Business
Monarch Casino & Resort Reports Record First Quarter 2024 Financial Results
Declares Cash Dividend of $0.30 per Share Payable on June 15, 2024 RENO, Nev., April 17, 2024 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI)
About this update from Monarch Casino & Resort, Inc.
[{"type":"text","content":"Declares Cash Dividend of $0.30 per Share Payable on June 15, 2024\nRENO, Nev., April 17, 2024 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch,” “we,” “our,” or “the Company”) today reported operating results for the first quarter ended March 31, 2024, as summarized below: ($ in thousands, except per share data and percentages) Three Months Ended March 31, 2024 2023 IncreaseNet revenue $121,657 $116,644 4.3% Net income 18,275 17,670 3.4% Adjusted EBITDA (1) $38,548 $36,480 5.7% Basic EPS $0.95 $0.92 3.3% Diluted EPS (1) $0.93 $0.90 3.3% (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: “In the first quarter of 2024 net revenue and adjusted EBITDA grew to all-time first quarter records of $121.7 million and $38.5 million, respectively, and the EBITDA margin improved to 31.7% from 31.3% in the same period of the prior year. “Monarch Black Hawk generated revenue growth across all its business segments and expanded its adjusted EBITDA margin. The property continues to grow its market share, particularly among mid- and upper-tier players. The exceptional product quality, combined with our team’s operational excellence, is creating unparalleled guest experiences in the market and establishing the property as the leading casino resort in the greater Denver market. “At Atlantis, our primary focus remains the ongoing enhancement of the property. While Reno remains a very competitive market, we believe our focus on operational efficiency and property enhancement through major capital investments will keep us competitive and will be financially rewarding over the long-term. We are on track to bring into operation another 125 redesigned and upgraded rooms by the end of the second quarter in 2024. “With a strong balance sheet, we are favorably positioned to continue investing in our properties, paying cash dividends, and buying back stock under our existing stock repurchase authorization. We continue to diligently evaluate potential M&A transactions, which can drive additional attractive long-term value for our stockholders.” Summary of 2024 First Quarter Operating Results In the 2024 first quarter, the Company generated net revenue of $121.7 million, an increas...