Monarch Casino & Resort registers record financial results for Q2
Net revenue was $128.1m, an increase of 3.6 per cent year-over-year.
US.- Monarch Casino & Resort has reported record financial results for the second quarter ended June 30, 2024. Net revenue for Q2 2024 was $128.1m, an increase of 3.6 per cent year-over-year while adjusted EBITDA was $43.9m for the second quarter of 2024, up 4.3 per cent from Q2 2023.
Net income was $22.7m, up 1.2 per cent year-over-year. Casino, food and beverage, and hotel revenues increased 3.1 per cent, 1.0 per cent and 9.0 per cent year-over-year, respectively. The revenue increase was driven primarily by ongoing growth at Monarch Black Hawk.
Monarch co-chairman and CEO John Farahi said: “Our continued focus on operational efficiency resulted in an improvement to the adjusted EBITDA margin to 34.3% from 34.1% in the same period of the prior year. Monarch Black Hawk generated revenue growth across all its business segments and expanded its adjusted EBITDA margin. The property continued to attract mid- and upper- tier players from the greater Denver market.”
Farahi also commented on recent upgrades to the company’s Atlantis property in Reno, Nevada. He said: “At Atlantis, during the 2024 second quarter, we completed the redesign and upgrade of 125 additional hotel rooms, leaving us with 246 total rooms to complete. We intend to have all 817 hotel rooms and suites redesigned and upgraded by the end of the second quarter of 2025.
“While Reno remains a very competitive market, we believe our focus on operational efficiency and property enhancements through major capital investments will keep us competitive and will be financially rewarding over the long term.”
Nevada gaming revenue reaches $1.32bn in May
The Nevada Gaming Control Board (NGCB) has reported that the state’s casinos generated $1.32bn in gaming revenue in May. That’s an increase of 2.45 per cent year-on-year and an all-time May record.
The Las Vegas Strip generated $742.4m, up 3.7 per cent year-on-year. Clark County as a whole, which includes the Strip, downtown Las Vegas, North Las Vegas, the Boulder Strip and surrounding areas, generated $1.5bn, an 3 per cent increase. Washoe County, which includes casinos in Reno, Sparks and North Lake Tahoe, reported $90.4m in revenue in May.
