Mon, Mar 3, 9:41 PM (13 days ago)
For the fiscal year ending December 31, 2024, Monarch Casino & Resort, Inc. (MCRI) reported a net income of $72.8 million, translating to $3.84 per diluted share, down from $82.4 million or $4.20 per share in 2023. Revenue increased by 4.1% to $522.2 million, driven by a 4.1% rise in casino revenue and a 7.6% increase in hotel revenue, reflecting improved average daily rates (ADR) and occupancy. Operating expenses rose, notably in casino operations due to labor and technology costs, resulting in a 37.2% expense ratio for casino revenue. Strategically, the company continues to focus on enhancing guest experiences and expanding its facilities, with capital expenditures of $43.9 million in 2024. However, a significant $27.6 million litigation loss impacted financial performance. The company maintains a strong liquidity position with no debt under its credit facility as of year-end, and it plans to continue its dividend policy of $1.20 per share for 2024. Future risks include intense competition, rising operational costs, and potential adverse impacts from ongoing litigation. Overall, while MCRI's financial condition remains solid, it faces challenges in maintaining growth amidst a competitive landscape and economic fluctuations.