Full House Resorts, Inc. · NASDAQ:FLL
Full House Resorts — Investor Presentation (August 2025)
43 slides from Full House Resorts's investor presentation, August 2025
Slide 1: Investor Presentation
August 2025 Investor Presentation
Slide 2: Disclaimer
Disclaimer This presentation contains statements by us and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “i
Slide 3: Disclaimer
Disclaimer Our presentation of non-GAAP Measures may be different from the presentation used by other companies, and therefore, comparability may be limited. While excluded from certain non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been
Slide 4: Full House is a diversified company headquartered in Las Vegas with operations throughout the U.S.
Full House is a diversified company headquartered in Las Vegas with operations throughout the U.S. Slots: 933 Slots: 1,300 Slots: 630 Tables: 43 Tables: 80 (2) Tables: 10 Rooms: -- Rooms: 20 Rooms: 307 Headquarters Slots: 623 Tables: 16 Rooms: 294 Slots: 264 Tables: 9 (1) Rooms: 422 Slots: 769 Table
Slide 5: Strategically located in markets that are underserved with high barriers to entry
Strategically located in markets that are underserved with high barriers to entry (2) Total portfolio Perm Temp Current Pro forma North Lake Market / State Chicagoland, IL Colorado Springs, CO Pontchartrain, LA(3) Cincinnati Metro, IN Lake Tahoe, NV and MS Slots 1,300 | 933 630 769 623 264 3,219 3,5
Slide 6: Full House is focused on two new casinos in underpenetrated markets
Full House is focused on two new casinos in underpenetrated markets American Place is designed to create tremendous value ✓ Desirable license in attractive Lake County / Chicago North Suburbs market ✓ Strategic location with easy accessibility ✓ Temporary casino provides a “running start” with exist
Slide 7: American Place is a top regional gaming opportunity in the U.S.
American Place is a top regional gaming opportunity in the U.S. The Permanent facility will replace the Temporary, which ▪ Located in Lake County, IL, serving Chicago's affluent and densely opened in 2023 populated northern suburbs – Lake County HHI of ~$108k vs $81k US median HHI as of December 202
Slide 8: Closest casino to 1 million people, including 700,000 people in Lake County
Closest casino to 1 million people, including 700,000 people in Lake County Madison LTM Slots / Time to Casino GGR 2 Milwaukee tables(1) AP (min)(2) (mm)(1) AP Temporary 933 / 43 -- $116 AP Permanent(3) 1,300 / 80 -- -- Racine 1 1,512 / 120 40 $507 (4) Wisconsin Kenosha 2 3,000 / 60 60 $430 Beloit 8
Slide 9: Convenient casino to attractive north Chicago suburbs
Convenient casino to attractive north Chicago suburbs Adult Median Distance Town pop. HHI to AP(1) Waukegan 67K $73K -- Round Lake North 25K $57K 4 mi Chicago Waukegan 33k+ AADT Lake Forest 15K $228K 8 mi North Chicago Round Lake 20K $109K 12 mi 126k+ AADT Lake Forest Vernon Hills 20K $121K 13 mi Hi
Slide 10: Easy accessibility, immediately off of major highways with ample parking
Easy accessibility, immediately off of major highways with ample parking ~2 min from HWY 41 to American Place ~2 min from I-94 to American Place 33k+ AADT Permanent facility Temporary facility 28k+ AADT 126k+ AADT I-94 is the primary north / south artery running from Chicago to Milwaukee Major secon
Slide 11: The American Place ground lease
The American Place ground lease Ground lease summary details Landowner ▪ City of Waukegan Start date ▪ February 2023 Term ▪ 99 years Type ▪ Triple net Acreage ▪ 31.7-acre parcel ▪ Greater of $3mm or 2.5% of gross Annual rent gaming revenues (as defined in the lease) ▪ FLL has the right to purchase t
Slide 12: American Place temporary facility continues to deliver strong results
American Place temporary facility continues to deliver strong results Property GGR ramp ▪ GGR has continued to increase, reaching new property records in 2025, ($ in millions) supported by increased customer awareness and new offerings: Monthly GGR LTM GGR Aug-24: Hard Rock Feb-24: AP Rockford perma
Slide 13: Regional casinos GGR and WPD
Regional casinos GGR and WPD LTM GGR Comparison(1) (2) ($ in millions, except for WPD figures) LTM WPD(3): $622 $551 $350 $353 $378 $364 $235 $326 $370 $258 $229 American Place is located between the Rivers and Potawatomi casinos which generate $900mm+ of aggregate annual GGR $507 $444 $430 $260 $16
Slide 14: FLL has multiple levers to drive growth from the Temporary to the Permanent
