Full House Resorts, Inc. (FLL): Business Model Canvas [Dec-2025 Updated]

You're digging into how regional gaming operator Full House Resorts, Inc. is funding its big expansion right now, and frankly, it's a fascinating pivot from standard casino operations. After twenty years watching this space, I see their Business Model Canvas is laser-focused on transforming regional spots into luxury destinations, driven hard by the new Chamonix Casino Hotel and the Waukegan, Illinois American Place ramp-up. Honestly, seeing Q3 2025 gaming revenue hit $32.0 million at the temporary American Place and an Adjusted EBITDA of $14.8 million shows the model is gaining traction, even with total debt hovering near $332.5 million as of Q1 2025. Let's break down exactly how they're balancing those massive capital expenditures against those growing revenue streams below.

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

You're looking at the critical alliances Full House Resorts, Inc. (FLL) relies on to run and grow its properties as of late 2025. These aren't just names on a contract; they represent real revenue streams and development milestones.

The overall consolidated performance in the third quarter of 2025 shows the impact of these operations, with total revenues at $78.0 million and Adjusted EBITDA reaching $14.8 million.

Here's a breakdown of the key partnerships and associated figures:

• WSI US, LLC (Wynn Resorts) for online/mobile sports wagering licenses in Indiana and Colorado. Full House Resorts has utilized all its allowed sports wagering opportunities in both states.
• Celebrity Chef Barry Dakake for fine dining at Chamonix Casino Hotel, which opened on December 27, 2023.
• State and local gaming commissions for operating licenses, such as the Illinois Gaming Board for American Place.
• Construction and design firms for new developments; the permanent American Place facility budget is refined to $302 million.
• Hotel/resort partners like Hyatt (Grand Lodge Casino lease).

The financial contribution from some of these key assets in the recent reporting periods gives you a clearer picture of the partnership value:

Regarding the Grand Lodge Casino lease with the Hyatt affiliate, the agreement was amended in July 2024 to extend the term through December 31, 2034. The original renovation agreement involved a total investment of $5 million, with Full House Resorts committing up to $1.5 million for gaming equipment. The potential purchase price for the hotel and land, based on the original cost of $7.7 million less cumulative principal payments as of June 30, 2024, stood at $2.0 million.

The sports wagering agreements with WSI US, LLC, a Wynn Resorts subsidiary, cover mobile sports wagering in Indiana (linked to Rising Star Casino Resort) and Colorado (linked to Bronco Billy's Casino and Hotel). The Q2 2025 Contracted Sports Wagering segment revenue of $1.7 million was down from $2.9 million in the prior-year period, reflecting an accelerated revenue event that ceased operations.

The Chamonix Casino Hotel, which is expected to be a major revenue driver, saw its management team focus on cost structure improvements in Q2 2025, targeting $4 million in annualized savings. The property contributed $2.1 million to Adjusted EBITDA in Q3 2025.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine driving Full House Resorts, Inc. (FLL) right now-the day-to-day and long-term actions that turn their assets into revenue. Based on their Q3 2025 results, the focus is clearly split between aggressive development and maximizing current operations. Here's the quick math on what they are actively doing.

Developing and constructing new luxury casino resorts (e.g., permanent American Place)

Developing the permanent American Place facility in Waukegan, Illinois, is a major undertaking. While the temporary facility is firing on all cylinders, the permanent structure is the future value driver. You should note the budget refinement and the financing timeline, which is critical for near-term execution.

The budget for the permanent American Place facility has been refined to $302 million. The company expects this new resort to eventually generate $100 million in run-rate Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). Management is targeting to complete the necessary financing by Q1 2026, aiming for an August 2027 opening. To be fair, construction start and financing are currently subject to the outcome of a lawsuit, which could delay the timeline from the original commitment of $500 million.

Operating regional casino gaming floors and table games

Operating the existing portfolio-Midwest & South, West, and Contracted Sports Wagering-is where the immediate cash flow comes from. The temporary American Place casino is the standout performer in this group. It's definitely pulling a lot of weight.

For the third quarter of 2025, Full House Resorts, Inc. reported consolidated revenues of $78.0 million. Adjusted EBITDA for the same period rose 26.1% to $14.8 million. The Midwest & South segment, which houses American Place, generated $58.3 million in revenue, a 7.0% increase year-over-year.

