Monarch Casino Q3 revenue misses estimates despite higher casino sales
MCRI•Monarch Casino’s Q3 revenue rose 2.4% year over year to $146.27 million, missing the $147.96 million analyst consensus. Adjusted EBITDA increased 2.1% to $56.02 million, slightly below estimates, and the company repurchased $37 million in shares.
1. Quarterly results
Revenue growth was driven by increases in casino, food and beverage, and hotel revenues. Adjusted EBITDA margin remained near record levels, while selling, general and administrative expenses as a share of net revenue rose because of higher legal and employee-related costs.
2. Capital plans
Monarch said it plans continued technology and property enhancements at both locations, expects to continue share repurchases and quarterly cash dividends, and is evaluating potential M&A transactions for long-term value.
