Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the
Company”) today reported operating results for the second quarter
ended June 30, 2020, as summarized below:
($ in thousands, except per share data and percentages)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
(Decrease) |
|
2020 |
|
2019 |
|
(Decrease) |
Net
revenue |
$15,156 |
|
|
$62,761 |
|
(75.9 |
%) |
|
$66,167 |
|
$121,501 |
|
(45.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(1) |
490 |
|
|
16,519 |
|
(97.0 |
%) |
|
8,599 |
|
30,194 |
|
(71.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
($4,347 |
) |
|
$9,279 |
|
(146.8 |
%) |
|
($2,327) |
|
$16,294 |
|
(114.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic (losses) earnings per share |
($0.24 |
) |
|
$0.52 |
|
(146.2 |
%) |
|
($0.13) |
|
$0.91 |
|
(114.3 |
%) |
Diluted (losses) earnings per share |
($0.24 |
) |
|
$0.50 |
|
(148.0 |
%) |
|
($0.13) |
|
$0.88 |
|
(114.8 |
%) |
(1) Definitions,
disclosures and reconciliations of non-GAAP financial information
are included later in the release.
CEO Comment John Farahi,
Co-Chairman and Chief Executive Officer of Monarch, commented:
“Following the state-mandated closure of our properties in
mid-March, we took immediate steps to ensure that our Company
preserved its financial flexibility to manage through the nearly
three-month shutdown. We reduced expenses throughout the Company
and worked with our bankers to secure the necessary amendments to
our credit facility. Thanks to the commitment and sacrifices of our
dedicated team, along with the support of our bankers, Monarch was
well prepared to carry on during the state-mandated shutdowns of
our operations and emerge from them in a financially stable
position.
“Since the June 4 re-opening of Atlantis Casino
Resort Spa and the June 17 re-opening of Monarch Casino Black Hawk,
we have adjusted our staffing and services, in-line with the
changing public health guidelines put forth by the governors of
Nevada and Colorado, as well as by the CDC. Our focus from day one
has been the health and safety of our team members and guests.
Consequently, we have been extremely diligent in our approach to
minimizing risks as we reintroduce our guests to the gaming,
entertainment and hospitality experiences they have come to expect
from Monarch.
“As a result of our cost mitigation measures and
the strong initial reopening performance at both Atlantis and Black
Hawk, Monarch generated 2020 second quarter revenue of $15.2
million and delivered positive Adjusted EBITDA of $0.5 million.
Though visitation has not yet fully recovered to pre-COVID levels,
and we continue to limit capacity in-line with the state-mandated
re-opening guidelines, spend per visit has been very encouraging
and our guests have offered positive feedback on the comprehensive
safety measures we’ve implemented. The Company recorded June net
revenue of $15.0 million and Adjusted EBITDA of $6.9 million. For
the portion of June in which Atlantis Casino Resort Spa was open,
gaming revenue increased 12% compared to the same period a
year-ago. Gaming revenue at Monarch Casino Black Hawk for the
portion of June in which the property was open declined, as table
games have not yet been allowed to re-open.
“In Colorado, we continued to make progress on
the construction of the new Monarch Casino Resort Spa Black Hawk
throughout the shutdown. We anticipate that the podium and some
hotel floors will open in the third quarter of 2020 and the balance
of the hotel tower will open in the fourth quarter of 2020.
Importantly, guest excitement continues to build with the recent
removal of the construction wall separating the existing casino
from the new expanded casino.
“On behalf of our Board of Directors, I’d like
to thank our team members for their sacrifice during the
unprecedented property shutdowns and for their tireless efforts as
we worked quickly to implement new health and safety measures ahead
of the re-openings.
“To our guests, everyone at Monarch thanks you
for your patience during the closures and for your loyalty since
our re-opening. It’s marvelous to see your smiling faces again.
You’ve told us time and again that you value the friendly service
and warm experience Monarch employees provide, and we believe you
have clearly demonstrated your appreciation over the past few
weeks. Finally, to our stockholders, we thank you for continuing to
invest and trust in our entire team, which has given us the
confidence to manage through the ongoing COVID-19 pandemic and to
position Monarch for long-term success.”
Summary of 2020 Second Quarter Operating
ResultsFor the 2020 second quarter, consolidated net
revenue of $15.2 million decreased 75.9% from $62.8 million in the
prior year. Casino, food and beverage (“F&B”), and hotel
revenues decreased 69.8%, 83.9%, and 83.3% year-over-year,
respectively. Revenue for each category decreased as a result of
the COVID-19 outbreak and the temporary shutdown of the Company’s
operations in Reno and Black Hawk which began late in the first
quarter of 2020 and ended on June 4 and June 17, respectively.
