Monarch Casino & Resort, Inc. reported a solid financial performance for the third quarter of 2025, with net income reaching $31.6 million, or $1.69 per diluted share, compared to $27.6 million, or $1.47 per diluted share, in the same period last year. This represents a 14.4% increase in net income and a 15.0% rise in diluted earnings per share. The company's net revenues for the quarter totaled $142.8 million, marking a 3.6% increase from $137.9 million in the third quarter of 2024. Income from operations also saw an uptick, rising to $38.2 million from $35.3 million year-over-year.
In the nine-month period ending September 30, 2025, Monarch's net income was $78.4 million, or $4.18 per diluted share, up from $68.6 million, or $3.60 per diluted share, in the same timeframe in 2024. Total net revenues for the nine months increased by 4.5% to $405.1 million, compared to $387.7 million in the prior year. The growth in casino revenue was particularly notable, increasing by 7.3% due to enhanced market share at both the Atlantis Casino Resort Spa in Reno, Nevada, and the Monarch Casino Resort Spa in Black Hawk, Colorado.
Operationally, Monarch has focused on improving efficiency, as evidenced by a decrease in casino operating expenses as a percentage of revenue, which fell to 36.4% for the nine months ended September 30, 2025, from 37.3% in the same period last year. The company also reported a decrease in food and beverage operating expenses as a percentage of revenue, attributed to operational improvements. However, hotel revenue saw only a slight increase of 0.3%, primarily driven by a rise in average daily rates, while occupancy rates experienced a minor decline.
Monarch has continued to invest in its properties, with capital expenditures totaling $33.8 million for the nine months ended September 30, 2025, primarily for renovations and upgrades at the Atlantis. The company has also been active in managing its stock, repurchasing 111,169 shares for $11.3 million during the third quarter. As of September 30, 2025, Monarch had no outstanding principal balance under its Amended Credit Facility, which provides a strong liquidity position with $99.4 million available for borrowing.
Looking ahead, Monarch Casino & Resort remains optimistic about its growth prospects, particularly in light of the strong economic conditions in the Denver metro area and the ongoing renovations at its properties. The company is focused on enhancing customer experience and operational efficiency to capitalize on market opportunities, despite facing challenges such as labor shortages and competitive pressures in the gaming industry.
About MONARCH CASINO & RESORT INC
Monarch Casino & Resort, Inc. owns and operates luxury hotel-casino resorts in Reno, Nevada, and Black Hawk, Colorado. Its core business includes gaming, hotel, dining, spa, and entertainment services targeting high-end and convention guests. The company emphasizes quality amenities, customer service, and strategic expansion, competing with regional and national gaming operators while maintaining regulatory compliance and a strong reputation in its markets.
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