Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the
Company”) today 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.
Forward Looking Statements This
press release contains forward-looking statements within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as "plan," "anticipate,"
"believe," "expect," "seem," "look," "look forward," "positioning,"
"considering," "future," "will," "confident" and similar references
to future periods. Example of forward-looking statements include,
among others, statements we make regarding: (i) our expected
operating results and strength of our balance sheet; (ii) our
expectations regarding the growth and strength of the Reno and
Black Hawk markets and our ability to increase market share and
benefit from such growth; (iii) our beliefs regarding the quality
of our products and guest services in Reno and Black Hawk,
including as a premier destination gaming resort in Colorado; (iv)
our expectations regarding the renovations at our resorts and the
expected timing of the completion of such construction; (v) our
expectations regarding the continued ramp up of our expanded resort
and enhanced amenities at Monarch Casino Resort Spa Black Hawk and
the timing of the opening of the new specialty restaurant; and (vi)
our expectations regarding our future position in, and share of,
the gaming market and the quality of service we provide to our
guests. Actual results and future events and conditions may differ
materially from those described in any forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements. Important factors that could cause actual results to
differ materially from estimates or projections contained in the
forward-looking statements include, without limitation:
- continuing adverse impacts of the
COVID-19 pandemic and any variants thereof ("COVID-19") on our
business, construction projects, financial condition and operating
results;
- continuing actions by government
officials at the federal, state and/or local level with respect to
steps to be taken, including, without limitation, temporary or
extended shutdowns, travel restrictions, mask-covering mandates,
social distancing and shelter-in-place orders, in connection with
the COVID-19 pandemic;
- any potential decrease in guest
visitations following the pent-up demand caused by COVID-19;
- any adverse impact on the U.S.
economy which may result from recurring federal government stimulus
efforts to address COVID-19 shutdowns and layoffs, such as
inflation;
- our ability to manage guest safety
concerns caused by COVID-19;
- our ability to effectively manage
and control expenses during temporary or extended shutdown
periods;
- impact of temporary or extended
shutdowns on our ability to maintain compliance with the terms and
conditions of our credit facilities and other material
contracts;
- access to available and reasonable
financing on a timely basis;
- our ability to maintain strong
working relationships with our regulators, employees, lenders,
suppliers, insurance carriers, customers, and other
stakeholders;
- impact of any uninsured
losses;
- changes in guest visitation or
spending patterns due to health or other concerns;
- construction factors, including
delays, disruptions, availability of labor and materials, increased
costs of labor and materials, contractor disagreements, zoning
issues, environmental restrictions, soil and water conditions,
weather and other hazards, site access matters, building permit
issues and other regulatory approvals or issues;
- ongoing disagreements over costs of
and responsibility for delays and other construction related
matters with our Monarch Casino Resort Spa Black Hawk general
contractor, PCL Construction Services, Inc., including, as
previously reported, the litigation against us by such
contractor;
- claims for construction defects,
breach of contract, breach of warranty, fraud, fraudulent
inducement, negligence or other construction related claims that we
may have in connection with construction and completion of Monarch
Casino Resort Spa Black Hawk and any adverse impacts on operations
required to correct the same;
- our filing of affirmative defenses
and extensive counterclaims against the Monarch Casino Resort Spa
Black Hawk contractor, PCL Construction Services, Inc., in the
above-mentioned litigation in which litigation the parties are
currently conducting discovery, and investigation of the claims by
and against us is therefore ongoing;
- our potential need to post bonds or
other forms of surety to support our legal remedies;
- risks related to development and
construction activities (including disputes with and defaults by
contractors and subcontractors; construction, equipment or staffing
problems and delays; shortages of materials or skilled labor;
environmental, health and safety issues; weather and other hazards,
site access matters, and unanticipated cost increases);
- our ability to generate sufficient
operating cash flow to help finance our expansion plans and
subsequent debt reduction;
- the impacts of inflationary
pressures on our operating costs and expenses, as well as our
ability to pass cost increases along to our customers;
- changes in laws mandating increases
in minimum wages and employee benefits;
- changes in laws and regulations
permitting expanded and other forms of gaming in our key
markets;
- the impacts of the potential
outbreak of hostilities such as those threatened in Eastern
Europe;
- the effects of local and national
economic, credit and capital market conditions on the economy in
general and on the gaming industry and our business in
particular;
- the effects of labor shortages and
supply chain interruptions on our market position, growth and
financial results;
- the potential of increases in state
and federal taxation to address budgetary and other impacts of the
COVID-19 pandemic;
- the potential of increased
regulatory and other burdens to address the direct and indirect
impacts of COVID-19 pandemic;
- guest acceptance of our expanded
facilities once completed and the resulting impact on our market
position, growth and financial results; and
- competition in our target market
areas.
