Business
Monarch Casino & Resort Reports Second Quarter 2020 Financial Results
RENO, Nev., July 22, 2020 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for
About this update from Monarch Casino & Resort, Inc.
[{"type":"text","content":"RENO, Nev., July 22, 2020 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for the second quarter ended June 30, 2020, as summarized below:\n ($ in thousands, except per share data and percentages) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 (Decrease) 2020 2019 (Decrease)Net revenue$15,156 $62,761 (75.9%) $66,167 $121,501 (45.5%) Adjusted EBITDA(1)490 16,519 (97.0%) 8,599 30,194 (71.5%) Net (loss) income($4,347) $9,279 (146.8%) ($2,327) $16,294 (114.3%) Basic (losses) earnings per share($0.24) $0.52 (146.2%) ($0.13) $0.91 (114.3%)Diluted (losses) earnings per share($0.24) $0.50 (148.0%) ($0.13) $0.88 (114.8%) (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: “Following the state-mandated closure of our properties in mid-March, we took immediate steps to ensure that our Company preserved its financial flexibility to manage through the nearly three-month shutdown. We reduced expenses throughout the Company and worked with our bankers to secure the necessary amendments to our credit facility. Thanks to the commitment and sacrifices of our dedicated team, along with the support of our bankers, Monarch was well prepared to carry on during the state-mandated shutdowns of our operations and emerge from them in a financially stable position. “Since the June 4 re-opening of Atlantis Casino Resort Spa and the June 17 re-opening of Monarch Casino Black Hawk, we have adjusted our staffing and services, in-line with the changing public health guidelines put forth by the governors of Nevada and Colorado, as well as by the CDC. Our focus from day one has been the health and safety of our team members and guests. Consequently, we have been extremely diligent in our approach to minimizing risks as we reintroduce our guests to the gaming, entertainment and hospitality experiences they have come to expect from Monarch. “As a result of our cost mitigation measures and the strong initial reopening performance at both Atlantis and Black Hawk, Monarch generated 2020 second quarter revenue of $15.2 million and delivered positive Adjusted EBITDA of $0.5 million. Though visitation has not yet fully recov...