Selling, general and administrative (“SG&A”)
expenses for the second quarter of 2020 were $8.9 million compared
to $16.5 million in the prior-year period, driven primarily by the
mandated shutdown of the Company’s operations and temporary
furloughs of approximately 90% of the Company’s employees as a
result of the pandemic. As a percentage of net revenue, SG&A
expense increased to 58.5% compared to 26.3% in the prior year
period. Casino operating expense as a percentage of casino revenue
decreased to 26.8% during the second quarter of 2020 from 34.5% in
the prior-year period primarily as a result of cost cutting
measures undertaken by the Company as well as strong initial casino
performance as both properties re-opened late in the quarter.
F&B operating expense as a percentage of F&B revenue
increased to 96.6% during the second quarter of 2020 from 79.6% in
the prior year period primarily as a result of higher labor costs
as a percentage of revenue. Hotel operating expense as a percentage
of hotel revenue increased to 61.8% in the second quarter of 2020
compared to 39.1% in the same period a year ago, primarily as a
result of higher labor costs as a percentage of revenue.
The Company generated consolidated adjusted
EBITDA of $0.5 million in the second quarter of 2020 compared to
$16.5 million in the same period a year ago. Net income for the
second quarter of 2020 decreased 146.8% and diluted EPS declined
148.0% compared to same period a year ago. The decline in adjusted
EBITDA, net income and diluted EPS in the quarter is primarily a
result of the COVID-19 outbreak and the temporary shutdown of the
Company’s operations in Reno and Black Hawk which began late in the
2020 first quarter and lasted for more than two thirds of the
second quarter
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 ThroughJune 30, 2020 |
|
Left toSpend |
|
Estimated Completion Date |
I. Existing Facility |
|
|
|
|
|
|
|
Monarch Casino Black Hawk
(1) |
$76 |
|
$76 |
|
- |
|
Completed |
Existing Facility Upgrade (2)(3) |
$34 - $36 |
|
$33 |
|
$1 -
$3 |
|
Exterior Completed
Interior 4Q20 |
Total Existing Facility |
$110 - $112 |
|
$109 |
|
$1- $3 |
|
|
|
|
|
|
|
|
|
|
II. Expansion |
|
|
|
|
|
|
|
Acquired Land Parcels |
$10 |
|
$10 |
|
- |
|
Completed |
Parking Structure |
$38 - $41 |
|
$41 |
|
- |
|
Completed |
Hotel Tower & Casino (3) |
$264 - $269 |
|
$256 |
|
$8 -
$13 |
|
3Q20/4Q20 |
Other |
$8 - $10 |
|
$10 |
|
- |
|
|
Total Expansion (4) |
$320 - $330 |
|
$317 |
|
$8 - $13 |
|
|
Total Cost (4) |
$430 - $442 |
|
$426 |
|
$9 - $16 |
|
|
|
|
|
|
|
|
|
|
(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”).(4) As disclosed, the Company is in
litigation with its Monarch Black Hawk contractor which has
asserted damage claims against Monarch that also include impact
claims from certain subcontractors. The amounts set forth by the
Company in this table are exclusive of these additional damage
amounts as such amounts are disputed by Monarch and also do not
reflect counterclaims Monarch has asserted. Monarch intends to
defend the claims and pursue the counterclaims vigorously. |
Based on the current construction progress, the
Company anticipates that the podium, which includes the expanded
casino, restaurants, hotel administration, and lounges, as well as
some hotel floors, will open in the third quarter of 2020 and the
balance of the hotel tower will open in the fourth quarter of
2020.
Credit Facility and
LiquidityCapital expenditures of $8.9 million in the
second 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
available cash and cash equivalents. Total outstanding debt as of
June 30, 2020 was $206.7 million, net of deferred loan costs. The
Company has received a limited default and covenant waiver and
amendments to its credit facility from its bankers, through
September 29, 2020. Monarch is in continuing discussions with its
bank group regarding additional relief options and amendments to
the Amended Credit Facility.
The Company capitalized $1.4 million of interest
expense in each of the second quarters of 2020 and 2019.
Monarch continues to believe that the cash in
its interest-bearing money market fund and the $33.4 million
available under its Amended Credit Facility as of June 30, 2020
will be sufficient to fund all remaining costs related to the
completion of the Monarch Casino Resort Spa Black Hawk expansion
and to support the Company’s ongoing operations as it continues to
recover from the unprecedented pandemic.
