Monarch Q2 revenue up 3.6% to record $128.1 million, driven by Colorado growth

Reno-based casino company Monarch Casino & Resort, which operates Reno’s Atlantis Casino Resort and the Monarch Casino Resort in Black Hawk, Colorado, has reported record financial results for the second quarter of 2024, driven by strong performance at its Black Hawk property.

The company achieved net revenue of $128.1 million, marking a 3.6% increase year-over-year. Adjusted EBITDA rose to $43.9 million, up 4.3% from the same period last year, while net income reached $22.7 million, a 1.2% increase year-over-year.

Revenue growth was primarily attributed to Monarch Black Hawk, with casino, food and beverage, and hotel revenues increasing by 3.1%, 1.0%, and 9.0% respectively. CEO and co-chairman John Farahi noted that the company's focus on operational efficiency led to an improvement in the adjusted EBITDA margin to 34.3% from 34.1% in the previous year. 

Farahi said: "Monarch Black Hawk generated revenue growth across all its business segments and expanded its adjusted EBITDA margin. The property continued to attract mid- and upper-tier players from the greater Denver market."

The company completed significant upgrades to its Atlantis property in Reno, Nevada. During Q2 2024, 125 additional hotel rooms were redesigned and upgraded, with plans to complete all 817 rooms and suites by the end of Q2 2025.

Farahi emphasized the importance of these upgrades, saying: "While Reno remains a very competitive market, we believe our focus on operational efficiency and property enhancements through major capital investments will keep us competitive and will be financially rewarding over the long term."

Monarch Casino & Resort also celebrated recent accolades, with Bistro Mariposa and Monarch Chophouse at Monarch Black Hawk receiving Wine Spectator's Best of Award of Excellence. These honors join Bistro Napa and Atlantis Steakhouse at Atlantis, which also received prestigious Wine Spectator awards.