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RENO, Nev. - Monarch Casino & Resort , Inc. (NASDAQ:MCRI) reported better-than-expected first quarter results on Tuesday, with revenue and earnings topping analyst estimates.
The casino operator posted adjusted earnings per share of $1.05, exceeding the consensus forecast of $0.99. Revenue rose 3.1% year-over-year to $125.4 million, ahead of analysts’ expectations of $123.1 million.
Net income increased 8.7% to $19.9 million compared to $18.3 million in the same quarter last year. Adjusted EBITDA grew 6.7% to $41.1 million.
"Monarch delivered strong financial results in the first quarter," said CEO John Farahi. "The first quarter financial performance underscores the effectiveness of our operating strategies and our ability to drive sustained growth."
Casino (EPA:CASP) revenue climbed 5% versus the prior year period, while food and beverage and hotel revenue saw slight declines of 0.5% and 0.4% respectively. The company attributed the F&B and hotel declines to one less day in Q1 2025 compared to Q1 2024, as well as lower available rooms during renovations.
Monarch said it continues to increase market share at its Black Hawk, Colorado property, especially among mid-to-upper tier guests from the Denver and Boulder areas. In Reno, the company is nearing completion of $100 million in upgrades to hotel rooms at its Atlantis (WA:ATSP) resort.
The company declared a quarterly cash dividend of $0.30 per share, payable on June 15 to shareholders of record as of June 1.
Monarch ended the quarter with $75.1 million in cash and no borrowings against its credit facility. The company said its strong balance sheet positions it well to continue investing in properties and evaluating potential M&A opportunities.
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