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 return to normalized operations;
(ii) our beliefs regarding the sufficiency of our cash and other
resources; (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 opening of portion of the expanded
property ; 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 negotiate
relief options and amendments to our Amended Credit Facility;
- 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 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;
- our potential need to post bonds or
other forms of surety to support our legal remedies;
- 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;
- the potential of increases in state
and federal taxation to address budgetary and other impacts of the
COVID-19 pandemic;
- the potential of increased
regulatory and other burdens to address the direct and indirect
impacts of COVID-19 pandemic;
- 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 OPERATIONS |
(In thousands, except per share data) |
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
Casino |
|
$9,910 |
|
|
$32,836 |
|
|
$36,975 |
|
|
$61,812 |
|
Food and beverage |
|
|
2,893 |
|
|
|
17,993 |
|
|
|
17,656 |
|
|
|
35,685 |
|
Hotel |
|
|
1,472 |
|
|
|
8,809 |
|
|
|
7,889 |
|
|
|
17,314 |
|
Other |
|
|
881 |
|
|
|
3,123 |
|
|
|
3,647 |
|
|
|
6,690 |
|
Net revenues |
|
|
15,156 |
|
|
|
62,761 |
|
|
|
66,167 |
|
|
|
121,501 |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Casino |
|
|
2,652 |
|
|
|
11,337 |
|
|
|
12,270 |
|
|
|
22,157 |
|
Food and beverage |
|
|
2,795 |
|
|
|
14,321 |
|
|
|
15,319 |
|
|
|
28,319 |
|
Hotel |
|
|
910 |
|
|
|
3,447 |
|
|
|
3,898 |
|
|
|
6,577 |
|
Other |
|
|
420 |
|
|
|
1,634 |
|
|
|
1,871 |
|
|
|
3,214 |
|
Selling, general and
administrative |
|
|
8,870 |
|
|
|
16,506 |
|
|
|
26,064 |
|
|
|
32,958 |
|
Depreciation and
amortization |
|
|
3,833 |
|
|
|
3,695 |
|
|
|
7,653 |
|
|
|
7,298 |
|
Other operating items,
net |
|
|
1,157 |
|
|
|
188 |
|
|
|
2,462 |
|
|
|
624 |
|
Total operating expenses |
|
|
20,637 |
|
|
|
51,128 |
|
|
|
69,537 |
|
|
|
101,147 |
|
(Loss) income from operations |
|
|
(5,481 |
) |
|
|
11,633 |
|
|
|
(3,370 |
) |
|
|
20,354 |
|
|
|
|
|
|
|
|
|
|
(Loss) income before income taxes |
|
|
(5,481 |
) |
|
|
11,633 |
|
|
|
(3,370 |
) |
|
|
20,354 |
|
Benefit (provision) for income
taxes |
|
|
1,134 |
|
|
|
(2,354 |
) |
|
|
1,043 |
|
|
|
(4,060 |
) |
Net (loss) income |
|
($4,347 |
) |
|
$9,279 |
|
|
($2,327 |
) |
|
$16,294 |
|
|
|
|
|
|
|
|
|
|
(Losses) earnings per share of
common stock |
|
|
|
|
|
|
|
|
Basic |
|
$ (0.24 |
) |
|
$ 0.52 |
|
|
$ (0.13 |
) |
|
$ 0.91 |
|
Diluted |
|
$ (0.24 |
) |
|
$ 0.50 |
|
|
$ (0.13 |
) |
|
$ 0.88 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of common
shares and potential common shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
18,181 |
|
|
|
17,997 |
|
|
|
18,169 |
|
|
|
17,967 |
|
Diluted |
|
|
18,181 |
|
|
|
18,666 |
|
|
|
18,169 |
|
|
|
18,643 |
|
MONARCH CASINO & RESORT, INC. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEET |
(In thousands, except per share data) |
|
|
|
June 30, 2020 |
|
December 31, 2019 |
ASSETS |
|
(unaudited) |
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
38,320 |
|
|
$ |
60,539 |
|
Receivables, net |
|
|
5,751 |
|
|
|
5,458 |
|
Income taxes
receivable |
|
|
1,228 |
|
|
|
185 |
|
Inventories |
|
|
6,994 |
|
|
|
6,735 |
|
Prepaid expenses |
