Business
Monarch Casino & Resort Reports 2023 Third Quarter Financial Results
Declares Cash Dividend of $0.30 per Share Payable on December 15, 2023 RENO, Nev., Oct. 18, 2023 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq:
About this update from Monarch Casino & Resort, Inc.
[{"type":"text","content":"Declares Cash Dividend of $0.30 per Share Payable on December 15, 2023\nRENO, Nev., Oct. 18, 2023 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for the third quarter ended September 30, 2023, as summarized below: ($ in thousands, except per share data and percentages) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 Change 2023 2022 ChangeNet revenue $132,965 $133,727 (0.6%) $373,292 $357,334 4.5% Net income(1) $24,163 $27,493 (12.1%) $64,246 $65,046 (1.2%) Adjusted EBITDA(3) $49,221 $51,694 (4.8%) $127,829 $125,497 1.9% Basic earnings per share $1.26 $1.45 (13.1%) $3.34 $3.43 (2.6%)Diluted earnings per share(2) $1.23 $1.41 (12.8%) $3.27 $3.33 (1.8%) (1) Net Income was negatively impacted by legal and consulting costs, related to the ongoing litigation with the Monarch Black Hawk general contractor, PCL Construction Services, Inc. The impact during the third quarter of 2023 and 2022 was $2.9 million and $2.8 million, respectively, and the impact during the nine months of 2023 and 2022 was $4.1 million and $6.5 million, respectively. (2) Diluted EPS was negatively impacted by legal and consulting costs, related to the ongoing litigation with the Monarch Black Hawk general contractor, PCL Construction Services, Inc. The impact during the third quarter of 2023 and 2022 was $0.15 and $0.14 per share, respectively, and the impact during the nine months of 2023 and 2022 was $0.21 and $0.33 per share, respectively. (3) Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release. CEO Comment John Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: “Our 2023 third quarter results were strong as we continued to grow revenue and EBITDA in Black Hawk, and companywide, employed operational efficiencies and expense management. During the third quarter our operating results were negatively impacted by competitive pressure in Reno and the current macroeconomic environment. Third quarter net revenue and Adjusted EBITDA were $133.0 million and $49.2 million, respectively, leading to an Adjusted EBITDA margin of 37.0%. “At Monarch Black Hawk, we are working to further expand market share among mid-to-upper tier players. We remain confident that our market-leading casino r...