FULL HOUSE RESORTS Business Summary

Full House Resorts Inc (FLL) operates as a developer and manager of regional gaming and hospitality facilities, generating revenue primarily through casino gaming (slots and table games), hotel stays, food and beverage services, and contracted sports wagering skins. The company’s operations are divided into three reportable segments: Midwest & South, which includes its flagship American Place (Illinois), Silver Slipper (Mississippi), and Rising Star (Indiana); West, featuring the Chamonix Casino Hotel and Bronco Billy’s (Colorado) and the Grand Lodge Casino (Nevada); and Contracted Sports Wagering, which leverages its gaming licenses for online and on-site betting partnerships. Following the 2025 sale of Stockman’s Casino and the full-scale launch of the luxury Chamonix property, the company has pivoted toward high-end regional destinations. It competes directly with regional operators such as Century Casinos, Monarch Casino & Resort, and Golden Entertainment, positioning itself as a growth-oriented mid-market player that specializes in niche, high-quality developments rather than the massive scale of Tier-1 operators like Caesars Entertainment. Originally incorporated in 1987, the company’s modern trajectory is defined by a leadership team that took control in 2014 to execute a strategic turnaround. Chief Executive Officer Daniel R. Lee brings a high-profile pedigree as the former CFO of Mirage Resorts and CEO of Pinnacle Entertainment. He is supported by Lewis Fanger, who was promoted to President in July 2025 while retaining his roles as CFO and Treasurer, drawing on his previous experience as a VP at Wynn Resorts. The executive suite also includes Alex J. Stolyar (SVP and Chief Development Officer), formerly of Penn National Gaming, and Joshua Le Duff (SVP and Chief Marketing Officer), who joined in 2025 from Pala Casino. The company is overseen by a board led by Chairman Dr. Carl G. Braunlich and maintains a shareholder base featuring notable institutional investors such as Private Management Group, Catawba River Capital, and Vanguard.