Monarch Casino & Resort revenue reaches $128.2m during Q4 2023
In addition to its report, the company released an update on its latest construction project.
Monarch Casino & Resort has released its results from last year’s fourth quarter. The resort reported increases in revenue and adjusted EBITDA during the quarter.
Revenue in Q4 rose by 6.3% to reach nearly $128.2m when compared to results from the previous year’s period. Adjusted EBITDA grew by 3.4% year-over-year during the fourth quarter and totaled $43m.
However, Monarch reported that its Q4 net income fell by 18.9% from this time last year. Net income for the quarter reached $18.2m.
Monarch Co-Chairman and CEO John Farahi further discussed the company’s quarterly results by saying, “With a strong balance sheet and no debt, we are favorably positioned to continue investing in our properties and paying cash dividends, and to consider share repurchases under our existing share repurchase authorization.
“While growth through acquisition is a key focus for us, doing the right transaction is far more important in the long run than simply doing a transaction.”
Farahi also provided an update on its construction project at the Atlantis.
He said, “In Reno, the Atlantis is challenged by the continued growth of California tribal gaming and an extremely competitive promotional environment. Despite these factors and ongoing construction disruptions, we grew market share in the fourth quarter of 2023. We also completed the construction on the redesign and upgrade of the oyster and sushi bar restaurant.
“As of January 4, we began the redesign and upgrade of 125 rooms on the third Atlantis hotel tower and we expect to complete this project by the end of the second quarter of 2024. We intend to redesign and upgrade the remaining rooms in the third Atlantis tower at the beginning of 2025 with a goal to have all 817 hotel rooms and suites redesigned and upgraded by the end of the second quarter of 2025.”
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