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Full House Resorts Inc(FLL)

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EXPLORE ADVISORIES AND THEIR HISTORY
QUALITY SIGNAL
1-STAR RATING
PASS
LAST CLOSE
$1.26
10/07/2026
(24-hour delay)

Advisory History & Simulated Performance *

*as per simulation (see disclosures)
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Upturn Stock price based on last close iconStock price based on last close
Simulated performance—not actual client returns. Results depend on calculation assumptions and do not guarantee future outcomes. See Disclosures for methodology, assumptions, and limitations.

Advisory Performance History (Simulated)Advisory Performance History info

Simulated performance—not actual client returns. Results depend on calculation assumptions and do not guarantee future outcomes. See Disclosures for methodology, assumptions, and limitations.

Upturn Advisory & Investor View for FLL

10/07/2026: FLL (1-star) is currently NOT-A-BUY. Pass it for now.

Full House Resorts is a US-listed regional casino operator focused on developing and managing properties in niche markets across the country. The company’s primary growth story centers on the development of its American Place facility in Illinois, which serves as a major strategic asset to drive future revenue. While the company has shown success in project execution, investors should be mindful of elevated leverage and the significant execution risks inherent in large construction projects. It may best suit investors looking for targeted, higher-risk exposure to regional gaming. Key developments to monitor include the progress of the permanent Waukegan facility and the company's ability to deleverage while maintaining operational profitability.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorMixed fitGrowth is driven by specific development projects which carry execution risks.
Momentum investorWeak fitStock performance is highly sensitive to development milestones and market sentiment.
Value investorMixed fitValuation depends on future earnings potential post-development rather than current assets.
Dividend investorWeak fitThe company does not pay a dividend and prioritizes capital reinvestment.
Low-risk investorWeak fitHigh leverage and regional market concentration result in elevated volatility.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityHighThe stock is susceptible to large swings based on development news and broader gaming sector sentiment.
Valuation riskMedium / highValuation is sensitive to the success of current projects which have long payback periods.
Competition risk (Regional Gaming)HighNew casino openings and regional market expansion by larger competitors can directly erode FLL's market share.
Business qualityMediumThe company operates quality niche assets, but lacks the scale and diversification of national giants.
Dividend incomeLow / noneCapital is allocated to growth rather than distributions to shareholders.
Execution riskHighSignificant capital is tied up in development projects where delays or cost overruns can severely impact financial health.

Price Behavior

Downtrend
PRICE PATH

Downtrend

The stock has experienced a sustained decline in price over recent periods.

Choppy
PRICE STABILITY

Choppy

The stock has experienced frequent reversals and pronounced short-term price swings.

Analysis of Past Performance

Type Stock
Historic Profit -67.25%
Avg. Invested days 18
Today’s Advisory PASS
Upturn Advisory Rating upturn star rating icon
Upturn Advisory Performance Upturn Advisory Performance icon 1.0
Stock Returns Performance Upturn Returns Performance icon 1.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 10/07/2026

Upturn Scorecard

Upturn Star Rating

★★★★★
FLL receives a 3-star rating based on the available scored pillars. The rating is constrained by weak unit economics, and weak price momentum.

Company Fundamentals

★★★★★
FLL has moderate overall fundamentals (3 stars), with moderate financial health, moderate growth momentum, and solid ownership. In FY2025 versus FY2024, moderate earnings growth (+1.2%) is partially offset by weak cash generation (FCF margin -0.9%), moderate revenue growth (+3.5%), weak profitability (net margin -13.3%).

Financial Health Rating

★★★★★
FLL's financial health is supported by moderate efficiency, including operating-expense and cost-of-revenue discipline (opex 36.3% of revenue). Profitability is soft (2 stars), which helps explain the 3-star overall score.

Growth Momentum Score

★★★★★
Free-cash-flow growth is FLL's strongest growth driver at +93.1% FY2025 versus FY2024 (strong, 5 stars). By comparison, while revenue growth (+3.5%, moderate) and earnings growth (+1.2%, moderate) hold the profile back, so recent growth is not broad-based across the business.

Ownership

★★★★★
Institutional ownership is 39.7% and approximately 88.6% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership of 8.20% supports management-shareholder alignment.

Top 5 Institutional Investors

Private Management Group Inc 4.76%
Vanguard Capital Management, LLC 3.85%
R.P. Boggs & Co 3.77%
White Pine Capital LLC 2.32%
CastleKnight Management LP 2.14%

Unit Economics (Per $1K Revenue)

★★★★★
FLL generates approximately $375 of gross profit, $13 of operating income, and $-9 of free cash flow for every $1,000 of revenue. Based on FY2025 results. Negative free cash flow explains the 1-star rating, with weak cash conversion and weak capital efficiency.

Economic Dimensions

★★★★★
Effective Tax Rate: -1.34% (Tax Credit)

Quantitative Style Profile

★★★★★
FLL has a liquid profile. Weak momentum is the primary drawback, while elevated volatility.

Style Classification

Quality Focused

Value-OrientedHigh VolatilitySmall / Mid Cap RiskHighly Liquid / Institution-Friendly

Key Highlights

Company Size Small-Cap Stock
Market Capitalization 49.84M USD
Price to earnings Ratio -
1Y Target Price 3.12
Price to earnings Ratio -
1Y Target Price 3.12
Volume (30-day avg) 187.0K shares
Beta 1.41
52 Weeks Range 1.25 - 3.37
Updated Date 10/06/2026
52 Weeks Range 1.25 - 3.37
Updated Date 10/06/2026
Dividends yield (FY) -
Basic EPS (TTM) -1.02

How Company Makes Money

Business areaWhat it includesRetail investor read
Gaming OperationsSlot machine and table game revenue across various properties.Most revenue comes from people playing games at their physical casinos.
Hospitality and Food & BeverageHotel room revenue, dining, and amenities.The company earns secondary income from hotel guests and restaurant visitors.

Analyzing Revenue: Products, Geography and Growth

Revenue by Products

Product revenue - Year on Year

Revenue by Geography

Geography revenue - Year on Year

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Valuation

Trailing PE -
Forward PE 125
Enterprise Value 558.41M
Price to Sales(TTM) 0.16
Enterprise Value 558.41M
Price to Sales(TTM) 0.16
Enterprise Value to Revenue 1.83
Enterprise Value to EBITDA 11.95
Shares Outstanding 36.64M
Shares Floating 32.47M
Shares Outstanding 36.64M
Shares Floating 32.47M
Percent Insiders 8.2
Percent Institutions 39.67

Icon representing Upturn AI-generated SWOT analysis summary Upturn AI Summary

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Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About Full House Resorts Inc

Exchange NASDAQ
Headquarters Las Vegas, NV, United States
IPO Launch date 1993-08-10
CEO -
Sector Consumer Cyclical
Industry Resorts & Casinos
Full time employees 1573
Full time employees 1573

Full House Resorts, Inc. owns, leases, develops, manages, operates, and/or invests in casinos, and related hospitality and entertainment facilities in the United States. Our properties include American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Chamonix Casino Hotel and Bronco Billy's Casino in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe in Incline Village, Nevada. Full House Resorts, Inc. was founded in 1987 and is based in Las Vegas, Nevada.

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