FLL has multiple levers to drive growth from the Temporary to the Permanent Margin improvement Higher quality amenities ✓ ✓ ✓ ✓ ✓ Expanded program Operating leverage ✓ Extinguishing leases ✓ More time on ($140k / mo.) property ✓ Higher quality customer base ✓ Increase (Stronger visitation demographi
Slide 15: American Place Permanent's significant growth is supported by recent projects
American Place Permanent’s significant growth is supported by recent projects Temporary Permanent Permanent Median HHI final year year 1 GGR Growth Location Opening Project Cost (Country) GGR GGR (%) Date ($mm)(1) ($mm)(2) $147 Rockford, IL Aug-24 $64k $310mm $73 +101% $24 Columbus, NE May-24 $70k $
Slide 16: Substantiated EBITDA projections enable quick deleveraging
Substantiated EBITDA projections enable quick deleveraging American Place RR sensitivities… …validated by comps ($ in millions, except for WPD figures) Comparable Chicagoland WPDs $622 $551 Slots #: 1,300 Table positions: 480 Avg. $432 $378 $364 $353 $326 WPD $325 $375 $425 $475 $525 GGR: $211 $244
Slide 17: Plans for best in-class facilities and significant gaming program
Plans for best in-class facilities and significant gaming program Expected Program Profile Slots: 1,300 Tables: 80 (1) Villas: 20 Restaurants: 3 + Food Hall Entertainment: Repurposed Temporary facility Entrance Arrival monument (1) Master planned for a 20-villa hotel and a larger hotel tower. 16
Slide 18: Expertly designed floorplan with multiple access points
Expertly designed floorplan with multiple access points… 17
Slide 19: ...and high-quality finishing throughout
…and high-quality finishing throughout Fine dining sunroom Restaurant patio Casino bar Inside lobby 18
Slide 20: The American Place Permanent is being constructed by experienced development teams
The American Place Permanent is being constructed by experienced development teams ▪ Specializes in creating extraordinary destinations across advisory, gaming, master planning, architecture, interior design ▪ Gaming projects: Architectural and design services – Bally’s KC – Encore Wynn LV – Red Sea
Slide 21: Efficient budget enhanced by reduced construction risk and tariff insulation
Efficient budget enhanced by reduced construction risk and tariff insulation Remaining construction budget(1) Reduced construction risk… ($ in millions) ▪ Reduced construction risk due to: Budget Amount − Low-rise structure, no parking garage, no site excavation and large land parcel Earthwork and s
Slide 22: Existing Temporary facility provides embedded value and savings
Existing Temporary facility provides embedded value and savings FLL has a ‘running start’ to unlocking $500mm facility Embedded savings vs. ground-up casino ($ in millions) ✓ $75mm in existing infrastructure Amount Initial investment: ✓ Land improvements, including surface parking lots (+) Sprung st
Slide 23: The American Place Permanent has a planned construction timeline of approximately 2 years
The American Place Permanent has a planned construction timeline of approximately 2 years Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Pre-construction Mobilization and setup Utilities Foundations / structural steel / enclosure Interiors Landscaping / roadways Testing Commissioning Completion Current Permanent Note:
Slide 24: Chamonix: New leading offering in Colorado market
Chamonix: New leading offering in Colorado market Development highlights Project summary ▪ Phased development ensured an effective and timely build-out, despite Total cost ▪ ~$250mm spikes in costs related to COVID-19 pandemic Location ▪ Cripple Creek, CO – December 2023: initial opening of Chamonix
Slide 25: Newest luxury offering in attractive Colorado market
Newest luxury offering in attractive Colorado market Valet arrival Gaming floor Pool Hotel lobby 24
Slide 26: Chamonix continues to grow due to an underserved Colorado gaming market
Chamonix continues to grow due to an underserved Colorado gaming market Depicted drive times are ▪ Colorado Springs MSA population has grown 20% from 2010 to 2023, to each city’s respective Fort Collins primary market(2) more than double the overall U.S. population growth for the same period Drive t
Slide 27: Comparable market analysis confirms that Cripple Creek is materially underserved
Comparable market analysis confirms that Cripple Creek is materially underserved Population by regional market Total GGR by regional market(2) (Total population in thousands) ($ in millions) 7,813 $3,270 4,062 4,342 3,733 2,796 $1,292 A 2,220 $927 $1,067 $871 $827 $759 (1) 1,336 988 $184 Cripple Bla
Slide 28: Market growth and capture sensitivities provide support to significant revenue and EBITDA potential
