Published
Land-BasedCasinoFinancialIndustryResults

Monarch Casino & Resort posts 20% net revenue rise for Q3

Monarch Casino & Resort has reported $133.7m in Q3 net revenue, a 20% year-on-year increase.

MonarchQ3
Listen To Article

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.

Premium+ Connections
Premium

Lynon

 
Premium

Galaxsys

 
Premium

Revsharks

 
Premium

1xBet Partners

 
Premium

Digitain

 
Premium

Imagine Live

 
Premium

RISK

 
 
Premium

PIN-UP Partners

 
Premium

Sport Generate

 
Premium

GammaStack

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...