Full House Resorts, Inc. (FLL): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Full House Resorts, Inc. (FLL), uma empresa dinâmica de cassino e hospitalidade que navega magistralmente na complexa paisagem do entretenimento regional de jogos. Ao se posicionar estrategicamente em mercados menores e criar experiências únicas e integradas à comunidade, a FLL desenvolveu um modelo de negócios atraente que vai muito além das operações tradicionais de cassino. Esse modelo abrangente de negócios revela como a empresa transforma oportunidades de jogos locais em destinos de entretenimento multifacetados que atraem diversos segmentos de clientes e geram fluxos de receita robustos nos setores de jogos, hospitalidade e entretenimento.

Full House Resorts, Inc. (FLL) - Modelo de negócios: Parcerias -chave

Fornecedores de equipamentos para jogos

A Full House Resorts colabora com vários fabricantes de equipamentos para jogos para fornecer máquinas caça -níqueis e tecnologia de jogos.

Fornecedor	Tipo de equipamento	Valor do contrato
Corporação de jogos científicos	Máquinas caça -níqueis	US $ 2,3 milhões (2023)
IGT (Tecnologia Internacional de Jogo)	Plataformas de jogos	US $ 1,8 milhão (2023)

Governos tribais nativos americanos locais

O Full House Resorts mantém parcerias estratégicas com tribos nativas americanas para operações de cassino.

• Casino de Silver Slipper (Mississippi) - Parceria com o Mississippi Band of Choctaw Indians
• Jeremiah's Inn Casino (Colorado) - Contrato de Gerenciamento Colaborativo

Agências reguladoras de jogos estaduais

O Full House Resorts mantém as relações de conformidade com vários órgãos regulatórios do estado.

Estado	Agência regulatória	Status de conformidade
Nevada	Placa de controle de jogos de Nevada	Totalmente compatível
Colorado	Comissão de Controle de Jogos Limitados do Colorado	Totalmente compatível

Provedores de tecnologia de gerenciamento de cassinos

Parcerias de tecnologia para eficiência operacional e gerenciamento de convidados.

• Tecnologias Aristocrates - Sistemas de Rastreamento de Jogadores
• Bally Technologies - Software de gerenciamento de cassino

Conselhos de turismo regionais

Parcerias colaborativas de marketing e desenvolvimento de turismo.

Região	Conselho de Turismo	Investimento de marketing
Costa do Golfo do Mississippi	Convenção da Costa do Golfo do Mississippi & Departamento de Visitantes	$450,000 (2023)
Colorado	Escritório de Turismo do Colorado	$275,000 (2023)

Full House Resorts, Inc. (FLL) - Modelo de negócios: Atividades -chave

Operações de cassino e resort

O Full House Resorts opera 5 propriedades de cassino em Nevada e Colorado a partir de 2024:

• Casino e hotel de chinelos de prata (Costa do Golfo do 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)

Propriedade	Posições totais de jogos	Receita anual de jogos
Chinelo prateado	450 posições de jogo	US $ 32,4 milhões
Bronco Billy's	390 posições de jogo	US $ 28,7 milhões
Estrela em ascensão	500 posições de jogo	US $ 41,2 milhões

Gerenciamento de piso de jogo

Mágua quadrada total do piso de jogo através das propriedades: 87.500 pés quadrados

• Máquina de caça-níqueis médias Retorno ao jogador: 92,4%
• Máquinas de caça -níqueis totais: 1.340
• Total Table Games: 68

Serviços de hotel e hospitalidade

Propriedade	Total de quartos de hotel	Taxa média diária	Taxa de ocupação anual
Chinelo prateado	55 quartos	$89	68%
Bronco Billy's	42 quartos	$76	62%
Estrela em ascensão	104 quartos	$112	74%

Marketing e aquisição de clientes

Despesas anuais de marketing: US $ 4,2 milhões

• Membros do Programa de Fidelidade Total: 187.500
• Gastes de marketing digital: 38% do orçamento de marketing
• Gastes de marketing de mala direta: 42% do orçamento de marketing

