Monarch Casino & Resort delivered record fourth-quarter operating results, generating net revenue of $140.0 million, a 4.1% increase from $134.5 million in the same period a year ago. Casino revenue rose 5.3% year-over-year, while food and beverage sales climbed 4.8%; hotel revenue dipped 1.9%. Adjusted EBITDA reached $51.8 million, up 9.6% from $47.3 million in Q4 2024, driving adjusted EBITDA margin to a record 37.0%, roughly 185 basis points higher than the prior year. Net income jumped to $22.9 million, a 445% increase, and diluted EPS rose to $1.25 from $0.22, reflecting both operational growth and the absence of a $27.6 million litigation accrual that weighed on results in the year-ago quarter.

In the quarter ended December 31, earnings per share of $1.25 fell short of the Zacks consensus estimate of $1.37, marking a decline from EPS of $1.36 in Q4 2024. The shortfall primarily reflected higher interest and litigation expenses related to the PCL Construction Services judgment at the Monarch Black Hawk property, which incurred $2.75 million of interest expense and $0.4 million of incremental legal costs during the quarter. Excluding these non-recurring litigation impacts, EPS would have been roughly in line with consensus forecasts.

For the full year 2025, Monarch achieved net revenue of $545.1 million, up 4.4% from $522.2 million in 2024, and adjusted EBITDA of $199.1 million, a 10.4% increase. Full-year diluted EPS rose 41.4% to $5.43, driven by a 197-basis-point expansion in adjusted EBITDA margin to 36.5%. The company generated $96.5 million in cash and equivalents at year-end and funded $72.2 million of open-market share repurchases (797,279 shares) alongside a quarterly dividend of $0.30 per share. Monarch’s board authorized up to 1.15 million additional shares for repurchase, underscoring management’s commitment to capital returns and balance sheet strength.