Monarch Casino & Resort, with casino locations in Reno, Nevada and Black Hawk, Colorado, has announced its first quarter results for 2023. The company states it has reached both record net revenue and adjusted EBITDA for this quarter.
This year so far, the company has achieved a Q1 net revenue of $116.6m, up 7.7% from last year. Monarch’s net income, however, has decreased by 2.5% to $17.7m. Adjusted EBITDA for the company sits at $36.5m, an increase of 6.2%.
John Farahi, Co-Chairman and CEO of Monarch, commented, “Our 2023 fiscal year is off to a strong start as the operating momentum builds at Monarch in Black Hawk, Colorado. In Reno, the first quarter results were materially impacted by unprecedented weather disruptions in Northern California, which is a key feeder market for Atlantis.
“Net revenue and adjusted EBITDA grew to all-time first quarter records of $116.6m and $36.5m, respectively. The Company’s performance in Black Hawk was a primary driver in generating a healthy consolidated Adjusted EBITDA margin of 31.3% in what is historically our slowest quarter of the year in both markets.”
Monarch’s casino revenues increased 6.5%; food and beverage increased 12.6%; and hotel revenues increased 1.8%. The business cited growth at its Monarch Black Hawk location as the reason for said increases.
Selling, general and administrative expenses for Q1 of 2023 were $25.1m, up from $24.2m last year. Casino operating expenses, as a percentage of casino revenue, increased to 37.7%, up from 35.6% in 2022.
Farahi added, “With our strong balance sheet and free cash flow, Monarch remains ideally positioned to evaluate and act on potential acquisitions where we can employ our development and operating disciplines to drive long-term value for our stockholders.”
