Monarch Casino & Resort (MCRI) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $31.6 million, up 14.4% year-over-year; diluted EPS rose 15% to $1.69 per share.

• Net revenues for Q3 2025 increased 3.6% to $142.8 million compared to Q3 2024, with growth across casino, food and beverage, and hotel segments.

• For the nine months ended September 30, 2025, net income was $78.4 million, up 14.4% year-over-year; diluted EPS rose 16.1% to $4.18.

• Achieved all-time record quarterly revenue, net income, and Adjusted EBITDA in Q3 2025, marking the highest in company history.

• Declared a $0.30 per share cash dividend payable December 15, 2025.

Financial highlights

• Casino revenue grew 5.0% in Q3 2025 and 7.3% for the nine months, driven by increased market share.

• Food and beverage revenue rose 2.9% in Q3 2025 and 1.2% for the nine months, with higher revenue per cover offsetting lower covers.

• Hotel revenue increased 3.9% in Q3 2025 and 0.3% for the nine months, with ADR up to $192.09 in Q3.

• Adjusted EBITDA reached $54.8 million in Q3 2025, up 8.3% year-over-year, with margin improving to 38.4%.

• SG&A expense as a percentage of net revenue decreased to 19.3% in Q3 and 20.1% for the nine months.

Outlook and guidance

• Management expects continued benefit from macro and local economic growth, but notes labor challenges and competitive pressures in both Reno and Black Hawk markets.

• Expects continued investment in property enhancements and guest experience to drive growth.

• Anticipated operating cash flows are expected to sustain operations, capital expenditures, and dividend distributions for the next twelve months.

• Plans to maintain quarterly dividend payments, subject to board review.

• Evaluating potential M&A opportunities to drive long-term shareholder value.