Monarch Casino & Resort Reports Earnings Results for the Second Quarter of FY2023
August 29, 2023
🌥️Earnings Overview
On July 19, 2023, MONARCH CASINO & RESORT ($NASDAQ:MCRI) announced their financial results for the second quarter of FY2023 (ending June 30, 2023). Total revenue for the period increased 7.3%, to USD 123.7 million, while net income was up 15.3% year over year, to USD 22.4 million.
Share Price
The stock opened at $73.3 and closed at $73.6, a 0.1% decrease from its prior closing price of 73.7. The increase in net revenue and profit was primarily attributed to the opening of a new casino in Reno, Nevada and the expansion of its existing operations in Black Hawk, Colorado. Monarch has also seen an increase in demand for its hotel and dining services, leading to higher occupancy rates and improved customer satisfaction scores. The increase was primarily driven by improved gaming operations, as well as increased marketing efforts to attract new customers.
In addition, Monarch invested in several new initiatives to expand its presence in the gaming industry, including increasing its loyalty program offerings and launching new sports betting options. Overall, Monarch has reported a strong second quarter, with revenue and profit increases from its operations in Reno and Black Hawk, as well as from its hospitality and dining services. The company will continue to focus on improving customer satisfaction and expanding its presence in the gaming industry in order to remain competitive and profitable in the long run. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for MCRI. More…
| Total Revenues | Net Income | Net Margin |
| 494.59 | 90.01 | 18.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for MCRI. More…
| Operations | Investing | Financing |
| 165.86 | -47.97 | -86.54 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for MCRI. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 665.22 | 183.41 | 25.17 |
Key Ratios Snapshot
Some of the financial key ratios for MCRI are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 36.6% | 94.9% | 23.7% |
| FCF Margin | ROE | ROA |
| 25.6% | 15.5% | 11.0% |
Analysis
At GoodWhale, we have conducted an analysis of MONARCH CASINO & RESORT’s wellbeing. Based on our Risk Rating, MONARCH CASINO & RESORT is a low risk investment in terms of its financial and business aspects. However, during our analysis, we have detected 2 risk warnings in their balance sheet that are non-financial. If you are interested in learning more about the potential risks associated with this investment, please register with us to find out more. More…
Peers
Monarch Casino & Resort Inc is a publicly traded company that owns and operates the Atlantis Casino Resort Spa, a hotel-casino-resort located in Reno, Nevada, USA. The company’s stock is traded on the Nasdaq Global Select Market under the ticker symbol MCRI.
NagaCorp Ltd is a Hong Kong-based holding company, the largest shareholder of which is a state-owned enterprise of the government of Cambodia. The company operates the NagaWorld hotel and casino resort in Phnom Penh, Cambodia.
Bally’s Corporation is a gaming and hospitality company that owns and operates casinos, hotels, and racetracks. The company’s properties include the Bally’s Las Vegas hotel and casino, the Bellagio hotel and casino in Las Vegas, and the Atlantic City Boardwalk Regency in Atlantic City, New Jersey.
Macau Legend Development Ltd is a gaming and entertainment company that owns and operates the Babylon Casino at Fisherman’s Wharf in Macau, China. The company also owns and operates hotels, restaurants, and retail outlets in Macau.
– NagaCorp Ltd ($SEHK:03918)
NagaCorp Ltd is a casino resort operator based in Cambodia. The company operates the NagaWorld casino resort in Phnom Penh, which includes hotels, restaurants, gaming, and entertainment facilities. NagaCorp also operates casinos in Russia and Vietnam. The company’s revenue and profit have grown rapidly in recent years, fueled by the expansion of its casino operations and the development of new hotel and entertainment facilities. NagaCorp’s market cap is $17.7 billion and its ROE is 0.7%. The company is expanding its operations in Cambodia and Vietnam and is also developing a new casino resort in Russia.
– Ballys Corp ($NYSE:BALY)
Bally’s Corporation is a gaming and hotel company that owns and operates casinos, hotels, and spas. The company was founded in 1968 and is headquartered in Las Vegas, Nevada. Bally’s Corporation has a market cap of 929.27M as of 2022 and a return on equity of 3.13%. The company owns and operates casinos in Nevada, Illinois, Indiana, Mississippi, Louisiana, and New Jersey. Bally’s also owns and operates the Hotel & Casino and the Spa at Bally’s in Las Vegas.
– Macau Legend Development Ltd ($OTCPK:MALDF)
Macau Legend Development Ltd is a gaming and entertainment company that develops, owns, and operates casino gaming and entertainment resort facilities in Macau. As of 2022, the company’s market cap is 172.22M and its ROE is -12.92%. Macau Legend Development’s primary business is operating casinos and providing related services, including hotel accommodations, restaurants, and retail shopping. The company’s casinos offer a variety of table games and electronic gaming machines, as well as VIP gaming rooms. Macau Legend Development also owns and operates a ferry terminal and a food market in Macau.
Summary
MONARCH CASINO & RESORT recently reported strong financial results for the second quarter of FY2023, ending June 30, 2023. Total revenue was up 7.3% compared to the same period last year, reaching USD 123.7 million. Net income was also up 15.3% year over year at USD 22.4 million. This indicates a positive trend in the earnings of this company and could make it an attractive option for investors looking for returns.
The company’s continued growth and increasing profitability indicates that it is a good long-term investment. Investors should research the company further to get an in-depth understanding of its financials and operations before deciding whether to invest.
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