Monarch Casino & Resort Inc. reported a solid performance for the third quarter and the first nine months of 2024, with notable increases in revenue and profitability compared to the same periods in 2023. For the three months ended September 30, 2024, the company generated revenues of $137.9 million, a 3.7% increase from $132.9 million in Q3 2023. Casino revenues rose to $76.3 million, up from $73.8 million, reflecting a 3.4% growth driven by increased market share in Black Hawk, despite higher promotional allowances.
Net income for Q3 2024 reached $27.6 million, or $1.47 per diluted share, marking a 14.2% increase from $24.2 million, or $1.23 per diluted share, in the prior year. Income from operations also improved, totaling $35.3 million compared to $31.9 million in Q3 2023. For the nine months ended September 30, 2024, net revenues were $387.7 million, a 3.9% increase from $373.3 million in the same period of 2023, with net income rising to $68.6 million from $64.2 million.
The company’s cash and cash equivalents decreased to $39.4 million as of September 30, 2024, from $43.4 million at the end of 2023. Total assets also declined slightly to $671.1 million from $680.9 million. However, total liabilities decreased to $157.9 million from $167.7 million, and retained earnings increased significantly to $519.7 million from $467.8 million.
Monarch's operational expenses reflected some challenges, with casino operating expenses as a percentage of revenue rising to 36.3% from 34.5% due to increased labor and slot participation costs. Food and beverage revenue saw a slight decline of 0.2%, while hotel revenue increased by 5.0%, driven by a rise in average daily rate (ADR) and occupancy rates.
In terms of strategic developments, Monarch repurchased 131,285 shares for $9.6 million during Q3 2024 and has authorization to buy back an additional 1.95 million shares. The company also continues to navigate ongoing litigation related to construction disputes, with the First Denver Lawsuit awaiting a court decision.
Overall, Monarch Casino & Resort Inc. demonstrated resilience and growth in its financial performance, supported by strategic initiatives and operational improvements, despite facing some cost pressures and competitive challenges in the market.
About MONARCH CASINO & RESORT INC
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