Monarch Casino & Resort Reports 20% Q3 Net Revenue Year-on-Year Increase
Monarch Casino & Resort reported $133.7m in Q3 net revenue, a 20% year-on-year increase, and Monarch’s adjusted EBITDA rose 28%, going from $40.3m to $51.7m with a new quarterly record set.
Monarch’s net income increased as well — 23% up year-on-year — and was $27.5m, while on a nine-month basis, the company has posted double-digit growth likewise.
The nine-month period ended 30 September showed $357.3m of net revenue, which was up 26%; meanwhile, adjusted EBITDA has grown by 28% to $125.5m and net income increased by 34% to $65m.
Broken down, Monarch’s casino and hotel revenue rose by 20 percent, and food and beverage experienced a 21 percent revenue growth.
Monarch’s Co-Chairman and CEO John Farahi explained that the improvement of the financial performance was due to the ongoing “ramp-up” of the company’s Black Hawk property, complemented by Monarch’s Atlantis venue’s solid performance in Reno.
Farahi also noted that over the last year, with the completion of the Monarch Black Hawk expansion, they had continued to fine-tune all aspects of their business and were operating more efficiently and effectively than ever before.
It is worth noting that the costs related to ongoing litigation with the Black Hawk general contractor, PCL Construction Services, caused a negative impact on Monarch’s Q3 net income of $2.8m. Considering the nine-month basis, the impact was $6.5m.
Through its subsidiaries, Monarch Casino & Resort Inc. owns and operates the Monarch Casino Resort Spa in Black Hawk, Colorado, and the Atlantis Casino Resort Spa in Reno, Nevada. Monarch is dedicated to delivering the ultimate guest experience by providing exceptional services and the latest gaming, hospitality, and dining amenities.
In other news, Louisiana floating casino will be relocated to land.
