Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the
Company”) today reported operating results for the first quarter
ended March 31, 2020, as summarized below:
($ in thousands, except per share data and percentages)
|
Two Months Ended |
|
Month Ended March 31, |
|
Three Months Ended March 31, |
|
February 29, 2020 |
February 28, 2019 |
Increase |
|
|
2020 |
|
|
2019 |
Decrease |
|
|
2020 |
|
2019 |
Decrease |
Net
revenue |
$ |
42,211 |
$ |
36,957 |
14.2 |
% |
|
$ |
8,800 |
|
$ |
21,783 |
(59.6 |
%) |
|
$ |
51,011 |
$ |
58,740 |
(13.2 |
%) |
Adjusted EBITDA (1) |
|
9,682 |
|
7,677 |
26.1 |
% |
|
|
(1,573 |
) |
|
5,998 |
(126.2 |
%) |
|
|
8,109 |
|
13,675 |
(40.7 |
%) |
Net income |
$ |
4,813 |
$ |
3,498 |
37.6 |
% |
|
$ |
(2,793 |
) |
$ |
3,517 |
(179.4 |
%) |
|
$ |
2,020 |
$ |
7,015 |
(71.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
$ |
0.26 |
$ |
0.19 |
36.8 |
% |
|
$ |
(0.15 |
) |
$ |
0.20 |
(175.0 |
%) |
|
$ |
0.11 |
$ |
0.39 |
(71.8 |
%) |
Diluted EPS |
$ |
0.26 |
$ |
0.19 |
36.8 |
% |
|
$ |
(0.15 |
) |
$ |
0.19 |
(178.9 |
%) |
|
$ |
0.11 |
$ |
0.38 |
(71.1 |
%) |
(1) Definitions, disclosures and reconciliations
of non-GAAP financial information are included later in the
release.
CEO CommentJohn Farahi,
Co-Chairman and Chief Executive Officer of Monarch, commented: “The
first quarter of 2020 was a study in contrasts, with Monarch
delivering strong financial performance in the first two months of
the quarter followed by a March which demonstrated the impact of
the significant operational challenges created by the global spread
of the COVID-19 pandemic. In an effort to contain the virus, on
March 16th the state of Colorado mandated a temporary shutdown of
all casinos including Monarch Casino Black Hawk and on March 17th
the state of Nevada mandated the temporary closure of all casinos
including Atlantis Casino Resort Spa in Reno. The states of
Colorado and Nevada have not yet provided clear dates or guidelines
for the reopening of casinos in such states.
“Ahead of the mandated suspension of our
operations, both of our properties were performing well.
Consolidated net revenue and net income for the first two months of
the year were up year-over-year by 14% and 38%, respectively, and
Adjusted EBITDA grew 26%. This strong early performance was driven
by an increase in spending per visit, as well as a continued
increase in market share at both locations.
“With the temporary closure of our properties in
mid-March, consolidated revenue, net income and Adjusted EBITDA
dramatically declined for the full month of March 2020. As a result
of the strong performance in the early part of the quarter,
combined with the decline in March performance, we recognized 2020
first quarter net revenue, net income and Adjusted EBITDA declines
of 13%, 71% and 41%, respectively.
“Since closing our properties, our main concern
has been the safety and health of our team members. We are also
working diligently to preserve our liquidity and to best position
the Company and our properties for renewed long-term success once
the COVID-19 threat passes to the point where reopening will be
allowed and ultimately when more 'normal' operations are permitted
and are prudent. Our entire team received two weeks of regular pay
after our operations were suspended and subsequently all team
members not working were placed on unpaid furlough, while keeping
their employee benefits. I have foregone my salary as of March 30,
our board members forwent cash directors’ fees as of April 1 and
our working executive management team took a salary reduction of
50%.”
Mr. Farahi continued: “Thanks to our long-term,
transparent relationship with our bank group and history of
consistent performance, we were granted limited covenant waivers
under our amended credit facility, including a waiver of the
mandatory principal payment of $5.0 million, due on March 31, 2020.
Further, we are in continuing discussions with our lenders
regarding additional steps under our amended credit facility that
we may request in light of the ever-changing circumstances. While
our principal efforts are aimed at reducing monthly cash burn, we
are also using this time to invest in preventative maintenance at
both of our properties. We believe these actions, the Company’s
solid cash position, and our modest leverage give us the financial
flexibility to manage through the COVID-19 impact and prepare our
properties for re-opening and a return to normalized
operations.
