Monarch Casino (MCRI) came out with quarterly earnings of $0.93 per share, missing the Zacks Consensus Estimate of $0.98 per share. This compares to earnings of $0.90 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.10%. A quarter ago, it was expected that this casino operator would post earnings of $1.04 per share when it actually produced earnings of $0.93, delivering a surprise of -10.58%.Over the last four quarters, the ...

EXHIBIT 99.1 ($ in thousands, except per share data and percentages) John Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: "In the first quarter of 2024 net revenue and adjusted EBITDA grew to all-time first quarter records of $121.7 million and $38.5 million, respectively, and the EBITDA margin improved to 31.7% from 31.3% in the same period of the prior year. Summary of 2024 First Quarter Operating Results Income from operations for the first quarter of 2024 increased 2.8% compared t ...

RENO, Nev., April 17, 2024 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (NASDAQ:MCRI) ("Monarch," "we," "our," or "the Company") today reported operating results for the first quarter ended March 31, 2024, as summarized below: ($ in thousands, except per share data and percentages)   Three Months Ended March 31,  2024 2023 IncreaseNet revenue $121,657  $116,644  4.3% Net income  18,275   17,670  3.4% Adjusted EBITDA (1) $38,548  $36,480  5.7%         Basic EPS $0.95  $0.92  3.3% Diluted EPS (1) $0.93   ...

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 ...

