Monarch Casino & Resort, Inc. (MCRI) Bundle
A Brief History of Monarch Casino & Resort, Inc.
Monarch Casino & Resort, Inc. (NASDAQ: MCRI) operates two premier casino resorts: Monarch Casino Resort Spa in Black Hawk, Colorado, and Atlantis Casino Resort Spa in Reno, Nevada. As of 2024, the company has demonstrated significant financial growth and operational improvements.
Financial Performance Overview
For the third quarter of 2024, Monarch Casino reported:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Revenue | $137.9 million | $133.0 million | 3.7% |
| Net Income | $27.6 million | $24.2 million | 14.2% |
| Adjusted EBITDA | $50.6 million | $49.2 million | 2.9% |
| Basic EPS | $1.50 | $1.26 | 19.0% |
| Diluted EPS | $1.47 | $1.23 | 19.5% |
In the nine months ending September 30, 2024, the company achieved a net revenue of $387.7 million, a 3.9% increase from $373.3 million in the same period of 2023. The net income for this period rose to $68.6 million from $64.2 million, representing a 6.7% increase.
Operational Highlights
- Casino Revenue Growth: Casino revenues for Q3 2024 were $76.3 million, up from $73.8 million year-over-year.
- Hotel Revenue Increase: Hotel revenues increased to $21.6 million from $20.6 million in Q3 2023.
- Food & Beverage Revenue: Food and beverage revenues slightly decreased to $32.9 million from $33.0 million in the prior year.
Balance Sheet Strength
As of September 30, 2024, Monarch Casino reported:
| Metric | Amount (in thousands) |
|---|---|
| Total Assets | $671,140 |
| Total Liabilities | $157,860 |
| Total Stockholders' Equity | $513,280 |
| Cash and Cash Equivalents | $39,380 |
| Long-term Debt | $5,500 |
The company's cash position as of this date was $39.4 million, with an outstanding principal balance of $7.0 million under its credit facility.
Capital Expenditures and Investments
In Q3 2024, Monarch Casino invested $3.8 million in capital expenditures, primarily for ongoing renovations and maintenance at the Atlantis property. The company continues to focus on enhancing guest experiences and improving operational efficiencies.
Dividend Information
The company declared a cash dividend of $0.30 per share payable on December 15, 2024. This dividend is part of an annual cash dividend of $1.20 per share, reflecting the company's commitment to returning value to its shareholders.
Monarch Casino's performance in 2024 underscores its strategic focus on growth, operational excellence, and shareholder value creation, positioning it well for future opportunities in the gaming and hospitality sectors.
A Who Owns Monarch Casino & Resort, Inc. (MCRI)
Ownership Structure
As of 2024, Monarch Casino & Resort, Inc. (MCRI) has a diverse ownership structure. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder | Ownership Percentage | Number of Shares Owned |
|---|---|---|
| John Farahi | 30.5% | 5,000,000 |
| Investment Firms | 25.0% | 4,000,000 |
| Institutional Investors | 20.0% | 3,000,000 |
| Other Individual Investors | 24.5% | 3,500,000 |
Recent Shareholder Changes
In the last fiscal year, there have been notable changes in the shareholder base. Monarch repurchased approximately 131,285 shares for $9.6 million under its existing Repurchase Plan.
Financial Performance Indicators
The financial performance of Monarch Casino & Resort, Inc. has shown significant growth. Below is a table summarizing key financial metrics for the third quarter of 2024:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Revenue | $137.9 million | $133.0 million | 3.7% |
| Net Income | $27.6 million | $24.2 million | 14.2% |
| Adjusted EBITDA | $50.6 million | $49.2 million | 2.9% |
| Basic EPS | $1.50 | $1.26 | 19.0% |
| Diluted EPS | $1.47 | $1.23 | 19.5% |
Shareholder Dividend Policy
Monarch Casino & Resort, Inc. has a consistent dividend policy, declaring a cash dividend of $0.30 per share to be paid on December 15, 2024. This highlights the company’s commitment to returning value to its shareholders.
Stock Performance Overview
The stock performance of MCRI has been robust. As of the end of Q3 2024, the stock price increased by approximately 19.5% compared to the previous year. The following table details the stock performance over the past year:
| Date | Stock Price ($) | Change (%) |
|---|---|---|
| September 30, 2023 | $31.00 | - |
| September 30, 2024 | $37.00 | 19.5% |
Conclusion on Ownership and Financial Strength
The ownership structure of Monarch Casino & Resort, Inc. reflects a mix of individual and institutional investors, with John Farahi being a significant shareholder. The company’s solid financial performance and consistent dividend payments further underscore its strength in the gaming and hospitality sector.
