Full House Resorts owns and operates six regional casinos across five U.S. states, targeting local residents and drive-in visitors seeking slots, table games, and amenities like hotels and restaurants. The business is best understood around three core properties. American Place in Waukegan, Illinois is the only full-service casino in Lake County and the company's largest asset, currently operating in a temporary facility while Full House plans a permanent casino roughly twice the size, targeting ~$100M in EBITDA. Chamonix Casino Hotel and Bronco Billy's in Cripple Creek, Colorado serve the Colorado Springs market; Cripple Creek is one of only three legal commercial gaming jurisdictions in Colorado, giving Chamonix a protected competitive position, and the property is still ramping after completing its phased opening in late 2024. Silver Slipper in Hancock County, Mississippi is a steady cash-generating casino serving the New Orleans and Baton Rouge markets. Smaller assets include Rising Star in Indiana and Grand Lodge in Nevada. Full House also holds sports betting licenses in three states, contracting with outside operators to run branded online wagering platforms in exchange for fees and revenue share. Casino gaming revenue drives the vast majority of profit, with hotel, food and beverage, and entertainment serving mainly to attract and retain gamblers. The cost structure is largely fixed, so incremental revenue flows through at high margins. Full House carries senior secured notes and relies on property-level cash flow to fund debt service and capital investment.