Full House Resorts : Investor Update - August 2025

August 2025

Investor Presentation

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 and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, our non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, and other items both in our reconciliations to the historical GAAP financial measures and in our condensed consolidated financial statements, all of which should be considered when evaluating our performance.

Our non-GAAP Measures are to be used in addition to, and in conjunction with, results presented in accordance with GAAP. These non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. These non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on any single financial measure.

Adjusted Segment EBITDA. We utilize Adjusted Segment EBITDA as the measure of segment profitability in assessing performance and allocating resources at the reportable segment level. Adjusted Segment EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, certain impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment.

Adjusted Property EBITDA. Adjusted Property EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset sales and disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each property.

Adjusted EBITDA. We also utilize Adjusted EBITDA, which is defined as Adjusted Segment EBITDA, net of corporate-related costs and expenses. Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, we believe this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity. We utilize this metric or measure internally to focus management on year-over-year changes in core operating performance, which we consider our ordinary, ongoing and customary operations, and which we believe is useful information to investors. Accordingly, management excludes certain items when analyzing core operating performance, such as the items mentioned above, that management believes are not reflective of ordinary, ongoing and customary operations.

2

Disclaimer

Slots:	1,300
Tables:	80
Rooms:	20

		Slots:	933
Slots:	630	Tables:	43
Tables:	10	Rooms:	--
Rooms:	307

(2)

Slots: 264 Tables: 9 Rooms: 422 (1) Headquarters Slots: 623 Tables: 16 Rooms: 294

Slots:	769
Tables:	20
Rooms:	129

Full House owns or controls the land of all operations, except Grand Lodge Casino

Source: Company filings.

Note: (1)

(2)

The temporary American Place facility will be replaced by the permanent American Place facility upon its opening. Represents / includes number of rooms at the Hyatt Lake Tahoe, which is not owned or operated by Full House Resorts. Master planned for a 20-villa hotel and a larger hotel tower.

3

Full House is a diversified company headquartered in

Las Vegas with operations throughout the U.S.

	Perm Temp	(2)
					Total portfolio Current Pro forma
Market / State	Chicagoland, IL	Colorado Springs, CO	North Lake Pontchartrain, LA(3) Cincinnati Metro, IN and MS	Lake Tahoe, NV
Slots	1,300 | 933	630	769 623	264	3,219	3,586
Tables	80 | 43	10	20 16	9	98	135
Rooms	20 VIP Villas(1) | None	307	129 294	422(4)	1,152	1,172
Highlights	High regional gaming opportunity in the U.S	Newest offering in growing CO market	Strong offering in a Pursuing license populous market relocation with high spend	Low risk, high upside in a unique market
Underserved Market			~	
			 	
Barriers to entry	All permitted licenses in use	Commercial gaming limited to three Colorado locations Difficult to assemble comparable site	MS: limited  All permitted opportunity licenses in use LA: limited number of casino licenses; relocation attempt was rejected in 2021	North Tahoe zoning
	Both properties continue to ramp

Source: Company filings.

(1)

(2)

(3)

(4)

Master planned for a 20-villa hotel and a larger hotel tower.

Represents Bronco Billy's Casino / Chamonix Casino Hotel which are two integrated and adjoining casinos, operated by FLL management team as a single entity. Silver Slipper is located in Hancock County, MS, and is easily accessible from the northern suburbs of New Orleans, LA.

Represents / includes number of rooms at the Hyatt Lake Tahoe, which is not owned or operated by Full House Resorts.

4

Strategically located in markets that are underserved with

high barriers to entry