Canada
Monarch Casino & Resort Reports Record 2021 Fourth Quarter Financial Results
Monarch Casino & Resort, Inc. reported record operating results for the fourth quarter and full year ended December 31, 2021, as summarized below:
($ in thousands, except per share data and percentages)
2020 comparison
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
| 2021 | 2020 | Increase | 2021 | 2020 | Increase | ||||||||||||
| Net revenue | $ | 111,068 | $ | 58,377 | 90.3 | % | $ | 395,377 | $ | 184,413 | 114.4 | % | |||||
| Net income | 19,871 | 15,260 | 30.2 | % | 68,488 | 23,678 | 189.2 | % | |||||||||
| Adjusted EBITDA(1) | $ | 39,015 | $ | 13,898 | 180.7 | % | $ | 137,294 | $ | 43,161 | 218.1 | % | |||||
| Basic earnings (losses) per share | $ | 1.06 | $ | 0.83 | 27.7 | % | $ | 3.68 | $ | 1.30 | 183.1 | % | |||||
| Diluted earnings (losses) per share | $ | 1.02 | $ | 0.80 | 27.5 | % | $ | 3.53 | $ | 1.25 | 182.4 | % | |||||
2019 comparison
For the benefit of our stockholders, we also include the below comparison to 2019 to show “pre-COVID” information(2):
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
| 2021 | 2019 | Increase | 2021 | 2019 | Increase | ||||||||||||
| Net revenue | $ | 111,068 | $ | 62,080 | 78.9 | % | $ | 395,377 | $ | 249,166 | 58.7 | % | |||||
| Net income | 19,871 | 6,196 | 220.7 | % | 68,488 | 31,816 | 115.3 | % | |||||||||
| Adjusted EBITDA(1) | $ | 39,015 | $ | 14,142 | 175.9 | % | $ | 137,294 | $ | 61,687 | 122.6 | % | |||||
| Basic earnings per share | $ | 1.06 | $ | 0.34 | 211.8 | % | $ | 3.68 | $ | 1.77 | 107.9 | % | |||||
| Diluted earnings per share | $ | 1.02 | $ | 0.33 | 209.1 | % | $ | 3.53 | $ | 1.70 | 107.6 | % | |||||
| (1) | Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release. | |
| (2) | In late 2020, we began to open our new hotel tower, casino expansion and additional new amenities at our Monarch Casino Resort Spa Black Hawk. | |
CEO Comment
John Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: “Our fourth quarter results capped a year of significant operational and financial accomplishments for Monarch. In 2021, we successfully transformed our Monarch Black Hawk into a full-scale casino resort spa. On May 1, 2021, we immediately took advantage of the elimination of betting limits in Black Hawk and expanded our game mix. At Atlantis in Reno, we completed the redesign and upgrade of our high-end suites on the top two floors of the concierge hotel tower. We believe that all these factors contributed to record fourth quarter and full year financial results. We are honored to have received the prestigious distinction by Forbes, ranking Monarch 39th on the list of America’s Best Small Companies.
“New COVID variants continue to create labor market shortages and wage pressure, resulting in increased labor costs. In addition, supply chain constraints and price inflation continued to impact our operating costs.
“Net revenue and Adjusted EBITDA in the fourth quarter of 2021 were $111.1 million and $39.0 million, respectively, and were both fourth quarter records. Our full year net revenue and Adjusted EBITDA of $395.4 million and $137.3 million, respectively, were both all-time records. We also achieved record fourth quarter and full year Adjusted EBITDA margin of 35.1% and 34.7%, respectively.
“Our Monarch Black Hawk operations continued to ramp up in the fourth quarter. In mid-December 2021, we opened an all-new sports book, lounge and bar along with additional casino space within the legacy facility. In the coming days, we expect to debut a new specialty restaurant, which will provide our guests with an outstanding dining experience while increasing restaurant seating capacity at the property by approximately 35%. We continue to gain noticeable market share and attract high value players from across Colorado’s Front Range, who had previously traveled to other markets, such as Las Vegas, for a high-end casino entertainment experience. We remain extremely bullish on the trajectory of the property’s performance.
“The Reno economy remains robust, while gaming remains extremely competitive. Winter weather impacted certain weekends in December 2021, limiting access to Reno for our California-based guests.
“At Atlantis, we have begun the redesign and upgrade of the hotel rooms in the first tower and expect to complete this project by mid-2022. Our consistent capital investment at Atlantis remains a key part of our ongoing strategy to deliver an exceptional guest experience.
“We expect that 2022 will be another year of strong operating performance and financial results. We continue to evaluate acquisition opportunities where we can fully leverage our development expertise and operational excellence. We remain committed to deploying capital in a manner that will position Monarch to grow and build long-term value for our loyal stockholders.”
