Monarch Casino & Resort, Inc. reported net revenue of $108.3 million for the first quarter of 2022, an increase of 45% over the prior year period.
Adjusted EBITDA soared 50% to $34.3 million, with net income rising 122% to $18.1 million. Net sales and adjusted EBITDA figures were record highs in the first quarter, as was the group’s adjusted EBITDA margin of 31.7%.
Monarch added that casino, restaurant and hotel revenue grew 34%, 61% and 76% respectively year over year.
The company noted that these increases were primarily due to the continued ramp-up of its hotel operations and the expansion of Monarch Black Hawk’s casino.
“Fiscal 2022 is off to a good start as we benefited from the overall business of our recently expanded Monarch Black Hawk and continued market share growth at both properties,” said John Farahi, Co-President and Chief Executive Officer. from Monarch management.
“Our first quarter results also benefited from the continuation of generally healthy macroeconomic trends. The pressure on the labor market and the rise in inflation could have an additional impact on short-term margins. Our teams continue to manage expenses effectively as we reinvest in our properties and grow our business.
“We believe our financial results demonstrate our operational excellence and confirm that our investment in Monarch Black Hawk is generating exceptional returns.”
Farahi also looked to the future, noting, “As we look to break even in 2022, we intend to build on our strong operating performance in the first quarter, which is traditionally the strongest quarter. slow of the year for us and for our markets.
“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. »