Monarch Q4 2022 Earnings Report
Key Takeaways
Monarch Casino & Resort reported a strong 2022 fourth quarter with record financial results. Net revenue reached $120.5 million, and Adjusted EBITDA grew to $41.6 million, with a margin of 34.5%. The company is benefiting from the ongoing ramp up of its Black Hawk property.
Net revenue increased by 8.5% year over year to $120.5 million.
Adjusted EBITDA grew by 6.6% year over year to $41.6 million, with an Adjusted EBITDA margin of 34.5%.
Net income increased by 12.9% compared to the same period last year.
Diluted EPS increased by 11.8% compared to the same period last year.
Monarch
Monarch
Forward Guidance
Monarch expects to continue investing in its existing operations and pursue potential M&A opportunities. The company anticipates completing hotel room renovations at the Atlantis property before Memorial Day 2023 and expects to pay total cash dividends of $5.90 per share for the calendar year 2023.
Positive Outlook
- Continuing strength of balance sheet.
- Expected free cash flow generation.
- Expectations regarding continuing dividend payments in the future.
- Beliefs regarding the strengths of the local markets served in Reno and Black Hawk.
- Expectations regarding the completion of room renovations at the Atlantis.