Monarch Casino & Resort Reports Record First Quarter 2026 Financial Results
Rhea-AI Summary
Monarch Casino & Resort (Nasdaq: MCRI) reported record Q1 2026 results with net revenue $136.6M, net income $27.6M and adjusted EBITDA $49.0M.
Adjusted EBITDA rose 19.0% year-over-year and margin expanded ~300 bps to a record first-quarter 35.8%. The Board declared a $0.30 per-share quarterly dividend payable June 15, 2026.
Positive
- Adjusted EBITDA +19.0% YoY to $48.95M
- Net income +38.9% YoY to $27.59M
- Diluted EPS +44.8% YoY to $1.52
- Adjusted EBITDA margin +300 bps to 35.8%
- Cash $120.1M and no borrowings on credit facility
- Quarterly dividend $0.30 per share payable June 15, 2026
Negative
- F&B operating expense remains high at 72.7% of F&B revenue
- Share repurchases used $17.6M, leaving 971,503 shares authorized
News Market Reaction – MCRI
In the Apr 22 session, MCRI gained 15.89%, reflecting a significant positive market reaction. Argus tracked a peak move of +9.7% during that session. Our momentum scanner triggered 26 alerts that day, indicating elevated trading interest and price volatility. Trading volume was very high at 4.3x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 04 | Record Q4 and year | Positive | +2.3% | Record Q4 and full-year 2025 revenue, EBITDA and EPS with dividend and buybacks. |
| Oct 21 | Record Q3 results | Positive | -4.1% | All-time record Q3 2025 revenue, net income, EBITDA and higher diluted EPS. |
| Jul 16 | Record Q2 results | Positive | +20.0% | Record Q2 2025 with strong revenue, casino growth, EBITDA and EPS increases. |
| Apr 22 | Record Q1 results | Positive | +2.4% | Record Q1 2025 revenue, higher net income, EBITDA and improved operating margin. |
| Mar 03 | Litigation adjustment | Negative | -0.3% | Downward adjustments to 2024 net income and EPS after adverse litigation judgment. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally been received positively, with 4 aligned moves versus 1 divergence, and multiple quarters marked as record financial results.
Over the past year, Monarch has repeatedly reported record quarterly earnings, including Q2, Q3, and Q4 2025, with rising net revenue, Adjusted EBITDA, and diluted EPS, plus consistent $0.30 quarterly dividends and share repurchases. One outlier was the Q4 2024 adjustment tied to litigation, which sharply reduced previously reported net income and EPS. Today’s record Q1 2026 results extend the pattern of operational strength that resumed after that one-time legal impact.
Key Terms
adjusted EBITDA financial
basic EPS financial
diluted EPS financial
basis points financial
SG&A financial
credit facility financial
capital expenditures financial
M&A financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Declares Cash Dividend of
RENO, Nev., April 21, 2026 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for the first quarter ended March 31, 2026, as summarized below:
($ in thousands, except per share data and percentages)
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | Increase | |||||
| Net revenue | $ | 136,550 | $ | 125,394 | |||
| Net income | $ | 27,592 | $ | 19,864 | |||
| Adjusted EBITDA(1) | $ | 48,951 | $ | 41,131 | |||
| Basic EPS | $ | 1.55 | $ | 1.08 | |||
| Diluted EPS | $ | 1.52 | $ | 1.05 | |||
(1) Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release.
CEO Comment
John Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: “Monarch delivered record first quarter financial results. First quarter net revenue and adjusted EBITDA increased year-over-year by
“In the first quarter of 2026, we increased market share year-over-year at both Atlantis and Monarch Black Hawk. We are committed to ongoing capital investments, enhancement at both properties and setting the standard for luxury resorts in each market. We remain confident that we have opportunities to increase revenue in both markets, while deploying technology to reduce operating costs.
