Monarch Casino & Resort Inc. got off to a strong start in the first quarter of 2022, posting triple-digit percentage growth in net profit and double-digit revenue growth from a year ago, the company reported Wednesday.
The Reno-based company, which operates Reno’s Atlantis Resort as well as Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado, posted first-quarter records with net income of $18.1 million, 92 cents from share, on earnings of $108.2 million.
In the first quarter of last year, the company posted net income of $8.2 million, 42 cents per share, on revenue of $75 million. Company officials said first-quarter 2021 results were impacted by fears of a COVID-19 pandemic.
The 2022 net income and revenue figures are respectively 122.2% and 44.5% higher than the previous year.
The Monarch executive attributed the performance to capturing more market share in Reno and Colorado and eliminating betting limits in Colorado last May.
“Fiscal 2022 is off to a strong start as we benefited from the overall business of our recently expanded Monarch Black Hawk and continued market share growth at both properties,” said Monarch Co-Chairman and CEO. , John Farahi, in a statement. .
Monarch does not schedule earnings calls with investors.
“Our first quarter results also benefited from continued healthy global macroeconomic trends,” Farahi said. “Pressure in the labor market and rising inflation could further impact margins in the near term. Our teams continue to effectively manage expenses as we reinvest in our properties and grow our business.
Farahi said results for Atlantis in Reno, which has more than 800 rooms, were impacted by construction work on revamping and upgrading 20% of the property’s room inventory. The project is on schedule and is currently expected to be completed by the end of the second quarter.
“As we look to the remainder of 2022, we intend to build on our strong operational performance in the first quarter, which is traditionally the slowest quarter of the year for us and for our markets,” he said. said Farahi. “We continue to evaluate potential acquisitions where we can fully leverage our development and operating expertise to generate long-term value for our shareholders. Our future remains bright and we look forward to what promises to be an exciting 2022. »
Monarch shares, traded on the Nasdaq stock exchange, closed up $2.27, 2.5%, at $93.08 per share on slightly above average volume on Wednesday.
Contact Richard N. Velotta at email@example.com or 702-477-3893. To follow @RickVelotta on Twitter.