Monarch Casino & Resort Inc - MCRI STOCK NEWS

Monarch Casino & Resort, Inc. (Nasdaq: MCRI) announced a one-time cash dividend of $5.00 per share, payable on March 15, 2023, to shareholders of record by March 1, 2023. Starting from the second quarter of 2023, the company will also initiate an annual dividend of $1.20 per share, distributed quarterly, expecting a total of $5.90 in dividends throughout 2023. CEO John Farahi emphasized the company's strong cash flow and balance sheet, enabling this capital return while still investing in growth and acquisitions. Additionally, the company secured a $100 million revolving credit line to support these dividends and general operations.

Monarch Casino & Resort reported record operating results for Q3 2022, with net revenue reaching $133.7 million, marking a 19.8% increase from Q3 2021. Net income improved by 23.2% to $27.5 million, while diluted EPS rose 22.6% to $1.41. Adjusted EBITDA also saw a significant increase of 28.3% to $51.7 million, achieving a record margin of 38.7%. Despite legal costs linked to ongoing litigation, the company remains confident in its growth trajectory and strategic enhancements, particularly at the Monarch Black Hawk property.

Monarch Casino & Resort (MCRI) reported strong Q2 2022 results with net revenue of $115.3 million, up 18.0% year-over-year, and net income of $19.4 million, reflecting a 7.1% increase. Adjusted EBITDA reached $39.5 million, a 12.2% growth. Basic EPS improved by 4.1% to $1.02. The results were impacted by $2.4 million in legal costs relating to ongoing litigation. Enhanced operations at the Black Hawk property and successful management strategies contributed to record revenues. Capital expenditures totaled $13.5 million, funded by operating cash flows, supporting ongoing property upgrades.

Monarch Casino & Resort reported exceptional Q1 2022 results, achieving net revenue of $108.3 million, a 44.5% increase from the prior year, and a record net income of $18.1 million, up 122.2%. Adjusted EBITDA rose to $34.3 million, reflecting a 50.4% increase. The growth was driven by the expansion of Monarch Black Hawk and strong market demand. Operating expenses are under control, although rising inflation and labor costs pose potential challenges ahead. The company continues to manage capital effectively, with significant investments planned for ongoing property enhancements.

Monarch Casino & Resort reported strong fourth quarter and full year 2021 results, with record net revenue of $111.1 million for Q4, up 90.3% year-over-year, and $395.4 million for the full year, marking a 114.4% increase. Net income for Q4 reached $19.9 million, a 30.2% rise, and full-year net income grew to $68.5 million, up 189.2%. Adjusted EBITDA for Q4 was $39 million, a 180.7% increase, while the full year showed $137.3 million, a 218.1% improvement. The company anticipates continued strong performance in 2022.

Monarch Casino & Resort, Inc. (MCRI) reported record financial results for Q3 2021, with net revenue of $111.6 million, up 86.5% year-over-year, and net income of $22.3 million, a 107.7% increase. Adjusted EBITDA rose 94.9% to $40.3 million. Hotel, food, and beverage revenues showed substantial growth, with increases of 162.2% and 102.3% respectively. Despite operational challenges like labor shortages and rising costs, the company remains focused on expanding its properties and enhancing shareholder value.

Monarch Casino & Resort (NASDAQ: MCRI) announced the departure of Chief Operating Officer David Farahi, effective September 3, 2021, to pursue interests outside the gaming industry. Michelle Shriver, with 20 years in the sector, has been appointed as the new Corporate Vice President of Operations, overseeing the expanded Monarch Casino Resort Spa Black Hawk. John Farahi, CEO, praised David for his substantial contributions, including securing Amendment 77 for Colorado. The company is optimistic about growth opportunities with its solid management team and industry-leading balance sheet.

Monarch Casino & Resort, Inc. (MCRI) reported record second-quarter results for 2021, with net revenue of $97.7 million, a significant increase of 544.8% from $15.2 million in Q2 2020, largely due to pandemic recovery. Net income surged to $18.1 million, a 517.5% increase compared to a loss last year. Adjusted EBITDA reached $35.2 million, marking a growth of 7,077.3%. Strong performance was attributed to a rise in casino, food, and hotel revenues, with continued expansion at the Black Hawk location. The company also reduced debt by $25 million, enhancing its financial position.

Monarch Casino & Resort, Inc. (MCRI) reported impressive Q1 2021 results, achieving record net revenue of $75.0 million, a 46.9% increase from the previous year. Net income surged 303.7% to $8.2 million, while adjusted EBITDA soared 181.6% to $22.8 million. The company's properties in Reno and Black Hawk showed notable growth, benefitting from increased market share and pent-up demand. The first quarter also marked a record adjusted EBITDA margin of 30.5%. Despite challenges from capacity restrictions, Monarch has improved its operations and is well-positioned for future growth as restrictions ease.