Renovation and Expansion - Monarch Casino Resort Spa Black Hawk completed a master planned renovation and expansion, transforming the property into a world-class resort[221]. Market and Competition - The company expects to benefit from the elimination of betting limits and the allowance of new game types in Black Hawk, Colorado, as well as the growth of state-wide online and retail sports betting[221]. - Monarch Casino Resort Spa Black Hawk is positioned to attract high-value players from Colorado's Front Range, who previously traveled to Las Vegas for high-end casino experiences[221]. - The company is facing increased competition from California tribal gaming and a competitive promotional environment in Northern Nevada[220]. Employment and Labor - The Reno market shows broad-based employment growth, which is anticipated to support the continued strength of the business at Atlantis[220]. - Labor challenges, including wage inflation, are actively being managed due to a tight employment environment[220]. Financial Performance - For the year ended December 31, 2023, net income was $82.4 million, a decrease of 5.8% from $87.5 million in 2022, with diluted EPS dropping from $4.47 to $4.20[230]. - Net revenue increased by $23.6 million, or 4.9%, to $501.5 million in 2023 compared to $477.9 million in 2022[230]. - Casino revenue rose by 4.3% in 2023, while casino operating expenses as a percentage of revenue increased to 36.4% from 35.1% in 2022[232]. - Food and beverage revenue grew by 8.1% in 2023, with operating expenses as a percentage of revenue decreasing to 72.4% from 75.5% in 2022[233]. - Hotel revenue decreased by 0.3% in 2023, with an average daily rate (ADR) decline from $175.07 to $172.56, despite an increase in occupancy from 79.9% to 84.5%[234]. - SG&A expenses increased to $105.8 million in 2023 from $97.6 million in 2022, representing 21.1% of net revenue compared to 20.4% in 2022[236]. - Depreciation and amortization expenses rose to $47.3 million in 2023, up from $43.4 million in 2022, due to asset additions from hotel upgrades[237]. - Capital expenditures totaled $51.4 million in 2023, with significant investments in hotel room redesigns and gaming equipment acquisitions[241]. - Total revenues for 2023 reached $501.5 million, an increase of 4.3% from $477.9 million in 2022[275]. - Casino revenues increased to $282.3 million in 2023, up 4.6% from $270.8 million in 2022[275]. - Basic earnings per share decreased to $4.28 in 2023 from $4.60 in 2022[275]. Cash Flow and Liquidity - Net cash provided by operating activities increased by $33.3 million, or 23.8%, to $173.0 million in 2023[243]. - As of December 31, 2023, the company had an outstanding principal balance of $5.5 million under its Amended Credit Facility, with $93.9 million available for borrowing[251]. - Cash and cash equivalents rose to $43.4 million in 2023, compared to $38.8 million in 2022[277]. - The company has no cash or cash equivalents subject to market risk as of December 31, 2023[266]. Assets and Liabilities - The company reported total assets of $680.9 million as of December 31, 2023, down from $692.9 million in 2022[277]. - Current liabilities increased to $123.4 million in 2023 from $117.7 million in 2022[277]. - Accounts receivable as of December 31, 2023, totaled $12.088 million, an increase from $9.651 million in 2022[324]. - Accrued expenses increased to $51.812 million as of December 31, 2023, from $46.037 million in 2022[329]. Taxation - The income tax provision for 2023 was $26.079 million, up from $21.543 million in 2022, reflecting a year-over-year increase of 20.5%[341]. - The effective tax rate for 2023 was 24.03%, higher than the federal statutory rate of 21%, primarily due to state tax and permanent items[342]. Dividends - A one-time cash dividend of $5.00 per share was declared by the Board of Directors, payable on March 15, 2023[382]. - The Board of Directors approved an Annual Dividend policy of $1.20 per share, starting in Q2 2023, to be paid quarterly[383]. - In 2023, the Company paid a one-time cash dividend of $5.00 per share and three cash dividends of $0.30 each, totaling $5.90 per share[384]. - A cash dividend of $0.30 per share was announced for March 15, 2024, as part of the annual cash dividend of $1.20[385]. - The declaration of each dividend is subject to the Board's review of financial statements and cash resources, with the possibility of suspending the dividend program[386].

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ACT OF 1934 Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) Securities registered pursuant to Section 12(b) of the Act: For the transition period from to . ...

ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE Nevada 88-0300760 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 3800 S. Virginia St. Reno, Nevada 89502 (Address of Principal Exe ...

Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 0-22088 MONARCH CASINO & RESORT, INC. (Exact name of registrant as specified in its charter) Nevada 88-0300760 (State or Other ...

Table of Contents United States SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K (MARK ONE) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______TO______ Commission File No. 0-22088 MONARCH CASINO & RESORT, INC. (Exact name of registrant as specified in its charter) (State or Other J ...

Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 0-22088 MONARCH CASINO & RESORT, INC. (Exact name of registrant as specified in its charter) Nevada 88-0300760 (State or Other Jurisdiction of (I.R.S. Employer ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quar ...

Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 0-22088 MONARCH CASINO & RESORT, INC. (Exact name of registrant as specified in its charter) Nevada 88-0300760 (State or Other ...

Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 0-22088 MONARCH CASINO & RESORT, INC. (Exact name of registrant as specified in its charter) Nevada 88-0300760 (State or Other ...

Table of Contents United States SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K (MARK ONE) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______TO______ Commission File No. 0-22088 MONARCH CASINO & RESORT, INC. (Exact name of registrant as specified in its charter) Nevada 88-0300760 ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR For the transition period from to . Commission File No. 0-22088 MONARCH CASINO & RESORT, INC. (Exact name of registrant as specified in its charter) Nevada 88-0300760 (State or O ...