Monarch Casino & Resort has released its financial report for the first quarter, which ended March 31, 2022. The company reported a Q1 net revenue of $108.3m. The total reflected a 44.5% increase from the previous quarter.
Income from operations rose by 89.2% compared to last quarter. Net income and diluted EPS increased by 122.2% and 119.0% respectively.
The company’s consolidated adjusted EBITDA increased from $11.5m to $34.3m, reflecting a 50.4% boost year-over-year.
This quarter’s figures generated company milestones and first-time achievements, according to its CEO.
Monarch CEO and Co-Chairman John Farahi said: “Net revenue and adjusted EBITDA of $108.3m and $34.3m, respectively, were both first quarter records, as was our adjusted EBITDA margin of 31.7%. We believe that our financial results demonstrate our operational excellence and confirm that our investment in Monarch Black Hawk is delivering exceptional returns.”
He went on to add that company expansion and healthy economic trends contributed significantly to the company’s strong quarter.
“Fiscal year 2022 is off to a strong start as we benefited from the full scope of operations at our newly expanded Monarch Black Hawk and the continued growth of market share at both properties,” Farahi said. “Our first quarter results also benefited from continued healthy overall macroeconomic trends. The labor market pressure and rising inflation could impact further near-term margins. Our teams continue to manage expenses effectively as we re-invest in our properties and grow our business.”
Farahi also spoke about the company’s future and goals for the rest of the fiscal year: “As we look to the balance of 2022, we intend to build on our strong operating performance in the first quarter, which traditionally is the slowest quarter of the year for us and for our markets.
“We continue to evaluate potential acquisitions where we can fully leverage our development and operating expertise to drive long-term value for our stockholders. Our future remains bright, and we look forward to what promises to be an exciting 2022.”