Part I [Business](index=3&type=section&id=Item%201.%20Business) Monarch Casino & Resort operates two casino resorts, Atlantis in Reno and Monarch Black Hawk, focusing on maximizing revenue through service and upgrades in competitive, regulated markets - The company owns and operates two hotel and casino properties: the Atlantis in Reno, NV, and the Monarch Black Hawk in Black Hawk, CO[8](index=8&type=chunk) - The core business strategy is to maximize revenues and cash flow from casino, food and beverage, and hotel operations by focusing on exceptional guest service and cost efficiency[9](index=9&type=chunk) - The company utilizes a cross-property players' club, "Monarch Rewards," to track guest activity, build loyalty, and guide direct marketing efforts[43](index=43&type=chunk) [Properties Overview](index=3&type=section&id=1.1%20Properties%20Overview) Atlantis in Reno and Monarch Black Hawk, the company's two main properties, feature extensive gaming and lodging, showing strong hotel performance growth Atlantis Hotel Performance (2020-2022) | | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Occupancy rate (%) | 83.30% | 82.10% | 71.30% | | ADR ($) | $158.54 | $123.18 | $108.44 | | REVPAR ($) | $149.11 | $114.85 | $86.85 | Monarch Black Hawk Hotel Performance (2020-2022) | | 2022 | 2021 | 2020 (1) | | :--- | :--- | :--- | :--- | | Occupancy rate (%) | 75.10% | 67.90% | 29.60% | | ADR ($) | $201.92 | $182.78 | $177.63 | | REVPAR ($) | $164.91 | $132.75 | $52.97 | [Capital Investments and Expansion](index=8&type=section&id=1.2%20Capital%20Investments%20and%20Expansion) Monarch continuously invests in facility upgrades, with **$48.4 million** in 2022 capital expenditures for Monarch Black Hawk transformation and Atlantis upgrades, holding a **16-acre** parcel for future expansion - Capital expenditures totaled **$48.4 million** in 2022, **$37.8 million** in 2021, and **$46.4 million** in 2020, primarily for the Monarch Black Hawk transformation and Atlantis upgrades[25](index=25&type=chunk) - The company owns a **16-acre** parcel of land across from the Atlantis, zoned for a resort casino and available for future development[26](index=26&type=chunk) [Competition and Market](index=12&type=section&id=1.3%20Competition%20and%20Market) The company faces intense competition in Reno and Black Hawk markets from other casinos and potential new gaming options, including Native American facilities in California - The Reno-Sparks gaming market is intense, with approximately **15 casinos** generating over **$12.0 million** in annual gaming revenues[44](index=44&type=chunk) - Major Native American owned facilities in California have adversely impacted many hotel casinos in Reno[48](index=48&type=chunk) - The Black Hawk/Central City gaming market is geographically isolated, but additional gaming authorization in the Denver metropolitan area would adversely affect the market[52](index=52&type=chunk) [Regulation and Licensing](index=14&type=section&id=1.4%20Regulation%20and%20Licensing) Operations are subject to strict gaming regulations in Nevada and Colorado, requiring revocable licenses, with Colorado's Amendment 77 removing betting limits and the company holding a Master License for sports betting - Gaming licenses are revocable privileges, not transferable, and can be suspended or limited for reasonable cause by regulatory authorities[55](index=55&type=chunk) - In Nevada, any person acquiring more than **10%** of voting securities must apply for a finding of suitability from the Nevada Gaming Commission[62](index=62&type=chunk) - Colorado's Amendment 77, effective May 1, 2021, removed betting limits (previously **$100**) and allowed new games like baccarat and keno in Black Hawk[81](index=81&type=chunk) - Monarch Black Hawk was issued a Master License for sports betting on February 20, 2020, with sports betting going live in Colorado on May 1, 2020[95](index=95&type=chunk)[97](index=97&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including sensitivity to consumer spending, pandemic disruptions, intense market competition, high dependence on two properties, ongoing litigation, cybersecurity threats, and regulatory changes - The business is highly sensitive to economic downturns impacting discretionary consumer spending on leisure and entertainment[106](index=106&type=chunk) - The company is entirely dependent on its two resorts, Atlantis and Monarch Black Hawk, for all operating cash flow, posing greater risks than diversified competitors[111](index=111&type=chunk) - The company has numerous disagreements with its Monarch Black Hawk general contractor over costs, delays, and other matters, resulting in litigation[126](index=126&type=chunk) - The Farahi family beneficially owns approximately **32%** of the company's outstanding common stock, enabling significant influence over company affairs[113](index=113&type=chunk) [Properties](index=55&type=section&id=Item%202.%20Properties) As of December 31, 2022, the company's properties include Atlantis in Reno and Monarch Black Hawk in Colorado, with adjacent expansion land and a warehouse parcel, substantially all pledged as credit facility collateral - The Atlantis property in Reno includes an adjacent **16-acre** site zoned for casino use and available for future expansion[187](index=187&type=chunk) - The Monarch Black Hawk property includes the resort and a separate **9.0-acre** parcel with an industrial warehouse[194](index=194&type=chunk) - Substantially all of the company's real and personal property is pledged as collateral under its credit facility[192](index=192&type=chunk) [Legal Proceedings](index=55&type=section&id=Item%203.%20Legal%20Proceedings) Legal proceedings information is incorporated by reference from Note 11, primarily detailing ongoing litigation with PCL Construction Services, Inc. regarding the Monarch Black Hawk expansion - Information regarding legal proceedings is incorporated by reference from Item 8, Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Note 11[193](index=193&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=57&type=section&id=Item%205.%20Market%20For%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq (MCRI), with the board authorizing a **$5.00** special dividend and a recurring **$1.20** annual dividend, alongside an active stock repurchase plan - On February 7, 2023, the board authorized a one-time cash dividend of **$5.00** per share and a recurring annual cash dividend of **$1.20** per share, payable quarterly starting in Q2 2023[200](index=200&type=chunk) - As of December 31, 2022, the company has authorization to repurchase up to **2,900,000** shares under its Repurchase Plan[209](index=209&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=60&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong 2022 financial performance, with net revenue up **20.9%** to **$477.9 million** and net income up **27.7%** to **$87.5 million**, driven by Monarch Black Hawk's ramp-up, strong liquidity, and debt reduction [Results of Operations](index=68&type=section&id=7.1%20Results%20of%20Operations) For 2022, net income increased **27.7%** to **$87.5 million** and net revenues grew **20.9%** to **$477.9 million**, driven by Monarch Black Hawk's ramp-up and double-digit growth across all revenue segments Financial Highlights (2022 vs. 2021) | Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Net Revenues ($) | $477.9M | $395.4M | +20.9% | | Income from Operations ($) | $111.4M | $89.9M | +24.0% | | Net Income ($) | $87.5M | $68.5M | +27.7% | | Diluted EPS ($) | $4.47 | $3.53 | +26.6% | - Casino revenue increased **16.0%**, Food and beverage revenue increased **28.6%**, and Hotel revenue increased **30.9%** in 2022 compared to 2021[234](index=234&type=chunk)[235](index=235&type=chunk)[236](index=236&type=chunk) - The company recognized **$7.3 million** in construction litigation expenses in 2022, up from **$5.1 million** in 2021[240](index=240&type=chunk) [Liquidity and Capital Resources](index=72&type=section&id=7.2%20Liquidity%20and%20Capital%20Resources) The company's liquidity is driven by strong operating cash flow, generating **$139.8 million** in 2022, enabling **$83.0 million** in debt principal payments, with a new credit facility established post-year-end - Net cash provided by operating activities totaled **$139.8 million** in 2022, a **9.1%** increase from 2021[251](index=251&type=chunk) - The company made **$83.0 million** in principal payments on its long-term debt during 2022[253](index=253&type=chunk) - On February 1, 2023, the company entered into a new Fifth Amended Credit Facility, increasing its revolving line of credit from **$70.0 million** to **$100.0 million** and extending the maturity to January 1, 2025[401](index=401&type=chunk) [Capital Spending and Development](index=72&type=section&id=7.3%20Capital%20Spending%20and%20Development) Capital expenditures totaled **$48.4 million** in 2022, decreasing as the major Monarch Black Hawk expansion completed, with spending focused on further Black Hawk transformations and significant Atlantis upgrades Capital Expenditures (in thousands) | | 2022 (in thousands) | 2021 (in thousands) | | :--- | :--- | :--- | | Atlantis | $32,058 | $16,075 | | Monarch Black Hawk | $16,353 | $21,733 | | Total | $48,411 | $37,808 | - The Monarch Black Hawk expansion was completed in February 2022 with the opening of a new specialty restaurant[247](index=247&type=chunk) [Financial Statements and Supplementary Data](index=82&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2020-2022, with an unqualified opinion, detailing key financial data, accounting policies, debt, legal contingencies, and significant subsequent events Consolidated Statement of Income Highlights (Year Ended Dec 31, 2022, in thousands) | | Amount (in thousands) | | :--- | :--- | | Net revenues | $477,870 | | Income from operations | $111,442 | | Net income | $87,479 | | Diluted Earnings Per Share ($) | $4.47 | Consolidated Balance Sheet Highlights (As of Dec 31, 2022, in thousands) | | Amount (in thousands) | | :--- | :--- | | Total current assets | $89,429 | | Total assets | $692,942 | | Total current liabilities | $117,744 | | Total liabilities | $153,988 | | Total stockholders' equity | $538,954 | - The company is in a legal dispute with PCL Construction Services, Inc. over the Monarch Black Hawk expansion, involving ongoing litigation and mechanics' liens, with **$7.3 million** in related litigation expenses incurred in 2022[389](index=389&type=chunk)[392](index=392&type=chunk)[395](index=395&type=chunk) - Subsequent to year-end, on February 7, 2023, the company declared a one-time **$5.00** per share dividend and initiated a recurring annual dividend of **$1.20** per share[404](index=404&type=chunk)[405](index=405&type=chunk) [Controls and Procedures](index=119&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2022, with no material changes in Q4, a conclusion supported by an unqualified auditor opinion - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[409](index=409&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2022, based on the COSO framework[414](index=414&type=chunk) - The independent registered public accounting firm, Ernst & Young LLP, issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting[418](index=418&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=125&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) All information for this item is incorporated by reference from the company's Proxy Statement for the 2023 Annual Meeting of Stockholders - This information is incorporated by reference from the Proxy Statement for the 2023 Annual Meeting of Stockholders[429](index=429&type=chunk) [Executive Compensation](index=125&type=section&id=Item%2011.%20Executive%20Compensation) All information for this item is incorporated by reference from the company's Proxy Statement for the 2023 Annual Meeting of Stockholders - This information is incorporated by reference from the Proxy Statement for the 2023 Annual Meeting of Stockholders[430](index=430&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=125&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details the company's equity compensation plans, showing **1,589,370** securities to be issued from outstanding options at a weighted-average exercise price of **$51.12**, with **776,977** securities remaining available for future issuance Equity Compensation Plan Information | Plan Category | Securities to be issued upon exercise of outstanding options (shares) | Weighted average exercise price of outstanding options ($) | Number of securities remaining available for future issuance (shares) | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 1,589,370 | $51.12 | 776,977 | [Certain Relationships and Related Transactions, and Director Independence](index=125&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) All information for this item is incorporated by reference from the company's Proxy Statement for the 2023 Annual Meeting of Stockholders - This information is incorporated by reference from the Proxy Statement for the 2023 Annual Meeting of Stockholders[434](index=434&type=chunk) [Principal Accounting Fees and Services](index=125&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) All information for this item is incorporated by reference from the company's Proxy Statement for the 2023 Annual Meeting of Stockholders - This information is incorporated by reference from the Proxy Statement for the 2023 Annual Meeting of Stockholders[435](index=435&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=127&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed as part of the Form 10-K, including the Independent Auditor's Report, consolidated financial statements, Schedule II, and a comprehensive list of various agreements and certifications - Lists all financial statements, notes, and the report of the independent registered public accounting firm as included in Part II, Item 8[438](index=438&type=chunk)[439](index=439&type=chunk)[440](index=440&type=chunk) - Includes Financial Statement Schedule II – Valuation of Qualifying Accounts, detailing the allowance for doubtful accounts for 2020, 2021, and 2022[441](index=441&type=chunk)[442](index=442&type=chunk) - Provides a detailed list of all exhibits filed with the report, such as credit agreements, lease agreements, and equity incentive plans[445](index=445&type=chunk)[446](index=446&type=chunk)[448](index=448&type=chunk)

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 ...