Monarch Casino & Resort reports 8.5% revenue rise for Q4
The operator’s net income and adjusted EBITDA also increased, despite contractual disputes at its Black Hawk casino.
Monarch Casino & Resort has announced its Q4 financial results and full FY2022 results, ending December 31, 2022. The Nevada-based casino operator posted Q4 revenue of $120.5m, which represented an 8.5% increase year-on-year.
Its net income stood at $22.4m for the fourth quarter of 2022, again showing a 12.9% annual rise. Meanwhile, adjusted EBITDA also yielded positive results, generating $41.6m for Q4 of 2022, which was a 6.6% year-over-year rise.
Basic earnings per share were reported at $1.17 by Monarch, once again a positive 10.4% increase from the $1.06 produced in Q4 of 2021. Diluted earnings per share, meanwhile, were $1.14, another double-digit increase (11.8%) from last year’s final quarter.
Despite the all-around positive results for Q4, Monarch said it could have performed better barring some mitigating factors. It says net income was negatively impacted by legal and consulting costs, related to the ongoing litigation with the Monarch Black Hawk contractor, OCL Construction Services.
FY2022 results were also encouraging, with a 20.9% annual increase in net revenue to $477.8m. This was complemented by a 27.7% year-on-year bump in net income, which generated $87.5m and a 21.7% increase in adjusted EBITDA (to $167m) when compared to FY2021.
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.
Monarch also reported a revenue rise when it published its Q3 results back in October.
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