“In Colorado, construction on the new Monarch
Casino Resort Spa Black Hawk continues and we are working with the
general contractor and the City of Black Hawk to secure a temporary
certificate of occupancy for floors one through five in the
building’s podium as well as some floors in the hotel tower. The
COVID-19 outbreak has slowed some of our efforts, and we do not yet
have a definitive timeline for the property opening. We continue to
plan for a phased opening of the expanded casino resort, depending
in substantial part, on the length and conditions of the state
mandated closure.
“On behalf of the Board, I’d like to thank our
team members, our guests and our stockholders for their patience
during these difficult times as we manage through uncertainty and
properly position our business for when the country’s economy
begins to re-open. Most importantly, once the temporary shutdowns
end, the entire Monarch team looks forward to welcoming our valued
guests back to Atlantis and the new and exciting Monarch Casino
Resort Spa Black Hawk. While the pandemic has presented serious
challenges and setbacks for the entire gaming and hospitality
industry, we believe the actions we’ve taken and the quality of our
properties in the markets we serve will be key factors in Monarch’s
long-term success.”
Summary of 2020 First Quarter Operating
ResultsFor the 2020 first quarter, consolidated net
revenue of $51.0 million decreased 13.2% from $58.7 million in the
prior year. Casino, food and beverage, and hotel revenues decreased
6.6%, 16.6%, and 24.6% year-over-year, respectively. The decrease
in revenues in all three categories began early in March and was
driven by the COVID-19 outbreak, which culminated in temporary
shutdown of the Company’s casinos and other operations in Reno and
Black Hawk. For the two-month period ended February 29, 2020,
consolidated revenue, net income and Adjusted EBITDA grew 14.2%,
37.6% and 26.1%, respectively, compared to the same period in
2019.
Selling, general and administrative (“SG&A”)
expenses for the first quarter of 2020 were $17.2 million compared
to $16.5 million in the prior-year period, driven primarily by an
increase in payroll and health and welfare expenses, due to hiring
in preparation for the opening of the Monarch Casino Resort Spa
Black Hawk expansion. As a percentage of net revenue, SG&A
expense increased to 33.7% compared to 28.0% in the prior year
period. Casino operating expense as a percentage of casino revenue
decreased to 35.5% during the first quarter of 2020 from 37.3% in
the prior-year period primarily as a result of a decrease in
promotional expenses, offset by the loss of revenue related to the
shutdown of the Company’s two properties beginning in mid-March.
Food and beverage operating expense as a percentage of food and
beverage revenue increased to 84.8% during the first quarter of
2020 from 79.1% in the prior year period primarily as a result of
the loss of revenue late in the quarter due to the operational
shutdown. Hotel operating expense as a percentage of hotel revenue
increased to 46.6% in the first quarter of 2020 compared to 36.8%
in the same period a year ago, primarily as a result of the
shutdown of Atlantis and Monarch Black Hawk late in the
quarter.
The Company generated consolidated adjusted
EBITDA of $8.1 million in the first quarter of 2020, a decrease of
$5.6 million, or 40.7%, over the same period a year ago. Net
income for the first quarter of 2020 decreased 71.2% and diluted
EPS declined 71.1%. The decline in net income and diluted EPS in
the quarter is primarily a result of the shutdown of the Company’s
operations in Reno and Black Hawk late in the first quarter due to
the COVID-19 pandemic.
