Welcome to our dedicated page for Monarch Casino & Resort news (Ticker: MCRI), a resource for investors and traders seeking the latest updates and insights on Monarch Casino & Resort stock.
Monarch Casino & Resort Inc. (symbol: MCRI) is a prominent player in the gaming and hospitality industry in the United States. Through its subsidiaries, the company owns and operates two major properties: the Atlantis Casino Resort Spa in Reno, Nevada, and the Monarch Casino Black Hawk in Black Hawk, Colorado.
The Atlantis Casino Resort Spa in Reno features approximately 61,000 square feet of casino space, 818 guest rooms, 8 food outlets, 2 gourmet coffee and pastry bars, 1 snack bar, and a 30,000 square-foot health spa and salon with an enclosed pool. Additionally, it houses 2 retail outlets that offer clothing and gift shop merchandise, an 8,000 square-foot family entertainment center, and 52,000 square feet of banquet, convention, and meeting room space. The casino boasts around 1,450 slot and video poker machines, 37 table games including blackjack, craps, and roulette, a race and sports book, a 24-hour live keno lounge, and a poker room.
The Monarch Casino Black Hawk is another cornerstone of the company’s operations, providing the latest in gaming, dining, and hospitality amenities. Monarch Casino & Resort Inc. generates most of its revenue from its casinos, followed by food & beverage, and hotel operations.
Recent achievements include the declaration of cash dividends payable quarterly in 2023 and 2024. The company continues to navigate ongoing litigation with its Monarch Black Hawk general contractor, PCL Construction Services, Inc., which has impacted net income and diluted EPS.
Monarch Casino & Resort Inc. remains committed to enhancing its gaming and hospitality offerings, ensuring a premium experience for its guests. The company’s robust facilities, combined with its strategic focus on customer satisfaction, make it a notable entity in the hospitality sector.
Monarch Casino & Resort, Inc. (MCRI) reported a strong first quarter in 2023, with net revenue reaching $116.6 million, up 7.7% from the previous year. Adjusted EBITDA also set a record at $36.5 million, marking a 6.2% increase. The company declared a cash dividend of $0.30 per share payable on June 15, 2023, part of an annual dividend commitment of $1.20 per share. The performance was notably driven by growth in the Black Hawk market, although Reno's results were affected by severe weather disruptions. Despite a 2.5% decline in net income to $17.7 million and 2.2% drop in diluted EPS to $0.90, the company maintains a solid balance sheet with cash of $34 million and plans for continued investments in its properties.
Monarch Casino & Resort, Inc. (MCRI) will release its 2023 Q1 financial results after market close on April 19, 2023. The company operates the Atlantis Casino Resort Spa in Reno, Nevada, and the Monarch Casino Resort Spa in Black Hawk, Colorado. The Atlantis features over 61,000 square feet of casino space, 818 guest rooms, and various dining and entertainment options. The Monarch Black Hawk boasts around 60,000 square feet of casino space and offers 516 guest rooms. Investors should note the upcoming earnings announcement as it may influence future stock performance.
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