Monarch Casino & Resort reports 18% revenue increase for Q2
The company enjoyed a H1 revenue increase of 29.5%.
Monarch Casino & Resort, a casino operator, has reported its financial results for Q2. The company earned $115.3m in net revenue, an 18% increase year-on-year. Adjusted EBITDA was $19.4m, a 7.1% increase on 2021’s Q2 results.
The broader picture of Monarch’s year looks even brighter, with an overall 29.5% increase in net revenue for H1 – from $172.7m to $223.6m in 2022.
Monarch Co-Chairman and CEO John Farahi commented: “Monarch’s solid second-quarter results reflect our strong market position in both Reno and Black Hawk. Monarch’s Las Vegas operations consist of two retail outlets: Atlantis Casino and Monarch Black Hawk Casino.
“Our quarterly financial results benefited from the continued successful ramp-up of our recently expanded and enhanced Black Hawk property, as well as our team’s ability to efficiently manage the business in an ever-changing operating environment.”
The net revenue and adjusted EBITDA were both second-quarter records. Farahi now believes Monarch is well set for H2 of 2022.
He says, “In Reno, we believe our focus on operational execution and capital investments in Atlantis will enhance our property’s appeal and competitiveness. We recently commenced upgrades of the property’s retail space and expect that project to be completed early in the fourth quarter of this year.
Casino, food and beverage, and hotel revenues increased 10.7%, 28.7% and 31.1% year-on-year, respectively. These revenue increases were primarily driven by the ongoing ramp-up of operations at Monarch Black Hawk.
This ramp-up was seen as necessary due to what Farahi describes as “COVID-19 related pent-up demand.” This increased demand saw casino operating expenses increase from 31.7% to 36.5% during Q2 of 2022 from the prior-year period.
Overall Farahi was pleased with Monarch’s Q2 results, commenting, “Our favorable balance sheet positions Monarch to continue to evaluate potential acquisitions to drive long-term value for our stockholders.”
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
