Monarch Casino and Resort has lauded property transformations as well as an elimination of betting limits in Black Hawk, and an expanded game mix, in leading the group to record fourth quarter and full year financial results.
This has seen the casino operator document a 90.3 per cent revenue increase through 2021’s fourth quarter to $111.1m from $58.4m, driven by a ramp up of hotel and casino operations at its Colorado-based property.
Monarch, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel/casino facility in Reno, Nevada, and the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado, approximately 40 miles west of Denver.
The company adds that, through the fourth quarter, both venues saw revenue become impacted by pandemic-related capacity and other regulatory limitations which remained in effect following the properties’ reopening.
However, it is noted that each of the firm’s reporting segments scored year-on-year increases, with casino up 74.1 per cent to $64.89m (2020: $37.28m), food and beverage climbing 111.4 per cent from 2020’s $12.67m to finish at $26.78m, and hotel revenue rising 156.6 per cent to $14.45m (2020: $5.63m).
Net income climbed 30.2 per cent year-on-year to close at $19.87m (2020: $15.26m), with adjusted EBITDA reporting a 180.7 per cent increase from $13.89m to $39m.
For the twelve month time frame, revenue, net income and adjusted EBITDA all recorded substantial upticks of 114.4 per cent, 189.2 per cent, and 218.1 per cent, to $395.3m (2020: $182.4m), $68.4m (2020: $23.6m), and $137.2m (2020: $43.1m), respectively.
John Farahi, co-chair and chief executive officer of Monarch, commented: “We expect that 2022 will be another year of strong operating performance and financial results.
“We continue to evaluate acquisition opportunities where we can fully leverage our development expertise and operational excellence.
“We remain committed to deploying capital in a manner that will position Monarch to grow and build long-term value for our loyal stockholders.”