Monarch Casino Q4 Earnings & Revenues Top, Adjusted EBITDA Up Y/Y

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]