Operator News
Black Hawk drives Monarch Resorts to record first quarter
By Phil - 19 April 2024
In the 2024 first quarter, Monarch Casino & Resort, who owns the Monarch Casino Resort in Black Hawk, Colorado, and the Atlantis Casino Resort in Reno, generated record net revenue of $121.7m, an increase of 4.3 per cent from $116.6m in the corresponding prior-year quarter.
Casino, food and beverage, and hotel revenues increased 3.8 per cent, 2.9 per cent and 8.4 per cent year-over-year, respectively. The revenue increase was driven primarily by market share gains at Monarch Black Hawk.
John Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: “In the first quarter of 2024 net revenue and adjusted EBITDA grew to all-time first quarter records of $121.7m and $38.5 million, respectively, and the EBITDA margin improved to 31.7 per cent from 31.3 per cent in the same period of the prior year.
“Monarch Black Hawk generated revenue growth across all its business segments and expanded its adjusted EBITDA margin. The property continues to grow its market share, particularly among mid- and upper-tier players. The exceptional product quality, combined with our team’s operational excellence, is creating unparalleled guest experiences in the market and establishing the property as the leading casino resort in the greater Denver market.
“At Atlantis, our primary focus remains the ongoing enhancement of the property. While Reno remains a very competitive market, we believe our focus on operational efficiency and property enhancement through major capital investments will keep us competitive and will be financially rewarding over the long-term. We are on track to bring into operation another 125 redesigned and upgraded rooms by the end of the second quarter in 2024.
“With a strong balance sheet, we are favorably positioned to continue investing in our properties, paying cash dividends, and buying back stock under our existing stock repurchase authorization. We continue to diligently evaluate potential M&A transactions, which can drive additional attractive long-term value for our stockholders.”
