Monarch Casino & Resort has posted all-time second-quarter records for net revenue and adjusted EBITDA.
Net revenue rose 3.6 per cent year-on-year in Q2 to US$128.1m, with adjusted EBITDA following suit at $43.9m, an increase of 4.3 per cent.
Monarch said ongoing growth at its Monarch Black Hawk property was the primary driver of the company’s revenue growth.
Monarch’s casino operating expenses as a percentage of casino revenue increased to 37.7 per cent in Q2 compared to 37.4 per cent in Q2 last year, “primarily due to increased labour expense.”
However, net income rose 1.2 per cent.
CEO and chairman John Farahi said: “Monarch Black Hawk generated revenue growth across all its business segments and expanded its adjusted EBITDA margin. The property continued to attract mid- and upper- tier players from the greater Denver market.
“Recently, the property’s Bistro Mariposa and Monarch Chophouse were honoured with Wine Spectator's Best of Award of Excellence, joining Bistro Napa and Atlantis Steakhouse at Atlantis in receiving a prestigious Wine Spectator award.”
Monarch said its selling, general and administrative expenses for Q2 rose to $26.2m, driven by increases in labour expense, repair and maintenance expense.
“F&B operating expense as a percentage of F&B revenue was 73.8 per cent compared to 72.3 per cent in the prior-year period due to increased cost of goods sold and an increase in operating supplies expense,” the company added.
Ita hotel operating expense as a percentage of hotel revenue declined to 33.5 per cent.
