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Jun 30, 2023
Monarch Q2 2023 Earnings Report
Monarch reported record second quarter financial results with increased net revenue and Adjusted EBITDA.
Key Takeaways
Monarch Casino & Resort reported record second-quarter results, driven by a strong market position in Black Hawk and improved performance at Atlantis. Net revenue reached $123.7 million, and Adjusted EBITDA grew to $42.1 million, resulting in an Adjusted EBITDA margin of 34.1%.
Net revenue increased by 7.3% year over year to $123.7 million.
Adjusted EBITDA grew by 6.8% year over year to $42.1 million.
Casino and food and beverage revenues increased by 7.8% and 10.8% year over year, respectively.
The company declared a cash dividend of $0.30 per share payable on September 15, 2023.
Forward Guidance
The company remains committed to returning capital to stockholders and will continue to evaluate potential acquisition opportunities.
Positive Outlook
- Strong balance sheet.
- Free cash flow.
- Investment in existing properties.
- Quarterly cash dividends.
- Potential share repurchases.
Challenges Ahead
- Market competition in Reno.
- Hotel revenue impacted by renovation work.
- Increased utility expenses.
- Increased insurance expenses.
- Increased marketing and advertising expenses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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