Monarch Black Hawk
ExpansionSummarized below is an update on the Company’s
ongoing upgrade and expansion of Monarch Casino Black
Hawk:
$ in millions |
Budget Cost |
|
Total Spent Through March 31, 2020 |
|
Left to Spend |
|
Estimated Completion Date |
|
I. Existing Facility |
|
|
|
|
|
|
|
|
Monarch Casino Black Hawk (1) |
$76 |
|
$76 |
|
- |
|
Completed |
|
Existing Facility Upgrade (2)(3) |
$34 - $36 |
|
$32 |
|
$2 -
$4 |
|
Exterior 2Q20
Interior 4Q20 |
|
Total Existing Facility |
$110 - $112 |
|
$108 |
|
$2- $4 |
|
|
|
|
|
|
|
|
|
|
|
|
II. Expansion |
|
|
|
|
|
|
|
|
Acquired Land Parcels |
$10 |
|
$10 |
|
- |
|
Completed |
|
Parking Structure |
$38 - $41 |
|
$41 |
|
- |
|
Completed |
|
Hotel Tower & Casino (3) |
$264 - $269 |
|
$251 |
|
$13 -
$18 |
|
2Q20 |
|
Other |
$8 - $10 |
|
$10 |
|
- |
|
|
|
Total Expansion |
$320 - $330 |
|
$312 |
|
$13 - $18 |
|
|
|
Total Cost |
$430 - $442 |
|
$420 |
|
$15- $22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company paid $76.0 million cash or $69.2
million net of acquired working capital and NOLs when it acquired
Monarch Casino Black Hawk (formerly Riviera Black Hawk Casino) in
2012. |
|
(2) Includes upgrades to the interior, which were
completed in August 2015, additional work to tie the two buildings
together, completed in the fourth quarter of 2019, demolition of
the original garage, and upgrades to the exterior of the existing
facility to match the design of the master planned expansion. |
|
(3) The Company anticipates funding the hotel
tower and casino expansion, as well as the existing facility
exterior upgrades, from a combination of operating cash flow and
the amended and restated credit facility (the “Amended Credit
Facility”). |
|
The Company and its general contractor continue
to work with the City of Black Hawk to secure a temporary
certificate of occupancy for floors one through five in the
building’s podium as well as some floors in the hotel tower. The
Company will update the timetable for the soft opening of these
portions of the resort, the grand opening date for the entire
expansion and the remaining work on the existing facility as it
becomes available.
Credit Facility and
LiquidityCapital expenditures of $13.7 million in the
first quarter of 2020 include construction costs related to the
Monarch Casino Black Hawk expansion as well as ongoing capital
maintenance spending at the Company’s two properties. Capital
expenditures during the quarter were funded from the Company’s
operating cash flows as well as available cash and cash
equivalents. Total outstanding debt as of March 31, 2020 was $195.5
million, net of deferred loan costs. The Company has received a
limited covenant waiver from its lenders, including the deferral of
its mandatory principal payment, due March 31 in the amount of $5.0
million. Monarch is in continuing discussions with its lenders
regarding additional steps under the amended credit facility that
may be requested in light of the ever-changing circumstances.
The Company capitalized $1.8 million of interest
expense in the first quarter of 2020 and $1.2 million of interest
expense in the first quarter of 2019.
Monarch continues to believe that the cash in
its interest-bearing money market fund and the $50.0 million
available under its amended credit facility as of March 31, 2020
will be sufficient to fund the Company’s cash burn through the
current state mandated property closures in both Reno and Black
Hawk as well as all remaining costs related to the completion of
the Monarch Casino Resort Spa Black Hawk expansion. Furthermore,
the Company believes its sources of liquidity will allow it to
bridge to the resumption of operating cash flows, which will
further fund ongoing capital expenditures for the Atlantis in
Reno.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, including, but not limited to, statements relating to (i)
our expectations regarding the re-opening date of our properties
and return to normalized operations; (ii) our beliefs regarding the
sufficiency of our cash and other resources during the mandated
shutdowns; (iii) our beliefs regarding the effectiveness of the
actions we've taken with respect to COVID-19 and the quality of our
properties as key factors in Monarch's long-term success; (iv) our
plans, objectives, near- and long-term outlook, opportunities,
expectations, growth prospects, future operations and anticipated
financial results (including pre-opening expenses, cash flow,
liquidity and leverage) with respect to Atlantis Casino Resort Spa
and Monarch Casino Black Hawk and the markets in their respective
regions; (v) our plans, costs, financing, and additional expenses
and revenue opportunities as a result of project and budget
modifications, construction, completion and opening timelines of
upgraded, redesigned and/or expanded facilities at Monarch Casino
Black Hawk (including the soft opening and announcement of the
grand opening of the expanded property as well as the launch of a
new retail sports book and mobile sports wagering app); and (vi)
our expectations regarding our future position in, and share of,
the market and the quality of service we provide to our guests.
