Business
Monarch Casino & Resort Reports Third Quarter Net Revenue of $65.6 Million, Net Income of $9.3 Million and Adjusted EBITDA of $17.4 Million
RENO, Nev., Oct. 30, 2019 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for
About this update from Monarch Casino & Resort, Inc.
[{"type":"text","content":"RENO, Nev., Oct. 30, 2019 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for the quarter ended September 30, 2019, as summarized below:\n ($ in thousands, except per share data and percentages) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 Increase 2019 2018 Increase (Decrease) (Decrease) Net revenue$ 65,585 $ 64,359 1.9% $ 187,086 $ 180,536 3.6% Adjusted EBITDA(1) 17,351 18,427 (5.8%) 47,545 47,151 0.8% Net income$ 9,326 $ 10,859 (14.1%) $ 25,620 $ 26,839 (4.5%) Basic EPS$ 0.52 $ 0.61 (14.8%) $ 1.42 $ 1.51 (6.0%) Diluted EPS$ 0.50 $ 0.58 (13.8%) $ 1.37 $ 1.44 (4.9%) (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: “Monarch’s financial performance in the third quarter of 2019 reflects continued top-line growth that was offset by higher payroll and healthcare expenses as well as expenses related to our ongoing transformation of Monarch Casino Black Hawk. Net revenue for the quarter grew 1.9% over the prior year while adjusted EBITDA decreased 5.8% year-over-year. “Underlying spend and visitation trends at Atlantis Casino Resort remain healthy. The greater Reno market continues to perform as expected, and we are seeing increased spend per visit from many of our player segments. The positive macroeconomic trends in Reno and across Northern Nevada continue to benefit our business at Atlantis, though the increasingly competitive labor market has had an impact on our payroll expenses and EBITDA margin. “In Colorado, Monarch Casino Black Hawk again performed remarkably well even as the final stages of construction at the property continue to impact the customer experience. Net revenue grew in the third quarter and we continued to increase market share, though net income was impacted by ongoing pre-opening expenses and hiring related to the expansion. In the near term, we expect to continue to incur pre-opening expenses, as we prepare to introduce and open what we believe will become Black Hawk’s favorite new destination resort. As our hotel and resort amenities open, we expect to grow the overall market as well as further expand market share, particularly as we begin to exec...