Monarch reports good financial results
The casino operator released the financial results for the fourth quarter of 2016.
US.- Monarch Casino And Resort Incorporated announced its third quarter results, where the company experienced an 8 percent year-on-year growth in net revenues to US$55.5 million. Net incomes have been increasing for nine consecutivee months, this last quarter with US$6.4 million.
The company that operates Monarch Black Hawn Casino in Colorado and Colorado’s Atlantis Casino Resort Spa in Nevada reported that the 2016 fourth quarter results represent a 26.3 percent growth compared to the same period a year before. Monarch also experienced a 17 percent year-on-year rise in its EBITDA (earnings before interest, tax, depreciation and amortization).
Co-Chairman and Chief Executive Officer for Monarch Casino And Resort Incorporated John Farahi, said: “I am very pleased with our record fourth-quarter financial results, which marks the conclusion of another active and successful year of organic growth for the company. We continue to focus on operational efficiency, which resulted in higher margins on revenues and contributed to our ninth consecutive quarter of double-digit net income growth.”
Monarch also experienced an 11.4 percent growth year-on-year on its annual adjusted EBITDA with US$55.7 million. Furthermore, casino revenues also grew 7.6 percent to US$168 million. “We started 2017 by breaking ground on the hotel tower and casino expansion. The entire Monarch Casino And Resort Incorporated family is energized and excited by the company’s near and long-term prospects and we look to another year of growth in 2017,” he concluded.
