Business
Monarch Casino & Resort Reports Record 2021 Second Quarter Financial Results
RENO, Nev., July 28, 2021 (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., July 28, 2021 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported record operating results for the second quarter ended June 30, 2021, as summarized below: ($ in thousands, except per share data and percentages) 2020 comparison Three Months Ended June 30, Six Months Ended June 30, 2021 2020 Increase 2021 2020 IncreaseNet revenue$97,719 $15,156 544.8% $172,679 $66,167 161.0% Net income (loss)18,149 (4,347) 517.5% 26,303 (2,327) 1,230.3% Adjusted EBITDA(1)$35,169 $490 7,077.3% $58,000 $8,599 574.5% Basic earnings (losses) per share$0.98 ($0.24) 508.3% $1.42 ($0.13) 1,192.3%Diluted earnings (losses) per share$0.93 ($0.24) 487.5% $1.36 ($0.13) 1,146.2% 2019 comparison Three Months Ended June 30, Six Months Ended June 30, 2021 2019 Increase 2021 2019 IncreaseNet revenue$97,719 $62,761 55.7% $172,679 $121,501 42.1% Net income18,149 9,279 95.6% 26,303 16,294 61.4% Adjusted EBITDA(1)$35,169 $16,519 112.9% $58,000 $30,194 92.1% Basic earnings per share$0.98 $0.52 88.5% $1.42 $0.91 56.1%Diluted earnings per share$0.93 $0.50 86.0% $1.36 $0.88 54.6% (1) 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 second quarter financial results highlight continued market share gains in both Black Hawk and Reno. The two markets are experiencing rapid population growth and healthy economic fundamentals that are propelling demand for our market leading properties. We also believe that the pent-up demand is impacting the revenue growth, along with the federal government’s recurring stimulus. Labor market constraints continue to be our major challenge at both properties. “Net revenue and Adjusted EBITDA in the second quarter of 2021 were $97.7 million and $35.2 million, respectively, reaching all-time highs for the second consecutive quarter, as each of our properties generated record net revenue and Adjusted EBITDA. We also achieved a record Adjusted EBITDA margin of 36.0%. “Black Hawk operations at our expanded casino resort continue to ramp up. Guest spend has been healthy due to a combination of expanded offerings and table games revenue positively impacted by the removal of the Colorado betting limits as of May 1st. On May 14th ...