Monarch Casino & Resort in Reno, Nevada has decided to authorize a one-time cash dividend of $5.00 per share of its outstanding common stock.
Company stockholders can expect to receive the payment on March 15, provided they are listed as stockholders of records as of March 1.
The decision was made by the company’s Board of Directors. The group also approved an annual dividend payment of $1.20 per share of its outstanding common stock. This will be paid out in quarterly amounts on the 15th of each quarter’s third month.
Monarch said it expects to pay $5.90 in total cash dividends during the 2023 calendar year.
Company CEO and Co-Chairman John Farahi commented: “The Board of Directors’ authorization of a one-time cash dividend and the initiation of a recurring annual cash dividend highlights the free cash flow generated by our two market-leading properties and our commitment to enhance stockholder value.”
He went on to describe the company’s growth rate and current balance sheet and said that Monarch has reduced its debt to a level that positions it to issue payments to its shareholders.
Farahi concluded by saying: “With our strong balance sheet and ongoing free cash flow growth, we have the financial flexibility to return capital to stockholders through both a one-time dividend and our new recurring dividend, while continuing to invest in our properties and evaluate M&A opportunities that can leverage our operating and development expertise to deliver additional long-term growth.
“Since opening the expanded Monarch Casino Black Hawk, we’ve effectively eliminated all outstanding debt, and we believe this is an ideal time to return capital to our stockholders.”
