Q2 Up Across All Of Monarch Casino (MCRI)
Monarch Casino & Resorts (MCRI: 10.20 +1.80%) reported second quarter financials today coming in even with analysts’ expectations and well above last year’s results.
Revenue across the board was up; Monarch reported net revenue for the quarter up 4.9% to $36.2 million, quarterly income up 35.2% to $4.5 million, EBITDA up 20.3% to $7.7 million and diluted EPS up 45.5% to $0.16 a share.
For the quarter ending June 30, casino revenue was up 3.6%, food and beverage revenue was up 5.5% and hotel revenue was up 13.5%.
Monarch’s CEO and Co-Chairman John Farahi commented on the Company’s performance: “We are pleased with this quarter’s results, particularly because each of our operating departments reported revenue increases despite the ongoing macroeconomic weakness of our national and local economies. Looking forward, our plan is to continue delivering to our guests the same high quality experience that provided the foundation for this quarter’s increased revenues.”
Monarch was also able to pay down $3.2 million of its outstanding credit facility bringing the balance to $37.8 million.
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