Business
Monarch Casino & Resort Reports Record 2021 Third Quarter Financial Results
RENO, Nev., Oct. 25, 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., Oct. 25, 2021 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported record operating results for the third quarter ended September 30, 2021, as summarized below: ($ in thousands, except per share data and percentages) 2020 comparison Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 Increase 2021 2020 IncreaseNet revenue$111,630 $59,869 86.5% $284,309 $126,036 125.6% Net income 22,314 10,745 107.7% 48,617 8,418 477.5% Adjusted EBITDA(1)$40,279 $20,664 94.9% $98,279 $29,263 235.8% Basic earnings (losses) per share$1.20 $0.59 103.4% $2.62 $0.46 469.6%Diluted earnings (losses) per share$1.15 $0.57 101.8% $2.51 $0.44 470.5% 2019 comparison For the benefit of our stockholders, we also include the below comparison to 2019 to show “pre-COVID” information: Three Months Ended September 30, Nine Months Ended September 30, 2021 2019 Increase 2021 2019 IncreaseNet revenue$111,630 $65,585 70.2% $284,309 $187,086 52.0% Net income 22,314 9,326 139.3% 48,617 25,620 89.8% Adjusted EBITDA(1)$40,279 $17,351 132.1% $98,279 $47,545 106.7% Basic earnings per share$1.20 $0.52 130.8% $2.62 $1.42 84.5%Diluted earnings per share$1.15 $0.50 130.0% $2.51 $1.37 83.2% (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: “Monarch again delivered record financial results as our third quarter benefited from the strong ongoing pandemic recovery, economic and population growth in Denver and Reno, and the notable impact of the removal of betting limits in Colorado. Our focus on operational excellence and market-leading amenities has enabled us to leverage these tailwinds and drive consistent growth. Labor shortages and wage pressure, as well as supply chain constraints and price inflation, remain headwinds. Atlantis operation in Reno was impacted by unhealthy air quality from the California fires and Nevada’s decision to reinstate indoor mask mandates. “Net revenue and Adjusted EBITDA in the third quarter of 2021 were $111.6 million and $40.3 million, respectively, reaching all-time highs for the second consecutive quarter, as each of our properties generated record net revenue and Adjusted EBITDA. For the second quarter in...