With 2021 financial report, Monarch Casino exceeds pre-pandemic numbers
The public is back as Monarch sees healthy growth.
With the release of Monarch Casino & Resorts’ financial report for the fourth quarter of 2021, as well as of the entire year ending December 31, 2021, we see a land-based casino industry that has returned to former strength, even exceeding pre-pandemic levels.
Monarch has an eponymous casino and resort in Black Hawk, Colorado, as well as holdings in Reno, Nevada.
Net revenue saw a year-on-year increase of 114.4%, to $395m, net income was up 189%, to $68.5m, and adjusted EBITDA increased by 218%, to $137m.
When looking back to pre-pandemic times – to 2019 – we see that people are coming out, playing more and spending more money. Comparing 2021 to 2019: there was net revenue growth of 58.7%, net income growth of 115.3%, and adjusted EBITDA growth of 122.6%
Such phenomenal growth has been mirrored elsewhere at land-based casinos across the country and shows that 2021 was a year when the pent-up demand and saved-up cash induced by the lockdowns finally caught up with an American public that was eager to play.
Monarch was able to capitalize on this mood with certain modifications to its layout and operations.
Sanguine comments from CEO and Monarch Co-Chairman, John Fahari, bespeak a year well spent and a return to the semblance of normalcy: “Our fourth quarter results capped a year of significant operational and financial accomplishments for Monarch.
“In 2021, we successfully transformed our Monarch Black Hawk into a full-scale casino resort spa. On May 1, 2021, we immediately took advantage of the elimination of betting limits in Black Hawk and expanded our game mix.”
While the news was largely good, there were a new set of issues bedeviling casino operators in the US.
Fahari spoke to these: “New Covid variants continue to create labor market shortages and wage pressure, resulting in increased labor costs. In addition, supply chain constraints and price inflation continued to impact our operating costs.”
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