Full House Resorts, Inc. (FLL) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings. Welcome to Full House Resorts third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Adam Campbell, corporate controller. Thank you. You may begin. Thank you. Good afternoon, everyone. Welcome to our third quarter earnings call. As always, before we begin, we remind you that today's conference call may contain forward-looking statements that we're making under the safe harbor provision of federal security laws. I would also like to remind you that the company's actual results could differ materially from the anticipated results in these forward-looking statements. Please see today's press release under the caption forward-looking statements for the discussion of risks that may affect our results. Also, we may make reference to non-GAAP measures such as adjusted EBITDA. For reconciliation of these measures, please see our website, as well as the various press releases that we issue. Lastly, we are also broadcasting this conference call at fullhouseresorts.com, where you can find today's earnings release, as well as all of our SEC filings. That said, we're ready to go, Lewis. Thank you, Adam. We had a very strong quarter. Revenues rose to $78 million from $75.7 million in last year's third quarter. Keep in mind that last year's financials include $1.5 million of revenue from Stockman's, which was sold in April of this year, so revenue growth on an apples-to-apples basis was 5%. Adjusted EBITDA rose 26% to $14.8 million. That number would have been closer to...