Adjusted EBITDA showed a 95% increase from $20.6m for Q3 2020 to $40.2m for Q3 2021 and net income increased by almost 108% (to $22.3m for Q3 2021 compared to $10.7m for the same period 2020).
John Farahi, Co-Chairman and CEO of Monarch, commented: “Monarch again delivered record financial results as our third quarter benefited from the strong ongoing pandemic recovery, economic and population growth in Denver and Reno, and the notable impact of the removal of betting limits in Colorado. Our focus on operational excellence and market-leading amenities has enabled us to leverage these tailwinds and drive consistent growth.
"Labour shortages and wage pressure, as well as supply chain constraints and price inflation, remain headwinds. Atlantis operation in Reno was impacted by unhealthy air quality from the California fires and Nevada’s decision to reinstate indoor mask mandates.”
The report showed 71% casino and 162% hotel revenue growth year-on-year. The revenue rise was driven by the ongoing ramp up in business at the company’s hotel, and the expanded casino in Black Hawk.
Farahi added: “With the Monarch Black Hawk construction project nearing completion, we are evaluating acquisition opportunities where we can fully leverage our development expertise and operational excellence. The company has the discipline and balance sheet to continue to deploy capital in a manner that consistently builds shareholder value.”
