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MCRI Nasdaq· Monarch Casino & Resort, Inc
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MCRI Nasdaq· Monarch Casino & Resort, Inc
Earnings report Q3 2023

MCRI Reports Decrease in Net Revenues for Q3 2023

Segments of revenue

  • Casino revenue: $73.8 million
  • Food and beverage revenue: $33.0 million
  • Hotel revenue: $20.6 million
  • Other revenue: $5.6 million

Strengths

Despite a slight decrease in net revenues for the three months ended September 30, 2023, MCRI showed resilience in its casino segment, with a 2.9% increase in revenue compared to the same period in 2022. This growth was primarily driven by an increase in market share at Monarch Black Hawk. Additionally, the food and beverage segment saw a 4.1% increase in revenue per cover, attributed to an increase in average check and improved cost management.

Challenges

MCRI faced challenges in its hotel segment, with a 0.9% decrease in revenue for the third quarter of 2023 compared to the same quarter in 2022. This decline was primarily due to a lower number of available rooms in the current quarter. However, the average daily rate (ADR) increased slightly by $1.04.

Noteworthy

MCRI's net revenues for the three months ended September 30, 2023, totaled $133.0 million, reflecting a decrease of $0.8 million or 0.6% compared to the same period in 2022. The company's income from operations for the same period was $31.9 million, a decrease from $36.4 million in 2022.

Summary

MCRI experienced a decrease in net revenues for the third quarter of 2023, primarily driven by challenges in the hotel segment. However, the company showcased strength in its casino segment, with an increase in market share. MCRI's management highlighted the positive performance in the food and beverage segment, attributed to an increase in average check and improved cost management. Overall, MCRI's financial performance in the latest quarter was mixed, with opportunities for growth in certain segments and challenges in others.

Source documents

Form 10-Q  filed on Nov 06, 2023
83 pages scanned

Reference data

Company financials Q3 revenue 128M
Analyst estimates Q3 EPS missed by -1.94%
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