Monarch Casino & Resort Posts Record Q3 Profits Amid Revenue Surge
The third quarter of 2025, which ended September 30, marked the best performance in the history of Monarch Casino & Resort, with net income rising 14.4% to a record $31.6million on record revenues of $142.8m.
The results represent a 3.6% year-over-year revenue increase, supported by strong casino play and steady growth in both food and beverage (F&B) and hotel segments.
Adjusted EBITDA climbed 8.3% to $54.8m, producing a 38.4% margin, up from 36.7% in Q3 2024.
Casino revenue, helped by games like poker, led the gains with a 5.0% increase, while F&B rose 2.9% and hotel revenue grew 3.9%.
The growth was driven by higher average daily rates and room demand at the company’s flagship properties - Monarch Black Hawk in Colorado and Atlantis Casino Resort Spa in Reno, Nevada.
Strong Cost Controls And Financial Position
Cost management remained exceptional.
Casino expenses fell to 35.8% of segment revenue, down from 36.3% a year earlier. F&B expenses improved significantly to 69.9% from 72.8% and hotel operating costs decreased to 31.4% from 33.8%.
Selling, general and administrative expenses held steady at $27.5m, or 19.3% of total revenue, representing a modest year-over-year improvement.
Monarch ended the quarter with a strong balance sheet, holding $107.6m in cash and no borrowings on its credit facility.
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The company repurchased 111,169 shares for $11.3m and declared a $0.30 quarterly dividend per share, payable December 15, 2025, to shareholders of record as of December 1.
Capital expenditures totaled $5.4m, primarily completing the redesign of 516 guest rooms at Atlantis.
The 23-story Reno tower now features vaulted ceilings, open floor plans and luxury amenities - including premium bath products - enhancing the property’s appeal against the backdrop of Monarch Black Hawk’s Colorado Rockies.
Growth Momentum And Long-Term Outlook
Monarch Black Hawk’s expanding market share continues to drive company-wide growth, while the recently completed Atlantis renovations strengthen guest engagement and brand loyalty.
Both properties maintain a focus on premium gaming, dining and hospitality, supported by ongoing reinvestments to meet the expectations of discerning guests.
This record-setting Q3 follows a strong start to the year, with April’s first-quarter report showing an 8.7% net profit increase to $19.9m on $125.4m in revenue, also fueled by casino performance.
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With the Reno renovations now fully realized, Monarch is well-positioned to sustain long-term appeal and profitability.
Monarch continues to reinforce its leadership position in the regional gaming market through consistent dividend payments, share repurchases and property enhancements.
The company’s debt-free status and expanding margins underscore its operational strength and growth potential within a competitive US gaming landscape.