Coordenação de eventos de entretenimento

Orçamento anual de entretenimento: US $ 1,6 milhão

• Eventos anuais de entretenimento ao vivo anual: 220
• Atendimento médio do evento: 325 convidados
• Tipos de eventos: música ao vivo, shows de comédia, noites temáticas

Full House Resorts, Inc. (FLL) - Modelo de negócios: Recursos -chave

Licenças de jogos de cassino

Full House Resorts detém licenças de jogo para as seguintes propriedades:

• Silver Spur Casino em Pahrump, Nevada
• Casino de Bronco Billy em Cripple Creek, Colorado
• Rising Star Casino Resort em Rising Sun, Indiana
• Grand Lodge Casino no Hyatt Regency Lake Tahoe Resort em Incline Village, Nevada

Propriedades físicas do cassino e resort

Propriedade	Localização	Tamanho (pés quadrados)	Posições de jogo
Cassino de prata	Pahrump, nv	22,000	300
Casino de Bronco Billy	Cripple Creek, co	35,000	500
Resort de cassino em ascensão	Sol ascendente, IN	45,000	600
Grande Loja Casino	Incline Village, NV	20,000	250

Hospitalidade qualificada e força de trabalho de jogos

A partir de 2023 relatórios financeiros, o Full House Resorts emprega aproximadamente 1.200 funcionários totais em suas propriedades de cassino.

Equipamento de jogos e tecnologia

• Máquinas de caça -níqueis: aproximadamente 2.500 no total em todas as propriedades
• Jogos de mesa: cerca de 100 tabelas de jogos
• Máquinas de Video Poker: Aproximadamente 500
• Plataformas de tecnologia: sistemas modernos de gerenciamento de cassinos e tecnologias de rastreamento de jogadores

Capital financeiro para expansão

Métrica financeira	2023 valor
Total de ativos	US $ 265,7 milhões
Patrimônio total	US $ 133,4 milhões
Caixa e equivalentes de dinheiro	US $ 37,6 milhões
Dívida total	US $ 132,3 milhões

Full House Resorts, Inc. (FLL) - Modelo de Negócios: Proposições de Valor

Diversas experiências de entretenimento para jogos

O Full House Resorts opera seis propriedades de jogos em quatro estados, oferecendo opções de entretenimento variadas:

Propriedade	Localização	Tipo de jogo	Posições totais de jogos
Casino de chinelos de prata	Mississippi	Cassino comercial	750 posições de jogo
Resort de cassino em ascensão	Indiana	Cassino do barco	650 posições de jogo
Casino de Bronco Billy	Colorado	Cassino de estacas limitadas	350 posições de jogo

Atrações de resort de destino regional

Full House Resorts se concentra em mercados regionais com atrações específicas:

• Tamanho médio da propriedade: 35.000 pés quadrados
• Contagem média de quartos de hotel por propriedade: 100-150 quartos
• Múltiplas opções de refeições por resort
• Locais de entretenimento integrados nas propriedades

Localização conveniente em mercados menores

Locais de propriedades estratégicas em mercados de jogos carentes:

Característica do mercado	Data Point
População média de mercado	50.000-250.000 residentes
Distância das principais áreas metropolitanas	50-150 milhas
Tempo médio de unidade para a propriedade	1-2 horas

Opções de jogos e lazer acessíveis

Estratégia de preços focada em entretenimento acessível:

• Máquina de caça-níqueis médias BET: $ 0,50- $ 5
• Aposta mínima do jogo de mesa de mesa: $ 10- $ 25
• Programas de recompensa de jogadores frequentes
• Eventos e descontos promocionais

Resorts locais integrados à comunidade local

Abordagem de envolvimento econômico e comunitário:

Métrica de impacto da comunidade	Valor
Emprego local médio por propriedade	250-350 funcionários
Contribuição tributária local anual	US $ 2-5 milhões por propriedade
Compras de fornecedores locais	65-75% dos suprimentos adquiridos localmente