“We continue to return capital to stockholders through dividends and share repurchases. In the first quarter of 2026, we purchased, in open market transactions, 181,258 shares of Monarch common stock for
Summary of 2026 First Quarter Operating Results
In the first quarter of 2026, the Company generated net revenue of
Selling, general and administrative (“SG&A”) expense for the first quarter of 2026 was
Net income for the first quarter of 2026 increased
Credit Facility and Liquidity
As of March 31, 2026, the Company had cash and cash equivalents of
Capital expenditures of
In the first quarter of 2026, the Company purchased in the open market, under its share repurchase plan, 181,258 shares of its common stock, for a
On March 16, 2026, the Company paid a cash dividend of
Monarch believes its strong balance sheet and free cash flow favorably positions the Company to continue investing in its properties, share repurchases and paying cash dividends. The Company has been diligently evaluating potential M&A transactions, which it believes could drive additional long-term value for stockholders.
Quarterly Dividend Declaration
The Company today announced a cash dividend of
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "plan," "believe," "expect," "seem," "look," "look forward," "positioning," "future," "will," "confident" and similar references to future periods. Example of forward-looking statements include, among others, statements we make regarding: (i) the continuing strength of our balance sheet and our expected free cash flow; (ii) our expectations regarding continuing our dividend payments in the future; (iii) our expectations regarding the cash flow we expect to generate to fund our cash dividends to stockholders; and, (iv) our beliefs regarding the impact of our capital investment strategy and evaluation of potential strategic transactions on our long term success. Actual results and future events and conditions may differ materially from those described in any forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation:
- adverse impacts of outbreaks of contagious diseases on our business, financial condition and operating results;
- actions taken by government officials at the federal, state and/or local level with respect to the containment of disease outbreaks, including, without limitation, temporary or extended shutdowns, travel restrictions, social distancing and shelter-in-place orders;
- our ability to manage guest safety concerns in connection with an outbreak of contagious diseases;
- our ability to maintain compliance with the terms and conditions of our credit facilities and other material contracts in the event of any unexpected or unplanned events, such as temporary or extended shutdowns;
- access to available and reasonable financing on a timely basis;
- our ability to maintain strong working relationships with our regulators, employees, lenders, suppliers, insurance carriers, customers, and other stakeholders;
- impacts of any uninsured losses;
- changes in guest visitation or spending patterns due to economic conditions, health, international relations or other concerns;
- construction factors, including delays, disruptions, availability of labor and materials, increased costs of labor and materials, contractor disagreements, zoning issues, environmental restrictions, soil and water conditions, weather and other hazards, site access matters, building permit issues and other regulatory approvals or issues;
- ongoing disagreements over costs of and responsibility for delays and other construction related matters with our general contractor at Monarch Casino Resort Spa Black Hawk, PCL Construction Services, Inc., including, as previously reported, the litigation against us by such contractor;
- the judgment entered in PCL’s favor and against Monarch in the above-mentioned litigation in the amount of
$74,627,657 (the “Judgment”), in Case No. 2019cv33368 in the District Court for the State of Colorado, City and County of Denver (the “Court”), including the outcome of any post-judgment motions filed by PCL in the Court for further release; - the outcome of our appeal of the Judgment;
- our potential need to post other bonds or other forms of surety to support our legal remedies;
- risks related to development and construction activities (including disputes with and defaults by contractors and subcontractors, construction, equipment or staffing problems and delays, shortages of materials or skilled labor, environmental, health and safety issues, weather and other hazards, site access matters, and unanticipated cost increases);
- our ability to generate sufficient operating cash flow to help finance our expansion plans;
- changes in laws mandating increases in minimum wages and employee benefits;
- changes in laws and regulations permitting expanded and other forms of gaming in our key markets;
- the effects of local and national economic, credit and capital market conditions on the economy in general and on the gaming industry and our business in particular, including predictions for a potential recession;
- the effects of labor shortages on our market position, growth and financial results;
- the potential of increases in state and federal taxation;
- potential of increased regulatory and other burdens;
- guest acceptance of our expanded facilities once completed and the resulting impact on our market position, growth and financial results;
- competition in our target market areas;
- the impact of the recently enacted tariffs on our business, including the potential increase in our operating costs;
- broad-based inflation, including wage inflation; and,
- the impact of the conflicts taking place in Ukraine, Israel, Iran, other areas of the Middle East and other parts of the world.
