Business
Monarch Casino & Resort Reports Third Quarter 2020 Financial Results; Record Setting Quarterly EBITDA of $20.7 Million
RENO, Nev., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for
About this update from Monarch Casino & Resort, Inc.
[{"type":"text","content":"RENO, Nev., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for the third quarter ended September 30, 2020, as summarized below:\n ($ in thousands, except per share data and percentages) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 Increase/ (Decrease) 2020 2019 (Decrease)Net revenue$59,869 $65,585 (8.7%) $126,036 $187,086 (32.6%) Adjusted EBITDA(1) 20,664 17,351 19.1% 29,263 47,545 (38.5%) Net income$10,745 $9,326 15.2% $8,418 $25,620 (67.1%) Basic earnings per share$0.59 $0.52 13.5% $0.46 $1.42 (67.6%)Diluted earnings per share$0.57 $0.50 14.0% $0.44 $1.37 (67.9%) (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 business continued its recovery throughout the third quarter of 2020 as we grew gaming revenue 9%, strengthened adjusted EBITDA margins to 34.5%, and delivered all-time record quarterly adjusted EBITDA of $20.7 million. Third quarter net revenue declined 9% as capacity and other COVID-related constraints impacted visitation and our ability to offer our guests a full range of services and amenities, particularly in hotel and food and beverage. However, operating under COVID restrictions gave us an opportunity to streamline our cost structure and achieve operational efficiencies, resulting in strong adjusted EBITDA and adjusted EBITDA margin. “At Atlantis, our increased gaming revenue was driven by strong rated guest visits and spending per visit, as well as our ability to operate a full range of casino games. We continued to increase market share to a new record, as guests responded favorably to our safety protocols. Guests also appreciated our decision to bring back, to the greatest extent possible, key amenities. “Monarch Casino Black Hawk gaming visitation was also strong throughout the third quarter, but revenue was negatively impacted by the lack of table games, for which the state-mandated closure was lifted on September 11th. Looking ahead, we are eagerly anticipating the ballot result of Amendment 77 to the Colorado Constitution on November 3, 2020, which would allow the city of Black Hawk to increase the $100 bet limit and approve ...