Canada

Monarch Casino & Resort Reports Record 2021 Fourth Quarter Financial Results

Published

3 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

European Gaming Congress 2024 (Warsaw, Poland)

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.

Caesars Entertainment

OLG Selects Caesars Entertainment as the Service Provider for Windsor Casino

Published

9 hours ago

May 13, 2025

GamingAmericas.com

olg-selects-caesars-entertainment-as-the-service-provider-for-windsor-casino

The Ontario Lottery and Gaming Corporation has selected Caesars Entertainment as the Service Provider in the Windsor Casino procurement process. This is the final procurement process in the OLG’s land-based gaming modernization initiative.

Tom Reeg, CEO of Caesars Entertainment, said: “We are thrilled to be selected as the service provider for the Windsor Casino by the OLG. Caesars has a long history of managing Windsor and looks forward to continuing to deliver exceptional guest service and experiences at the property.”

Caesars and its predecessor companies have partnered with the OLG to operate Caesars Windsor (fka. Casino Windsor) since the opening of the temporary facility in 1994. Caesars will assume responsibility for gaming and non-gaming operations of the Windsor casino on behalf of the OLG under a 20-year operating agreement, which is expected to begin in 2026.

OLG requires an 18-month restriction on any organizational changes consistent with other gaming bundle modernizations in Ontario. Unionized employees will continue to be governed by the terms of their collective agreement.

The post OLG Selects Caesars Entertainment as the Service Provider for Windsor Casino appeared first on Gaming and Gambling Industry in the Americas.

AGCO

AGCO issues penalties of $151,000 against Great Canadian Entertainment for alleged age verification failures

Published

1 day ago

May 12, 2025

GamingAmericas.com

agco-issues-penalties-of-$151,000-against-great-canadian-entertainment-for-alleged-age-verification-failures

The Alcohol and Gaming Commission of Ontario (AGCO) has issued $151,000 in penalties to Great Canadian Entertainment for allegedly failing to prevent minors from accessing gambling on multiple occasions at three Toronto-area casinos.

As part of its investigation, the AGCO reviewed four separate incidents in which minors allegedly gained access to the casino floors and in which some of these minors participated in gambling activities – two cases at Great Canadian Casino Resort Toronto, and one at each of Casino Ajax and Pickering Casino Resort.

The AGCO is committed to ensuring casinos meet Ontario’s high standards of harm reduction and responsible gambling. The AGCO’s Standards require operators to ensure only eligible individuals are permitted into a gambling site and strictly prohibit access to anyone under 19 years of age (except in the course of employment). The Standards also mandate that casino employees have the necessary competence, skills, experience and training to effectively carry out their duties, including age verification.

This enforcement action underscores the AGCO’s dedication to protecting youth and other vulnerable individuals.

A casino operator served with an Order of Monetary Penalty by the AGCO Registrar has the right to appeal the Registrar’s decision to the Licence Appeal Tribunal (LAT), an adjudicative tribunal that is part of Tribunals Ontario and independent of the AGCO.

“Ontario casino operators have an obligation to ensure minors are not able to access casino floors or activities such as slot machines or table games. The AGCO will continue to monitor and hold all casino operators accountable for fulfilling this important role.” – Dr. Karin Schnarr, Chief Executive Officer and Registrar, AGCO.

The post AGCO issues penalties of $151,000 against Great Canadian Entertainment for alleged age verification failures appeared first on Gaming and Gambling Industry in the Americas.

Canada

Best Bitcoin Casinos Canada: Wild.io Picked as the Top Crypto Casino in Canada

Published

5 days ago

May 8, 2025

GlobeNewswire

best-bitcoin-casinos-canada:-wild.io-picked-as-the-top-crypto-casino-in-canada

Toronto, Ontario, May 08, 2025 (GLOBE NEWSWIRE) — Wild.io.jpg

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Editorial Note

This article is provided solely for informational and entertainment purposes. Nothing within should be interpreted as legal, financial, or professional advice. Readers should carry out their own research before participating in any gambling activities or signing up with any online casinos mentioned.

Gambling Caution

Online gambling comes with financial risks and may lead to addictive behavior or monetary loss. We urge all readers to gamble responsibly. If you or someone you know is struggling with gambling, professional help is available. In Canada, you can dial 1-626-960-3500.

19+ only. It is up to each individual to verify whether online gambling is permitted under their local, state, or federal laws. Neither the publisher, the authors, nor any syndication partners condone or support unlawful gambling. Participation in online gambling is done at the reader’s own discretion and risk.

Affiliate Transparency

This article may include affiliate links. If you click on a link and make a purchase or register, a commission may be earned, at no extra cost to you.

Syndication and Liability Disclaimer

Any third-party publishers, media platforms, or syndication partners that republish this content do so understanding that it is meant for informational purposes only. These entities are not responsible for the legality, accuracy, or interpretation of the material.

Contact Details:

Company Wild.io

Address: Scharlooweg 39, Willemstad, Curaçao

Website: https://wild.io/l/exclusivebonus

Email: [email protected]

Attachment

Wild.io

CONTACT: Contact Details:

Company Wild.io

Address: Scharlooweg 39, Willemstad, Curaçao

Website: https://wild.io/l/exclusivebonus

Email: [email protected]