Additional information concerning potential factors that could adversely affect all forward-looking statements, including the Company's financial results, is included in our Securities and Exchange Commission filings, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on our website at www.monarchcasino.com.
About Monarch Casino & Resort, Inc.
Monarch Casino & Resort, Inc., through its subsidiaries, owns and operates the Monarch Casino Resort Spa ("Monarch Black Hawk") in Black Hawk, Colorado, approximately 40 miles west of Denver and the Atlantis Casino Resort Spa ("Atlantis"), a hotel/casino facility in Reno, Nevada. For additional information on Monarch, visit the Company's website at www.monarchcasino.com.
Atlantis features 817 guest rooms and suites, and approximately 61,000 square feet of casino space. The casino features approximately 1,200 slot and video poker machines; approximately 30 table games, including blackjack, craps, roulette, and others; a race and sports book; a 24-hour live keno lounge; and a poker room. It also includes eight food outlets; two gourmet coffee and pastry bars; retail store; a 30,000 square foot health spa and salon with an enclosed year-round pool; an 8,000 square-foot family entertainment center; and approximately 52,000 square feet of banquet, convention and meeting room space.
Monarch Black Hawk features 516 guest rooms and suites, and approximately 60,000 square feet of casino space. The resort offers approximately 1,000 slot machines; 37 table games; a poker room; keno; and a sports book. It also includes 10 bars and lounges, as well as four dining options: a twenty-four-hour full-service restaurant, a buffet-style restaurant, the Monarch Chophouse (a fine-dining steakhouse), and Bistro Mariposa (elevated Southwest cuisine), banquet and meeting room space, a retail store, a concierge lounge and an upscale spa and enclosed year-round pool located on the top floor of the tower. The resort is connected to a nine-story parking structure with approximately 1,350 parking spaces, and additional valet parking, with total property capacity of approximately 1,500 spaces.
Contacts:
John Farahi
Chief Executive Officer
775/824-4401 or JFarahi@monarchcasino.com
Joseph Jaffoni, Christin Armacost
JCIR
212/835-8500 or mcri@jcir.com
| MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES |
| CONSOLIDATED STATEMENTS OF INCOME |
| (In thousands, except per share data, unaudited) |
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenues | ||||||||
| Casino | $ | 79,746 | $ | 72,895 | ||||
| Food and beverage | 31,701 | 30,022 | ||||||
| Hotel | 18,956 | 16,708 | ||||||
| Other | 6,147 | 5,769 | ||||||
| Net revenues | 136,550 | 125,394 | ||||||
| Operating expenses | ||||||||
| Casino | 28,733 | 27,517 | ||||||
| Food and beverage | 23,044 | 22,309 | ||||||
| Hotel | 6,822 | 6,296 | ||||||
| Other | 3,199 | 3,078 | ||||||
| Selling, general and administrative | 27,754 | 27,190 | ||||||
| Depreciation and amortization | 10,467 | 13,215 | ||||||
| Other operating items, net | 1,585 | 471 | ||||||
| Total operating expenses | 101,604 | 100,076 | ||||||
| Income from operations | 34,946 | 25,318 | ||||||
| Interest income, net | 598 | 316 | ||||||
| Income before income taxes | 35,544 | 25,634 | ||||||
| Provision for income taxes | (7,952 | ) | (5,770 | ) | ||||
| Net income | $ | 27,592 | $ | 19,864 | ||||
| Earnings per share of common stock | ||||||||
| Net income | ||||||||
| Basic | $ | 1.55 | $ | 1.08 | ||||
| Diluted | $ | 1.52 | $ | 1.05 | ||||
| Weighted average number of common shares and potential common shares outstanding | ||||||||
| Basic | 17,843 | 18,451 | ||||||
| Diluted | 18,201 | 18,829 | ||||||
| MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEET |
| (In thousands, except per share data) |
| March 31, 2026 | December 31, 2025 | |||||||
| ASSETS | (unaudited) | |||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 120,125 | $ | 96,468 | ||||
