Monarch Casino & Resort, the Reno-based operator, reported a net revenue of $133.7m for Q3 of 2022, an annual rise of 19.8% from the same prior year period. This brought its total revenue for the year so far to $357m.
The company also announced its EBITDA was $51.7m this quarter, a 28.3% rise from 2021’s Q3. Basic earnings per share climbed 20.8% annually from $1.20 per share to $1.45.
Monarch stated that its net income was adversely affected by the legal and consulting costs that it has accumulated as a result of its litigation with the contractor PLC Construction Services. PLC is servicing the Monarch Black Hawk Casino in Colorado but legal troubles have cost the company $2.8m in this year’s Q3.
Monarch co-chairman and CEO John Farahi commented: “Our strong operating momentum continued in the 2022 third quarter as we generated all-time quarterly record financial results, including a 28% increase in adjusted EBITDA over the previous record, set in the same quarter a year ago.
“The ramp-up of our expanded and enhanced Black Hawk property continues at a robust pace, resulting in market share gains that were complemented by solid performance at our Atlantis in Reno.
"Over the last year, with the completion of Monarch Black Hawk expansion, we have continued to fine-tune all aspects of our business and are operating more efficiently and effectively than ever before.”
Monarch Casino & Resort, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa in Reno, Nevada, and the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado, located approximately 40 miles west of Denver.
