Monarch reports record Q2 results

Monarch Casino & Resort has revealed record net revenue and adjusted EBITDA results for a second quarter in Q2 2023.

The figures came in at US$123.7m and $42.1m respectively, resulting in an adjusted EBITDA margin of 34.1 per cent.

“Our financial results for the 2023 second quarter reflect our strong market position in Black Hawk and a year over year improvement in the operating performance at Atlantis,” said Monarch’s co-chairman and chief executive officer, John Farahi.

“In Black Hawk, we continued to expand market share throughout the quarter, especially in the upper end of the market. We believe there are further growth opportunities as we continue to penetrate the Denver regional market.

“At Atlantis, we generated strong casino and food and beverage revenue, as guest visits and spend per visit increased year-over-year. Hotel revenue was impacted by renovation work during the quarter on the redesign and upgrade of hotel rooms in the second tower. Hotel performance improved in June as our full inventory of rooms became available to guests. The Reno market remains extremely competitive, we continue to prudently invest in Atlantis to maintain, what we believe is, a market-leading position.

“We remain committed to returning capital to our stockholders. Our strong balance sheet and free cash flow position us to invest in our existing properties, pay quarterly cash dividends and consider potential share repurchases under our existing share repurchase authorisation.

“We continue to evaluate potential acquisition opportunities where we can employ our developmental and operational expertise in a financially prudent manner.”