MONARCH CASINO & RESORT INC MCRI
Monarch Casino & Resort, Inc. was incorporated in Nevada in 1993 and, along with its consolidated subsidiaries, is referred to collectively in this Annual Report on Form 10-K as "Monarch," "the Company," "we," "our," and "us." Monarch owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada (the "Atlantis") and the Monarch Casino Resort Spa Black Hawk (the "Monarch Black Hawk"), a hotel and casino in Black Hawk, Colorado. In addition, we own separate parcels of land located next to the Atlantis and a parcel of land with an industrial warehouse located between Denver, Colorado and Monarch Black Hawk. We also own Chicago Dogs Eatery, Inc. and Monarch Promotional Association Inc., both of which were formed in relation to licensure requirements for extended hours of liquor operation in Black Hawk, Colorado.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $545.1M | $522.2M | $501.5M | $477.9M | $395.4M | $184.4M | $249.2M | $240.3M | $279.3M | $264.1M |
| Gross profit | $127.5M | $92.5M | $110.2M | $111.4M | $89.9M | $15.3M | $39.6M | $42.8M | $40.7M | $38.5M |
| SG&A | $109.4M | $108.3M | $105.8M | $97.6M | $84.4M | $60.4M | $69.3M | $65.8M | $62.7M | $57.7M |
| Total operating expenses | $417.6M | $429.7M | $391.3M | $366.4M | $305.5M | $169.1M | $209.6M | $197.5M | $190.1M | $178.5M |
| Operating income | — | — | — | — | — | — | — | — | $40.7M | $38.5M |
| Interest expense | — | — | — | — | — | — | — | $177.0K | $967.0K | $616.0K |
| Pre-tax income | $129.4M | $92.4M | $108.5M | $109.0M | $85.4M | $15.0M | $39.6M | $42.6M | $39.7M | $37.9M |
| Income tax | $28.0M | $19.6M | $26.1M | $21.5M | $16.9M | $8.7M | $7.8M | $8.6M | $14.2M | $13.4M |
| Net income | $101.4M | $72.8M | $82.4M | $87.5M | $68.5M | $23.7M | $31.8M | $34.1M | $25.5M | $24.6M |
| EPS, basic | 5.55 | 3.91 | 4.28 | 4.60 | 3.68 | 1.30 | 1.77 | 1.91 | 1.45 | 1.42 |
| EPS, diluted | 5.43 | 3.84 | 4.20 | 4.47 | 3.53 | 1.25 | 1.70 | 1.83 | 1.39 | 1.39 |
| Shares, diluted (wtd. avg.) | $18.7M | $19.0M | $19.6M | $19.6M | $19.4M | $18.9M | $18.7M | $18.6M | $18.4M | $17.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $96.5M | $58.8M | $43.4M | $38.8M | $33.5M | $28.3M | $60.5M | $30.5M | $29.2M | $26.4M |
| Receivables | $11.1M | $10.3M | $12.0M | $9.6M | $8.9M | $3.7M | $5.5M | $6.7M | $6.9M | $5.0M |
| Inventory | $9.1M | $9.3M | $7.6M | $7.6M | $7.2M | $7.8M | $6.7M | $3.7M | $3.3M | $3.1M |
| Total current assets | $129.3M | $90.4M | $75.0M | $89.4M | $84.1M | $73.2M | $79.2M | $46.7M | $46.0M | $39.4M |
| Property, plant and equipment | $556.7M | $575.3M | $580.5M | $578.0M | $580.8M | $572.5M | $501.5M | $374.3M | $250.7M | $214.9M |
| Goodwill | $25.1M | $25.1M | $25.1M | $25.1M | $25.1M | $25.1M | $25.1M | $25.1M | $25.1M | $25.1M |
| Other intangibles | $680.0K | $345.0K | $299.0K | $352.0K | $477.0K | $973.0K | $1.5M | $2.7M | $3.9M | $5.0M |
| Total assets | $712.8M | $691.6M | $680.9M | $692.9M | $690.5M | $671.9M | $610.9M | $455.1M | $332.1M | $295.2M |
| Accounts payable | $44.9M | $41.2M | $23.1M | $14.4M | $18.6M | $11.7M | $17.0M | $11.2M | $8.2M | $8.7M |
| Total current liabilities | $150.2M | $146.5M | $123.4M | $117.7M | $141.2M | $109.4M | $79.5M | $59.4M | $39.4M | $35.1M |
| Long-term debt | — | — | $5.5M | — | — | — | — | — | — | $26.2M |
| Total liabilities | $175.2M | $173.8M | $167.7M | $154.0M | $242.4M | $303.8M | $269.7M | $153.9M | $65.6M | $61.3M |
| Retained earnings | $597.8M | $518.4M | $467.8M | $498.2M | $410.7M | $342.2M | $318.6M | $286.8M | $257.5M | $232.0M |
| Total equity | $537.7M | $517.7M | $513.1M | $539.0M | $448.0M | $368.1M | $341.2M | $301.2M | $266.5M | $233.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $164.7M | $140.7M | $173.0M | $139.8M | $128.1M | $31.4M | $63.2M | $58.8M | $49.5M | $43.7M |
| Depreciation and amortisation | $54.0M | $51.4M | $47.3M | $43.4M | $38.4M | $17.3M | $14.9M | $14.6M | $15.1M | $14.8M |
| Stock-based compensation | $8.4M | $7.9M | $7.1M | $5.1M | $4.1M | $3.9M | $8.2M | $5.5M | $7.1M | $1.7M |
| Capital expenditure | $36.3M | $47.4M | $49.0M | $39.5M | $46.9M | $88.7M | $125.4M | $137.1M | $50.0M | $26.1M |
| Investing cash flow | -$37.2M | -$43.8M | -$51.2M | -$48.0M | -$37.8M | -$46.4M | -$134.9M | -$125.7M | -$46.7M | -$24.9M |
| Financing cash flow | -$89.9M | -$81.5M | -$117.2M | -$86.5M | -$85.1M | -$17.3M | $101.8M | $68.3M | — | -$13.6M |
| Dividends paid | $21.9M | $22.3M | $112.8M | — | — | — | — | — | — | — |
| Buybacks | $72.7M | $60.0M | $5.0M | $6.5M | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-042561.
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