Monarch Casino & Resort (MCRI) AGM 2026 presentation summary

Strategic positioning and property highlights

• Operates two luxury casino resorts: Atlantis in Reno and Monarch in Black Hawk, both in prime locations with ongoing capital investments and expansion potential.

• Atlantis features 817 rooms, 61,000 sq ft casino, and direct connection to the Reno-Sparks Convention Center; Monarch Black Hawk offers 516 rooms, 60,000 sq ft casino, and a world-class spa.

• Both properties consistently outperform their respective markets in GGR share and guest experience, with Atlantis holding the #1 Reno hotel ranking and Monarch Black Hawk growing to 32.7% market share.

• No long-term debt, strong balance sheet, and attractive financial profile with $556M LTM net revenue and 37.2% adjusted EBITDA margin as of Q1 2026.

• Ongoing property enhancements and future development opportunities, including 20 acres adjacent to Atlantis.

Market dynamics and growth drivers

• Reno-Sparks and Denver/Black Hawk markets show robust population and income growth, with Reno's per capita income 18% above national average and Denver's 63% higher.

• Reno is transforming into a tech hub with major investments from Tesla, Google, and others, driving job growth and economic diversification.

• Black Hawk/Central City accounts for over 83% of Colorado gaming revenue, with Monarch being the first property encountered from Denver.

• Amendment 77 in Colorado eliminated betting limits, expanding the VIP market opportunity.

• Both markets benefit from favorable tax environments and limited competition due to zoning and regulatory constraints.

Financial performance and capital allocation

• Q1 2026 net revenue grew 8.9% year-over-year to $136.6M; adjusted EBITDA up 19% to $49M; net income up 38.9% to $27.6M.

• Maintains zero long-term debt and substantial cash reserves; entered a $100M revolving credit line with no outstanding balance as of March 2026.

• Paid $1.20/share annual cash dividend in 2024 and 2025, with a $0.30/share dividend announced for June 2026.

• Ongoing share repurchases, with 1.93M shares bought back out of 3M authorized.

• Adjusted EBITDA margin reached a record 37.2% for the LTM ending Q1 2026.