Monarch Casino & Resort(US:MCRI) Newsfilterยท2025-03-03 19:30Core 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]