Monarch Casino & Resort Posts Record Q3 Profits Amid Revenue Surge
The third quarter of 2025, which ended Sept. 30, marked the best performance in the history of Monarch Casino & Resort, with net income rising 14.4% to a record $31.6 million 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 food and beverage (F&B) and hotel segments.
Adjusted EBITDA climbed 8.3% to $54.8M, producing a 38.4% margin 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 Dec. 15, 2025, to shareholders of record as of December 1.
Capital expenditures totaled $5.4M, primarily for redesigning 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 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 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 U.S. gaming landscape.
