Monarch Casino & Resort, Inc. reported a strong financial performance for the second quarter of 2025, with net income reaching $27.0 million, or $1.44 per diluted share, compared to $22.7 million, or $1.19 per diluted share, in the same period of 2024. This represents a 19.1% increase in net income and a 21.0% increase in diluted earnings per share. The company's net revenues for the quarter totaled $136.9 million, marking a 6.8% increase from $128.1 million in the prior year. The income from operations also saw a significant rise, totaling $34.9 million, up from $29.5 million in the previous year.
In the first half of 2025, Monarch's net income was $46.9 million, or $2.50 per diluted share, compared to $41.0 million, or $2.12 per diluted share, for the same period in 2024. The company's total revenues for the six months ended June 30, 2025, were $262.3 million, a 5.0% increase from $249.8 million in the prior year. The growth in casino revenue was particularly notable, increasing by 8.6% year-over-year, driven by an increase in market share at both the Atlantis Casino Resort Spa in Reno, Nevada, and the Monarch Casino Resort Spa in Black Hawk, Colorado.
Operationally, Monarch reported a decrease in hotel revenue by 3.1% in the second quarter, attributed to a decline in occupancy rates, which fell to 79.6% from 85.5% in the previous year. However, the average daily rate (ADR) for hotel rooms increased by $4.08, indicating a positive trend in pricing despite lower occupancy. The company also experienced a 12.1% increase in casino revenue, reflecting improved market share and operational efficiencies, as evidenced by a decrease in casino operating expenses as a percentage of revenue.
Monarch has continued to invest in its properties, with capital expenditures totaling $28.4 million in the first half of 2025, primarily for renovations and upgrades at the Atlantis. The company has also been active in its stock repurchase program, purchasing 240,395 shares for approximately $19.8 million during the second quarter. As of June 30, 2025, Monarch had no outstanding principal balance under its Amended Credit Facility, which provides $100 million in borrowing capacity, further enhancing its financial flexibility.
Looking ahead, Monarch Casino & Resort remains optimistic about its growth prospects, particularly in light of the strong performance of its properties and the ongoing renovations aimed at enhancing guest experiences. The company is focused on managing labor challenges and competitive pressures while leveraging its market position to capture additional market share. Monarch's management believes that its operational strategies and continued investment in its facilities will support sustained revenue growth and profitability in the coming quarters.
About MONARCH CASINO & RESORT INC
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