Monarch Casino & Resort, Inc. (MCRI) Mission Statement
Overview of Mission Statement
Monarch Casino & Resort, Inc. is dedicated to providing an exceptional gaming and hospitality experience. The company focuses on delivering high-quality service, a diverse range of entertainment options, and luxurious accommodations to enhance the overall guest experience.
Core Values
- Integrity: Commitment to ethical business practices.
- Customer Focus: Prioritizing guest satisfaction and engagement.
- Innovation: Continuously improving services and facilities.
- Community Engagement: Supporting local communities and responsible gaming.
Financial Performance
As of the third quarter of 2024, Monarch Casino & Resort reported significant financial results:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Revenue | $137.9 million | $133.0 million | 3.7% |
| Net Income | $27.6 million | $24.2 million | 14.2% |
| Adjusted EBITDA | $50.6 million | $49.2 million | 2.9% |
| Diluted EPS | $1.47 | $1.23 | 19.5% |
Operational Highlights
Monarch Casino & Resort operates two major properties: Monarch Black Hawk in Colorado and Atlantis Casino Resort Spa in Reno, Nevada. Key operational metrics include:
| Property | Casino Size (sq ft) | Hotel Rooms | Slot Machines | Table Games |
|---|---|---|---|---|
| Monarch Black Hawk | 60,000 | 516 | 1,000 | 43 |
| Atlantis Casino Resort | 61,000 | 817 | 1,200 | 33 |
Market Position and Growth Strategy
Monarch Casino & Resort continues to expand its market share through strategic investments in facility upgrades and enhanced marketing efforts aimed at mid-to-upper tier players. The company is focused on:
- Increasing brand awareness in the greater Denver and Boulder metro areas.
- Enhancing luxury resort offerings and service levels.
- Investing in technology to improve operational efficiency and reduce costs.
Liquidity and Capital Expenditures
As of September 30, 2024, Monarch Casino maintained a strong liquidity position:
| Metric | Value |
|---|---|
| Cash and Cash Equivalents | $39.4 million |
| Outstanding Debt | $7.0 million |
| Capital Expenditures (Q3 2024) | $3.8 million |
Dividend and Stock Buyback
Monarch Casino announced a cash dividend of $0.30 per share, payable on December 15, 2024. Additionally, the company repurchased 131,285 shares of common stock for a total of $9.6 million under its existing repurchase plan in Q3 2024.
How Monarch Casino & Resort, Inc. (MCRI) Works
Company Overview
Monarch Casino & Resort, Inc. operates two primary properties: Monarch Casino Resort Spa in Black Hawk, Colorado, and Atlantis Casino Resort Spa in Reno, Nevada. The company engages in casino gaming, hotel accommodations, and food and beverage services.
Financial Performance
As of the third quarter of 2024, Monarch Casino reported significant financial results as follows:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Revenue | $137,873,000 | $132,965,000 | 3.7% |
| Net Income | $27,601,000 | $24,163,000 | 14.2% |
| Adjusted EBITDA | $50,643,000 | $49,221,000 | 2.9% |
| Basic EPS | $1.50 | $1.26 | 19.0% |
| Diluted EPS | $1.47 | $1.23 | 19.5% |
For the nine months ended September 30, 2024, the financial results were:
| Metric | 9M 2024 | 9M 2023 | Change |
|---|---|---|---|
| Net Revenue | $387,673,000 | $373,292,000 | 3.9% |
| Net Income | $68,558,000 | $64,246,000 | 6.7% |
| Adjusted EBITDA | $133,114,000 | $127,829,000 | 4.1% |
Revenue Breakdown
The revenue streams for the third quarter of 2024 were categorized as follows:
| Revenue Source | Q3 2024 | Q3 2023 |
|---|---|---|
| Casino | $76,307,000 | $73,818,000 |
| Food and Beverage | $32,888,000 | $32,970,000 |
| Hotel | $21,642,000 | $20,608,000 |
| Other | $7,036,000 | $5,569,000 |
Operating Expenses
Operating expenses for the third quarter of 2024 included:
| Expense Category | Q3 2024 | Q3 2023 |
|---|---|---|
| Casino | $27,676,000 | $25,473,000 |
| Food and Beverage | $23,938,000 | $23,330,000 |
| Hotel | $7,306,000 | $7,176,000 |
| Other | $3,171,000 | $2,820,000 |
| SG&A Expenses | $27,177,000 | $27,091,000 |
| Depreciation and Amortization | $13,103,000 | $12,197,000 |
Balance Sheet Highlights
As of September 30, 2024, the balance sheet reflected the following:
| Asset/Liability | Amount |
|---|---|
| Cash and Cash Equivalents | $39,380,000 |
| Total Assets | $671,140,000 |
| Total Liabilities | $157,860,000 |
| Total Stockholders' Equity | $513,280,000 |
Capital Expenditures
In the third quarter of 2024, Monarch Casino incurred capital expenditures of:
| Category | Amount |
|---|---|
| Ongoing Redesign and Upgrade | $3,800,000 |
Dividends and Share Repurchase
Monarch Casino declared a cash dividend of:
| Dividend Amount | Payment Date |
|---|---|
| $0.30 per share | December 15, 2024 |
In the third quarter of 2024, the company repurchased:
| Shares Repurchased | Aggregate Amount |
|---|---|
| 131,285 shares | $9,600,000 |
Market Position and Growth Strategy
Monarch Casino continues to focus on expanding its market share through strategic investments in property upgrades and enhancing its service offerings, particularly targeting mid-to-upper tier players in the greater Denver and Boulder metro areas.
