Business
Monarch Casino & Resort Reports First Quarter 2020 Financial Results
RENO, Nevada, April 22, 2020 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results
About this update from Monarch Casino & Resort, Inc.
[{"type":"text","content":"RENO, Nevada, April 22, 2020 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for the first quarter ended March 31, 2020, as summarized below:\n ($ in thousands, except per share data and percentages) Two Months Ended Month Ended March 31, Three Months Ended March 31, February 29, 2020February 28, 2019Increase 2020 2019Decrease 2020 2019DecreaseNet revenue$42,211$36,95714.2% $8,800 $21,783(59.6%) $51,011$58,740(13.2%)Adjusted EBITDA (1) 9,682 7,67726.1% (1,573) 5,998(126.2%) 8,109 13,675(40.7%)Net income$4,813$3,49837.6% $(2,793)$3,517(179.4%) $2,020$7,015(71.2%) Basic EPS$0.26$0.1936.8% $(0.15)$0.20(175.0%) $0.11$0.39(71.8%)Diluted EPS$0.26$0.1936.8% $(0.15)$0.19(178.9%) $0.11$0.38(71.1%) (1) Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release. CEO CommentJohn Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: “The first quarter of 2020 was a study in contrasts, with Monarch delivering strong financial performance in the first two months of the quarter followed by a March which demonstrated the impact of the significant operational challenges created by the global spread of the COVID-19 pandemic. In an effort to contain the virus, on March 16th the state of Colorado mandated a temporary shutdown of all casinos including Monarch Casino Black Hawk and on March 17th the state of Nevada mandated the temporary closure of all casinos including Atlantis Casino Resort Spa in Reno. The states of Colorado and Nevada have not yet provided clear dates or guidelines for the reopening of casinos in such states. “Ahead of the mandated suspension of our operations, both of our properties were performing well. Consolidated net revenue and net income for the first two months of the year were up year-over-year by 14% and 38%, respectively, and Adjusted EBITDA grew 26%. This strong early performance was driven by an increase in spending per visit, as well as a continued increase in market share at both locations. “With the temporary closure of our properties in mid-March, consolidated revenue, net income and Adjusted EBITDA dramatically declined for the full month of March 2020. As a result of the strong performance in the early part of the quarter, combined with the decline in March perform...