Monarch Casino & Resort, Inc. reported a net income of $72.8 million, or $3.84 per diluted share, for the fiscal year ending December 31, 2024, reflecting an 11.7% decrease in net income and an 8.6% decrease in diluted earnings per share compared to the previous year. The company's total revenue increased by 4.1% to $522.2 million, up from $501.5 million in 2023. This growth was primarily driven by a 4.1% increase in casino revenue, which reached $293.8 million, alongside a 7.6% rise in hotel revenue, attributed to higher average daily rates (ADR) and occupancy rates. However, the company faced challenges, including a $27.6 million loss related to litigation with PCL Construction Services, which impacted overall profitability.
In terms of operational metrics, the average occupancy rate at the Atlantis Casino Resort Spa was 84.1%, while the Monarch Casino Resort Spa Black Hawk reported an occupancy rate of 80.8%. The average daily room rate (ADR) for the Atlantis increased to $162.77, and for the Monarch Black Hawk, it rose to $215.70. The revenue per available room (RevPAR) for the Atlantis was $152.48, and for the Monarch Black Hawk, it was $187.23. The company employed approximately 2,900 individuals across both properties as of December 31, 2024.
Strategically, Monarch has continued to invest in its properties, with capital expenditures totaling $43.9 million in 2024, down from $51.4 million in 2023. These investments focused on upgrading hotel rooms and enhancing dining facilities. The company is also exploring expansion opportunities, including potential developments on a 16-acre parcel of land adjacent to the Atlantis. Monarch's marketing strategy targets leisure travelers, conventioneers, and local residents, leveraging its proximity to the Reno-Sparks Convention Center to attract convention business.
Looking ahead, Monarch anticipates that its strong market position and ongoing investments will support revenue growth, despite facing competitive pressures and rising operational costs. The company has expressed confidence in its ability to navigate challenges, including the impact of litigation and inflationary pressures on labor and materials. Monarch's management remains focused on maintaining operational efficiencies and enhancing guest experiences to drive future profitability.
About MONARCH CASINO & RESORT INC
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