Here's a snapshot of the key operational results from Q3 2025:

Managing hotel, food & beverage, and entertainment offerings

Managing the non-gaming side is essential for driving overall property visitation and spend, even if casino operations are the primary revenue source. The company operates seven casinos across the United States. You can see the mixed results in the Q2 2025 data, where non-gaming revenue segments saw declines while casino operations grew.

• Food & Beverage revenue in Q2 2025 was $9.6 million, a drop of 7.9% year-over-year.
• Hotel revenue in Q2 2025 was $3.7 million, down 0.6% year-over-year.
• The company has separate customer loyalty programs for each property, like the Slipper Rewards Club and American Place's Legacy Rewards.

Marketing and growing the customer loyalty database (over 115,000 at American Place)

Database growth is a direct indicator of marketing effectiveness, especially for the newer properties like American Place, which is still building awareness outside its immediate area. They use loyalty points to defer a portion of gaming revenue based on the retail value of points earned for food, beverages, and rooms.

As of the third quarter of 2025, the American Place database has grown to more than 115,000 people. This follows a report in Q1 2025 where the temporary American Place casino already counted over 100,000 members in its player database. Management is also actively working on improving database marketing at Chamonix.

Securing financing for large capital projects (e.g., American Place permanent facility)

Financing the next phase of growth, specifically the permanent American Place, is a key activity that requires active capital structure management. Management is currently evaluating the most efficient means to finance this, which may involve refinancing most of the company's outstanding debt.

As of December 31, 2024, the debt structure included:

• $450.0 million principal indebtedness outstanding under the Notes.
• $27.0 million outstanding under the revolving credit facility.

The maturity date for the revolving credit facility was extended in March 2025 from March 31, 2026, to January 1, 2027. Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Full House Resorts, Inc. (FLL) relies on to generate revenue and drive growth as of late 2025. These aren't abstract concepts; they are hard assets and regulatory permissions that underpin the entire operation.

Owned and leased physical casino properties across five states represent the foundational infrastructure. As of the third quarter of 2025, the consolidated revenue from this portfolio was $78 million for the quarter, with an Adjusted EBITDA of $14.8 million. Remember, this is post-sale of Stockman's Casino in April 2025.

Here's a quick breakdown of the operational properties that make up the Midwest & South and West segments:

• Silver Slipper Casino and Hotel in Hancock County, Mississippi
• Rising Star Casino Resort in Rising Sun, Indiana
• Bronco Billy's Casino and Hotel in Cripple Creek, Colorado
• Grand Lodge Casino in Incline Village, Nevada
• The temporary American Place Casino in Waukegan, Illinois (operating while permanent is built)

The company operates in at least five states: Illinois, Mississippi, Indiana, Colorado, and Nevada.

New luxury assets: Chamonix Casino Hotel (Cripple Creek, CO) and American Place (Waukegan, IL) are the primary growth engines. Chamonix, fully operational since late 2024, is showing rapid improvement; its Q3 2025 Adjusted property EBITDA reached positive $2.1 million, up from negative $0.7 million in Q3 2024. The American Place temporary facility in Illinois recorded a record monthly gaming revenue of nearly $11 million in March 2025. The permanent American Place is a $400 million complex aiming for an August 2027 delivery deadline.

It helps to see the scale of these two key assets side-by-side:

State-issued gaming and sports wagering licenses are critical non-physical assets. Full House Resorts, Inc. maintains on-site and online sports wagering "skins" across Colorado, Indiana, and Illinois. For Q3 2025, the Contracted Sports Wagering segment generated revenue of $1.6 million and an Adjusted Segment EBITDA of $1.5 million.

The management team expertise in regional gaming development is evidenced by the operational turnarounds and successful project execution, such as the Chamonix ramp-up and the continued growth of the temporary American Place, which saw its revenues increase by 14% to $32 million in Q3 2025. The team also managed to reduce the average number of FTEs (Full-Time Equivalents) at Chamonix by 13%, from 373 in Q1 2025 to 325 in Q3 2025.

The customer database of over 115,000 patrons is a direct measure of market reach and future revenue potential, particularly for the temporary American Place facility. This database recently surpassed 115,000 members as of the third quarter of 2025.

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:

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:

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:

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:

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:

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:

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.