Annual Stockholder Meeting Presentation - June 2025

Monarch Casino & Resort, Inc. (MCRI) Property Highlights

• Atlantis Casino Resort Spa is located in south Reno, three miles south of downtown, a more affluent area, and connected by a bridge to the Reno-Sparks Convention Center

• Monarch Casino Resort Spa is the first property encountered by visitors arriving from Denver and other major population centers via Highway 119

  Significant growth opportunities

• Continued ramp up of Monarch Casino Resort Spa, including VIP business development

• Ongoing capital investments at Atlantis to ensure it retains its competitive advantage

• Potential for development on Atlantis' 40-acre parcel of land

  Results-oriented management with a strong operations and development track record

• Monarch ranked 79thamong the Top 100 on Forbes' 2025 America's Most Successful

  Small-Cap Companies list

  Attractive financial profile / balance sheet

• No long-term debt

• 1Q25 LTM Net revenue of $526 million, Adjusted EBITDA1of $183 million and Adjusted EBITDA margin of 34.8% (compared to $506 million Net Revenue; $173 million Adjusted EBITDA; and 34.1% Adjusted EBITDA margin during the previous twelve month period)

  
  
  

  Source: Monarch Casino & Resort analysis

  1. EBITDA is adjusted for stock option, pre-opening and construction litigation expenses, and one-time charges.

Company History

Reno, NV

• First high-rise tower opens

• 160 rooms

• 16,000 square feet of casino space

• 500 slot machines

• 21 table games

• Additional restaurant

  1993 Initial Public Offering

• Monarch Casino & Resort, Inc. begins trading as a public company with ticker symbol MCRI

  1994 Phase II - Atlantis

• Second high-rise tower opens, adding:

  • 283 rooms

  • 14,000 square feet of casino space

  • 450 slot machines

  • 14 table games

  • 300-seat buffet

    restaurant

    1999 Phase III - Atlantis

• Third high-rise tower opens, adding:

  • 388 rooms

  • Over 300 slot machines

  • Several new

    restaurants

  • 14,500 square feet of meeting space

    2008 Phase IV - Atlantis

• Expansion of the casino including:

  • Large race and sports book

  • Poker room

• Additional restaurant

  (Manhattan Deli)

• ~38,000 square feet expansion of meeting area

• Sky Bridge connecting to convention center

  2023 Atlantis

• ~61,000 square feet of

  casino space

  2025

  Atlantis

  • Completion of 817 all new guest rooms and suites

• 817 guest rooms and suites

• 8 restaurants and 10 bars/lounges

• ~30,000 square foot health spa and salon

• ~52,000 square feet of

  meeting area

  Black Hawk, CO

  2012 Black Hawk

• Acquired gaming license for Riviera Black Hawk

• 32,000 square feet of

  casino space

• 750 slot machines

• 8 table games

• Acquired contiguous 1.5-acre land parcel

  2015 Black Hawk

• Completed redesign and upgrade of existing casino

  2016 Black Hawk

• Completion of new 9-story parking structure

  2017 Black Hawk

• Hotel tower and casino expansion begins

  2021-2022 Black Hawk

• Expansion and redesign and upgrade of the legacy building completed with the opening of our Sportsbook, Bistro Mariposa, and new High-Limit tables area

  2025 Black Hawk

• ~60,000 square feet of casino space

• 516 guest rooms and

  suites

• 4 restaurants and 10 bars/lounges

• World-class spa

• Banquet and meeting room space

  
  
  

  Atlantis Casino Resort Spa Reno

  
  
  

  Atlantis Overview

  Award-winning facility
  • U.S. News & World Report (2025): Best USA Hotels Gold Badge - No. 1 hotel in Reno

  • AAA (2025): "Four Diamond" rating for 14thconsecutive year

  • TripAdvisor (2025): Rated #1 Reno resort for 11 consecutive years with 4 of our

    restaurants consistently ranked in the city's top 10 (out of more than 1,100)

  • Forbes (2025): Four-Star Award for Spa Atlantis for 10 consecutive years (only four-star venue in Reno) and, for the second consecutive year in 2025, the Atlantis Steakhouse (only four-star restaurant in Reno). Recommended rating for Atlantis Casino Resort Spa and Bistro Napa 61,000 square-foot casino floor

  • ~1,200 slot and video poker machines

  • ~33 table games; 8 poker tables; 24-hour live keno lounge

  • Race/sports book (self managed live and mobile app)

    Amenities include:

  • 817 rooms and suites

  • 8 restaurants, 2 gourmet coffee bars, 10 bars/lounges and 1 snack bar

  • ~52,000 square feet of banquet, convention, and meeting space