Business
Monarch Casino & Resort Reports All-Time Record 2022 Third Quarter Financial Results
RENO, Nev., Oct. 19, 2022 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported record operating
About this update from Monarch Casino & Resort, Inc.
[{"type":"text","content":"RENO, Nev., Oct. 19, 2022 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported record operating results for the third quarter ended September 30, 2022, as summarized below: ($ in thousands, except per share data and percentages) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Increase 2022 2021 IncreaseNet revenue$133,727 $111,630 19.8% $357,334 $284,309 25.7% Net income(1)$27,493 $22,314 23.2% $65,046 $48,617 33.8% Adjusted EBITDA(3)$51,694 $40,279 28.3% $125,497 $98,279 27.7% Basic earnings per share$1.45 $1.20 20.8% $3.43 $2.62 30.9%Diluted earnings per share(2)$1.41 $1.15 22.6% $3.33 $2.51 32.7% 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 2022 and 2021 was $2.8 million and $1.5 million, respectively, and the impact during the first nine months of 2022 and 2021 was $6.5 million and $3.0 million, respectively. 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 2022 and 2021 was $0.14 and $0.08 per share, respectively, and the impact during the first nine months of 2022 and 2021 was $0.33 and $0.15 per share, respectively. 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 strong operating momentum continued in the 2022 third quarter as we generated all-time quarterly record financial results, including a 28% increase in Adjusted EBITDA over the previous record, set in the same quarter a year ago. 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. Over the last year, with the completion of 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. \"Net revenue and Adjusted EBITDA of $133.7 million and $51.7 million, respe...