Monarch Casino & Resort reports Q2 revenue of $123.7m
Net revenue was up 7.5 per cent from the same period in 2022.
US.- Monarch Casino & Resort has reported its financial results for Q2 2023. Net revenue climbed to $123.7m, up 7.5 per cent from the same period in 2022. Adjusted EBITDA recorded $42.1m, while the adjusted EBITDA margin was 34.1 per cent.
The company owns and operates the Atlantis Casino Resort Spa in Reno, Nevada, and the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado.
Monarch co-chairman and CEO John Farahi said: “Our financial results for the 2023 second quarter reflect our strong market position in Black Hawk and a year-over-year improvement in the operating performance at Atlantis.
“We remain committed to returning capital to our stockholders. Our strong balance sheet and free cash flow position us to invest in our existing properties, pay quarterly cash dividends and consider potential share repurchases under our existing share repurchase authorization. We continue to evaluate potential acquisition opportunities where we can employ our developmental and operational expertise in a financially prudent manner.
“In Black Hawk, we continued to expand market share throughout the quarter, especially in the upper end of the market. We believe there are further growth opportunities as we continue to penetrate the Denver regional market.
“At Atlantis, we generated strong casino and food and beverage revenue, as guest visits and spend per visit increased year-over-year. Hotel revenue was impacted by renovation work during the quarter on the redesign and upgrade of hotel rooms in the second tower.”
Nevada gaming revenue reaches $1.28bn in May
The Nevada Gaming Control Board (NGCB) has reported that the state’s casinos generated $1.28bn in gaming revenue in May. That’s a decrease of 0.8 per cent year-on-year.
The Las Vegas Strip generated $715.9m, down 2.1 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 $1.1bn, a 1 per cent decrease. Washoe County, which includes casinos in Reno, Sparks, and North Lake Tahoe, saw revenue increase 3.7 per cent year-on-year.