Additional information concerning potential
factors that could adversely affect all forward-looking statements,
including the Company's financial results, is included in our
Securities and Exchange Commission filings, including our most
recent annual report on Form 10-K and quarterly reports on Form
10-Q, which are available on our website at
www.monarchcasino.com.
About Monarch Casino & Resort,
Inc. Monarch Casino & Resort, Inc., through its
subsidiaries, owns and operates the Atlantis Casino Resort Spa, a
hotel/casino facility in Reno, Nevada, and the Monarch Casino
Resort Spa Black Hawk in Black Hawk, Colorado, approximately 40
miles west of Denver. For additional information on Monarch, visit
the Company's website at www.monarchcasino.com.
The Atlantis features approximately 61,000
square feet of casino space; 818 guest rooms and suites; eight food
outlets; two gourmet coffee and pastry bars; a 30,000 square foot
health spa and salon with an enclosed year-round pool; two retail
outlets offering clothing and traditional gift shop merchandise; an
8,000 square-foot family entertainment center; and approximately
52,000 square feet of banquet, convention and meeting room space.
The casino features approximately 1,400 slot and video poker
machines; approximately 37 table games, including blackjack, craps,
roulette, and others; a race and sports book; a 24-hour live keno
lounge; and a poker room.
Monarch Casino Resort Spa Black Hawk features
approximately 60,000 square feet of casino space; more than 1,000
slot machines; approximately 40 table games; a live poker room; a
keno counter; and a sports book. The resort also includes 10 bars
and lounges, as well as four new dining options including a
twenty-four-hour full-service restaurant, Java etc. (a coffee and
sandwich outlet), buffet-style restaurant and the Monarch Chophouse
(a fine-dining steakhouse). Bistro Mariposa (elevated Southwest
cuisine) will open in February 2022. The resort offers 516 guest
rooms and suites, banquet and meeting room space, a retail store, a
concierge lounge and an upscale spa and pool facility located on
the top floor of the tower. The resort is connected to a nine-story
parking structure with approximately 1,350 parking spaces, and
additional valet parking, with total property capacity of
approximately 1,500 spaces.
Contacts:
John Farahi Chief Executive Officer 775/824-4401
or JFarahi@monarchcasino.com
Joseph Jaffoni, Richard Land, James Leahy JCIR
212/835-8500 or mcri@jcir.com
- financial tables follow -
|
MONARCH CASINO & RESORT, INC. AND
SUBSIDIARIES |
CONSOLIDATED INCOME STATEMENTS |
(In
thousands, except per share data; unaudited) |
|
|
Three months ended December 31, |
|
Twelve months ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
Casino |
|
$ |
64,898 |
|
|
$ |
37,283 |
|
|
$ |
233,413 |
|
|
$ |
111,550 |
|
Food and beverage |
|
|
26,787 |
|
|
|
12,671 |
|
|
|
91,080 |
|
|
|
43,162 |
|
Hotel |
|
|
14,450 |
|
|
|
5,631 |
|
|
|
54,374 |
|
|
|
20,133 |
|
Other |
|
|
4,933 |
|
|
|
2,792 |
|
|
|
16,510 |
|
|
|
9,568 |
|
Net revenues |
|
|
111,068 |
|
|
|
58,377 |
|
|
|
395,377 |
|
|
|
184,413 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
Casino |
|
|
22,039 |
|
|
|
11,184 |
|
|
|
75,258 |
|
|
|
34,020 |
|
Food and beverage |
|
|
20,936 |
|
|
|
11,169 |
|
|
|
72,684 |
|
|
|
36,123 |
|
Hotel |
