Monarch Casino & Resorts reports mixed Q4 2023 performance

Jenny Ortiz February 16, 2024

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Monarch Casino & Resorts reports mixed Q4 2023 performance

Nevada-based and Nasdaq-listed Monarch Casino & Resorts disclosed mixed financial results in the last quarter of 2023.

According to its Q4 2023 financial report, the company’s total revenue is US$128.2 million (€119.4 million), a 6.3 percent increase from the same period of 2022.

Its total revenue for the whole 2023 is $501.5 million (€466 million), reflecting a 4.9 percent growth compared to 2022.

However, the company reported its net income dropped by 18.9 percent year-over-year to $18.2m in Q4 of 2023.

At the same time, its full-year 2023 net income declined by 5.8 percent compared to 2022.

Meanwhile, Monarch’s “Earnings Before Interest, Taxes, Depreciation and Amortisation” (EBITDA) showed positive figures, up by 3.4 percent in Q4 2023.

For the whole year, its EBITDA increased by 2.2% compared to the previous year.

Monarch eyes to continue growth trajectory

In a statement, Monarch CEO John Farahi said the company is converting revenue growth into margin expansion.

“Revenues grew across all segments as we continue to successfully maintain our market share growth trajectory among the market’s mid- and upper-tier players,” Farahi said.

“We continue to face staffing challenges, driven by Colorado’s low unemployment and competition with the City of Denver wage rates,” he added.

SiGMA Eurasia and SiGMA Africa – less than a month away

With less than a month until the highly anticipated SiGMA Africa event kicks off in Cape Town, South Africa on the 11th of March, the gaming industry is abuzz with excitement. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Africa is strategically positioning itself at the forefront of Africa’s burgeoning gaming landscape. With the continent’s market poised for exponential growth, driven by a rapidly evolving digital ecosystem and increasing mobile connectivity, SiGMA Group recognizes the need to foster collaboration and innovation within the industry. By bringing together leading stakeholders and visionaries in gaming, SiGMA aims to catalyse progress and propel Africa towards a new era of prosperity and opportunity. As the countdown to the event begins, anticipation mounts for what promises to be a landmark gathering of gaming enthusiasts and innovators in the vibrant city of Cape Town.

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