| Receivables, net | 9,703 | 11,067 | ||||||
| Income taxes receivable | - | 3,013 | ||||||
| Inventories | 8,337 | 9,089 | ||||||
| Prepaid expenses and other | 8,714 | 9,616 | ||||||
| Total current assets | 146,879 | 129,253 | ||||||
| Property and equipment, net | 551,512 | 556,668 | ||||||
| Goodwill | 25,111 | 25,111 | ||||||
| Intangible and other long-term assets | 1,672 | 1,817 | ||||||
| Total assets | $ | 725,174 | $ | 712,849 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 45,406 | $ | 44,924 | ||||
| Construction accounts payable | 48,184 | 50,209 | ||||||
| Income taxes payable | 4,939 | - | ||||||
| Accrued expenses | 51,052 | 54,049 | ||||||
| Short-term lease liability | 986 | 1,019 | ||||||
| Total current liabilities | 150,567 | 150,201 | ||||||
| Deferred income taxes | 11,626 | 11,626 | ||||||
| Long-term lease liability | 12,059 | 12,279 | ||||||
| Other long-term liabilities | 1,073 | 1,073 | ||||||
| Total liabilities | 175,325 | 175,179 | ||||||
| Stockholders' equity | ||||||||
| Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued | - | - | ||||||
| Common stock, $.01 par value, 30,000,000 shares authorized; | ||||||||
| 19,646,611 shares issued and 17,740,083 outstanding at March 31, 2026; | ||||||||
| 19,544,290 shares issued and 17,819,020 outstanding at December 31, 2025 | 196 | 195 | ||||||
| Additional paid-in capital | 83,717 | 76,038 | ||||||
| Treasury stock, 1,906,528 shares at March 31, 2026 | ||||||||
| and 1,725,270 shares at December 31, 2025 | (154,142 | ) | (136,411 | ) | ||||
| Retained earnings | 620,078 | 597,848 | ||||||
| Total stockholders' equity | 549,849 | 537,670 | ||||||
| Total liabilities and stockholders' equity | $ | 725,174 | $ | 712,849 | ||||
MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME
(In thousands, unaudited)
The following table sets forth a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to net income, a GAAP financial measure:
| Three months ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Net income | $ | 27,592 | $ | 19,864 | |||
| Expenses: | |||||||
| Stock based compensation | 1,953 | 2,127 | |||||
| Depreciation and amortization | 10,467 | 13,215 | |||||
| Provision for income taxes | 7,952 | 5,770 | |||||
| Interest income, net | (598 | ) | (316 | ) | |||
| Construction litigation expense(2) | 347 | 447 | |||||
| Principal judgement on construction litigation accrual(2) | 1,104 | - | |||||
| Other litigation expense accrual(2) | 98 | - | |||||
| Lobbying expense to oppose the expansion of iGaming(2) | 115 | 28 | |||||
| Gain on disposition of assets(2) | (79 | ) | (4 | ) | |||
| Adjusted EBITDA(1) | $ | 48,951 | $ | 41,131 | |||
| (1) | Adjusted EBITDA, a non-GAAP financial measure, consists of net income plus loss on disposal of assets, provision for income taxes, stock-based compensation expense, other one-time charges, construction litigation expenses, acquisition expenses, interest expense, depreciation and amortization less interest income, any benefit for income taxes and gain on disposal of assets. Adjusted EBITDA should not be construed as an alternative to operating income (as determined in accordance with US Generally Accepted Accounting Principles), as an indicator of the Company's operating performance, as an alternative to cash flows from operating activities (as determined in accordance with US GAAP) or as a measure of liquidity. This measure enables comparison of the Company's performance over multiple periods, as well as against the performance of other companies in our industry that report Adjusted EBITDA, although some companies do not calculate this measure in the same manner and, therefore, the measure as presented may not be comparable to similarly titled measures presented by other companies. |
| (2) | Amount included in the "Other operating items, net" in the Consolidated Statement of Income. |