|
|
5,798 |
|
|
|
3,410 |
|
|
|
22,106 |
|
|
|
10,104 |
|
Other |
|
|
2,036 |
|
|
|
1,345 |
|
|
|
7,668 |
|
|
|
4,465 |
|
Selling, general and administrative |
|
|
22,205 |
|
|
|
18,475 |
|
|
|
84,427 |
|
|
|
60,395 |
|
Depreciation and amortization |
|
|
10,120 |
|
|
|
5,780 |
|
|
|
38,428 |
|
|
|
17,324 |
|
Other operating items, net |
|
|
2,130 |
|
|
|
1,801 |
|
|
|
4,929 |
|
|
|
6,711 |
|
Total operating expenses |
|
|
85,264 |
|
|
|
53,164 |
|
|
|
305,500 |
|
|
|
169,142 |
|
Income from operations |
|
|
25,804 |
|
|
|
5,213 |
|
|
|
89,877 |
|
|
|
15,271 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(720 |
) |
|
|
(273 |
) |
|
|
(4,506 |
) |
|
|
(273 |
) |
Income before income taxes |
|
|
25,084 |
|
|
|
4,940 |
|
|
|
85,371 |
|
|
|
14,998 |
|
(Provision)
benefit for income taxes |
|
|
(5,213 |
) |
|
|
10,320 |
|
|
|
(16,883 |
) |
|
|
8,680 |
|
Net income |
|
$ |
19,871 |
|
|
$ |
15,260 |
|
|
$ |
68,488 |
|
|
$ |
23,678 |
|
|
|
|
|
|
|
|
|
|
Earnings per
share of common stock |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.06 |
|
|
$ |
0.83 |
|
|
$ |
3.68 |
|
|
$ |
1.30 |
|
Diluted |
|
$ |
1.02 |
|
|
$ |
0.80 |
|
|
$ |
3.53 |
|
|
$ |
1.25 |
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares and potential common shares
outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
18,750 |
|
|
|
18,313 |
|
|
|
18,617 |
|
|
|
18,218 |
|
Diluted |
|
|
19,509 |
|
|
|
19,047 |
|
|
|
19,427 |
|
|
|
18,877 |
|
|
MONARCH CASINO & RESORT, INC. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEET |
(In
thousands, except per share data) |
|
|
December 31, 2021 |
|
December 31, 2020 |
ASSETS |
|
(unaudited) |
|
|
Current
assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
33,526 |
|
|
$ |
28,310 |
|
Receivables, net |
|
|
8,881 |
|
|
|
3,736 |
|
Income taxes receivable |
|
|
26,946 |
|
|
|
24,894 |
|
Inventories |
|
|
7,159 |
|
|
|
7,823 |
|
Prepaid expenses |
|
|
7,552 |
|
|
|
8,393 |
|
Total current assets |
|
|
84,064 |
|
|
|
73,156 |
|
Property and
equipment, net |
|
|
580,807 |
|
|
|
572,507 |
|
Goodwill |
|
|
25,111 |
|
|
|
25,111 |
|
Intangible
assets, net |
|
|
477 |
|
|
|
973 |
|
Deferred
income taxes |
|
|
- |
|
|
|
130 |
|
Total assets |
|
$ |
690,459 |
|
|
$ |
671,877 |
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current
liabilities |
|
|
|
|
Current maturities of long-term debt |
|
$ |
20,000 |
|
|
$ |
12,500 |
|
Accounts payable |
|
|
18,575 |
|
|
|
11,655 |
|
Construction accounts payable |
|
|
58,891 |
|
|
|
49,771 |
|
Accrued expenses |
|
|
42,967 |
|
|
|
34,705 |
|
Short-term lease liability |
|
|
745 |
|
|
|
813 |
|
Total current liabilities |
|
|
141,178 |
|
|
|
109,444 |
|
Deferred
income taxes |
|
|
19,617 |
|
|
|
13,220 |
|
Long-term
lease liability |
|
|
13,498 |
|
|
|
13,984 |
|
Long-term
debt, net |
|
|
68,152 |
|
|
|
167,162 |
|
Total liabilities |
|
|
242,445 |
|
|
|
303,810 |
|
Stockholders' equity |
|
|
|
|
Preferred stock, $.01 par value, 10,000,000 shares authorized; none
issued |
|
|
- |
|
|
|
- |
|
Common stock, $.01 par value, 30,000,000 shares authorized; |
|
|
191 |
|
|
|
191 |
|
19,096,300 shares issued; 18,764,540 outstanding at December 31,
2021; |
|
|
|
|
18,426,130 outstanding at December 31, 2020 |
|
|
|
|
Additional paid-in capital |
|
|
41,426 |
|
|
|
34,498 |
|
Treasury stock, 331,760 shares at December 31, 2021; 670,170 shares
