Monarch Casino & Resort has released its operating results for the first quarter of 2024. The resort posted a total revenue of $121.7m for the quarter.
Revenue in Q1 grew by 4.3% year-on-year; food and beverage, and hotel, revenue from the casino rose during the first quarter by 3.8%. The company attributed the rise in revenue to “market share gains at Monarch Black Hawk.”
Net income rose by 3.4% and reached nearly $18.3m in Q1. The company posted an adjusted EBITDA of $38.5m, reflecting a 5.7% increase year-over-year.
Company Co-Chairman and CEO John Farahi took a moment to reflect on the first quarter’s results.
He commented, “In the first quarter of 2024 net revenue and adjusted EBITDA grew to all-time first quarter records of $121.7m and $38.5m, respectively, and the EBITDA margin improved to 31.7% from 31.3% in the same period of the prior year.
“With a strong balance sheet, we are favorably positioned to continue investing in our properties, paying cash dividends, and buying back stock under our existing stock repurchase authorization. We continue to diligently evaluate potential M&A transactions, which can drive additional attractive long-term value for our stockholders.”
In addition to posting its operating results for the quarter, Monarch declared a cash dividend of $0.30 per share for its outstanding common stock.
This move is part of the operator's previously announced annual cash dividend of $1.20 per share. The company decided to pay this out in quarterly installments.
Recognized stockholders as of June 1 will be eligible for the upcoming quarterly payment. Shareholders can expect to receive payments on June 15.
