| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 142.81 | 4.3% | 3.6% |
| Total Income | 142.81 | 4.3% | 3.6% |
| Expenditure | 104.64 | 2.6% | 2.0% |
| PBT | 38.75 | 9.8% | 10.3% |
| Net Profit | 31.58 | 16.9% | 14.4% |
| OPM | — | ||
| NPM | 22.11% | 2.38pp | 2.09pp |
| EPS | 1.73 | 17.7% | 15.3% |
Monarch Casino & Resort Reports Record Q3 2025 Revenue, Net Income, and EBITDA
04 May 2026 · 4 May, 8:59 am
Summary
Monarch Casino & Resort reported record financial results for the third quarter of 2025. Net revenue increased 3.6% year-over-year to $142.8 million, driven by growth in casino, food and beverage, and hotel revenues. Adjusted EBITDA increased 8.3% year-over-year to $54.8 million, with an adjusted EBITDA margin of 38.4%. The company continues to invest in its properties and return capital to stockholders through dividends and share repurchases. A cash dividend of $0.30 per share was declared, and 111,169 shares were repurchased during the quarter.
Key Highlights
- 1
Monarch Casino & Resort reported all-time record quarterly financial results for the third quarter of 2025.
- 2
Net revenue increased by 3.6% year-over-year to $142.8 million in Q3 2025.
- 3
Adjusted EBITDA increased by 8.3% year-over-year to a record $54.8 million in Q3 2025.
- 4
Adjusted EBITDA margin increased by approximately 170 basis points to 38.4% in Q3 2025.
- 5
Basic EPS increased by 15.3% to $1.73, and Diluted EPS increased by 15.0% to $1.69 for the quarter.
- 6
The company declared a cash dividend of $0.30 per share payable on December 15, 2025.
- 7
Monarch repurchased 111,169 shares of its common stock for an aggregate amount of $11.3 million in Q3 2025.
Management Comments
John Farahi
In the third quarter of 2025, Monarch delivered all-time record quarterly financial results. Net revenue increased 3.6% year-over-year to $142.8 million, reflecting growth in casino, food and beverage, and hotel revenues. On a year-over-year basis, we improved casino, food and beverage, and hotel expense margins reflecting our focus on marketing initiatives, streamlining processes, and utilizing technology. Adjusted EBITDA increased 8.3% year-over-year to an all-time quarterly record of $54.8 million. Adjusted EBITDA margin increased by approximately 170 basis point to 38.4% in the third quarter of 2025 from 36.7% in the third quarter of 2024. At Atlantis in Reno, we remain committed to the ongoing enhancement of the property to ensure that we consistently deliver a fresh, high-quality product to our guests. We believe that our elevated product, combined with exceptional guest service, will continue to drive increased guest visitation and sustained revenue growth. At Monarch Black Hawk, revenue growth during the third quarter was primarily driven by another period of market share gains. We believe, that the property’s position as the premier luxury casino resort in Colorado will continue to attract mid-to-upper-tier guests from the Denver and Boulder metro areas and support its future growth.
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