Monarch Reports a 45 percent increase in net revenue Q1 2022

Monarch Casino & Resort, Inc. reported net revenue for the first quarter 2022 at $108.3 million, a 45% rise over the previous-year period.

With adjusted EBITDA increasing 50% to $34.3m, net income increased 122% from $18.1m. Both the net revenue and Adjusted EBITDA figures were first quarter records, as was the group’s Adjusted EBITDA margin of 31.7%.

Monarch stated that hotel, casino and food and drink revenues increased respectively by 34% and 61% year-over-year.

According to the company, such growth was primarily due to its ongoing expansion of operations at Monarch Black Hawk’s casino and hotel.

“Fiscal year 2022 is off to a strong start as we benefited from the full scope of operations at our newly expanded Monarch Black Hawk and the continued growth of market share at both properties,” said Monarch Co-Chairman and CEO John Farahi.

“Our first quarter results also benefited from continued healthy overall macroeconomic trends. Inflation and labour market pressure could have a negative impact on margins in the near future. As we continue to manage our expenses efficiently, our teams reinvest in our businesses and properties.

“We believe that our financial results demonstrate our operational excellence and confirm that our investment in Monarch Black Hawk is delivering exceptional returns.”

Farahi also looked to the future, noting: “As we look to the balance of 2022, we intend to build on our strong operating performance in the first quarter, which traditionally is the slowest quarter of the year for us and for our markets. 

“We continue to evaluate potential acquisitions where we can fully leverage our development and operating expertise to drive long-term value for our stockholders. Our future remains bright and we look forward to what promises to be an exciting 2022.”