In its Q2 report, Monarch has also seen its net revenue increase by 7%, totalling $123.7m against last year’s $115.3m.
Looking back at the past four Q2 reports, Monarch has seen its net revenue rise dramatically – primarily due to the easing of restrictions during the Covid-19 pandemic.
The graph below shows the recovery of the casino resort compared with its Q2 2019 report, the last one before the start of the pandemic.
Monarch recovered very quickly, posting larger figures in 2021 than it did in 2019 – although the rise between Q2 2022 and Q2 2023 has been less than the one seen between 2021 and 2022.
Meanwhile, its adjusted EBITDA for the quarter was 7% up on 2022, too, finishing at $42.1m. Breaking those numbers down against the previous Q2 results, the trend largely follows the one seen in Monarch’s net revenue results.
In Q2 2020, Monarch’s adjusted EBITDA totalled $490,000, compared to the $16.4m it reported in Q2 2019. However, in 2021, that figure rose again to $35.1m as it bounced back from Covid.
For H1 2023, Monarch saw its new revenue hit $240.3m – an 8% rise on last year’s total of $223.6m. Furthermore, its adjusted EBITDA for H1 was not far behind, totalling $78.6m – representing a rise of 7% year-on-year.
Finally, its net income for H1 showed that Monarch is holding steady, with a 7% increase annually, totalling $40.1m.
Commenting on the Q2 results, John Farahi, Co-Chairman and CEO of Monarch, said: “Our financial results for the 2023 second quarter reflect our strong market position in Black Hawk and a year-over-year improvement in the operating performance at Atlantis.
"Net revenue and adjusted EBITDA grew to all-time second quarter records of $123.7m and $42.1m, respectively, resulting in an adjusted EBITDA margin of 34%."
