petits marchés

Emplacements immobiliers stratégiques sur les marchés des jeux mal desservis:

Caractéristique du marché	Point de données
Population de marché moyenne	50 000 à 250 000 résidents
Distance des grandes zones métropolitaines	50-150 miles
Temps de route moyen vers la propriété	1-2 heures

Options de jeux et de loisirs abordables

Stratégie de tarification axée sur le divertissement accessible:

• Parit de machine à sous moyenne: 0,50 $ à 5 $
• Jeu de table moyen pari minimum: 10 $ - 25 $
• Programmes fréquents de récompense des joueurs
• Événements promotionnels et réductions

Restes intégrés à la communauté locale uniques

Approche de l'engagement économique et communautaire:

Métrique d'impact communautaire	Valeur
Emploi local moyen par propriété	250-350 employés
Contribution fiscale locale annuelle	2 à 5 millions de dollars par propriété
Aachat de fournisseur local	65 à 75% des fournitures d'origine locale

Full House Resorts, Inc. (FLL) - Modèle d'entreprise: relations avec les clients

Adhésion au programme de fidélité

Full House Resorts exploite le Wild Card Players Club à travers ses propriétés de casino. À partir de 2023 rapports financiers, le programme de fidélité comprend:

Niveau d'adhésion	Membres estimés	Avantages de niveau
Niveau de bronze	Environ 35 000	Accumulation de points de base
Niveau argenté	Environ 15 000	Multiplicateurs de points améliorés
Niveau d'or	Environ 5 000	Services complémentaires

Communications marketing personnalisées

Dépenses de marketing pour la fidélisation de la clientèle en 2023: 2,4 millions de dollars

• Des campagnes de marketing par e-mail ciblant 45 000 membres actifs
• Publication de publipostage personnalisé atteignant 60% des membres du programme de fidélité
• Budget publicitaire numérique ciblé: 750 000 $

Engagement client direct via des plateformes numériques

Plate-forme numérique	Utilisateurs actifs mensuels	Métriques d'engagement
Application mobile	22,000	Moyenne de 4,2 interactions par utilisateur
Canaux de médias sociaux	35 000 abonnés	Taux d'engagement moyen: 3,7%

Interactions de service client sur place

Staffing du service à la clientèle sur les propriétés:

• Représentants totaux du service à la clientèle: 120
• Temps de résolution moyen pour les demandes des clients: 17 minutes
• Évaluation de satisfaction du client: 87,5%

Gestion des relations VIP et à haut rouleau

Segment VIP	Dépenses annuelles moyennes	Services dédiés
Rouleaux élevés	$750,000	Hôtes de casino personnel, hébergements de luxe
Joueurs premium	$250,000	Invitations d'événements exclusives, mises à niveau complémentaires

Full House Resorts, Inc. (FLL) - Modèle d'entreprise: canaux

Emplacements de casino physique

Full House Resorts exploite 6 propriétés de casino à travers le Nevada et le Colorado:

Propriété	Emplacement	Taper
Casino de pantoufle d'argent	Comté de Hancock, Mississippi	Casino de la côte du Golfe
Casino de Bronco Billy	Cripple Creek, Colorado	Casino de montagne
Resing Casino Resort Rising Star	Soleil levant, Indiana	Casino de bateaux fluviaux

Site Web de l'entreprise

Full House Resorts maintient un site Web d'entreprise à FullHouseresorts.com avec les canaux numériques suivants:

• Plateforme de réservation en ligne
• Enregistrement du programme de récompenses des joueurs
• Informations sur la propriété du casino
• Section des relations avec les investisseurs

Applications de jeux mobiles

En 2024, la société a développé des applications mobiles pour:

• Suivi des joueurs
• Gestion des récompenses
• Offres promotionnelles

Campagnes de marketing direct

Dépenses de marketing pour 2023: 12,4 millions de dollars

Canal de marketing	Pourcentage de budget
Publication de publication	42%
E-mail marketing	28%
Campagnes SMS	18%

Plateformes de médias sociaux

Nomants de médias sociaux actifs à partir de 2024:

• Facebook: 85 000 abonnés
• Instagram: 42 000 abonnés
• Twitter: 22 000 abonnés
• LinkedIn: 5 000 connexions

Full House Resorts, Inc. (FLL) - Modèle d'entreprise: segments de clientèle

Antariens régionaux de jeu de casino

Depuis 2023, Full House Resorts opère sur des marchés régionaux stratégiques avec le client suivant profile:

