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Mar 31, 2021
Monarch Q1 2021 Earnings Report
Monarch Casino & Resort reported record financial results.
Key Takeaways
Monarch Casino & Resort reported record consolidated net revenue of $75.0 million, an increase of 46.9% from $51.0 million in the prior year period. The Company generated record consolidated Adjusted EBITDA of $22.8 million in the first quarter of 2021, an increase of $14.7 million, or 181.6%, over the same period a year ago.
Net revenue and Adjusted EBITDA reached all-time company highs at $75.0 million and $22.8 million, respectively.
Atlantis and Black Hawk properties both generated record first quarter high Net revenue and Adjusted EBITDA.
Adjusted EBITDA margin reached a record first quarter high of 30.5%.
Monarch Casino Resort Spa Black Hawk performance exceeded expectations, driving higher casino revenue and establishing new sources of hotel and food and beverage revenue.
Forward Guidance
Monarch believes that their Reno and Black Hawk markets will enable them to generate strong returns as the recovery momentum builds over the course of 2021 and into 2022. They also anticipate reducing leverage and further improving their balance sheet, which will position the Company to evaluate and pursue attractive acquisition opportunities.
Positive Outlook
- Reno and Black Hawk markets will enable strong returns.
- Reducing leverage.
- Further improving balance sheet.
- Positioned to evaluate and pursue attractive acquisition opportunities.
- Amendment 77 allowing unlimited single bets and new casino games represents a transformative opportunity.
Challenges Ahead
- Markets operated under state-imposed capacity and other restrictions, which negatively impacted hotel and food and beverage performance.
- Managing labor remains a major factor for the business.
- Ramping up staffing in Black Hawk and look to restore amenities at both properties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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