BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) |
6 Months Ended |
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Jun. 30, 2026 | |
| BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |
| Basis of Presentation and Significant Accounting Policies |
Basis of Presentation and Significant Accounting Policies. As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company’s 2025 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”) as they contain descriptions of its significant accounting policies. Certain amounts in the condensed consolidated financial statements for the prior year have been reclassified to be consistent with the current year presentation, which changes had no effect on the previously reported results of operations or financial position. The interim condensed consolidated financial statements of the Company included herein reflect all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of annualized results for an entire year. The condensed consolidated financial statements include the accounts of Full House and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
| Revenue Recognition: Non-Gaming Revenues |
Revenue Recognition: Non-Gaming Revenues. “Other operations, including contracted sports wagering” within revenues on the Statements of Operations includes proceeds from the sale of gaming tax credits in the State of Indiana in the amount of $2.1 million for each of the six months ended June 30, 2026 and 2025. |
| Stock-based Compensation |
Stock-based Compensation. Estimated compensation costs for performance-based stock reflect meeting certain growth-rate targets and may be subject to partial or full reversals in the current or following year if not completely met at year-end. In the first quarter of 2026, the Company’s compensation committee determined that certain performance criteria for 2025 were only partially satisfied. As a result, stock-based compensation costs of $0.3 million that were previously recognized in 2025 were reversed, compared to a larger reversal of $0.8 million in the prior-year period. Stock-based compensation was $0.6 million for each of the three months ended June 30, 2026 and 2025. For the six months ended June 30, 2026, stock-based compensation was $0.8 million, compared to $0.4 million in the prior-year period, primarily due to the larger reversal in early 2025, as described above. |
| Supplier Finance Programs: Short-Term Insurance Financing |
Short-Term Insurance Financing. As part of our annual insurance renewals, our insurance broker typically offers several options for the payment of our various insurance premiums. These options include one payment to each of several insurance carriers, which fully prepays the following 12 months of service; monthly or quarterly installments paid directly to each of our various insurance carriers; and the use of a financial intermediary, which makes one payment directly to the various insurance carriers and is then repaid by us via periodic payments. Due primarily to the ease of making payments to a single entity versus multiple payments to several insurance carriers, we chose the latter method for our insurance renewals in 2025 and 2026. In May 2026, the Company entered into an agreement to finance a portion of the premium for certain insurance policies for the annual period through May 2027 on an unsecured basis. The agreement provides for financing of approximately $7.9 million of the premium, which financing will be repaid in 11 equal monthly installments of approximately $736,000 each through April 2027 and accrued interest at 4.39%. In May 2025, the Company entered into an agreement to finance a portion of the premium for certain insurance policies for the annual period through May 2026 on an unsecured basis. The agreement provided for financing of approximately $8.2 million of the premium, which financing was repaid in 11 equal monthly installments of approximately $768,000 each through April 2026 and accrued interest at 5.50%. At June 30, 2026 and December 31, 2025, the outstanding payment obligations under these arrangements, included within “Other accrued liabilities” on the condensed consolidated balance sheets, were $7.4 million and $3.0 million, respectively. There were no outstanding payment obligations under these programs included in short-term debt or current maturities of long-term debt on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. |
| Accounting Pronouncements |
Accounting Pronouncements: ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, Subtopic 220-40, Disaggregation of Income Statement Expenses (“Update 2024-03”). In November 2024, the FASB issued Update 2024-03, which expands disclosures about specific expense categories presented on the face of the income statement. Update 2024-03 is effective for financial statements issued for annual periods beginning after December 15, 2026, with early adoption permitted. The Company is evaluating the impact of the adoption of Update 2024-03 to the consolidated financial statements. ASU 2025-11, Interim Reporting, Topic 270, (“Update 2025-11”). In December 2025, the FASB issued Update 2025-11, which is intended to improve the navigability of the guidance in Accounting Standards Codification 270 (“ASC 270”) and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” Update 2025-11 also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity. Update 2025-11 will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods, on a prospective or retrospective basis, with early adoption permitted. The Company is evaluating the impact of the adoption of Update 2025-11 to the consolidated financial statements, noting the amendments relate to disclosures only. A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, the Company believes that there are no other recently-issued accounting standards not yet effective that are currently likely to have a material impact on its financial statements.
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