at |
|
|
(4,341 |
) |
|
|
(8,872 |
) |
December 31, 2020 |
|
|
|
|
Retained earnings |
|
|
410,738 |
|
|
|
342,250 |
|
Total stockholders' equity |
|
|
448,014 |
|
|
|
368,067 |
|
Total liabilities and stockholders' equity |
|
$ |
690,459 |
|
|
$ |
671,877 |
|
|
MONARCH CASINO & RESORT, INC. AND
SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA TO
NET INCOME (In thousands, unaudited)
The following table sets forth a reconciliation of
Adjusted EBITDA, a non-GAAP financial measure, to net income, a
GAAP financial measure:
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Adjusted EBITDA (1) |
$ |
39,015 |
|
|
$ |
13,898 |
|
|
$ |
137,294 |
|
|
$ |
43,161 |
|
Expenses: |
|
|
|
|
|
|
|
Stock based compensation |
|
(961 |
) |
|
|
(1,104 |
) |
|
|
(4,060 |
) |
|
|
(3,855 |
) |
Depreciation and amortization |
|
(10,120 |
) |
|
|
(5,780 |
) |
|
|
(38,428 |
) |
|
|
(17,324 |
) |
(Provision) benefit for income taxes |
|
(5,213 |
) |
|
|
10,320 |
|
|
|
(16,883 |
) |
|
|
8,680 |
|
Interest expense |
|
(720 |
) |
|
|
(273 |
) |
|
|
(4,506 |
) |
|
|
(273 |
) |
Pre-opening expenses (2) |
|
- |
|
|
|
(866 |
) |
|
|
(2 |
) |
|
|
(2,807 |
) |
Construction litigation expenses (2) |
|
(2,132 |
) |
|
|
(823 |
) |
|
|
(5,117 |
) |
|
|
(1,611 |
) |
CO legislation lobbying expenses (2) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,397 |
) |
COVID-19 expenses (2) (3) |
|
- |
|
|
|
(54 |
) |
|
|
(108 |
) |
|
|
(738 |
) |
Litigation proceeds, net (2) |
|
- |
|
|
|
- |
|
|
|
334 |
|
|
|
- |
|
Insurance claims proceeds (2) |
|
- |
|
|
|
- |
|
|
|
100 |
|
|
|
- |
|
Gain (loss) on disposition of assets (2) |
|
2 |
|
|
|
(58 |
) |
|
|
(136 |
) |
|
|
(158 |
) |
Net income |
$ |
19,871 |
|
|
$ |
15,260 |
|
|
$ |
68,488 |
|
|
$ |
23,678 |
|
(1) |
|
Adjusted EBITDA, a non-GAAP financial measure, consists of net
income plus loss on disposal of assets, provision for income taxes,
stock-based compensation expense, other one-time charges,
pre-opening expenses, construction litigation expenses, acquisition
expenses, interest expense, depreciation and amortization less
interest income, any benefit for income taxes and gain on disposal
of assets. Adjusted EBITDA should not be construed as an
alternative to operating income (as determined in accordance with
US Generally Accepted Accounting Principles), as an indicator of
the Company's operating performance, as an alternative to cash
flows from operating activities (as determined in accordance with
US GAAP) or as a measure of liquidity. This measure enables
comparison of the Company's performance over multiple periods, as
well as against the performance of other companies in our industry
that report Adjusted EBITDA, although some companies do not
calculate this measure in the same manner and, therefore, the
measure as presented may not be comparable to similarly titled
measures presented by other companies. |
(2) |
|
Amount
included in the "Other operating items, net" in the Consolidated
Statement of Income. |
(3) |
|
Includes
equipment and supplies directly attributable to the pandemic for
reopening of properties; such expenses are incremental to normal
operations. |
Monarch Casino and Resort (NASDAQ:MCRI)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Monarch Casino and Resort (NASDAQ:MCRI)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024