MCRI · Monarch Casino & Resort, Inc.

Monarch Casino & Resort delivered record first-quarter results for 2026, driven by strong operational performance across all segments. Net revenue increased 8.9% to $136.6 million, with casino revenue up 9.4%, food and beverage up 5.6%, and hotel revenue up 13.5%. The hotel segment benefited from higher available rooms at Atlantis and improved convention and group business. Operating leverage improved significantly: SG&A expense as a percentage of net revenue decreased to 20.3% from 21.7%, and casino operating expense as a percentage of casino revenue fell to 36.0% from 37.7%, reflecting better labor management and efficiency. Net income surged 38.9% to $27.6 million, and diluted EPS rose 44.8% to $1.52. Adjusted EBITDA grew 19.0% to $49.0 million, with margin expanding 300 basis points to a record 35.8%. Management attributed the results to market share gains at both Atlantis and Monarch Black Hawk, ongoing capital investments, and technology deployment to reduce costs. The company also declared a $0.30 per share quarterly dividend, payable June 15, 2026, and repurchased 181,258 shares for $17.6 million during the quarter. As of March 31, 2026, Monarch had $120.1 million in cash and no borrowings on its credit facility, providing ample liquidity for continued investments, dividends, and potential M&A.