Business
Monarch Casino & Resort Reports Record Second Quarter Financial Results
Declares Cash Dividend of $0.30 per Share Payable on September 15, 2023 RENO, Nev., July 19, 2023 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq:
About this update from Monarch Casino & Resort, Inc.
[{"type":"text","content":"Declares Cash Dividend of $0.30 per Share Payable on September 15, 2023\nRENO, Nev., July 19, 2023 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch,” “we,” “our,” or “the Company”) today reported record operating results for the second quarter ended June 30, 2023, as summarized below: ($ in thousands, except per share data and percentages) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 Increase 2023 2022 IncreaseNet revenue$123,683 $115,289 7.3% $240,327 $223,607 7.5% Net income22,413 19,435 15.3% 40,083 37,553 6.7% Adjusted EBITDA(1)$42,128 $39,461 6.8% $78,608 $73,803 6.5% Basic EPS$1.16 $1.02 13.7% $2.08 $1.98 5.1%Diluted EPS$1.14 $0.99 15.2% $2.04 $1.92 6.3% (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: “Our financial results for the 2023 second quarter reflect our strong market position in Black Hawk and a year over year improvement in the operating performance at Atlantis. Net revenue and Adjusted EBITDA grew to all-time second quarter records of $123.7 million and $42.1 million, respectively, resulting in an Adjusted EBITDA margin of 34.1%. “In Black Hawk, we continued to expand market share throughout the quarter, especially in the upper end of the market. We believe there are further growth opportunities as we continue to penetrate the Denver regional market. “At Atlantis, we generated strong casino and food and beverage revenue, as guest visits and spend per visit increased year-over-year. Hotel revenue was impacted by renovation work during the quarter on the redesign and upgrade of hotel rooms in the second tower. Hotel performance improved in June as our full inventory of rooms became available to guests. The Reno market remains extremely competitive, we continue to prudently invest in Atlantis to maintain, what we believe is, a market-leading position. “We remain committed to returning capital to our stockholders. Our strong balance sheet and free cash flow position us to invest in our existing properties, pay quarterly cash dividends and consider potential share repurchases under our existing share repurchase authorization. We continue to evaluate potential acquisition opportunities where we can employ our developm...