Monarch Casino & Resort achieved exceptional financial performance for the third quarter of 2024, showing increase in several key metrics. The company’s net revenue climbed 3.7% to $137.9 million compared to the same period in 2023. The company has maintained its rising trajectory, generating $387.7 million in revenue thus far this year.
Continued Growth at Monarch Black Hawk
John Farahi, Co-Chairman and CEO of Monarch, highlighted the strong performance of the company’s properties. “Our 2024 third-quarter results were strong, reflecting the strength and player appeal of our properties, amenities, and service level,” Farahi said. He further noted that Monarch Black Hawk continues to expand its market share and revenue across various segments. Farahi believes the company can maintain growth by promoting its luxury resort and exceptional service to mid-to-upper-tier players in the Denver and Boulder metro areas.
The company also posted a 14.2% increase in net income, reaching $27.6 million for the third quarter of 2024. Adjusted EBITDA was up by 2.9%, totaling $50.6 million, indicating the company’s strong profitability.
Monarch’s revenue growth extended to its casino and hotel segments, with increases of 3.4% and 5.0%, respectively, compared to Q3 2023. However, the company saw a slight 0.2% dip in food and beverage revenue over the same period.
Additionally, Monarch repurchased 131,285 shares of its common stock in Q3 2024, valued at $9.6 million. This buyback was funded entirely through operating cash flow, underlining the company’s financial strength. Selling, general, and administrative expenses accounted for 19.7% of net revenue, slightly lower than the 20.4% reported in Q3 2023.
Monarch’s solid financial results underscore its strategic focus on enhancing guest experiences and capturing more market share in key regions.
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