Monarch Q3 2020 Earnings Report
Key Takeaways
Monarch Casino & Resort reported a decrease in net revenue by 8.7% but an increase in gaming revenue by 9%. The company achieved a record quarterly adjusted EBITDA of $20.7 million, driven by strong casino performance and cost efficiencies.
Gaming revenue increased by 9% year-over-year.
Adjusted EBITDA margins strengthened to 34.5%.
Record quarterly adjusted EBITDA of $20.7 million was achieved.
The company is nearing completion of the Monarch Casino Black Hawk expansion project.
Monarch
Monarch
Forward Guidance
The company anticipates opening the expanded Monarch Casino Resort Spa Black Hawk in the fourth quarter of 2020, with operations ramping up throughout 2021. If Amendment 77 passes, those changes could take effect as early as May 1, 2021 and would have a material positive impact on gaming revenue at Monarch Casino Resort Black Hawk.