Monarch Casino & Resort (MCRI) Q4 2024 earnings summary

Executive summary

• Achieved record fourth quarter and full-year 2024 financial results, with net revenue up 4.9% year-over-year to $134.5 million in Q4 and 4.1% to $522.2 million for the year.

• Net income rose 40.1% in Q4 to $25.5 million and 14.1% for the year to $94.1 million; diluted EPS increased 46.2% in Q4 and 18.1% for the year.

• Declared a $0.30 per share cash dividend payable March 15, 2025, as part of a $1.20 annual dividend.

• Monarch Black Hawk grew market share and revenue; Atlantis neared completion of a $100 million hotel room upgrade.

Financial highlights

• Q4 Adjusted EBITDA increased 9.9% year-over-year to $47.3 million; full-year Adjusted EBITDA up 5.6% to $180.4 million.

• Casino and hotel revenues rose 6.0% and 8.3% respectively in Q4; food and beverage revenue declined 0.7%.

• SG&A expense decreased to $27.8 million in Q4, representing 20.7% of net revenue, down from 22.4% last year.

• Cash and cash equivalents stood at $58.8 million at year-end, with no borrowings against the credit facility.

Outlook and guidance

• Anticipates completion of Atlantis hotel room renovations by Q2 2025, with phased rollout.

• Expects continued investment in properties and ongoing quarterly dividends, supported by strong free cash flow.

• Actively evaluating potential M&A transactions to drive long-term shareholder value.