Canada

Monarch Casino & Resort Reports Record 2021 Fourth Quarter Financial Results

Published

4 years ago

February 11, 2022

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 39^th 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.

Canada

What Canadian Slot Players Are Really Comparing in 2026: Payout Speed, Interac and RTP Transparency

Published

15 hours ago

June 29, 2026

Wladimir P.

what-canadian-slot-players-are-really-comparing-in-2026:-payout-speed,-interac-and-rtp-transparency

Canadian online slot players are becoming more practical.

The old conversion model was simple: show a big welcome bonus, list a few popular games, and hope the player clicked through. That still has a place, but it no longer reflects how better-informed casino players compare sites in 2026.

The conversation has shifted.

Players are now asking sharper questions before they deposit. How fast can I cash out? Does the casino support Interac? Are the best games actually available in Canada? What happens after I win? Are the slot terms clear? Can I see RTP information without digging through a help centre?

For operators, affiliates and suppliers watching the Canadian market, this change matters. The slot player is not just bonus-led anymore. The player is becoming banking-led, payout-led and value-led.

Payout speed has become a decision factor

Withdrawal speed is one of the biggest practical differences between online casinos.

Many casinos still market themselves around welcome packages, but the post-win experience is where trust is won or lost. Players notice pending periods. They notice extra verification steps. They notice whether withdrawals are processed quickly or whether the process feels deliberately slow.

That is why comparison behaviour around fastest payout casinos in Canada has become more commercially important. A casino can have a large slot library and a generous bonus, but if the payout process is slow, many experienced players will look elsewhere.

This is especially true for slot players. Slots create quick sessions, frequent bonus rounds and unpredictable payout moments. A player who wins on a Friday night does not want to discover that the casino only starts reviewing cashouts on Monday.

Fast payout positioning is not just a payment feature. It is a trust signal.

Interac remains central to the Canadian player journey

Interac is still one of the most important payment expectations in Canada.

For many players, it feels familiar, local and practical. It connects online casino banking with everyday Canadian banking behaviour. That matters because casino payments are a high-friction moment. Players may be comfortable browsing games, comparing bonuses and reading reviews, but depositing money is where hesitation appears.

Clear information about Interac casino payments helps reduce that hesitation.

The most useful casino pages now explain more than whether Interac is accepted. They answer questions such as:

Is Interac available for deposits only, or withdrawals too?
Are there minimum and maximum limits?
Does account verification affect payout speed?
Are e-Transfer withdrawals supported?
Are there fees? Is Interac treated differently by province or operator?

This level of detail is valuable because Canadian players are not just asking “Can I pay?” They are asking “Can I deposit, play, withdraw and trust the process?”

That is a much more commercial question.

RTP transparency is becoming part of player value

RTP has always existed as a technical concept, but it is becoming more visible in player decision-making.

A casual player may not calculate long-term return percentages before every spin. But more players now understand that slot choice matters. They know that some games are more volatile, some bonuses are harder to clear, and some titles publish better long-term return figures than others.

This is why content around high-RTP slots is becoming more useful when it is presented properly.

The weak version of RTP content is an educational glossary: “RTP means return to player.” That is not enough anymore.

The stronger version connects RTP to actual player behaviour:

Which high-RTP games are worth knowing?
Which casinos offer strong slot libraries?
How does volatility affect the player experience?
Does the bonus structure make a high-RTP game less valuable?
Are high-RTP slots available on mobile?
Can Canadian players access the games easily?

RTP transparency does not mean players expect to beat the casino. It means they want clearer information before choosing where and what to play.

Mobile play is raising expectations

Canadian slot players are heavily mobile-led.

That changes the comparison process. A player may research on desktop, but the actual deposit and session often happen on a phone. If the casino lobby is slow, payment forms are clunky, or game filters do not work well on mobile, the player experience suffers.

Mobile also puts more pressure on clarity. Players do not want to scroll through huge blocks of bonus terms. They want fast answers:

Best casino for quick withdrawals
Best Interac option
Best slot lobby
Best high-RTP games
Best mobile experience

For affiliates and operators, this means page structure matters. Tables, verdict boxes, payment summaries and direct recommendations often outperform long, generic content.

The market is moving away from generic casino comparisons

The Canadian slots market is not short of casino lists.

The issue is that many lists look the same. Same bonus-first ranking. Same generic claims. Same vague “safe and secure” language. Same lack of useful payout or banking detail.

The better opportunity is to compare casinos around real player decisions.

