Welcome to our dedicated page for Monarch Casino news (Ticker: MCRI), a resource for investors and traders seeking the latest updates and insights on Monarch Casino stock.
Monarch Casino & Resort, Inc. reports recurring developments tied to its casino resort operations in Reno, Nevada, and Black Hawk, Colorado. Through its subsidiaries, the company owns and operates Atlantis Casino Resort Spa and Monarch Casino Resort Spa, with revenue categories that include casino gaming, food and beverage, and hotel operations.
Company news commonly covers quarterly and annual operating results, adjusted EBITDA commentary, property-level market share trends, cash dividends, share repurchases, and capital investment in resort amenities. Updates also include hospitality and gaming features such as slots, table games, dining, spa services, sports book operations, guest programs, charitable initiatives, and third-party recognition for resort amenities.
Monarch Casino & Resort reported its Q4 and full-year results for 2020, revealing a 6.0% decline in net revenue to $58.4 million and 26.0% drop for the year to $184.4 million. Adjusted EBITDA decreased 1.7% for Q4 and 30.0% for the year. However, net income rose 146.3% in Q4 to $15.3 million, aided by tax benefits from the CARES Act. Casino revenue improved 16.4% in Q4, demonstrating market share gains despite COVID-19 restrictions. The company anticipates future growth opportunities from new gaming regulations and ongoing expansions.
Monarch Casino & Resort, Inc. (NASDAQ: MCRI) expressed gratitude for the passage of Amendment 77, which allows unrestricted bet limits and the introduction of new casino games in Black Hawk, Colorado. The Black Hawk City Council's ordinance, effective May 1, 2021, is anticipated to enhance the local gaming industry and boost the city's economic growth. CEO John Farahi noted this change would elevate Monarch's appeal as a gaming destination and generate additional tax revenue for Colorado.
Monarch Casino & Resort, Inc. (NASDAQ: MCRI) has received a Temporary Certificate of Occupancy for the first 13 floors of its new hotel tower in Black Hawk, Colorado, with an official opening set for November 19, 2020. This first phase will feature an expanded casino, three restaurants, and approximately 250 luxury hotel rooms. The full project, expected to be completed later in 2020, will add more rooms, a concierge lounge, and a spa. Additionally, Colorado voters approved Amendment 77, which may enhance gaming revenue potential starting May 1, 2021.
Monarch Casino & Resort reported Q3 2020 results, showing net revenue of $59.9 million, down 8.7% year-over-year, and a decrease of 32.6% for the first nine months. Despite these challenges, adjusted EBITDA reached a record $20.7 million, up 19.1%, driven by strong gaming revenues from Atlantis, which grew 9.1%.
Net income rose 15.2% to $10.7 million, with diluted EPS of $0.57. The company also anticipates positive impacts from Amendment 77, set for ballot on Nov 3, 2020.
Monarch Casino & Resort reported a significant decline in Q2 2020 results, with net revenue of $15.2M, down 75.9% from $62.8M in 2019. Adjusted EBITDA fell by 97% to $0.5M. The company incurred a net loss of $4.3M, compared to a net income of $9.3M in the prior year. Despite challenges from COVID-19 and state-mandated closures, Monarch is optimistic about recovery, with positive feedback on reopening safety measures and ongoing construction of the Black Hawk expansion expected to boost future performance.
Monarch Casino Resort Spa is expanding its operations by hiring hundreds of new team members for its luxurious, newly-expanded resort in Black Hawk, Colorado. Job fairs are scheduled for July 18 and 23, 2020, at the Sheraton Denver West Hotel. Positions include benefits such as 401k matching, health insurance, relocation assistance, and paid time off. The casino emphasizes health and safety measures amid COVID-19, ensuring all team members receive free tests and that protocols are in place for both guests and staff in the reopening phase.