Business
Monarch Casino & Resort Reports Fourth Quarter 2020 Net Revenue of $58.4 Million, Net Income of $15.3 Million and Adjusted EBITDA of $13.9 Million
RENO, Nev., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for
About this update from Monarch Casino & Resort, Inc.
[{"type":"text","content":"RENO, Nev., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for the fourth quarter and full year ended December 31, 2020, as summarized below: ($ in thousands, except per share data and percentages) Three Months Ended December 31, Twelve Months Ended December 31, 2020 2019 Increase 2020 2019 Increase (Decrease) (Decrease)Net revenue$58,377 $62,080 (6.0%) $184,413 $249,166 (26.0%)Adjusted EBITDA (1) 13,898 14,142 (1.7%) 43,161 61,687 (30.0%)Net income (2)$15,260 $6,196 146.3% $23,678 $31,816 (25.6%) Basic EPS$0.83 $0.34 144.1% $1.30 $1.77 (26.6%)Diluted EPS (2)$0.80 $0.33 142.4% $1.25 $1.70 (26.5%) (1)Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release.(2)The Company’s recognized tax benefit, per the Tax Cuts and Jobs Act’s accelerated depreciation provision and the CARES Act’s net operating loss carryback provision, had an $11.8 million and $0.63 positive effect on Net income and Diluted EPS, respectively, for the twelve months ended December 31, 2020. This tax benefit related primarily to the opening of the new hotel and expanded casino at Monarch Casino Resort Spa Black Hawk and the addition of other assets at both properties during the year. CEO CommentJohn Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: “2020 was a year of extraordinary contrasts for Monarch as we managed through the unprecedented challenges of the COVID-19 pandemic. We continued to increase our market share and achieved several major milestones at both of our properties, including the phased opening of the expanded Monarch Casino Resort Spa Black Hawk and the introduction of two new venues at Atlantis – Red Bloom Asian Kitchen restaurant and the new Atrium bar and lounge. We believe our investments have positioned Monarch to benefit from the post-pandemic recovery. “Despite the impact of heightened state-imposed COVID-19 operating restrictions that further reduced our permitted casino and restaurant capacity at both properties, the 2020 fourth quarter represented our second straight quarter of casino revenue growth year-over-year and improved casino operating margin. Net revenue for the 2020 fourth quarter declined 6.0% from the prior year, while adjusted EBITDA decreased 1.7% year-o...