RENO, Nev., April 09, 2025 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (NASDAQ: MCRI) announced today that it will release its 2025 first quarter financial results after the market closes on Tuesday, April 22, 2025. About Monarch Casino & Resort, Inc.Monarch Casino & Resort, Inc., through its subsidiaries, owns and operates the Monarch Casino Resort Spa ("Monarch Black Hawk") in Black Hawk, Colorado, approximately 40 miles west of Denver and the Atlantis Casino Resort Spa ("Atlantis"), a hotel/casino ...

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Renovation and Expansion - Monarch Casino Resort Spa Black Hawk completed a master planned renovation and expansion at the beginning of 2022, transforming the property into a world-class resort[223]. Economic Environment - The Denver metro economy shows higher than the national average per capita personal income, benefiting Monarch Black Hawk's operations[223]. - The Atlantis Casino Resort Spa is positioned to benefit from local economic growth, despite facing competitive pressures and wage inflation[222]. Revenue Growth and Challenges - The company expects to leverage the expanded operations and the elimination of betting limits in Black Hawk, Colorado, to enhance revenue growth[223]. - Labor challenges are present due to low unemployment in the staffing filter markets, impacting operational efficiency[223]. - The company is actively managing labor challenges and inflationary pressures that are affecting revenue growth and profit margins at Atlantis[222]. Key Performance Indicators - Key Performance Indicators (KPIs) include gaming revenue metrics such as slot coin-in and table games drop, which are critical for managing business performance[225]. - Food and Beverage operations are measured by covers and average revenue per cover, indicating changes in guest preferences and spending habits[227]. - Hotel operations are evaluated using occupancy rate and average daily rate (ADR), with revenue per available room (RevPAR) as a key performance measure[228]. Financial Performance - Net income for the year ended December 31, 2024, was $72.8 million, a decrease of 11.7% from $82.4 million in 2023, with diluted EPS dropping from $4.20 to $3.84, a decrease of 8.6%[231]. - Net revenue increased by $20.7 million, or 4.1%, to $522.2 million in 2024 from $501.5 million in 2023[231]. - Casino revenue rose by 4.1% in 2024, while casino operating expenses as a percentage of revenue increased to 37.2% from 36.4% in 2023[232]. - Food and beverage revenue increased by 0.7% in 2024, with operating expenses as a percentage of revenue rising to 73.7% from 72.4% in 2023[233]. - Hotel revenue grew by 7.6% in 2024, driven by an increase in ADR from $172.62 in 2023 to $182.48 in 2024, and RevPAR increased to $220.28 from $209.71[235]. Expenses and Cash Flow - SG&A expenses increased to $108.3 million in 2024 from $105.8 million in 2023, but as a percentage of net revenue, it decreased to 20.7% from 21.1%[237]. - Capital expenditures for 2024 totaled $43.9 million, down from $51.4 million in 2023, primarily for hotel room upgrades and gaming equipment acquisition[242]. - Net cash provided by operating activities decreased by $32.3 million, or 18.7%, to $140.7 million in 2024 compared to the previous year[246]. - Net cash used in financing activities was $81.5 million in 2024, including $60.0 million for stock repurchases and $22.3 million for dividends[248]. Litigation and Legal Matters - The company expects cash flows to be negatively impacted by outstanding payments related to litigation, with a judgment of $74.6 million issued on February 14, 2025[249]. - The company reported a loss contingency estimate of $75 million related to litigation with PCL Construction Services, which is considered a critical audit matter[275][276]. - The Court awarded damages in favor of PCL of $74,772,551 for breach of contract claims, with a net judgment amount of $74,627,657 against the Company[387]. - The Company anticipates filing an appeal regarding the Court's Judgment and has obtained a supersedeas bond of $25 million[389]. Shareholder Returns - The Company paid a one-time cash dividend of $5.00 per share in 2023 and initiated an annual dividend policy of $1.20 per share starting in Q2 2023[398]. - For the year ended December 31, 2024, the Company paid four cash dividends of $0.30 each under the annual dividend policy, totaling $1.20 per share[399]. Assets and Liabilities - As of December 31, 2024, the company had $58.760 million in cash and cash equivalents, an increase from $43.361 million in 2023[284]. - Total assets as of December 31, 2024, were $691.583 million, up from $680.873 million in 2023, indicating a growth of 1.0%[284]. - The Company has a liability of $9.5 million related to the Parking Lot Lease recognized in the Consolidated Balance Sheet as of December 31, 2024[394]. Stock and Compensation - The Company has authorization to purchase up to 1,950,040 shares under the stock repurchase plan as of December 31, 2024[376]. - The total stock-based compensation expense for the year ended December 31, 2024, was $7,864 thousand, netting to $6,213 thousand after tax benefits[374]. - Stock options outstanding at the end of the period totaled 1,781,740 shares with a weighted average exercise price of $60.89 and an intrinsic value of $31,699,676[368].

