Sunday, September 25, 2022

Monarch Casino Resort reports 114 revenue growth for 2021

Monarch Casino & Resort’s net revenue increased by more than 90% for Q4 2021, topping off a strong twelve months.

For the fourth quarter, the US casino operator generated over $111m in net revenue, driving its full-year total to nearly $400m for 114.4% growth.

And this came in spite of Covid-19. In fact, Monarch’s performance exceeded pre-pandemic levels by a significant margin.

Its fourth quarter revenue was up almost 80% from the same period in 2019, while its full year revenue was over 58% higher.

Monarch’s net income growth was even more impressive. For Q4 of last year, this amounted to nearly $20m, up 220.7% from 2019, while its whole year net income was $68.5m, a 115% increase.

Broken down, Monarch’s casino, food and beverage, and hotel business revenue rose by 74.1%, 111.4% and 156.6% respectively for the fourth quarter 2021.

And these rises were driven, according to Monarch, by a “ramp up of operations at the company’s hotel and expanded casino in Black Hawk,” after being impacted by Covid-related capacity limitations, as well as other regulatory measures.

“Our fourth quarter results capped a year of significant operational and financial accomplishments for Monarch,” said John Farahi, the company’s CEO and Co-Chairman.

“In 2021, we successfully transformed our Monarch Black Hawk into a full-scale casino resort spa. On 1 May 2021, we immediately took advantage of the elimination of betting limits in Black Hawk and expanded our game mix.”

He added: “We expect that 2022 will be another year of strong operating performance and financial results.”

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