|
|
4,323 |
|
|
|
6,238 |
|
Total current assets |
|
|
56,616 |
|
|
|
79,155 |
|
Property and equipment |
|
|
|
|
Land |
|
|
30,769 |
|
|
|
30,769 |
|
Land improvements |
|
|
7,842 |
|
|
|
7,842 |
|
Buildings |
|
|
193,235 |
|
|
|
193,235 |
|
Buildings
improvements |
|
|
31,984 |
|
|
|
31,986 |
|
Furniture and
equipment |
|
|
149,718 |
|
|
|
152,461 |
|
Construction in
progress |
|
|
304,448 |
|
|
|
285,789 |
|
Right of use assets |
|
|
15,167 |
|
|
|
15,574 |
|
Leasehold
improvements |
|
|
3,848 |
|
|
|
3,848 |
|
|
|
|
737,011 |
|
|
|
721,504 |
|
Less accumulated
depreciation and amortization |
|
|
(224,871 |
) |
|
|
(220,021 |
) |
Net property and equipment |
|
|
512,140 |
|
|
|
501,483 |
|
Other assets |
|
|
|
|
Goodwill |
|
|
25,111 |
|
|
|
25,111 |
|
Intangible assets,
net |
|
|
955 |
|
|
|
1,538 |
|
Deferred income taxes |
|
|
2,683 |
|
|
|
2,683 |
|
Other assets, net |
|
|
- |
|
|
|
908 |
|
Total other assets |
|
|
28,749 |
|
|
|
30,240 |
|
Total assets |
|
$ |
597,505 |
|
|
$ |
610,878 |
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Current maturities of
long-term debt |
|
$ |
25,000 |
|
|
$ |
20,000 |
|
Accounts payable |
|
|
6,591 |
|
|
|
17,037 |
|
Construction accounts
payable |
|
|
3,100 |
|
|
|
7,528 |
|
Accrued expenses |
|
|
25,528 |
|
|
|
34,109 |
|
Short-term lease
liability |
|
|
788 |
|
|
|
791 |
|
Total current liabilities |
|
|
61,007 |
|
|
|
79,465 |
|
Long-term lease liability |
|
|
14,392 |
|
|
|
14,797 |
|
Long-term debt, net |
|
|
181,684 |
|
|
|
175,415 |
|
Total liabilities |
|
|
257,083 |
|
|
|
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; 18,189,562 outstanding at June 30,
2020; |
|
|
|
|
18,141,383 outstanding at December 31, 2019 |
|
|
|
|
Additional paid-in
capital |
|
|
36,089 |
|
|
|
35,215 |
|
Treasury stock, 906,738
shares at June 30, 2020; 954,917 shares at |
|
|
(12,103 |
) |
|
|
(12,777 |
) |
December 31, 2019 |
|
|
|
|
Retained earnings |
|
|
316,245 |
|
|
|
318,572 |
|
Total stockholders' equity |
|
|
340,422 |
|
|
|
341,201 |
|
Total liabilities and stockholders' equity |
|
$ |
597,505 |
|
|
$ |
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 (loss) income, a GAAP
financial
measure:
|
Three Months EndedJune 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Adjusted EBITDA (1) |
$490 |
|
|
$16,519 |
|
|
$8,599 |
|
|
$30,194 |
|
Expenses: |
|
|
|
|
|
|
|
Stock based compensation |
(981 |
) |
|
(1,003 |
) |
|
(1,854 |
) |
|
(1,918 |
) |
Depreciation and amortization |
(3,833 |
) |
|
(3,695 |
) |
|
(7,653 |
) |
|
(7,298 |
) |
Benefit (provision) for income taxes |
1,134 |
|
|
(2,354 |
) |
|
1,043 |
|
|
(4,060 |
) |
Pre-opening expenses (2) |
(236 |
) |
|
(188 |
) |
|
(990 |
) |
|
(624 |
) |
Construction litigation expenses (2) |
(177 |
) |
|
- |
|
|
(332 |
) |
|
- |
|
COVID-19 expenses (2) (3) |
(288 |
) |
|
- |
|
|
(288 |
) |
|
- |
|
CO legislation lobbying expenses (2) |
(450 |
) |
|
- |
|
|
(847 |
) |
|
- |
|
Gain on disposition of assets (2) |
(6 |
) |
|
- |
|
|
(5 |
) |
|
- |
|
Net (loss) income |
($4,347 |
) |
|
$9,279 |
|
|
($2,327 |
) |
|
$16,294 |
|
(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” in the Consolidated Statement of
Income.(3) Includes equipment and supplies directly attributable to
the pandemic for reopening of properties; such expenses are
incremental to normal operations.
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