Core Points - Monarch Casino & Resort, Inc. reported a court decision awarding PCL Construction Services, Inc. damages of $74,772,551, while Monarch received $144,894 for its counterclaims, resulting in a net judgment of $74,627,657 against Monarch [1][2] - The company plans to appeal the court's decision to the Colorado Court of Appeals and will adjust its fourth quarter and year-end results due to the judgment [2][3] - Monarch's balance sheet as of September 30, 2024, included a liability of $47,008,285 to PCL, which was adjusted to reflect the judgment amount [3] - An adjustment of $27,619,372 was made to Accounts Payable in the December 31, 2024 Balance Sheet, and a corresponding expense item, Loss on Litigation, was recorded [4] - The adjusted net income for the three months and twelve months ended December 31, 2024, was reported as $4,211 thousand and $72,769 thousand, respectively, significantly lower than previously reported figures [7] Financial Adjustments - The previously reported net income for the three months ended December 31, 2024, was $25,495 thousand, and for the twelve months, it was $94,053 thousand [7] - Basic earnings per share for the three months and twelve months ended December 31, 2024, were adjusted to $0.23 and $3.91, respectively, compared to previously reported $1.39 and $5.05 [7] - Diluted earnings per share for the same periods were adjusted to $0.22 and $3.84, down from previously reported $1.36 and $4.96 [7] Company Overview - Monarch Casino & Resort, Inc. operates the Monarch Casino Resort Spa in Black Hawk, Colorado, and the Atlantis Casino Resort Spa in Reno, Nevada [10] - Monarch Black Hawk features 516 guest rooms, approximately 60,000 square feet of casino space, and various dining and entertainment options [11] - Atlantis features 817 guest rooms, approximately 61,000 square feet of casino space, and a wide range of amenities including a health spa and family entertainment center [12]

Core Points - Monarch Casino & Resort, Inc. reported a court decision awarding PCL Construction Services, Inc. damages of $74,772,551, while Monarch received $144,894 for its counterclaims, resulting in a net judgment of $74,627,657 against Monarch [1][2] - The company plans to appeal the court's decision to the Colorado Court of Appeals and will adjust its fourth quarter and year-end results due to the judgment [2][3] - Monarch's balance sheet as of September 30, 2024, included a liability of $47,008,285 to PCL, which was adjusted to reflect the judgment amount [3] - An adjustment of $27,619,372 was made to Accounts Payable in the December 31, 2024 Balance Sheet, and a corresponding expense item, Loss on Litigation, was recorded [4] - The adjusted net income for the three months and twelve months ended December 31, 2024, was reported as $4,211 thousand and $72,769 thousand, respectively, significantly lower than previously reported figures [7] Financial Adjustments - The previously reported net income for the three months ended December 31, 2024, was $25,495 thousand, and for the twelve months, it was $94,053 thousand [7] - Basic earnings per share for the three months and twelve months ended December 31, 2024, were adjusted to $0.23 and $3.91, respectively, down from $1.39 and $5.05 [7] - Diluted earnings per share for the same periods were adjusted to $0.22 and $3.84, compared to previously reported $1.36 and $4.96 [7] Company Overview - Monarch Casino & Resort, Inc. operates the Monarch Casino Resort Spa in Black Hawk, Colorado, and the Atlantis Casino Resort Spa in Reno, Nevada [10] - Monarch Black Hawk features 516 guest rooms, approximately 60,000 square feet of casino space, and various dining and entertainment options [11] - Atlantis features 817 guest rooms, approximately 61,000 square feet of casino space, and a range of amenities including a health spa and family entertainment center [12]

