Monarch Casino & Resort Q3 2024 revenue reaches $137.9m
During the third quarter of 2024, Monarch purchased $9.6m worth of shares as part of its existing repurchase plan.
Key Points
- Net revenue, income and adjusted EBITDA all increased for the company during the third quarter of 2024
- Co-Chairman and CEO John Farahi stated continued growth will be seeked by building additional awareness for Monarch and its properties
Monarch Casino & Resort reported its financial results for the third quarter of 2024, announcing increases for the company’s net revenue, income and adjusted EBITDA. Net revenue increased by 3.7% from the prior year period for a total of $137.9m, while the year-to-date revenue for Monarch was reported to be $387.7m.
“Our 2024 third quarter results were strong, reflecting the strength and player appeal of our properties, amenities and service level,” Monarch Co-Chairman and CEO John Farahi said.
“Monarch Black Hawk continues to grow market share and increase revenue across all its business segments. We believe we can drive continued growth for the property by building additional awareness for our luxury resort offerings and exceptional service among mid-to-upper tier players throughout the greater Denver and Boulder metro areas.”
Net income during Q3 2024 increased by 14.2% from the third quarter of 2023, reported to be $27.6m. Adjusted EBITDA was $50.6m for Q3 2024, a 2.9% increase from the prior year period.
Good to know: IGT recently expanded its partnership with Monarch Casino & Resort to extend its sports betting footprint
Casino and hotel revenues increased 3.4% and 5.0% from Q3 2023, respectively, while food and beverage revenues decreased 0.2% year-over-year.
Selling, general and administrative expenses accounted for 19.7% of the company’s net revenue, compared to a 20.4% share reported during the third quarter of 2023.
In the third quarter of 2024, the company purchased 131,285 shares of its common stock on the open market for an aggregate amount of $9.6m under its existing repurchase plan. The purchases were funded from operating cash flow.
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