For Canadian slot players, that often means:

How fast can I withdraw?
Can I use Interac?
What games are actually worth playing?
Is the casino reliable after I win?
Does the site work properly on mobile?
Are the terms clear enough to trust?

These questions are more practical than promotional. They also create stronger commercial intent.

A player searching for payout speed, Interac support or slot value is usually further along the decision journey than someone casually browsing a bonus list.

What this means for the industry

The Canadian slot player in 2026 is not necessarily less bonus-driven. But the bonus is no longer the whole story.

The market is becoming more mature, and mature players compare the full experience. They want payment confidence, game quality, mobile usability, transparent terms and fewer surprises after depositing.

For operators, this means the product experience has to support the marketing promise.

For affiliates, it means generic casino pages are losing their edge. The stronger play is to build content around the actual comparison points players care about.

Payout speed, Interac and RTP transparency are not side details anymore.

They are becoming part of the main decision.

The post What Canadian Slot Players Are Really Comparing in 2026: Payout Speed, Interac and RTP Transparency appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Alberta

Octoplay secures conditional Alberta iGaming supplier approval from AGLC

Published

16 hours ago

June 29, 2026

Wladimir P.

octoplay-secures-conditional-alberta-igaming-supplier-approval-from-aglc

Octoplay has secured conditional licence approval from the Alberta Gaming, Liquor & Cannabis Commission (AGLC), allowing the supplier to begin the process of offering its games catalogue to operators in Alberta.

The company said the approval positions it to launch in Canada’s newest regulated iGaming market when it opens in July. Octoplay is already live in Ontario with BetMGM and PokerStars, and has also entered the US through New Jersey and Michigan, according to the company.

“Alberta is one of the most strategic market openings on our 2026 roadmap. Entering it with the performance data we’ve built in Ontario, New Jersey, and Michigan gives us a strong foundation to be one of the first suppliers to partner with local tier-one operators as soon as the market opens,” says Ralitsa Georgieva, CEO at Octoplay.

“We’ve worked closely with the AGLC throughout the licensing process, and clearing the conditional stage reflects the strength of our compliance infrastructure,” says Martina Borg Stevens, Chief Legal Officer at Octoplay. “Our team has built a process that allows us to enter new regulated jurisdictions efficiently without compromising on the technical standards each regulator requires.”

Octoplay said Alberta adds to its regulated footprint, which it stated includes 17 operational markets: the United Kingdom, New Jersey, Michigan, Ontario, Italy, Spain, Sweden, the Netherlands, Denmark, Belgium, Greece, Romania, Malta, Slovakia, Finland, Brazil, and Georgia.

The post Octoplay secures conditional Alberta iGaming supplier approval from AGLC appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Canada

Tonybet pays first $15,000 CAD prize in World Cup Card Collection Canada promo

Published

3 days ago

June 26, 2026

Wladimir P.

tonybet-pays-first-$15,000-cad-prize-in-world-cup-card-collection-canada-promo

Bronze card has been claimed during the group stage; silver and gold prizes remain available until 31 July.

Tonybet said it has paid out its first major prize in its World Cup Card Collection campaign for Canadian customers (excluding Ontario), after a player secured the promotion’s bronze card worth $15,000 CAD.

The operator said the World Cup Card Collection includes 51 cards to collect during the tournament: 48 digital cards tied to participating World Cup nations, plus three unique cards—gold, silver and bronze—linked to a $150,000 CAD total prize fund.

According to Tonybet, the bronze card has been available through the World Cup’s group stage and has now been claimed. The silver card is available during the knockout rounds up to the quarter-finals, while the gold card is held back for the closing semi-finals and final.

Tonybet Head of Product Kiryl Liudvikevich said: “With Canada co-hosting the World Cup for the first time, the tournament has felt closer to home than ever before for Canadians, and it has already delivered a moment most supporters could only dream about with the national team advancing to the knockout stages.

“For one lucky Canada supporter, it has now produced another story that will be worth retelling long after the final whistle has gone – with our lucky winner among the first Tonybet customers to win one of the unique cards in our World Cup Card Collection, taking home a cool $15,000 for managing to get his hands on bronze. Who will end up with silver and gold?”

Tonybet said the same three unique cards are also in circulation across its other markets, with varying outcomes so far. The World Cup Card Collection campaign runs until 31 July, with a $150,000 CAD prize pool for Canada and separate prize pools in other markets.

The post Tonybet pays first $15,000 CAD prize in World Cup Card Collection Canada promo appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.