Revenue from casinos, food & beverages (F&B) and hotels rose 4%, 17% and 17%, respectively.

The continued expansion of Monarch Black Hawk's business was the main factor behind the increase in revenue.

Selling, general and administrative (SG&A) expenses increased to $24.7m, mostly due to increases in labour and electricity costs. The increase in labour costs caused casino operating expenses as a proportion of casino revenue to rise to 35.6% from 34%.

Net income climbed 13% and diluted EPS by 12%; meanwhile, consolidated adjusted EBITDA for the company was $41.6m, up $2.6m or 7%.

John Farahi, Co-Chairman and CEO of Monarch, said: “Monarch ended a strong 2022 with record fourth quarter and fiscal year financial results.

"Net revenue and adjusted EBITDA growth of over 20% in 2022 drove free cash flow to a record high, positioning Monarch to return capital to stockholders in the form of the one-time cash dividend and the recurring annual cash dividend to be paid quarterly, which we announced last week.”

Additionally, $7.7m in capital expenditures for both buildings' ongoing maintenance and other projects were paid for with operational cash flows.

The operator paid $20m in principal on its Term Loan Facility during Q4. At the end of 2022, it had a net cash position of $38.8m, a $7m principal balance on its term loan facility and no outstanding borrowings under its revolving credit facility.