On October 21, 2025, Monarch Casino & Resort, Inc. (MCRI) announced its third‑quarter 2025 financial results, marking the highest‑ever quarterly revenue, net income, and EBITDA in the company’s 32‑year history. The company reported net revenue of $142.8 million, up 3.6% year‑over‑year, and net income of $46.9 million, a 14.4% increase. Adjusted EBITDA reached $54.8 million, up 8.3% YoY, with a margin of 38.4% versus 36.7% in the same quarter last year.
Casino revenue grew 5.0%, food and beverage revenue increased 2.9%, and hotel revenue rose 3.9%, all year‑over‑year. Operating expense as a percentage of casino revenue fell to 35.8% from 36.3%, reflecting improved labor and operational efficiencies. Food and beverage operating expense fell to 69.9% of revenue from 72.8%, while hotel operating expense dropped to 31.4% from 33.8%.
The company highlighted continued enhancements at its Atlantis and Monarch Black Hawk properties, noting that the Atlantis remains the top‑rated hotel in Reno and that the Black Hawk resort continues to capture market share from Denver and Boulder. Management emphasized that the properties’ upgraded amenities and marketing initiatives are driving higher guest visitation and revenue per cover. The press release also noted that the company’s cash and cash equivalents stood at $107.6 million with no borrowings against its credit facility.
Monarch declared a cash dividend of $0.30 per share, payable on December 15, 2025, to shareholders of record as of December 1, 2025. The company also completed an open‑market share repurchase of 111,169 shares for $11.3 million during the quarter. These actions underscore the company’s commitment to returning capital to shareholders while maintaining a strong balance sheet.
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