Monarch Casino & Resort: Record-Breaking Financials in Q4 and Full Year 2024
Monarch Casino & Resort, Inc. (MCRI) recently reported impressive financial results for the fourth quarter and full year ended December 31, 2024. The company’s net revenue for Q4 2024 was $134,513, a 4.9% increase from the same period in 2023. For the full year, net revenue totaled $522,186, representing a 4.1% year-over-year growth.
Key Financial Metrics
The company’s net income for Q4 2024 was $25,495, a significant 40.1% increase from Q4 2023. This positive variance can be attributed to several factors. The effective tax rate in Q4 2024 was 19.7%, compared to 28.6% in the same quarter of 2023, primarily due to excess tax benefits from stock compensation. Additionally, lower legal and consulting costs related to ongoing litigation with the Monarch Black Hawk’s general contractor amounted to $0.1 million in Q4 2024 and $2.8 million in Q4 2023. However, these savings were offset by higher depreciation expenses of $13.4 million in Q4 2024 and $12.1 million in Q4 2023.
For the full year, net income was $94,053, a 14.1% increase from 2023, with similar contributing factors. The effective tax rate was 21.6% in 2024 and 24.0% in 2023, and legal and consulting costs related to the ongoing litigation were $0.8 million in 2024 and $6.9 million in 2023. Depreciation expenses increased to $51.4 million in 2024 from $47.3 million in 2023.
CEO Comment
“Monarch ended 2024 with record-breaking financial results in both the fourth quarter and full year,” said John Farahi, Chairman, President, and CEO of Monarch Casino & Resort, Inc. “Our team’s dedication and hard work have resulted in significant growth and success for our company.”
Impact on Individuals
The financial success of Monarch Casino & Resort may lead to potential growth in employment opportunities and increased dividends for shareholders. However, it is important to note that these benefits are indirect and may not have a significant impact on individuals outside of the company.
- Employment opportunities: As Monarch continues to grow, it may expand its workforce to accommodate increased business demands.
- Dividends: Shareholders may receive larger dividends as a result of the company’s increased profitability.
Impact on the World
The positive financial results of Monarch Casino & Resort may have a ripple effect on the local economy of Reno, Nevada, where the company is based. Increased revenue may lead to additional spending on goods and services, contributing to economic growth.
- Local economy: Monarch’s growth may lead to increased spending on goods and services, benefiting local businesses and the overall economy of Reno.
Conclusion
Monarch Casino & Resort reported record-breaking financial results for the fourth quarter and full year ended December 31, 2024. The company’s net revenue, net income, and diluted earnings per share all experienced significant growth, with contributing factors including a lower effective tax rate and reduced legal and consulting costs. The CEO expressed his satisfaction with the team’s efforts and dedication to the company’s success. While the financial results may lead to potential benefits for individuals through increased employment opportunities and dividends, the most significant impact is expected to be on the local economy of Reno.
