Nevada casino gaming group Monarch has reported record second quarter operating results.
In the period ending June 30 the group’s venues, including the Atlantis in Reno (pictured) and the Monarch in Black Hawk, Colorado, enjoyed net revenues of $97.7m compared with $15.1m, an increase of 544 per cent. Net income rose from a loss of $4.3m to a profit of $18.1m. Adjusted EBITDA rose from $490,000 to $35.1m.
Even when compared with the “normal” 2019, the location had a 55.7 per cent increase in net revenue, a 95.6 per cent rise in net income and a 112.9 per cent increase in adjusted EBITDA.
John Farahi, CEO, said that both markets featured rapid population growth and healthy economies where there was pent-up demand that impacts revenue. The only restraint was the labour market.