Full House Resorts, Inc. (FLL) - Modelo de Negócios: Relacionamentos do Cliente

Associação do programa de fidelidade

Full House Resorts opera o Wild Card Players Club em suas propriedades de cassino. A partir de 2023 relatórios financeiros, o programa de fidelidade inclui:

Nível de associação	Membros estimados	Benefícios de camada
Camada de bronze	Aproximadamente 35.000	Acumulação de pontos básicos
Camada de prata	Aproximadamente 15.000	Multiplicadores de pontos aprimorados
Nível de ouro	Aproximadamente 5.000	Serviços de cortesia

Comunicações de marketing personalizadas

Despesas de marketing para retenção de clientes em 2023: US $ 2,4 milhões

• Campanhas de marketing por email direcionando 45.000 membros ativos
• Mail de mala direta personalizada atingindo 60% dos membros do programa de fidelidade
• Orçamento de publicidade digital direcionada: US $ 750.000

Engajamento direto do cliente através de plataformas digitais

Plataforma digital	Usuários ativos mensais	Métricas de engajamento
Aplicativo móvel	22,000	Média 4,2 interações por usuário
Canais de mídia social	35.000 seguidores	Taxa de engajamento médio: 3,7%

Interações de atendimento ao cliente no local

Pessoal de atendimento ao cliente em toda a propriedade:

• Representantes totais de atendimento ao cliente: 120
• Tempo médio de resolução para consultas de clientes: 17 minutos
• Classificação de satisfação do cliente: 87,5%

Gerenciamento de relacionamento VIP e de alto jogador

Segmento VIP	Gasto médio anual	Serviços dedicados
Rolos de alto teor	$750,000	Hosts de cassino pessoal, acomodações de luxo
Jogadores premium	$250,000	Convites de eventos exclusivos, atualizações complementares

Full House Resorts, Inc. (FLL) - Modelo de Negócios: Canais

Locais físicos de cassino

O Full House Resorts opera 6 propriedades de cassino em Nevada e Colorado:

Propriedade	Localização	Tipo
Casino de chinelos de prata	Condado de Hancock, Mississippi	Casino da Costa do Golfo
Casino de Bronco Billy	Cripple Creek, Colorado	Casino da montanha
Resort de cassino em ascensão	Sun Rising, Indiana	Cassino do barco

Site da empresa

Full House Resorts mantém um site corporativo em FullHouseRorts.com com os seguintes canais digitais:

• Plataforma de reserva on -line
• Registro do programa de recompensas do jogador
• Informações sobre propriedades do cassino
• Seção de relações com investidores

Aplicativos para jogos móveis

A partir de 2024, a empresa desenvolveu aplicativos móveis para:

• Rastreamento de jogadores
• Gerenciamento de recompensas
• Ofertas promocionais

Campanhas de marketing direto

Despesas de marketing para 2023: US $ 12,4 milhões

Canal de marketing	Porcentagem de orçamento
Mala direta	42%
Marketing por e -mail	28%
Campanhas de SMS	18%

Plataformas de mídia social

Canais ativos de mídia social a partir de 2024:

• Facebook: 85.000 seguidores
• Instagram: 42.000 seguidores
• Twitter: 22.000 seguidores
• LinkedIn: 5.000 conexões

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

Entusiastas regionais de jogos de cassino

A partir de 2023, o Full House Resorts opera em mercados regionais estratégicos com o seguinte cliente profile:

Segmento de mercado	Idade média	Gastos com jogos anuais	Frequência de visitas
Jogadores regionais de cassino	45-65 anos	$3,200-$4,500	12-18 vezes por ano

Buscadores de entretenimento local

Full House Resorts tem como alvo a demografia local de entretenimento com diversas ofertas:

• Residentes locais dentro de um raio de 80 quilômetros
• Faixa de renda: US $ 45.000 a US $ 85.000 anualmente
• Faixa etária: 25-55 anos

Jogadores casuais

Características casuais do segmento de jogo:

Segmento Profile	Gasto médio	Visite frequência
Jogadores ocasionais	US $ 150 a US $ 300 por visita	4-6 vezes por ano

