Adjusted EBITDA climbed 50% to $34.3m, with net income increasing by 122% to $18.1m. Both the net revenue and Adjusted EBITDA figures were first quarter records, as was the group’s Adjusted EBITDA margin of 31.7%.
Monarch added that casino, food and beverage, and hotel revenues increased by 34%, 61%, and 76% respectively year-on-year.
The company noted that such increases were primarily driven by the ongoing ramp up of operations at its hotel and expanded casino at Monarch Black Hawk.
“Fiscal year 2022 is off to a strong start as we benefited from the full scope of operations at our newly expanded Monarch Black Hawk and the continued growth of market share at both properties,” said Monarch Co-Chairman and CEO John Farahi.
“Our first quarter results also benefited from continued healthy overall macroeconomic trends. The labour market pressure and rising inflation could impact further near-term margins. Our teams continue to manage expenses effectively as we re-invest in our properties and grow our business.
“We believe that our financial results demonstrate our operational excellence and confirm that our investment in Monarch Black Hawk is delivering exceptional returns.”
Farahi also looked to the future, noting: “As we look to the balance of 2022, we intend to build on our strong operating performance in the first quarter, which traditionally is the slowest quarter of the year for us and for our markets.
“We continue to evaluate potential acquisitions where we can fully leverage our development and operating expertise to drive long-term value for our stockholders. Our future remains bright and we look forward to what promises to be an exciting 2022.”
