Monarch Casino & Resort reported a 2.4% increase in third-quarter net revenue to a record $146.3 million, supported by higher gaming, hotel, and food and beverage revenue across its properties in Nevada and Colorado. Net income increased 1.4% to $32 million, while adjusted EBITDA rose 2.1% to $56 million.
The casino operator ended the quarter on September 30 with $137.4 million in cash and cash equivalents and no outstanding borrowings under its credit facility, providing liquidity as it continues to assess potential acquisitions.
Monarch returned $42.3 million to shareholders during the quarter, comprising $37 million in repurchases of 300,859 shares and $5.3 million in dividend payments. The company also declared a quarterly dividend of $0.30 per share, payable December 15.
Diluted earnings per share increased 4.1% to $1.76 from $1.69 in the corresponding quarter of 2025, while adjusted EBITDA margin stood at 38.3%, near its historical peak.
The company operates Atlantis Casino Resort Spa in Reno, Nevada, and Monarch Casino Resort Spa Black Hawk in Colorado, approximately 40 miles west of Denver. Atlantis has 817 rooms and suites, approximately 61,000 square feet of casino space, and a race and sportsbook. The Black Hawk property offers 516 rooms and suites, approximately 60,000 square feet of casino space, and a sportsbook.
Casino revenue increased 3.4% year over year, outpacing growth in the company’s other operating segments. Food and beverage revenue rose 1.3%, while hotel revenue increased 0.9%. Operating expenses remained flat in the casino segment and declined slightly across the remaining departments.
However, selling, general and administrative expenses increased to $29 million from $27.5 million a year earlier, primarily reflecting higher legal and employee-related costs.
Monarch also spent $9.7 million on capital expenditures during the quarter, financed through operating cash flow. Investments included gaming equipment at both properties and the acquisition of land and an adjoining building near Atlantis in Reno.
The company continues to face a legal dispute involving PCL Construction Services, the general contractor for its Black Hawk development. A judgment of approximately $74.6 million was awarded in favor of PCL, which Monarch is appealing.
For the first nine months of 2026, Monarch recorded net revenue of $425.4 million, an increase of 5%, while net income climbed 17.4% to $92.1 million. Commenting on the quarterly performance, Monarch Co-Chairman and CEO John Farahi said, “In the third quarter of 2026, Monarch delivered record quarterly net revenue and adjusted EBITDA.”
Looking ahead, Monarch executives said they would “diligently evaluate” merger-and-acquisition opportunities, although the company did not identify any prospective transactions.