Monarch Casino & Resort has generated record-breaking net revenue and EBITDA results for the second quarter, with net revenues up 3.6 percent year-on-year to $128.1 million and EBITDA up 4.3 percent year-on-year, totaling $43.9 million.
“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,” CEO and Chairman John Farahi said in a news release.
Casino operating expenses as a percentage of casino revenue grew slightly from 37.4 percent in second-quarter 2023 to 37.7 percent in second-quarter 2024. Monarch attributed this to increases in labor expenditures. Increases in labor spending, maintenance and repair work also increased Monarch’s selling, general and administrative expenses in the second quarter, which hit $26.2 million.
Food and beverage expenses also increased slightly from 72.3 percent in second quarter last year to 73.8 percent this year as a result of the increased cost of operating supplies and the cost of sold goods. However, net profits increased by 1.2 percent.
The record-breaking second quarter is more good news for Monarch, which recently received strong reviews from a Jefferies Equity Research analyst for its Black Hawk casino.
