Monarch Q2 2020 Earnings Report
Key Takeaways
Monarch Casino & Resort reported a significant decrease in net revenue due to property shutdowns but managed to achieve positive Adjusted EBITDA through cost-saving measures and initial reopening performance. The company is progressing with the Monarch Casino Black Hawk expansion, expecting to open parts of the new facilities in Q3 and Q4 2020.
Second quarter revenue was $15.2 million, a 75.9% decrease year-over-year due to COVID-19 related shutdowns.
The company generated positive Adjusted EBITDA of $0.5 million due to cost mitigation and strong initial reopening performance.
June net revenue reached $15.0 million with Adjusted EBITDA of $6.9 million.
Monarch is continuing construction on the new Monarch Casino Resort Spa Black Hawk, with openings expected in Q3 and Q4 2020.
Monarch
Monarch
Monarch Revenue by Segment
Forward Guidance
Monarch anticipates opening the podium and some hotel floors in Q3 2020 and the balance of the hotel tower in Q4 2020.
Revenue & Expenses
Visualization of income flow from segment revenue to net income