Actual results and future events and conditions may differ
materially from those described in any forward-looking statements.
Important factors that could cause actual results to differ
materially from estimates or projections contained in the
forward-looking statements include, without limitation:
- adverse impacts of the COVID-19
outbreak on our business, constructions projects, financial
condition and operating results;
- actions by government officials at
the federal, state or local level with respect to steps to be
taken, including, without limitation, temporary or extended
shutdowns, travel restrictions, social distancing and
shelter-in-place orders, in connection with the COVID-19
outbreak;
- our ability to effectively manage
and control expenses during temporary or extended shutdown
periods;
- impact of temporary or extended
shutdowns on our ability to maintain compliance with the terms and
conditions of our credit facilities and other material
contracts;
- our ability to maintain strong
relationships with our regulators, employees, lenders, suppliers,
customers, insurance carriers, and other stakeholders;
- impact of any uninsured
losses;
- changes in guest visitation or
spending patterns due to health or other concerns;
- construction factors, including
delays, disruptions, increased costs of labor and materials,
contractor disagreements, availability of labor and materials,
zoning issues, environmental restrictions, soil and water
conditions, weather and other hazards, site access matters,
building permit issues and other regulatory approvals or
issues;
- ongoing disagreements over costs of
and responsibility for delays and other construction related
matters with our Monarch Casino Black Hawk general contractor,
including, as previously reported, the initiation of litigation
against us by such contractor;
- our filing of affirmative defenses
and extensive counterclaims against the Monarch Casino Black Hawk
contractor in the above-mentioned litigation;
- risks related to development and
construction activities (including disputes with and defaults by
contractors and subcontractors; construction, equipment or staffing
problems and delays; shortages of materials or skilled labor;
environmental, health and safety issues; weather and other hazards,
site access matters, and unanticipated cost increases);
- access to available and reasonable
financing on a timely basis;
- our ability to generate sufficient
operating cash flow to help finance our expansion plans and
subsequent debt reduction;
- changes in laws mandating increases
in minimum wages and employee benefits;
- changes in laws and regulations
permitting expanded and other forms of gaming in our key
markets;
- the effects of local and national
economic, credit and capital market conditions on the economy in
general and on the gaming industry and our business in
particular;
- the effects of labor shortages on
our market position, growth and financial results;
- guest acceptance of our expanded
facilities once completed and the resulting impact on our market
position, growth and financial results; and
- competition in our target market
areas.
Additional information concerning potential
factors that could adversely affect all forward-looking statements,
including the Company's financial results, is included in our
Securities and Exchange Commission filings, including our most
recent annual report on Form 10-K and quarterly reports on Form
10-Q, which are available on our website at
www.monarchcasino.com.
About Monarch Casino &
Resort, Inc.
Monarch Casino & Resort, Inc., through its
subsidiaries, owns and operates the Atlantis Casino Resort Spa, a
hotel/casino facility in Reno, Nevada, and the Monarch Casino Black
Hawk in Black Hawk, Colorado, approximately 40 miles west of
Denver. For additional information on Monarch, visit Monarch's
website at www.monarchcasino.com.
The Atlantis features approximately 61,000
square feet of casino space; 818 guest rooms; eight food outlets;
two espresso and pastry bars; a 30,000 square-foot health spa and
salon with an enclosed year-round pool; two retail outlets offering
clothing and traditional gift shop merchandise; an 8,000
square-foot family entertainment center; and approximately 52,000
square feet of banquet, convention and meeting room space. The
casino features approximately 1,450 slot and video poker machines;
approximately 37 table games, including blackjack, craps, roulette,
and others; a race and sports book; a 24-hour live keno lounge; and
a poker room.
The Monarch Casino Black Hawk features
approximately 30,000 square feet of casino space; approximately 740
slot machines; 14 table games; a 250-seat buffet-style restaurant;
a snack bar and a new nine-story parking structure with
approximately 1,350 spaces, plus additional existing valet parking
bringing total parking capacity to 1,500 spaces. Once completed,
the Monarch Casino Black Hawk expansion will nearly double the
casino space and will add a 23-story hotel tower with approximately
500 guest rooms and suites, an upscale year-around spa and pool
facility, three restaurants (bringing the total to four
restaurants), additional bars, and associated support
facilities.
