Monarch Casino & Resort, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Monarch Casino & Resort, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

MONARCH CASINO & RESORT INC (MCRI) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Filed a 10-Q report for the period ending March 31, 2024. Company's fiscal year ends on December 31. Incorporated in Nevada. Primary SIC code is 7011 (Hotels & Motels). Address is 3800 S Virginia Street, Reno, NV 89502.

Why It Matters

For investors and stakeholders tracking MONARCH CASINO & RESORT INC, this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — MONARCH CASINO & RESORT INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine disclosure for publicly traded companies and does not contain immediate red flags.

Analyst Insight

Monitor future filings for detailed financial results and management commentary on performance and strategic initiatives.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-07 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• MONARCH CASINO & RESORT INC (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-07 (date) — Filed as of date
• 7011 (industry_code) — Standard Industrial Classification
• NV (location) — State of incorporation
• 880300760 (tax_id) — IRS Number
• 3800 S VIRGINIA STREET (address) — Business address
• RENO (location) — Business address city

FAQ

Industry Context

Monarch Casino & Resort operates in the hospitality and gaming industry, specifically focusing on casino entertainment and hotel services.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze segment performance if available in the detailed filing.
3. Compare Q1 2024 results to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. Previous filings would need to be provided for comparison.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share MCRI The Nasdaq

Filing Documents

• mcri-20240331x10q.htm (10-Q) — 771KB
• mcri-20240331xex31d1.htm (EX-31.1) — 16KB
• mcri-20240331xex31d2.htm (EX-31.2) — 16KB
• mcri-20240331xex32d1.htm (EX-32.1) — 6KB
• mcri-20240331xex32d2.htm (EX-32.2) — 6KB
• mcri-20240331x10q001.jpg (GRAPHIC) — 9KB
• 0001558370-24-007004.txt (&nbsp;) — 3870KB
• mcri-20240331.xsd (EX-101.SCH) — 28KB
• mcri-20240331_cal.xml (EX-101.CAL) — 40KB
• mcri-20240331_def.xml (EX-101.DEF) — 112KB
• mcri-20240331_lab.xml (EX-101.LAB) — 280KB
• mcri-20240331_pre.xml (EX-101.PRE) — 200KB
• mcri-20240331x10q_htm.xml (XML) — 484KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (unaudited) 3 Consolidated Balance Sheets at March 31, 2024 (unaudited) and December 31, 2023 4 Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 5 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 6

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 19

Controls and Procedures

Item 4. Controls and Procedures 20

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 20

Risk Factors

Item 1A. Risk Factors 20

Unregistered Sales of Equity Securities and use of Proceeds

Item 2. Unregistered Sales of Equity Securities and use of Proceeds 20

Other Information

Item 5. Other Information 20

Exhibits

Item 6. Exhibits 21

Signatures

Signatures 21 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) Three months ended March 31, 2024 2023 Revenues Casino $ 69,436 $ 66,905 Food and beverage 30,163 29,317 Hotel 16,774 15,471 Other 5,284 4,951 Net revenues 121,657 116,644 Operating expenses Casino 26,352 25,252 Food and beverage 22,575 21,937 Hotel 5,978 6,390 Other 2,908 2,943 Selling, general and administrative 27,074 25,116 Depreciation and amortization 12,487 11,337 Other operating items, net 473 510 Total operating expenses 97,847 93,485 Income from operations 23,810 23,159 Other income (expense) Interest income (expense), net 7 ( 587 ) Income before income taxes 23,817 22,572 Provision for income taxes ( 5,542 ) ( 4,902 ) Net income $ 18,275 $ 17,670 Earnings per share of common stock Net income Basic $ 0.95 $ 0.92 Diluted $ 0.93 $ 0.90 Weighted average number of common shares and potential common shares outstanding Basic 19,284 19,215 Diluted 19,659 19,654 The Notes to the Consolidated Financial Statements are an integral part of these statements. 3 Table of Contents MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except shares) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 39,484 $ 43,361 Receivables, net 10,265 11,990 Income taxes receivable — 1,006 Inventories 7,366 7,614 Prepaid expenses 9,347 10,995 Total current assets 66,462 74,966 Property and equipment, net 585,434 580,497 Goodwill 25,111 25,111 Intangible assets, net 258 299 Total assets $ 677,265 $ 680,873 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current maturities of long-term debt, net $ 5,500 $ — Accounts payable 21,44

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) QUARTERLY PERIOD ENDED MARCH 31, 2024 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation : Monarch Casino & Resort, Inc. was incorporated in 1993. Unless otherwise indicated, "Monarch," "us," "we," and the "Company" refer to Monarch Casino & Resort, Inc. and its subsidiaries. Monarch owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada (the "Atlantis") and Monarch Casino Resort Spa Black Hawk, a hotel and casino in Black Hawk, Colorado (the "Monarch Black Hawk"). In addition, Monarch owns separate parcels of land located next to the Atlantis and a parcel of land with an industrial warehouse located between Denver, Colorado and Monarch Black Hawk. Monarch also owns Chicago Dogs Eatery, Inc. and Monarch Promotional Association, both of which were formed in relation to licensure requirements for extended hours of liquor operation in Black Hawk, Colorado. The accompanying unaudited consolidated financial statements include the accounts of Monarch and its subsidiaries (the "Consolidated Financial Statements"). Intercompany balances and transactions are eliminated. Interim Financial Statements : The Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the management of the Company, all adjustments considered necessary for a fair presentation, consisting of normal recurring accruals, are reflected in the interim financial statements. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The balance sheet at December 31, 2

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