Monarch Casino & Resort has published its financial results for 2023’s third quarter. The company has also approved a cash dividend of $0.30 per share that will be paid out to its shareholders on December 15.
Monarch reported a total net revenue of $133m during the third quarter, down by 0.6% year-over-year.
Adjusted EBITDA during Q3 reached $49.2m, while the adjusted EBITDA margin for the quarter was 37%.
Third-quarter net income fell by 12.1% when compared to results from the same quarter last year. Net income in Q3 totaled nearly $24.2m. The company attributed the downward trend during the quarter to “legal and consulting costs, related to the ongoing litigation with the Monarch Black Hawk general contractor, PCL Construction Services, Inc.”
Company Co-Chairman and CEO John Farahi commented further on Monarch’s results by saying, “Our 2023 third quarter results were strong as we continued to grow revenue and EBITDA in Black Hawk, and companywide, employed operational efficiencies and expense management.
“During the third quarter our operating results were negatively impacted by competitive pressure in Reno and the current macroeconomic environment.”
Farahi went on to discuss the company’s plans for its capital on hand.
He said in closing, “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 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 development and operating expertise in a financially prudent manner.”