Contacts:David FarahiChief
Operating Officer775/825-4700 or dfarahi@monarchcasino.com
Joseph Jaffoni, Richard Land, James
LeahyJCIR212/835-8500 or mcri@jcir.com
- financial tables follow -
MONARCH CASINO & RESORT, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME |
(In thousands, except per share data) |
|
|
Three months ended March 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
(Unaudited) |
|
(Unaudited) |
Revenues |
|
|
|
|
Casino |
|
$ |
27,065 |
|
|
$ |
28,976 |
|
Food and beverage |
|
|
14,763 |
|
|
|
17,692 |
|
Hotel |
|
|
6,417 |
|
|
|
8,505 |
|
Other |
|
|
2,766 |
|
|
|
3,567 |
|
Net revenues |
|
|
51,011 |
|
|
|
58,740 |
|
|
|
|
|
|
Operating expenses |
|
|
|
|
Casino |
|
|
9,618 |
|
|
|
10,820 |
|
Food and beverage |
|
|
12,524 |
|
|
|
13,998 |
|
Hotel |
|
|
2,988 |
|
|
|
3,130 |
|
Other |
|
|
1,451 |
|
|
|
1,580 |
|
Selling, general and administrative |
|
|
17,194 |
|
|
|
16,452 |
|
Depreciation and amortization |
|
|
3,820 |
|
|
|
3,603 |
|
Other operating items, net |
|
|
1,305 |
|
|
|
436 |
|
Total operating expenses |
|
|
48,900 |
|
|
|
50,019 |
|
Income from operations |
|
|
2,111 |
|
|
|
8,721 |
|
|
|
|
|
|
Income before income taxes |
|
|
2,111 |
|
|
|
8,721 |
|
Provision for income taxes |
|
|
(91) |
|
|
|
(1,706) |
|
Net income |
|
$ |
2,020 |
|
|
$ |
7,015 |
|
|
|
|
|
|
Earnings per share of common
stock |
|
|
|
|
Net income |
|
|
|
|
Basic |
|
$ |
0.11 |
|
|
$ |
0.39 |
|
Diluted |
|
$ |
0.11 |
|
|
$ |
0.38 |
|
|
|
|
|
|
Weighted average number of common
shares and potential common shares outstanding |
|
|
|
|
Basic |
|
|
18,158 |
|
|
|
17,937 |
|
Diluted |
|
|
18,874 |
|
|
|
18,619 |
|
|
|
|
|
|
|
|
|
|
MONARCH CASINO & RESORT, INC. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEET |
(In thousands, except per share data) |
|
|
March 31, 2020 |
|
December 31, 2019 |
ASSETS |
|
(unaudited) |
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
39,358 |
|
|
$ |
60,539 |
|
Receivables, net |
|
|
4,194 |
|
|
|
5,458 |
|
Income taxes receivable |
|
|
94 |
|
|
|
185 |
|
Inventories |
|
|
6,889 |
|
|
|
6,735 |
|
Prepaid expenses |
|
|
5,393 |
|
|
|
6,238 |
|
Total current assets |
|
|
55,928 |
|
|
|
79,155 |
|
Property and equipment |
|
|
|
|
Land |
|
|
30,769 |
|
|
|
30,769 |
|
Land improvements |
|
|
7,842 |
|
|
|
7,842 |
|
Buildings |
|
|
193,235 |
|
|
|
193,235 |
|
Buildings improvements |
|
|
31,986 |
|
|
|
31,986 |
|
Furniture and equipment |
|
|
153,661 |
|
|
|
152,461 |
|
Construction in progress |
|
|
295,429 |
|
|
|
285,789 |
|
Right of use assets |
|
|
15,369 |
|
|
|
15,574 |
|
Leasehold improvements |
|
|
3,848 |
|
|
|
3,848 |
|
|
|
|
732,139 |
|
|
|
721,504 |
|
Less accumulated depreciation and amortization |
|
|
(223,550) |
|
|
|
(220,021) |
|
Net property and equipment |
|
|
508,589 |
|
|
|
501,483 |
|
Other assets |
|
|
|
|
Goodwill |
|
|
25,111 |
|
|
|
25,111 |
|
Intangible assets, net |
|
|
1,246 |
|
|
|
1,538 |
|
Deferred income taxes |
|
|
2,683 |
|
|
|
2,683 |
|
Other assets, net |
|
|
908 |
|
|
|
908 |
|
Total other assets |
|
|
29,948 |
|
|
|
30,240 |
|
Total assets |
|
$ |
594,465 |
|
|
$ |
610,878 |
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Current maturities of long-term debt |
|
$ |
22,500 |
|
|
$ |
20,000 |
|
Accounts payable |
|
|
6,579 |
|
|
|
17,037 |
|