Group 1: Company Recognition - Monarch Casino & Resort, Inc. has been named one of America's most successful small companies by Forbes, ranking 79th on the 2025 list, marking the third recognition in four years [1][2] - The recognition is attributed to the company's dedication, innovation, and hard work, with a focus on luxury resort offerings and exceptional service [2] Group 2: Financial Performance - Forbes screened 914 companies with a market value between $300 million and $2 billion, ranking the top 100 based on earnings growth, sales growth, return on equity, and total stock return [2] - Monarch posted a 52-week return of 34% and revenue of $516 million as of November 8, 2024 [2] Group 3: Company Operations - Monarch operates two main properties: Atlantis Casino Resort Spa in Reno, Nevada, and Monarch Casino Resort Spa in Black Hawk, Colorado [4] - Monarch Black Hawk features 516 guest rooms, approximately 60,000 square feet of casino space, and various dining and entertainment options [5] - Atlantis features 817 guest rooms, approximately 61,000 square feet of casino space, and multiple food outlets and entertainment facilities [6]

Group 1 - Monarch Casino & Resort, Inc. has been recognized by Forbes as one of America's most successful small companies, ranking 79 on the 2025 list, marking the third recognition in four years [1][2] - The company achieved a 52-week return of 34% and reported revenue of $516 million as of November 8, 2024, based on data from FactSet [2] - Forbes screened 914 companies with market values between $300 million and $2 billion, ranking the top 100 based on earnings growth, sales growth, return on equity, and total stock return over the latest 12 months and the last five years [2] Group 2 - Monarch operates two major properties: Atlantis Casino Resort Spa in Reno, Nevada, and Monarch Casino Resort Spa in Black Hawk, Colorado [4] - Monarch Black Hawk features 516 guest rooms, approximately 60,000 square feet of casino space, and various dining and entertainment options [5] - Atlantis Casino Resort Spa offers 817 guest rooms, approximately 61,000 square feet of casino space, and multiple food outlets and entertainment facilities [6]

Core Insights - Atlantis Casino Resort Spa's Atlantis Steakhouse and Spa Atlantis have received the Forbes Travel Guide Four-Star Award, highlighting their luxurious offerings and exceptional guest service [1][2] - Spa Atlantis has been awarded the Four-Star Award for ten consecutive years, while Atlantis Steakhouse is a two-time recipient [1][2] - Atlantis Casino Resort Spa is the only property in Reno recognized by Forbes Travel Guide, emphasizing its status in the hospitality industry [1] Company Overview - Owned and operated by Monarch Casino & Resort, Inc. (NASDAQ:MCRI), Atlantis Casino Resort Spa is ranked as the 1 Reno resort on TripAdvisor and holds the AAA Four Diamond designation [5] - The resort is located near Lake Tahoe and offers a range of activities including hiking, skiing, and golfing [5] - Atlantis Casino Resort Spa features luxurious accommodations, award-winning dining, and entertainment options [5] Dining and Spa Highlights - Atlantis Steakhouse is the only Forbes Four-Star restaurant in northern Nevada, known for its high-quality steaks and an award-winning wine selection [2] - Spa Atlantis spans 30,000 square feet and offers a variety of luxurious treatments, making it one of only 224 spas worldwide to receive a Forbes Four-Star Award [3] - The spa includes amenities such as treatment rooms, saunas, pools, and a fitness center [3] Recognition and Standards - Forbes Travel Guide's evaluations are based on up to 900 objective standards, focusing on exceptional service [4] - The Atlantis Hotel and Bistro Napa has received the Recommended rating from Forbes Travel Guide for ten consecutive years, indicating consistent excellence in service and facilities [4]

