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Monarch Casino & Resort revenue up 6% for Q4 but profit down

Monarch Casino reports mixed Q4: revenue up 6.3%, profit down 18.9%, declares $0.30/share dividend despite headwinds.

Monarch Casino q4
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Monarch Casino & Resort has disclosed its financial results for the fourth quarter ending 31 December 2023, alongside a declaration of a cash dividend of $0.30 per share, payable on 15 March 2024. 

In its Q4 2023 financial report, Monarch revealed total revenue of $128.2m, marking a 6.3% increase from Q4 2022. The company's full-year 2023 revenue amounted to $501.5m, reflecting a 4.9% growth compared to FY 2022.

Profitability indicators showed mixed results, with net income for Q4 2023 dropping by 18.9% year-over-year to $18.2m. Similarly, full-year 2023 net income declined by 5.8% compared to FY 2022, amounting to $82.4m. 

Adjusted EBITDA, however, saw a positive trajectory, increasing by 3.4% in Q4 2023 and 2.2% for the full year 2023 compared to their respective prior-year periods.

Earnings per share (EPS) witnessed declines both in Q4 2023 and FY 2023, with basic and diluted EPS figures reflecting reductions ranging from 6.0% to 19.7% year-over-year.

Monarch CEO John Farahi commented: Monarch Black Hawk’s operation continued to ramp up as we converted ongoing revenue growth into margin expansion and double-digit property-level EBITDA growth.

"Revenues grew across all segments as we continue to successfully maintain our market share growth trajectory among the market's mid- and upper-tier players. We continue to face staffing challenges, driven by Colorado’s low unemployment and competition with the City of Denver wage rates.”

The company's net income in Q4 2023 was impacted by several factors, including changes in the effective tax rate, legal and consulting costs associated with ongoing litigation and higher depreciation expenses. Despite these challenges, Monarch demonstrated resilience in revenue growth across its segments, particularly in casino and food and beverage (F&B) revenues. 

Monarch's financial performance in Q3 2023 demonstrated resilience, reportedly under challenging conditions, with a total net revenue of $133m. The company also approved a cash dividend of $0.30 per share during that period.


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