Market growth and capture sensitivities provide support to significant revenue and EBITDA potential Assumptions Chamonix growth sensitivities ($ in millions) ▪ $87mm market growth based on Cripple Creek achieving $284 win per Forecasted Cripple Creek Annual GGR growth $87 capita (U.S. average) Illus
Slide 29: Chamonix continues to ramp revenue organically, growing the overall market
Chamonix continues to ramp revenue organically, growing the overall market Chamonix grew the market while capturing share Property statistics ($ in millions) ($ in millions, except WPD are in actuals) Market share: 13% 25% 26% LTM LTM % 6/30/24 6/30/25 change Capture (1) rate: NA 133% 74% CAGR: Tota
Slide 30: New management team and recent cost saving initiatives will help the property achieve its potential
New management team and recent cost saving initiatives will help the property to achieve its potential Key management changes Cost saving initiatives ▪ Substantial management team changes in ($ in millions, Annualized) recent months: Amount − General Manager Closed buffet (previously operating in me
Slide 31: Silver Slipper offers a unique beachfront casino experience on the Gulf Coast
Silver Slipper offers a unique beachfront casino experience on the Gulf Coast Property highlights ~37,000 sq. ft. 769 / 20 gaming floor slots / tables 129 1st land-based casino on the Mississippi hotel rooms or suites Gulf Coast Property overview Financial performance ($ in millions) LTM 6/30/25 ▪ H
Slide 32: Rising Star offers a full-service resort experience in its riverfront location
Rising Star offers a full-service resort experience in its riverfront location Property highlights ~40,000 sq. ft. 623 / 16 riverboat gaming space slots / tables 294 ~31,500 sq. ft. hotel rooms or suites meeting and convention space Property overview Financial performance ($ in millions) LTM 6/30/25
Slide 33: Grand Lodge offers premier gaming within an elegant alpine lodge atmosphere
Grand Lodge offers premier gaming within an elegant alpine lodge atmosphere on Tahoe’s North Shore Property highlights ~20,000 sq. ft. 264 / 9 gaming floor slots / tables (1) (2) 422 4 hotel rooms or suites F&B venues Property overview Financial performance ($ in millions) LTM 6/30/25 ▪ Luxury lodge
Slide 34: Wholly-owned real estate underpins massive value
Wholly-owned real estate underpins massive value ✓ Full House controls its real estate portfolio(1) ✓ The opening of American Place Permanent facility and stabilization of Chamonix will create land value in healthy real estate markets ✓ $750mm aggregate capital investment across Colorado and Illinoi
Slide 35: Management team
Management team Dan Lee Lewis Fanger Alex Stolyar CEO President, CFO & Treasurer SVP & CDO ▪ Joined FLL in November 2014 ▪ Joined FLL in January 2015 ▪ Joined FLL in May 2015 ▪ Chairman & CEO of Pinnacle ▪ VP of Investor Relations and ▪ Managing Director at Union Gaming Entertainment from 2002 – 200
Slide 36: New operating management will continue to deliver on growth and cost efficiency initiatives
New operating management will continue to deliver on growth and cost efficiency initiatives across properties Brandon Lenssen Joshua Le Duff Jeff Michie General Manager, Chamonix Chief Marketing Officer General Manager, Rising Star ▪ Joined FLL in March 2025 ▪ Joined FLL in May 2025 ▪ Joined FLL in
Slide 37: Proven development team led by veteran CEO
Proven development team led by veteran CEO After 26 years of development experience, Dan Lee has completed 12+ projects, totaling ~$6 billion ✓ 14,500+ total rooms built and 22,000+ positions ✓ Development experience across 7 states, as well as international experience Major accomplishments and sign
Slide 38: Historical performance
Historical performance Key highlights ✓ Total 1H 2025 revenue up 3.9% YoY ✓ LTM total revenue up 8.2% YoY and a Company high at $298mm Continued growth at Chamonix and ✓ American Place sets new highs with total quarterly property revenue and EBITDA the American Place Temporary ✓ New management team
Slide 39: Reconciliation to net income
Reconciliation to net income 38
Slide 40: Reconciliation to operating income
Reconciliation to operating income 39
Slide 41: Reconciliation to operating income (cont'd)
Reconciliation to operating income (cont’d) 40
Slide 42: American Place and Chamonix fly through videos
American Place and Chamonix fly through videos American Place fly through: Link Chamonix fly through: Link Note: American Place fly through (https://www.youtube.com/watch?v=-hz2Gj2mFg0). Chamonix fly through (https://www.youtube.com/watch?v=HQwkxWH30qU). 41
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