Monarch sees record performance for Q2 2024
The company also stated it completed a redesign and upgrade of over 100 hotel rooms for its Atlantis property in Reno, Nevada.
Monarch Casino and Resort (Monarch) has reported record totals for net revenue and adjusted EBITDA from its Monarch Black Hawk and Atlantis properties. Net revenue for Q2 2024 was $128.1m, an increase of 3.6% year-over-year while adjusted EBITDA grew from its Q2 2023 figure of $42.1m to $43.9m for the second quarter of 2024.
“Our continued focus on operational efficiency resulted in an improvement to the adjusted EBITDA margin to 34.3% from 34.1% in the same period of the prior year,” Monarch Co-Chairman and CEO John Farahi said.
“Monarch Black Hawk generated revenue growth across all its business segments and expanded its adjusted EBITDA margin. The property continued to attract mid- and upper- tier players from the greater Denver market.”
Farahi also commented on recent upgrades to the company’s Atlantis property in Reno, Nevada, having said, “At Atlantis, during the 2024 second quarter, we completed the redesign and upgrade of 125 additional hotel rooms, leaving us with 246 total rooms to complete. We intend to have all 817 hotel rooms and suites redesigned and upgraded by the end of the second quarter of 2025.
“While Reno remains a very competitive market, we believe our focus on operational efficiency and property enhancements through major capital investments will keep us competitive and will be financially rewarding over the long-term.”
Monarch’s net income for Q2 2024 increased 1.2% year-over-year for a total of $22.7m. Casino, food and beverage and hotel revenues increased 3.1%, 1.0% and 9.0% year-over-year, respectively.
Casino operating expense as a percentage of casino revenue increased to 37.7% during the second quarter of 2024 compared to 37.4% for the prior-year period, primarily due to increased labor expense as stated by the company.
As of June 30, 2024, Monarch had cash equivalents of $33.5m and an outstanding principal balance of $23.0m under its credit facility.
In the second quarter of 2024, the company purchased 452,464 shares of its common stock on the open market for an aggregate amount of $30.5m under its existing repurchase plan.
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