FLL — what changed in the latest 10-Q
A section-by-section comparison of FLL's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-07 vs the prior 10-Q · 2025-11-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +15 | −19 | ~23 | 32 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | Some risk factors updated | +3 | −1 | 0 | 0 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3)
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-07
Progress Toward Construction of the Permanent American Place Facility. In September 2025, the Waukegan City Council unanimously approved our revised site plans. In April 2026, the City of Waukegan approved our earthmoving and foundation drawings. With these drawings, we intend to soon begin construc…
Revenues. Consolidated total revenues declined by 0.8% (or $0.6 million) for the three months ended March 31, 2026, compared to the prior-year period, reflecting growth at American Place Casino and Rising Star Casino Resort, offset by the sale of Stockman’s Casino in April 2025 and the termination o…
Operating Expenses. Consolidated operating expenses declined by 3.0% (or $2.2 million) for the three months ended March 31, 2026, compared to the prior-year period, which included operating costs to run Stockman’s. Additionally, declines in selling, general and administrative expenses for the curren…
Net interest expense for the three months ended March 31, 2026 remained relatively flat at $10.4 million, compared to $10.3 million in the prior-year period. During the current quarter, there was less capitalized interest to offset interest expense, as Chamonix’s parking lot resurfacing projects wer…
We do not expect to pay any federal income taxes or receive any federal tax refunds related to our 2026 results, as we anticipate an overall taxable loss for the period. We continue to evaluate, on a quarterly basis, the ability to realize our deferred tax assets and the need for a valuation allowan…
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Stockman’s Sale. On August 28, 2024, we entered into an agreement to sell the operating assets of Stockman’s for aggregate cash consideration of $9.2 million, plus certain working capital adjustments at closing. The asset sale was completed in two phases: the sale of Stockman’s real property for $7.…
Extension of Contracted Sports Wagering Agreement in Indiana. In January 2025, we received notice that our contracted sports betting operator in Colorado and Indiana was discontinuing its operations in those states, to be effective in June 2025 and December 2025, respectively. In July 2025, such ope…
Revenues. Consolidated total revenues improved by 3.0% (or $2.3 million) and 3.6% (or $7.9 million) for the three and nine months ended September 30, 2025, compared to the prior-year periods, due to the continued ramp-up of operations at our two newest properties, American Place and Chamonix. The sa…
Operating Expenses. Consolidated operating expenses rose by 1.7% (or $1.3 million) for the three months ended September 30, 2025 as compared to the prior-year period, which benefited from the $2.0 million gain on the sale of Stockman’s real property in September 2024. Excluding the impact of such co…
For the nine months ended September 30, 2025, consolidated operating expenses rose by 3.7% (or $7.9 million), primarily due to the ramp-up of operations mentioned above at American Place and Chamonix, which resulted in increased casino and selling, general and administrative expenses. At American Pl…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-05-07
In addition to the risk factors previously disclosed under Part I, Item 1A “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2025, the following risk factor updates were identified:
There is no assurance that any growth projects will not be subject to additional regulatory restrictions, delays, or challenges.
We are still developing our plans related to the permanent facility for American Place. Such plans will be subject to regulatory approval. While Illinois regulations allow us to operate the temporary American Place facility until August 2027, the design and construction of the permanent American Pla…
Text removed vs the prior filing · source: 10-Q · 2025-11-06
There were no material changes from the risk factors set forth under Part I, Item 1A “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2024.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice