Business
Monarch Casino & Resort Reports Record Second Quarter 2024 Financial Results
Declares Cash Dividend of $0.30 per Share Payable on September 15, 2024 RENO, Nev., July 24, 2024 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq:
About this update from Monarch Casino & Resort, Inc.
[{"type":"text","content":"Declares Cash Dividend of $0.30 per Share Payable on September 15, 2024\nRENO, Nev., July 24, 2024 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch,” “we,” “our,” or “the Company”) today reported record financial results for the second quarter ended June 30, 2024, as summarized below: ($ in thousands, except per share data and percentages) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 Increase 2024 2023 IncreaseNet revenue$128,143 $123,683 3.6% $249,800 $240,327 3.9% Net income 22,682 22,413 1.2% 40,957 40,083 2.2% Adjusted EBITDA(1)$43,923 $42,128 4.3% $82,471 $78,608 4.9% Basic EPS$1.21 $1.16 4.3% $2.16 $2.08 3.8%Diluted EPS$1.19 $1.14 4.4% $2.12 $2.04 3.9%(1)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: “In the 2024 second quarter, net revenue and adjusted EBITDA grew to all-time second quarter records of $128.1 million and $43.9 million, respectively. Our continued focus on operational efficiency resulted in an improvement to the adjusted EBITDA margin to 34.3% from 34.1% 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 continued to attract mid- and upper- tier players from the greater Denver market. Recently, the property’s Bistro Mariposa and Monarch Chophouse were honored with Wine Spectator's Best of Award of Excellence, joining Bistro Napa and Atlantis Steakhouse at Atlantis in receiving a prestigious Wine Spectator award. “At Atlantis, during the 2024 second quarter, we completed the redesign and upgrade of 125 additional hotel rooms, leaving us with 246 total rooms to complete. We intend to have all 817 hotel rooms and suites redesigned and upgraded by the end of the second quarter of 2025. While Reno remains a very competitive market, we believe our focus on operational efficiency and property enhancements through major capital investments will keep us competitive and will be financially rewarding over the long-term.” Summary of 2024 Second Quarter Operating Results In the 2024 second quarter, the Company generated net revenue of $128.1 million, an increase of 3.6% from $123.7 million in the correspondi...