Summary of 2021 Fourth Quarter Operating Results
In the 2021 fourth quarter, the Company generated net revenue of $111.1 million, an increase of 90.3% from $58.4 million in the prior-year quarter. Casino, food and beverage (“F&B”), and hotel revenue increased 74.1%, 111.4% and 156.6% year-over-year, respectively. The increase in revenue was driven primarily by the ramp up of operations at the Company’s hotel and expanded casino in Black Hawk. In the fourth quarter of 2020, both Atlantis and Black Hawk revenues were impacted by pandemic-related capacity and other regulatory limitations which remained in effect following the properties’ reopening.
Selling, general and administrative (“SG&A”) expenses for the fourth quarter of 2021 were $22.2 million compared to $18.5 million in the prior-year period, driven primarily by additional SG&A expenses to support the expanded Monarch Casino Resort Spa Black Hawk and by an increase in overall labor expense. As a percentage of net revenue, SG&A expense decreased to 20.0% compared to 31.6% in the prior-year period. Casino operating expense as a percentage of casino revenue increased to 34.0% during the fourth quarter of 2021 from 30.0% in the prior-year period, primarily due to increase in promotional expenses at Monarch Black Hawk. F&B operating expense as a percentage of F&B revenue decreased to 78.2% during the fourth quarter of 2021 from 88.1% in the prior-year period due to an effort to align menu prices with increased commodity prices and labor costs. Hotel operating expense as a percentage of hotel revenue decreased to 40.1% in the fourth quarter of 2021 compared to 60.6% in the same period a year ago, primarily due to the higher average daily rate (ADR) in the current period.
Income from operations for the fourth quarter of 2021 increased 395.0% compared to the same period last year. Net income increased 30.2% and diluted EPS increased 27.5%, as Net income in the fourth quarter of 2020 was positively impacted by a $10.3 million tax benefit. The Company generated consolidated Adjusted EBITDA of $39.0 million, an increase of $25.1 million, or 180.7%, over the same period a year ago. The increase in the EBITDA represents a 47.7% flow through of net revenue.
Credit Facility and Liquidity
Capital expenditures of $16.1 million in the fourth quarter of 2021 primarily included construction costs related to the ongoing renovation of a portion of the legacy Monarch Casino Resort Spa Black Hawk building and ongoing renovations at Atlantis. Capital expenditures were funded from operating cash flows. The Company expensed $0.7 million of interest in the fourth quarter of 2021 compared to $0.3 million in the fourth quarter of 2020.
During the fourth quarter of 2021, the Company made $18 million in principal payments on its Term Loan Facility. As of December 31, 2021, the Company had an outstanding principal balance of $90 million under the Term Loan and had no borrowings outstanding under its $70 million Revolving Credit Facility.
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Bragg Gaming Group has announced its financial results for the fourth quarter of 2025.
Fourth Quarter 2025 Financial Highlights:
• Revenue Growth: Record total quarterly revenue of €27.7 million in the fourth quarter:
• Revenue increase of 5.1% (excluding The Netherlands) compared to the prior year period in 2024;
• The Netherlands revenue decreased 4.6% year-over-year due to the market’s overall contraction caused by increased regulation and higher taxes;
• Brazil revenue increased 42.1% compared to the 2024 fourth quarter with continued growth in provider onboarding; and
• US recurring revenue grew 55.0% year-over-year, driven by expanded high-margin proprietary content footprint; and
• Including the impact of The Netherlands, total revenue grew 1.9% year-over-year.
• Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for the quarter was €0.1 million, a €0.6 million improvement from an operating loss of €0.7 million in the same period of 2024. Net loss for the quarter was €1.3 million, or €0.05 per common share, compared to €0.7 million, or €0.03 per common share, in the same period of 2024. Adjusted EBITDA for the 2025 fourth quarter was €4.6 million (representing an Adjusted EBITDA Margin of 16.5%), compared to €4.7 million (representing an Adjusted EBITDA Margin of 17.2%) in Q4-2024.
• Strategic Market Expansion in the US and Brazil: Expanded U.S. content footprint through the launch of its exclusive and bespoke online casino content with Caesars Entertainment in West Virginia. Bragg also launched exclusive and aggregated content with several valued clients operating in Brazil (and other key LatAm jurisdictions), including Brazino777, Blaze, and Super Technologies.
Full Year 2025 Financial Highlights:
• Revenue Growth: Record total annual revenue of €106.1 million in 2025, an increase of 4.0% compared to €102.0 in the year ended December 31, 2024.
• Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for 2025 was €5.3 million, compared to €3.5 million in 2024. Net loss for 2025 was €8.1 million, or €0.32 per common share, compared to €5.1 million, or €0.21 per common share, in 2024. Full year 2025 Adjusted EBITDA was €16.6 million (representing an Adjusted EBITDA Margin of 15.6%), compared to €15.8 million (representing an Adjusted EBITDA Margin of 15.5%) in 2024.
• Balance Sheet Strength: During the year ended December 31, 2025, the Company fully repaid a US$7.0 million secured promissory note and entered into a financing agreement with a Tier One Canadian financial institution for certain revolving credit facilities in a maximum aggregate amount of up to US$6.0 million, replacing its prior debt at less than half the borrowing cost. During the second half of the year, the Company drew C$4.5 million in principal and US$1.1 million in overdraft in respect of Term CORRA loans. Cash and cash equivalents as of December 31, 2025 amounted to €6.7 million.
Fourth Quarter 2025 and Recent Business Highlights:
• Bolstered Leadership Team: Appointed Morten Tonnesen as its new Chief Operating Officer and promoted Garrick Morris to the position of Executive Vice President of Global Content, US & Canada.
• Player Account Management (PAM) Expansion in Europe: Announced the extension of its existing PAM platform agreement with valued client 711.nl to include the regulated Belgian iGaming market, with potential for future Bragg-powered online casino launches in additional regulated or newly regulating iGaming markets. Also, extended its existing PAM agreement with Entain Plc (LSE: ENTL), one of the world’s largest sports betting and gaming groups for BetCity.nl, a leading Dutch market operator, and with Senator Group, an online casino market leader in Croatia.
• Finnish Market Liberalization Preparations: Signed a comprehensive PAM platform and turnkey solution agreement with SuomiVeto, a market entrant led by the successful founders of BetCity.nl, focused on positioning SuomiVeto as a leading operator, and Bragg as a leading supplier, in the newly regulated Finnish iGaming market when it launches. The market is scheduled to “go live” for private operators on July 1, 2027.
• Ambitious Artificial Intelligence (AI) Transformation Plan: Leapt into an “AI-First” future by initiating the development of the Bragg AI Brain, a data-driven artificial intelligence engine designed to power smarter decisions and intelligent products across the Bragg’s Ecosystem. The transformation plan is underpinned by clear 2027 targets, including ensuring an AI-Enhanced Product becomes standard in over 90% of all launches and having more than three-quarters of Bragg’s operational workflows impacted by AI.
• Strategic Restructuring to Reduce Cost Structure and Improve Operating Performance: Announced a strategic restructuring, including an approximately 12% reduction of global workforce, designed to realign the organization and thereby improve its overall cost structure, drive its EBITDA growth, and shorten the time required for it to achieve sustained net profitability. The Company expects to incur restructuring costs related to this action of approximately €1.0 million associated with personnel-related termination costs in the first quarter of 2026, and it anticipates annualized cash savings from its staff reductions and other restructuring efforts to be approximately €4.5 million. This amount does not include the expected positive impact of the Company’s initiative to the Bragg AI Brain to drive cost efficiencies and improve operational excellence.
• Greater Board of Directors Alignment with Shareholders: From January 1, 2026, fees are being paid to directors exclusively in deferred share units (DSUs) on a monthly basis (with no cash alternative).
Matevž Mazij, Chief Executive Officer at Bragg, said: “We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives. We believe this positions Bragg well for 2026 and beyond to: increase our overall content market share in Brazil and the United States; pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets; move into new jurisdictions that offer opportunities for higher margin content business; deliver enhanced operational leverage; meet our goals to streamline internal processes; enhance overall efficiency across our organization; protect our cash runway; and advance us further along the path toward EBITDA growth and net profitability.”
Board Changes
The Company also announced the appointment of Thomas Winter to its Board of Directors. Mr. Winter succeeds Kent Young, who has retired from the Board. Both changes to the Bragg Board are effective immediately.
Mr. Winter brings deep knowledge of and experience in the iGaming and wagering industry. Currently a Board Member of Rush Street Interactive, which through its brands, BetRivers, PlaySugarHouse and RushBet, was an early entrant in several regulated jurisdictions, Mr. Winter began his career in the gaming sector nearly two decades ago and has since established himself as a leader in the field. In 2013, he founded Golden Nugget Online Gaming (GNOG), where he served as President. Under his leadership, GNOG became a top online gaming operator in New Jersey, achieving significant market share and recognition, went public and was later successfully sold for over $1.5 billion to DraftKings, where he developed their multi-brand online casino strategy and led their online casino business until September 2023. Before founding GNOG, he was the CEO and director of Betclic, a major European online sports betting and gaming operator, and Expekt, a pioneer brand in the online gaming industry, within the Betclic Group. Mr. Winter played a key role as COO at both businesses before being appointed CEO.
