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. (NASDAQ: MCRI) is a gaming and hospitality company that owns and operates the Monarch Casino Resort Spa in Black Hawk, Colorado, and the Atlantis Casino Resort Spa in Reno, Nevada. The MCRI news feed on Stock Titan aggregates company-issued updates and other coverage related to its casino, food and beverage and hotel operations.
Investors and observers following MCRI news can expect regular earnings releases detailing net revenue, net income and Adjusted EBITDA, along with commentary on casino, food and beverage and hotel performance. Recent quarters have included reports of record or strong financial results, as well as discussions of operating margins, capital expenditures for property upgrades and the use of operating cash flow for dividends and share repurchases.
News items also highlight property-level developments and recognition. Examples include U.S. News & World Report naming Atlantis Casino Resort Spa the No. 1 hotel in Reno and USA Today’s 10Best Readers’ Choice Travel Awards ranking Spa Monarch among the top hotel spas in the United States. Company announcements describe enhancements to hotel rooms at Atlantis and amenities at Monarch Black Hawk, such as spa facilities and dining options.
In addition, Monarch issues news regarding legal and regulatory matters, such as litigation related to construction at Monarch Casino Resort Spa Black Hawk and subsequent financial statement adjustments. The MCRI news page brings together these earnings updates, property announcements, legal disclosures and dividend declarations in one place, providing a consolidated view of developments affecting Monarch Casino & Resort, Inc.
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.