Construction accounts payable |
|
|
4,652 |
|
|
|
7,528 |
|
Accrued expenses |
|
|
28,208 |
|
|
|
34,109 |
|
Short-term lease liability |
|
|
788 |
|
|
|
791 |
|
Total current liabilities |
|
|
62,727 |
|
|
|
79,465 |
|
Long-term lease liability |
|
|
14,595 |
|
|
|
14,797 |
|
Long-term debt, net |
|
|
173,049 |
|
|
|
175,415 |
|
Total liabilities |
|
|
250,371 |
|
|
|
269,677 |
|
Stockholders' equity |
|
|
|
|
Preferred stock, $.01 par value, 10,000,000 shares authorized; none
issued |
|
|
- |
|
|
|
- |
|
Common stock, $.01 par value, 30,000,000 shares authorized; |
|
$ |
191 |
|
|
$ |
191 |
|
19,096,300 shares issued; 18,171,928 outstanding at March 31,
2020; |
|
|
|
|
18,141,383 outstanding at December 31, 2019 |
|
|
|
|
Additional paid-in capital |
|
|
35,660 |
|
|
|
35,215 |
|
Treasury stock, 924,372 shares at March 31, 2020; 954,917 shares
at |
|
|
(12,349) |
|
|
|
(12,777) |
|
December 31, 2019 |
|
|
|
|
Retained earnings |
|
|
320,592 |
|
|
|
318,572 |
|
Total stockholders' equity |
|
|
344,094 |
|
|
|
341,201 |
|
Total liabilities and stockholders' equity |
|
$ |
594,465 |
|
|
$ |
610,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONARCH CASINO & RESORT, INC. AND
SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA TO
NET INCOME (In thousands, unaudited)
The following table sets forth a reconciliation of Adjusted
EBITDA, a non-GAAP financial measure, to net income, a GAAP
financial measure:
|
Three Months Ended March 31, |
|
|
2020 |
|
|
|
2019 |
|
Adjusted EBITDA (1) |
$ |
8,109 |
|
|
$ |
13,675 |
|
Expenses: |
|
|
|
Stock based compensation |
|
(873) |
|
|
|
(915) |
|
Depreciation and amortization |
|
(3,820) |
|
|
|
(3,603) |
|
Provision for income taxes |
|
(91) |
|
|
|
(1,706) |
|
Pre-opening expenses (2) |
|
(754) |
|
|
|
(436) |
|
Construction litigation expenses (2) |
|
(155) |
|
|
|
- |
|
Colorado legislation lobbying expenses (2) |
|
(397) |
|
|
|
- |
|
Gain on disposition of assets (2) |
|
1 |
|
|
|
- |
|
Net income |
$ |
2,020 |
|
|
$ |
7,015 |
|
|
|
|
|
|
|
(1) Adjusted EBITDA, a non-GAAP financial measure, consists of
net income plus loss on disposal of assets, provision for income
taxes, stock-based compensation expense, other one-time charges,
pre-opening expenses, construction litigation expenses, acquisition
expenses, interest expense, depreciation and amortization less
interest income, any benefit for income taxes and gain on disposal
of assets. Adjusted EBITDA should not be construed as an
alternative to operating income (as determined in accordance with
US Generally Accepted Accounting Principles), as an indicator of
the Company's operating performance, as an alternative to cash
flows from operating activities (as determined in accordance with
US GAAP) or as a measure of liquidity. This measure enables
comparison of the Company's performance over multiple periods, as
well as against the performance of other companies in our industry
that report Adjusted EBITDA, although some companies do not
calculate this measure in the same manner and, therefore, the
measure as presented may not be comparable to similarly titled
measures presented by other companies. (2) Amount included in the
“Other operating items, net” on the Consolidated Statement of
Income.
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