Canada
Monarch Casino & Resort Reports Record Second Quarter Financial Results
Monarch Casino & Resort has reported record operating results for the second quarter ended June 30, 2023.
CEO Comment
John Farahi, Co-Chairman and CEO of Monarch, said: “Our financial results for the 2023 second quarter reflect our strong market position in Black Hawk and a year over year improvement in the operating performance at Atlantis. Net revenue and Adjusted EBITDA grew to all-time second quarter records of $123.7 million and $42.1 million, respectively, resulting in an Adjusted EBITDA margin of 34.1%.
“In Black Hawk, we continued to expand market share throughout the quarter, especially in the upper end of the market. We believe there are further growth opportunities as we continue to penetrate the Denver regional market.
“At Atlantis, we generated strong casino and food and beverage revenue, as guest visits and spend per visit increased year-over-year. Hotel revenue was impacted by renovation work during the quarter on the redesign and upgrade of hotel rooms in the second tower. Hotel performance improved in June as our full inventory of rooms became available to guests. The Reno market remains extremely competitive, we continue to prudently invest in Atlantis to maintain, what we believe is, a market-leading position.
“We remain committed to returning capital to our stockholders. Our strong balance sheet and free cash flow position us to invest in our existing properties, pay quarterly cash dividends and consider potential share repurchases under our existing share repurchase authorization. We continue to evaluate potential acquisition opportunities where we can employ our developmental and operational expertise in a financially prudent manner.”
Summary of 2023 Second Quarter Operating Results
In the 2023 second quarter, net revenue increased 7.3% year over year to $123.7 million, compared to $115.3 million in the prior-year quarter. Casino and food and beverage (F&B) revenues increased 7.8% and 10.8% year over year, respectively, while hotel revenues decreased 1.1% year over year. The increase in casino and F&B revenues was driven primarily by ongoing growth at Monarch Black Hawk. The decrease in hotel revenues was driven primarily by a decrease in the average daily rate.
Selling, general and administrative (SG&A) expenses for the second quarter of 2023 were $25.0 million compared to $23.1 million in the prior-year period, driven primarily by an increase in utility, insurance and marketing and advertising expenses. As a percentage of net revenue, SG&A expense increased to 20.2% compared to 20.0% in the prior-year period. Casino operating expense as a percentage of casino revenue increased to 37.4% during the second quarter of 2023 from 36.5% in the prior-year period, primarily due to increased labor expense. F&B operating expense as a percentage of F&B revenue decreased to 72.3% during the second quarter of 2023 from 77.0% in the prior-year period due to an increase in average check and improved cost management. Hotel operating expense as a percentage of hotel revenue increased to 36.2% in the second quarter of 2023 compared to 34.4% in the same period a year ago, primarily due to a decrease in the average daily rate and an increase in labor expense.
Net income increased 15.3% and diluted EPS increased 15.2% compared to the same period a year ago. The Company generated second quarter 2023 consolidated Adjusted EBITDA of $42.1 million, an increase of $2.7 million, or 6.8%, over the same period a year ago.
Credit Facility and Liquidity
As of June 30, 2023, the Company had cash and cash equivalents of $35.1 million and an outstanding principal balance of $41.0 million under its credit facility. During the 2023 second quarter, the Company made $10 million in principal payments on its credit facility. The Company expensed $0.8 million of interest in the second quarter of 2023 compared to $0.7 million in the prior-year period.
Capital expenditures of $10.3 million in the second quarter of 2023 were funded from operating cash flows and included the redesign and upgrade of hotel rooms in the second tower at Atlantis and maintenance capital spending at both properties.
On June 15, 2023, the Company paid a cash dividend of $0.30 per share to its stockholders of record on June 1, 2023. The cash dividend was funded from cash on hand.
Quarterly Dividend Declaration
The Company is announcing a cash dividend of $0.30 per share of its outstanding common stock. The dividend is payable on September 15, 2023, to stockholders of record on September 1, 2023. This cash dividend is part of the previously announced annual cash dividend of $1.20 per share payable in quarterly payments and subject to quarterly review and evaluation by the Company’s Board of Directors.
High Roller Technologies, operator of the premium online casino brands High Roller and Fruta, announced the submission of its Internet Gaming Operator license application in Ontario, Canada, targeting the launch of its flagship brand HighRoller.com in the second half of 2025.
“The submission of our licensing application to access Ontario’s regulated online gambling market is an important milestone in our Company’s journey. Once our application is approved, we anticipate that we will have the opportunity to launch our online casino product into the market later this year,” said Ben Clemes, Chief Executive Officer at High Roller.