Grupos de turismo e viagens

Dados do segmento de clientes relacionados ao turismo:

• Mercados primários: Nevada, Indiana, Colorado
• Despesas médias de jogos turísticos: US $ 275 por visita
• Temporada de pico: períodos de verão e férias

Clientes de jogos de alto valor

Análise de segmento de alto jogador:

Categoria de cliente	Gastos com jogos anuais	Status do programa de fidelidade
Jogadores VIP	$50,000-$250,000	Camada de platina/diamante

Full House Resorts, Inc. (FLL) - Modelo de negócios: Estrutura de custos

Manutenção de equipamentos para jogos

A partir de 2023, Relatório Financeiro Anual, os resorts full house alocaram US $ 4,2 milhões para os custos de manutenção e substituição de equipamentos para jogos.

Categoria de equipamento	Custo de manutenção anual
Máquinas caça -níqueis	US $ 2,1 milhões
Equipamento de jogo de mesa	US $ 1,3 milhão
Sistemas de jogos eletrônicos	$800,000

Salários e benefícios dos funcionários

Os custos totais de mão -de -obra para 2023 foram de US $ 38,7 milhões, representando aproximadamente 35% do total de despesas operacionais.

• Salário médio por hora: US $ 15,40
• Total de funcionários em tempo integral: 1.287
• Despesas anuais de benefícios de saúde: US $ 4,2 milhões

Despesas operacionais da propriedade

As despesas operacionais da propriedade para 2023 totalizaram US $ 52,6 milhões.

Categoria de despesa	Custo anual
Utilitários	US $ 6,3 milhões
Manutenção da instalação	US $ 5,9 milhões
Impostos sobre a propriedade	US $ 7,4 milhões
Seguro	US $ 3,2 milhões

Custos de marketing e promocional

As despesas de marketing para 2023 foram de US $ 12,4 milhões, representando 7,8% da receita total.

• Marketing Digital: US $ 3,6 milhões
• Publicidade tradicional: US $ 5,2 milhões
• Programas de fidelidade do cliente: US $ 3,6 milhões

Despesas de conformidade regulatória

Os custos de conformidade regulatórios para 2023 totalizaram US $ 3,9 milhões.

Categoria de conformidade	Custo anual
Taxas de licença de jogo	US $ 1,6 milhão
Legal and Consulting	US $ 1,3 milhão
Treinamento de conformidade	$600,000
Relatórios regulatórios	$400,000

Full House Resorts, Inc. (FLL) - Modelo de negócios: fluxos de receita

Receita de jogos de cassino

Até o relatório anual de 2022 da Full House Resorts, as receitas totais de jogos foram de US $ 233,3 milhões.

Propriedade	Receita de jogos
Cassino de prata	US $ 42,1 milhões
Casino de Bronco Billy	US $ 68,5 milhões
Casino das estrelas em ascensão	US $ 122,7 milhões

Reservas de quartos de hotel

A receita total do hotel em 2022 foi de US $ 36,7 milhões em suas propriedades.

• Taxa média média diária: US $ 89,53
• Taxa de ocupação do hotel: 62,4%
• Noites totais disponíveis no quarto: 128.450

Vendas de alimentos e bebidas

As receitas de alimentos e bebidas totalizaram US $ 45,2 milhões em 2022.

Categoria	Receita
Vendas de restaurantes	US $ 28,6 milhões
Bar e lounge	US $ 16,6 milhões

Vendas de ingressos para eventos de entretenimento

As receitas de eventos de entretenimento foram de US $ 8,4 milhões em 2022.

• Total de eventos hospedados: 215
• Preço médio do ingresso: US $ 39,07
• Atendimento total do evento: 215.000 convidados

Monetização do Programa de Fidelidade

O programa de fidelidade gerou receita adicional de US $ 5,6 milhões em 2022.

Métrica do Programa de Fidelidade	Valor
Membros totais de lealdade	87,500
Gasto médio de membros	$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.