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RENO, Nev., April 17, 2024 — Monarch Casino & Resort, Inc. today reported operating results for the first quarter ended March 31, 2024, as summarized below:John Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: “In the first quarter of 2024 net revenue and adjusted EBITDA grew to all-time first quarter records of $121.7 million and $38.5 million, respectively, and the EBITDA margin improved to 31.7% from 31.3% in the same period of the prior year.
“With a strong balance sheet, we are favorably positioned to continue investing in our properties, paying cash dividends, and buying back stock under our existing stock repurchase authorization. We continue to diligently evaluate potential M&A transactions, which can drive additional attractive long-term value for our stockholders.”In the 2024 first quarter, the Company generated net revenue of $121.7 million, an increase of 4.3% from $116.6 million in the corresponding prior-year quarter.
Capital expenditures of $17.9 million in the first quarter of 2024 were funded from cash on hand and operating cash flows and included the redesign and upgrade of 125 guest rooms in the third Atlantis hotel tower as well as ongoing maintenance capital expenditures at both properties.
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