Ontario is one of the largest regulated online gambling markets in the world as measured by gross gaming revenue. In 2024, regulated online gambling operators within the province generated approximately $2.3B in gross gaming revenue, and growth continues to be recorded in the first half of 2025. Recently, the province of Alberta passed enabling legislation to establish a regulatory framework for online gambling. Once available, the Company also intends to pursue licensure in Alberta to expand its regulated market footprint in Canada.
“Ontario is missing an elegant brand like High Roller. We’re excited to roll out the red carpet for our new customers, and we’re looking forward to showcasing our tremendous product,” said Clemes.
The post High Roller Submits Gaming License Application in Ontario appeared first on Gaming and Gambling Industry in the Americas.
The International Association of Gaming Regulators (IAGR) has released the program for its upcoming annual conference, to be held in Toronto from 20-23 October.
With the theme ‘Resilient regulation: Exploring what works, why and what’s next’, the event brings together global regulators and thought leaders to examine how regulatory frameworks can evolve to meet today’s challenges.
The four-day program explores timely issues, including the rise of AI and behavioural analytics, the impact of converging technologies, cross-border collaboration and the continued push to strengthen responsible gambling policies.
IAGR President Ben Haden said the program offers a strong preview of the content and conversations delegates can expect in Toronto.
‘This year’s program showcases the breadth and complexity of the challenges facing gambling regulators worldwide, from protecting player wellbeing to tackling illegal markets and understanding new technologies,’ Haden said.
‘I encourage regulators, researchers and policy professionals from around the world to join us in Toronto. The conference is a space to learn, share experience, challenge assumptions and shape the future of effective, collaborative regulation.’
Confirmed speakers and panellists include:
- Andrew Rhodes, CEO, Gambling Commission, Great Britain
- Anders Dorph, Director, Danish Gambling Authority, Denmark
- Dr Karin Schnarr, CEO and Registrar, Alcohol and Gaming Commission of Ontario, Canada
- Mark Vander Linden, Director of Research and Responsible Gaming and Carrie Torrisi, Chief of Sports Wagering Division, Massachusetts Gaming Commission, United States
- Bashir Are, CEO, Lagos State Lotteries and Gaming Authority, Nigeria
- Teo Chun Ching, Chief Executive, Gambling Regulatory Authority, Singapore
- Ladipo Abiose Akolade, Founder, GamblePause Initiative Africa, Nigeria
- Rasmus Kjaergaard, CEO, Mindway AI, Denmark
- Tracy Parker, Senior Vice President, Accreditation, Advisory and Insights, Responsible Gambling Council, Canada
- Pedro Romero, Chief of Safer Gambling Partnerships, BetBlocker, Gibraltar
- Sonia Wasowska, Head of Supervision, General Commercial Gaming Regulatory Authority, United Arab Emirates
- Steven Blackburn, Partner, Ashurst Risk Advisory, Australia
The event will be held at The Westin Harbour Castle on Toronto’s waterfront.
The post IAGR announces program for IAGR2025 conference in Toronto appeared first on Gaming and Gambling Industry in the Americas.
Home field advantage has a new name, as the Edmonton Elks announced that Play Alberta Field at Commonwealth Stadium is now the home of the Elks.
The field naming rights are part of a broader multi-year agreement between Play Alberta and the EE, making Play Alberta the official sports betting partner of the Club.
“We couldn’t be more excited to expand our partnership with Play Alberta. This partnership is about more than just putting a name on the field – it’s about building something meaningful for our fans and our community. Play Alberta is an Alberta-based organization that shares our values and our commitment to giving back. Together, we’re creating new ways for fans to connect with our team and experience the game day atmosphere in a whole new way,” said Elks President and CEO Chris Morris.
The expanded relationship between the Elks and Play Alberta will allow the game day experience to continue to grow. Fans can look forward to unique activations and promotions around the stadium, including the chance to win game tickets and memorabilia.
“Since Play Alberta’s launch five years ago, our team has made it a priority to connect with the communities where our players live and work. We are very excited to join the Edmonton Elks on the field on game days during upcoming CFL seasons. Play Alberta Field at Commonwealth Stadium allows us to partner with the Elks and showcase two brands built for Albertans in a historic Edmonton location,” said Alberta Gaming, Liquor and Cannabis Chief Executive Officer Kandice Machado.
The Elks open their 76th season on Saturday, June 7 in Vancouver when they take on the B.C. Lions. Edmonton’s home opener at Play Alberta Field at Commonwealth Stadium is slated for Thursday, June 19 against the Montreal Alouettes.
The post Edmonton Elks, Play Alberta Connect on New Partnership appeared first on Gaming and Gambling Industry in the Americas.
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