Monarch Casino & Resort reports $115.3m in Q2 revenue
Monarch Casino & Resort produced $115.3m in net revenue for Q2, an 18% increase driven primarily by a continued “ramp-up of operations” at its Black Hawk property in Colorado.
However, ongoing litigation with the Black Hawk general contractor saw Monarch’s net income negatively impacted by legal and consultant costs to the tune of $2.4m.
This diminished the company’s potential Q2 earnings, though it nevertheless reported a 7.1% increase in net income, which rose to $19.4m from $18.1m.
Monarch’s adjusted EBITDA also experienced healthy growth, climbing from $35m to $39.5m for an approximately 12% increase.
In fact, the company’s net revenue and adjusted EBITDA figures constitute second quarter records, at least according to Monarch’s Co-Chairman and CEO John Farahi.
“Monarch’s solid second quarter results reflect our strong market position in both Reno and Black Hawk,” he said.
“Our quarterly financial results benefited from the continued successful ramp-up of our recently expanded and enhanced Black Hawk property as well as our team’s ability to efficiently manage the business in an ever-changing operating environment.”
Broken down, Monarch’s casino revenue rose by almost 11% for Q2, while its food and beverage segment experienced a nearly 29% revenue increase.
But the company’s hotel business reported the largest growth, with revenue rising by 31% year-on-year.
“Our ability to nimbly manage and invest in our properties, while maintaining a pristine balance sheet, has positioned us well for the second half of the year,” Farahi added.
He concluded: “Our favourable balance sheet positions Monarch to continue to evaluate potential acquisitions to drive long-term value for our stockholders.”
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