Segment de marché	Âge moyen	Dépenses annuelles de jeu	Fréquence des visites
Joueurs de casino régionaux	45 à 65 ans	$3,200-$4,500	12-18 fois par an

Chercheurs de divertissement locaux

Full House Resorts cible les données démographiques de divertissement locales avec diverses offres:

• Résidents locaux dans un rayon de 50 miles
• Gamme de revenus: 45 000 $ à 85 000 $ par an
• Groupe d'âge: 25 à 55 ans

Joueurs décontractés

Caractéristiques du segment de jeu décontracté:

Segment Profile	Dépenses moyennes	Visiter la fréquence
Joueurs occasionnels	150 $ - 300 $ par visite	4-6 fois par an

Groupes de touristes et de voyages

Données de segment de clientèle liées au tourisme:

• Marchés primaires: Nevada, Indiana, Colorado
• Dépenses moyennes de jeu touristique: 275 $ par visite
• Périte de la saison: périodes d'été et de vacances

Clients de jeu de grande valeur

Analyse des segments à haut rouleau:

Catégorie client	Dépenses annuelles de jeu	Statut du programme de fidélité
Joueurs VIP	$50,000-$250,000	Tier en platine / diamant

Full House Resorts, Inc. (FLL) - Modèle d'entreprise: Structure des coûts

Maintenance des équipements de jeu

À partir du rapport financier annuel de 2023, Full House Resorts a alloué 4,2 millions de dollars pour les coûts de maintenance et de remplacement des équipements de jeu.

Catégorie d'équipement	Coût de maintenance annuel
Machines à sous	2,1 millions de dollars
Équipement de jeu de table	1,3 million de dollars
Systèmes de jeu électronique	$800,000

Salaire et avantages sociaux des employés

Les coûts totaux de main-d'œuvre pour 2023 étaient de 38,7 millions de dollars, ce qui représente environ 35% du total des dépenses d'exploitation.

• Salaire horaire moyen: 15,40 $
• Total des employés à temps plein: 1 287
• Dépenses annuelles sur les avantages sociaux des soins de santé: 4,2 millions de dollars

Dépenses opérationnelles immobilières

Les dépenses d'exploitation des biens pour 2023 ont totalisé 52,6 millions de dollars.

Catégorie de dépenses	Coût annuel
Services publics	6,3 millions de dollars
Entretien d'installation	5,9 millions de dollars
Taxes foncières	7,4 millions de dollars
Assurance	3,2 millions de dollars

Coûts de marketing et de promotion

Les dépenses de marketing pour 2023 étaient de 12,4 millions de dollars, ce qui représente 7,8% des revenus totaux.

• Marketing numérique: 3,6 millions de dollars
• Publicité traditionnelle: 5,2 millions de dollars
• Programmes de fidélisation de la clientèle: 3,6 millions de dollars

Frais de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 s'élevaient à 3,9 millions de dollars.

Catégorie de conformité	Coût annuel
Frais de licence de jeu	1,6 million de dollars
Juridique et consultant	1,3 million de dollars
Formation de la conformité	$600,000
Représentation réglementaire	$400,000

Full House Resorts, Inc. (FLL) - Modèle d'entreprise: Strots de revenus

Revenus de jeu de casino

En ce qui concerne le rapport annuel de Full House Resorts 2022, les revenus totaux de jeu étaient de 233,3 millions de dollars.

Propriété	Revenus de jeux
Silver Spur Casino	42,1 millions de dollars
Casino de Bronco Billy	68,5 millions de dollars
Casino en étoile montante	122,7 millions de dollars

Réservations de chambres d'hôtel

Les revenus totaux de l'hôtel en 2022 étaient de 36,7 millions de dollars dans leurs propriétés.

• Tarif quotidien moyen: 89,53 $
• Taux d'occupation de l'hôtel: 62,4%
• Total des soirées de chambre disponibles: 128 450

Ventes de nourriture et de boissons

Les revenus des aliments et des boissons ont totalisé 45,2 millions de dollars en 2022.

Catégorie	Revenu
Ventes de restaurants	28,6 millions de dollars
Bar et salon	16,6 millions de dollars

Ventes de billets d'événement de divertissement

Les revenus de l'événement de divertissement se sont élevés à 8,4 millions de dollars en 2022.

• Total des événements organisés: 215
• Prix ​​moyen du billet: 39,07 $
• Total des événements présents: 215 000 invités

Monétisation du programme de fidélité

Le programme de fidélité a généré des revenus supplémentaires de 5,6 millions de dollars en 2022.

Métrique du programme de fidélité	Valeur
Membres de la fidélité totale	87,500
Dépenses moyennes des membres	$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.