This top-line growth trickled down, leading to improved financial results across the board. Monarch’s adjusted EBITDA experienced a 28% rise, going from $40.3m to $51.7m and setting a new quarterly record.
Similarly, Monarch’s net income increased to $27.5m, up 23% year-on-year. Meanwhile, on a nine-month basis, the company has likewise posted double-digit growth.
Net revenue for the nine-month period ended 30 September was $357.3m, up 26%. Adjusted EBITDA, meanwhile, has grown by 28% to $125.5m and net income by 34% to $65m.
Broken down, Monarch’s casino revenue rose by 20%, as did hotel revenue, while food and beverage experienced a 21% revenue increase.
John Farahi, Co-Chairman and CEO, attributed this improved financial performance to the ongoing “ramp-up” of the company’s Black Hawk property, complemented by Monarch’s Atlantis venue in Reno
“The ramp-up of our expanded and enhanced Black Hawk property continues at a robust pace, resulting in market share gains that were complemented by solid performance at our Atlantis in Reno,” Farahi said.
“Over the last year, with the completion of the Monarch Black Hawk expansion, we have continued to fine tune all aspects of our business and are operating more efficiently and effectively than ever before.”
However, Monarch’s Q3 net income was negatively impacted to the tune of $2.8m by costs related to an ongoing litigation with the Black Hawk general contractor, PCL Construction Services. On a nine-month basis, these costs have had a $6.5m impact.
