Monarch Casinos & Resorts reported first-quarter financial results late on April 22. The numbers showed 3.1 percent higher revenue and 8.7 percent greater profit. The company announced a 30-cent-per-share dividend, payable June 15.
For the quarter, Monarch grossed $125.4 million and banked $19.8 million in profit. Cash flow widened 6.7 percent to $41.1 million.
Cash flow and profit figures were first-quarter records for Monarch. Those numbers were generated by two casinos, the Atlantis in Reno and Monarch Black Hawk in Colorado.
Sub-one percent declines in food-and-beverage and hotel revenues were more than overcome by a five percent increase in casino win. Explained Monarch’s earnings release, “F&B and hotel revenues were affected by the calendar (one less day in [the] first quarter of 2025 than the first quarter of 2024) and lower available rooms in the first quarter of 2025 compared to the same period in 2024.” Monarch partly credited “better labor management and operational efficiency” for the improved casino results.
“Monarch delivered strong financial results in the first quarter,” said CEO John Farahi in a prepared statement. “The first-quarter financial performance underscores the effectiveness of our operating strategies and our ability to drive sustained growth. “
Farahi said that the Black Hawk casino was drawing middle-market and high-end guests from Denver and Boulder. He added that it was enlarging its share of the market.
“In Reno, Atlantis is near the completion of approximately $100 million in capital investments in the redesign and upgrade of the property’s hotel rooms,” Farahi continued. “The remaining 76 hotel rooms are anticipated to be completed before the upcoming Memorial Day weekend.”
Monarch reported having $75.1 million cash on hand and no debt. Capex items, including the upgrades at Atlantis, were funded out of cash flow to the tune of $16 million.
Dividends paid in March were also made from cash flow. Monarch concluded its presentation by saying it “has been diligently evaluating potential M&A transactions, which it believes could drive additional long-term value for stockholders.”
