Monarch Casino & Resort posts $123.7m in Q2 2023 net revenue
Its adjusted EBITDA and net revenue surpassed the previous second-quarter highs.
Monarch Casino & Resort has published its financial and business results for this year’s second quarter. Both second-quarter net revenue and adjusted EBITDA reached milestone quarterly highs, according to the company report.
Net revenue for Q2 climbed to $123.7m, reflecting a 7.5% boost year-over-year.
Net income during Q2 grew by 6.7% when compared to results from the previous year’s period. The company reported a total net income of $22.4m.
Adjusted EBITDA reached $42.1m in the second quarter, while the adjusted EBITDA margin was 34.1%.
Monarch Co-Chairman and CEO John Farahi took a moment to further elaborate on this quarter’s results.
He said, “Our financial results for the 2023 second quarter reflect our strong market position in Black Hawk and a year-over-year improvement in the operating performance at Atlantis.
“We remain committed to returning capital to our stockholders. Our strong balance sheet and free cash flow position us to invest in our existing properties, pay quarterly cash dividends and consider potential share repurchases under our existing share repurchase authorization.
“We continue to evaluate potential acquisition opportunities where we can employ our developmental and operational expertise in a financially prudent manner.”
He went on to discuss Black Hawk’s second-quarter expansion and the boost in hotel revenue at Atlantis.
He said in closing, “In Black Hawk, we continued to expand market share throughout the quarter, especially in the upper end of the market. We believe there are further growth opportunities as we continue to penetrate the Denver regional market.
“At Atlantis, we generated strong casino and food and beverage revenue, as guest visits and spend per visit increased year-over-year. Hotel revenue was impacted by renovation work during the quarter on the redesign and upgrade of hotel rooms in the second tower.
“Hotel performance improved in June as our full inventory of rooms became available to guests. The Reno market remains extremely competitive, we continue to prudently invest in Atlantis to maintain what we believe is a market-leading position.”
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