Business
MONARCH CASINO & RESORT REPORTS FOURTH QUARTER 2019 RECORD NET REVENUE OF $62.1 MILLION, NET INCOME OF $6.2 MILLION AND ADJUSTED EBITDA OF $14.1 MILLION
RENO, Nev., March 11, 2020 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for
About this update from Monarch Casino & Resort, Inc.
[{"type":"text","content":"RENO, Nev., March 11, 2020 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for the fourth quarter and full year ended December 31, 2019, as summarized below:\n ($ in thousands, except per share data and percentages) Three Months Ended December 31, Twelve Months Ended December 31, 2019 2018 Increase 2019 2018 Increase (Decrease) (Decrease)Net revenue$ 62,080 $ 59,779 3.8% $ 249,166 $ 240,315 3.7% Adjusted EBITDA(1) 14,142 13,435 5.3% 61,687 60,586 1.8% Net income (2)$ 6,196 $ 7,259 (14.6%) $ 31,816 $ 34,098 (6.7%) Basic EPS$ 0.34 $ 0.40 (15.0%) $ 1.77 $ 1.91 (7.3%)Diluted EPS(2)$ 0.33 $ 0.39 (15.4%) $ 1.70 $ 1.83 (7.1%) (1) Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release.(2) The pre-opening expenses, and construction litigation and acquisition-opportunity-related professional services fees, incurred in the 2019 fourth quarter and fiscal year, had a $1.4 million and $3.1 million, respectively, negative effect on Net income, and a $0.07 and $0.17, respectively, negative effect on Diluted EPS. CEO Comment John Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: “2019 was an active and productive year for Monarch as we made significant progress toward completing construction in Black Hawk, thus setting the foundation for an exciting 2020 and beyond. We generated net revenue and EBITDA growth in both Reno and Black Hawk. In Black Hawk, we focused on preserving the player experience by effectively managing construction disruption. “Net revenue for the 2019 fourth quarter grew 3.8% over the prior year and adjusted EBITDA increased 5.3% year-over-year as a result of our disciplined operating strategies. Net income for the quarter declined 14.6% and was impacted by Monarch Black Hawk pre-opening expenses, and professional services fees related to construction litigation and due diligence for an acquisition opportunity, which we ultimately decided not to pursue. “Reno remains a very healthy locals-oriented market. While many companies attract headlines for driving job growth in Reno, the market’s employment growth is broad-based across several industries, and we expect this positive indicator will support the continued strength of our business at Atlantis. At the same time, the t...