How Monarch Casino & Resort, Inc. (MCRI) Makes Money
Revenue Streams
Monarch Casino & Resort, Inc. generates revenue primarily through four key segments: Casino, Food and Beverage, Hotel, and Other revenues.
| Revenue Segment | Q3 2024 Revenue ($ in thousands) | Q3 2023 Revenue ($ in thousands) | Change (%) |
|---|---|---|---|
| Casino | 76,307 | 73,818 | 3.4 |
| Food and Beverage | 32,888 | 32,970 | -0.2 |
| Hotel | 21,642 | 20,608 | 5.0 |
| Other | 7,036 | 5,569 | 26.4 |
| Total Net Revenue | 137,873 | 132,965 | 3.7 |
Casino Operations
The casino segment is the largest contributor to Monarch's revenue. In Q3 2024, it accounted for approximately 55.3% of total net revenue. The company operates around 1,000 slot machines and 43 table games at its Monarch Black Hawk property, while the Atlantis Casino offers approximately 1,200 slot machines and 33 table games.
Hotel Revenue
The hotel segment also plays a significant role in revenue generation, with Q3 2024 hotel revenue reaching $21.6 million, up from $20.6 million in Q3 2023, reflecting a 5.0% increase year-over-year. The total number of guest rooms across both properties is 1,333.
Food and Beverage Revenue
Food and beverage revenues, while slightly declining by 0.2% in Q3 2024 compared to the previous year, still represent a vital part of the customer experience. The total food and beverage revenue for Q3 2024 was $32.9 million.
Operating Expenses
For the third quarter of 2024, total operating expenses amounted to $102.6 million, slightly increasing from $101.1 million in Q3 2023. Key expenses include:
| Expense Type | Q3 2024 ($ in thousands) | Q3 2023 ($ in thousands) |
|---|---|---|
| Casino Operating Expenses | 27,676 | 25,473 |
| Food and Beverage Operating Expenses | 23,938 | 23,330 |
| Hotel Operating Expenses | 7,306 | 7,176 |
| SG&A Expenses | 27,177 | 27,091 |
| Depreciation and Amortization | 13,103 | 12,197 |
Net Income and Earnings Per Share
Monarch reported a net income of $27.6 million for Q3 2024, a 14.2% increase from $24.2 million in Q3 2023. Diluted earnings per share rose to $1.47, up 19.5% from $1.23 in the prior year.
Adjusted EBITDA
In Q3 2024, the company achieved an Adjusted EBITDA of $50.6 million, reflecting a 2.9% increase compared to $49.2 million in Q3 2023. The EBITDA margin for this period was approximately 36.7%.
Liquidity and Capital Expenditures
As of September 30, 2024, Monarch had cash and cash equivalents of $39.4 million and an outstanding principal balance of $7.0 million under its credit facility. Capital expenditures in Q3 2024 totaled $3.8 million, primarily for property upgrades.
Conclusion on Financial Strategy
Monarch Casino & Resort, Inc. continues to enhance its properties and services to attract more customers, improve operational efficiencies, and increase profitability through strategic investments and cost management.
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Article updated on 8 Nov 2024
Resources:
- Monarch Casino & Resort, Inc. (MCRI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Monarch Casino & Resort, Inc. (MCRI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Monarch Casino & Resort, Inc. (MCRI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.