Monarch Casino and Resorts, which owns and operates the Atlantis Casino Resort Spa in Reno and the Monarch Casino Resort Spa in Black Hawk, Colorado, has today announced its financial results for the period ending September 30, 2021.
Per the company’s announcement, Q3 has seen Monarch increase its year-on-year revenue by 86%, growing from $59.8m in 2020 to $111.6m this year. This is 14% up on what the group’s owners, Zack’s Consensus, estimated it would be.
John Farahi, co-chairman and CEO of Monarch, said: “Monarch again delivered record financial results as our third quarter benefited from the strong ongoing pandemic recovery, economic and population growth in Denver and Reno, and the notable impact of the removal of betting limits in Colorado. Our focus on operational excellence and market-leading amenities has enabled us to leverage these tailwinds and drive consistent growth.”
EBITDA and net income also experienced impressive year-on-year growth. The former increased by 95% to $40.2m while the latter increased by 108%, rising to $22.3m in Q3 of 2021.
"Labour shortages and wage pressure, as well as supply chain constraints and price inflation, remain headwinds. Atlantis operation in Reno was impacted by unhealthy air quality from the California fires and Nevada’s decision to reinstate indoor mask mandates,” added Farahi.
“With the Monarch Black Hawk construction project nearing completion, we are evaluating acquisition opportunities where we can fully leverage our development expertise and operational excellence. The company has the discipline and balance sheet to continue to deploy capital in a manner that consistently builds shareholder value.”
Overall growth for the company has been matched by an increase in revenue for both of Monarch’s properties. Driven by an expansion to the Black Hawk Casino and Resort, casino revenue grew 71% while hotel revenue grew by an impressive 162%.