Core Points - Atlantis Casino Resort Spa's Atlantis Steakhouse and Spa Atlantis have received the Forbes Travel Guide Four-Star Award, marking the 10th consecutive year for Spa Atlantis and the second for Atlantis Steakhouse [1][2] - Atlantis Casino Resort Spa is the only property in Reno recognized by Forbes Travel Guide, highlighting its luxurious offerings and exceptional guest service [1][2] Company Overview - Owned and operated by Monarch Casino & Resort, Inc. (Nasdaq: MCRI), Atlantis Casino Resort Spa is consistently ranked as the 1 resort in Reno on TripAdvisor and has received the AAA Four Diamond designation [5] - The resort is located near Lake Tahoe and offers a range of activities including hiking, skiing, and golfing, enhancing its appeal as a premier destination in northern Nevada [5] Dining and Spa Experience - Atlantis Steakhouse is the only Forbes Four-Star restaurant in northern Nevada, featuring a menu with high-quality steaks and an award-winning wine selection recognized by Wine Spectator for 24 consecutive years [2] - Spa Atlantis, covering 30,000 square feet, offers luxurious treatments and facilities, and is one of only 224 spas worldwide to receive a Forbes Four-Star Award [3] Recognition and Standards - The Atlantis Hotel and Bistro Napa have received the Recommended rating from Forbes Travel Guide for 10 consecutive years, indicating consistent excellent service and facilities [4] - Forbes' evaluations are based on up to 900 objective standards, emphasizing exceptional service to help travelers select luxury experiences [4]

Core Insights - Monarch Casino & Resort, Inc. (MCRI) reported strong fourth-quarter 2024 results, with adjusted earnings and net revenues exceeding expectations and showing year-over-year growth [1][4] Financial Performance - Adjusted EPS for Q4 was $1.36, surpassing the Zacks Consensus Estimate of $1.15 by 18.3%, compared to $0.93 in the same quarter last year [4] - Net revenues reached $134.5 million, exceeding the consensus mark of $129 million by 4.3% and growing 4.9% year over year [4] - Casino and Hotel revenues increased to $77.1 million and $18.2 million, respectively, from $72.7 million and $16.8 million in the prior year [5] - Other revenues grew by 13.5% year over year to $6.6 million, while food and beverage revenues slightly declined to $32.6 million from $32.8 million [5] Operational Highlights - Income from operations was $31.5 million, up from $25.4 million in the prior-year quarter [6] - Total operating expenses increased by 0.2% year over year to $103 million, attributed to higher costs in various business segments [6] - SG&A expenses decreased to $27.8 million from $28.7 million, mainly due to lower labor and advertising costs [7] - Adjusted EBITDA rose by 9.9% to $47.3 million from $43 million in the previous year [7] Annual Performance - For the full year 2024, net revenues increased by 4.1% to $522.2 million [8] - Adjusted EBITDA for the year was $180.4 million, up 5.6% from $170.8 million [8] - The company reported an adjusted EPS of $4.96 for the full year, an increase of 18.1% from $4.20 in 2023 [8] Balance Sheet and Dividends - As of December 31, 2024, cash and cash equivalents totaled $58.8 million, up from $43.4 million a year earlier [10] - Inventories increased to $9.3 million from $7.6 million [10] - The company had no long-term debt at the end of 2024, compared to $5.5 million at the end of 2023 [10] - A quarterly cash dividend of $0.30 per share was declared, payable on March 15, 2025 [10] Future Outlook - The company is optimistic about its Atlantis property, which is undergoing approximately $100 million in redesign and upgrades, expected to be completed by Q2 2025 [3] - MCRI plans to continue implementing efficient operating strategies and making profitable investments to drive future growth [3]