“I would like to thank Kent for his many contributions to the Company. I am also very pleased to welcome Thomas to our team. Moving forward, the Board and management team will be steadfast in our aim to close the clear and persistent gap between the Company’s public market valuation and our assessment of its intrinsic value. To that end, as Thomas is a gaming industry luminary who has earned my deep personal admiration and great professional respect, I am confident that he will be a tremendous asset to our Board and to our shareholders,” said Holly Gagnon, Chair of the Bragg Board.
2026 Outlook
The Company anticipates full year 2026 revenue between €97.0 million and €104.5 million and Adjusted EBITDA of €16.0 million to €19.0 million (representing an Adjusted EBITDA Margin of 16.0% to 18.0%).
The post Bragg Gaming Group Reports Record Fourth Quarter and Full Year 2025 Revenues appeared first on Americas iGaming & Sports Betting News.
Media Troopers is positioning itself for entry into Alberta’s soon-to-launch regulated online gambling market through a strategic partnership with Canadian law firm Segev LLP.
The collaboration will see the affiliate marketing and customer acquisition specialist work closely with legal experts Ron Segev and Alon Segev to navigate the province’s evolving regulatory framework. The firm will advise on compliance, licensing readiness, and market entry strategy as Alberta finalises its iGaming model.
Alberta is set to become only the second Canadian province to regulate commercial online gambling, following the launch of Ontario’s market in 2022. The province took a major step forward with the passage of the iGaming Alberta Bill, which establishes a legal framework for private operators and introduces the Alberta iGaming Corporation to oversee the sector.
This regulatory shift is expected to open significant opportunities for operators and service providers alike, particularly as Canada’s iGaming landscape continues to expand. Industry observers often point to Ontario’s rollout as a benchmark, with oversight from bodies such as the Alcohol and Gaming Commission of Ontario, which has helped shape standards around licensing, compliance, and player protection.
As part of its expansion strategy, Media Troopers aims to support licensed operators entering Alberta with localized marketing solutions, including affiliate partnerships and compliance-led acquisition strategies tailored to the province’s regulatory requirements.
Commenting on the development, Shmulik Segal, CEO of Media Troopers, said:
“Alberta represents one of the most exciting emerging regulated markets in North America.
“Working with Ron Segev and the team at Segev LLP ensures that our expansion into the province will be aligned with the evolving regulatory framework and positioned for long-term success.”
Segal added:
“Canada’s iGaming market continues to evolve rapidly. Our goal is to be fully prepared to support operators entering Alberta from day one.”
The move highlights a broader trend in North America, where affiliate and marketing firms are increasingly aligning with legal and regulatory specialists ahead of market openings. This approach not only reduces compliance risk but also allows companies to establish early positioning in newly regulated jurisdictions.
For more on Canada’s evolving iGaming landscape, see Europa Gaming’s coverage of Ontario iGaming Market Launch and North America Gambling Regulation.
With Alberta’s framework nearing completion, early movers like Media Troopers are aiming to replicate the success seen in Ontario—where strong compliance foundations and localised strategies have proven critical to long-term growth.
The post Media Troopers Prepares for Alberta iGaming Launch with Canadian Gaming Law Firm appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
The leading digital marketing and customer acquisition group Media Troopers has announced it’s gearing up to join Alberta’s upcoming iGaming-regulated market by partnering with Alon Segev, Managing Partner and Ron Segev, founder of Canadian gaming and betting law firm Segev LLP.
Alberta will become Canada’s second province to regulate commercial online gambling, following Ontario in 2022. The province passed the iGaming Alberta Bill last May, which brought with it a framework to allow operators to enter the province and the creation of a new iGaming regulator, the Alberta iGaming Corporation.
As part of Media Troopers’ strategic entry into the new sector, it has partnered with Segev, who will advise the company on regulatory strategy, compliance requirements, and market readiness as Alberta finalizes its operational and licensing framework.
“Alberta represents one of the most exciting emerging regulated markets in North America,” said Shmulik Segal, CEO of Media Troopers.
“Working with Ron Segev and the team at Segev LLP ensures that our expansion into the province will be aligned with the evolving regulatory framework and positioned for long-term success.”
As with Ontario’s competitive market, Media Troopers is dedicated to supporting licensed operators in Alberta with localized marketing channels, affiliate partnerships, and compliance-structured acquisition strategies.
“Canada’s iGaming market continues to evolve rapidly,” Segal added. “Our goal is to be fully prepared to support operators entering Alberta from day one.”
The post Media Troopers Prepares for Alberta iGaming Launch with Canadian Gaming Law Firm appeared first on Americas iGaming & Sports Betting News.
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