Full House Resorts Inc (NASDAQ: FLL)

Full House Resorts Inc owns, leases, operates, develops, manages, and invests in casinos and related hospitality and entertainment facilities. The company has a presence in several states, including Nevada, Colorado, Illinois, Indiana, and Mississippi. Full House Resorts operates six casinos, five of which are located on properties owned or leased by the company, while one is situated within a hotel owned by a third party. Additionally, the company benefits from two active sports wagering websites, known as skins, in Indiana and Illinois.

The company generates revenue through its casino operations, which include gaming, hospitality, and entertainment services. Primary products and services offered by Full House Resorts include casino gaming, hotel accommodations, food and beverage outlets, sports wagering, and various amenities such as spas, golf courses, and convention facilities. The customer base consists of both local residents and tourists, with a focus on attracting repeat visitors through customer loyalty programs and specialized marketing campaigns.

• Midwest & South: This segment includes the American Place Casino located in Waukegan, Illinois, a northern suburb of Chicago. The property features a large casino floor, multiple dining options, and customized Airstream trailers for beverages and quick meals. The company is currently designing a permanent facility adjacent to the temporary location. The Silver Slipper Casino and Hotel is situated in Hancock County, Mississippi, near New Orleans. It offers a modern casino, hotel rooms, an on-site sportsbook, and various dining and entertainment options. The Rising Star Casino Resort is located in Rising Sun, Indiana, near Cincinnati, and includes a riverboat-based casino, a land-based pavilion, a hotel, a golf course, and multiple dining outlets. The property also operates a ferry service connecting to Kentucky.

• West: This segment comprises the Chamonix Casino Hotel and Bronco Billy’s Casino, both located in Cripple Creek, Colorado. These integrated properties offer two casinos, luxury guest rooms, dining outlets, a parking garage, a rooftop pool, and convention facilities. The Grand Lodge Casino is leased and part of the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. It includes approximately 20,990 square feet of leased space and caters to both locals and tourists visiting the Lake Tahoe area.

• Contracted Sports Wagering: This segment involves the operation of sports wagering websites, or skins, in various states. As of December 31, 2025, the company had three idle sports wagering websites in Colorado, one active and two idle skins in Indiana, and one active skin in Illinois. The company historically contracts with outside companies to operate these skins under their own brands in exchange for a percentage of revenues.

Full House Resorts operates in a highly competitive industry, facing competition from traditional commercial casinos, tribal lands, state-sponsored lotteries, and internet gaming services. The company's competitive advantages include strategic locations, high-quality facilities, and a focus on customer service and loyalty programs. American Place competes against existing casinos and tribal casinos in the northern suburbs of Chicago. Silver Slipper faces competition from riverboat and land-based casinos in Louisiana and Mississippi. Chamonix and Bronco Billy’s are positioned as high-quality casinos in Cripple Creek, Colorado, competing with other gaming facilities in the area. Rising Star Casino Resort competes with casinos in Indiana, Ohio, and Kentucky, as well as slot parlors associated with racetracks. Grand Lodge competes with other casinos in the North Lake Tahoe area and Reno, as well as Native American casinos in California.

The company's customer base includes nearby residents with high potential for repeat visits, as well as drive-in tourist patrons. Full House Resorts focuses on providing customers with their favorite games and amenities, high-quality customer service, and appropriate customer loyalty programs to increase revenues. The company's properties operate 24 hours a day, 365 days a year, catering to a diverse range of customers seeking gaming and entertainment experiences.