Business
Monarch Casino & Resort Reports Record First Quarter Financial Results
Declares Cash Dividend of $0.30 per Share Payable on June 15, 2023 RENO, Nev., April 19, 2023 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI)
About this update from Monarch Casino & Resort, Inc.
[{"type":"text","content":"Declares Cash Dividend of $0.30 per Share Payable on June 15, 2023\nRENO, Nev., April 19, 2023 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch,” “we,” “our,” or “the Company”) today reported record Net revenue and Adjusted EBITDA for the first quarter ended March 31, 2023, as summarized below: ($ in thousands, except per share data and percentages) Three Months Ended March 31, 2023 2022 Increase /(Decrease)Net revenue $116,644 $108,318 7.7% Net income (1) 17,670 18,118 (2.5%) Adjusted EBITDA (3) $36,480 $34,342 6.2% Basic EPS $0.92 $0.96 (4.2%) Diluted EPS (2) $0.90 $0.92 (2.2%) (1) Net Income was impacted by the effective tax rate (21.7% in the first quarter of 2023 and 12.5% in the first quarter of 2022), which varies based on the amount of the excess tax benefit on stock compensation. The income tax deduction attributable to the excess tax benefit decreased from the first quarter of 2022 to the first quarter of 2023, which resulted in a $1.7 million increase in the income tax provision.(2) Diluted EPS was impacted by the effective tax rate (21.7% in the first quarter of 2023 and 12.5% in the first quarter of 2022), which varies based on the amount of the excess tax benefit on stock compensation. The income tax deduction attributable to the excess tax benefit decreased from the first quarter of 2022 to the first quarter of 2023, which resulted in a $0.09 decrease in diluted EPS.(3) Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release. CEO CommentJohn Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: “Our 2023 fiscal year is off to a strong start as the operating momentum builds at Monarch in Black Hawk, Colorado. In Reno, the first quarter results were materially impacted by unprecedented weather disruptions in Northern California, which is a key feeder market for Atlantis. Net revenue and Adjusted EBITDA grew to all-time first quarter records of $116.6 million and $36.5 million, respectively. The Company’s performance in Black Hawk was a primary driver in generating a healthy consolidated Adjusted EBITDA margin of 31.3% in what is historically our slowest quarter of the year in both markets. “In Black Hawk, we continued to expand market share. All revenue categories, including casino, food and beverage and hotel continu...