Monarch Casino & Resort, Inc. (MCRI) 10-Year Financial Performance & Capital Metrics

MCRI • • Industrial / General

Consumer CyclicalCasinos & GamingRegional & Local CasinosLocal Market Casino Operators

AboutMonarch Casino & Resort, Inc., through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. The company also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. As of December 31, 2021, its Atlantis Casino Resort Spa featured approximately 61,000 square feet of casino space; 818 guest rooms and suites; 8 food outlets; 2 gourmet coffee and pastry bars; a 30,000 square-foot health spa and salon with an enclosed pool; 2 retail outlets offering clothing and 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 company's Atlantis Casino Resort Spa also featured approximately 1,400 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. In addition, its Monarch Casino Resort Spa Black Hawk featured approximately 60,000 square feet of casino space; approximately 1,100 slot machines; approximately 40 table games; 10 bars and lounges; 4 dining options; 516 guest rooms and suites; banquet and meeting room space; a retail store; a concierge lounge; an upscale spa and pool facility; and a nine-story parking structure with approximately 1,350 spaces, as well as valet parking with a total parking capacity to approximately 1,500 spaces. The company was founded in 1972 and is based in Reno, Nevada.Show more

Revenue $522M +4.1%
EBITDA $144M -8.6%
Net Income $73M -11.7%
EPS (Diluted) 3.84 -8.6%
Gross Margin 53.78% +0.2%
EBITDA Margin 27.55% -12.3%
Operating Margin 17.71% -19.4%
Net Margin 13.94% -15.2%
ROE 14.12% -9.9%
ROIC 14.4% -11.9%
Debt/Equity 0.03 -31.7%
Interest Coverage 889.45 +1212.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 18.0%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 17.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.9%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.77%

5Y15.95%

3Y9.72%

TTM4.61%

Profit (Net Income) CAGR

10Y17.76%

5Y17.99%

3Y2.04%

TTM-4.73%

EPS CAGR

10Y16.55%

5Y17.7%

3Y2.85%

TTM22.57%

ROCE

10Y Avg14.25%

5Y Avg15%

3Y Avg18.68%

Latest16.78%

Peer Comparison

Local Market Casino Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CPHCCanterbury Park Holding Corporation	77.56M	15.21	36.21	0.2%	-2.34%	-1.65%		0.00
RRRRed Rock Resorts, Inc.	3.81B	63.56	25.12	12.47%	9.52%	57.42%	6.54%	11.22
MCRIMonarch Casino & Resort, Inc.	1.68B	92.17	24.00	4.13%	15.32%	14.8%	5.55%	0.03
CNTYCentury Casinos, Inc.	49.17M	1.67	-0.40	4.67%	-18.92%	-8.77%		12.96
FLLFull House Resorts, Inc.	92.47M	2.56	-2.21	21.16%	-13.38%	-7.01%		13.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	202.25M	217.03M	230.73M	240.31M	249.17M	184.41M	395.38M	477.87M	501.48M	522.19M
Revenue Growth %	0.08%	0.07%	0.06%	0.04%	0.04%	-0.26%	1.14%	0.21%	0.05%	0.04%
Cost of Goods Sold+	98.97M	105.24M	112.2M	117.06M	122.29M	84.71M	177.72M	218.28M	232.3M	241.37M
COGS % of Revenue	0.49%	0.48%	0.49%	0.49%	0.49%	0.46%	0.45%	0.46%	0.46%	0.46%
Gross Profit+	103.28M	111.79M	118.52M	123.26M	126.87M	99.7M	217.66M	259.59M	269.18M	280.82M
Gross Margin %	0.51%	0.52%	0.51%	0.51%	0.51%	0.54%	0.55%	0.54%	0.54%	0.54%
Gross Profit Growth %	0.08%	0.08%	0.06%	0.04%	0.03%	-0.21%	1.18%	0.19%	0.04%	0.04%
Operating Expenses+	70.71M	72.56M	77.85M	80.42M	87.3M	84.43M	127.78M	148.15M	159.02M	188.31M
OpEx % of Revenue	0.35%	0.33%	0.34%	0.33%	0.35%	0.46%	0.32%	0.31%	0.32%	0.36%
Selling, General & Admin	54.78M	57.73M	62.72M	65.8M	69.31M	60.4M	84.43M	97.6M	105.82M	108.29M
SG&A % of Revenue	0.27%	0.27%	0.27%	0.27%	0.28%	0.33%	0.21%	0.2%	0.21%	0.21%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	15.93M	14.84M	15.13M	14.62M	17.99M	24.04M	43.36M	50.55M	53.2M	80.03M
Operating Income+	32.55M	38.55M	40.67M	42.83M	39.58M	15.27M	89.88M	111.44M	110.15M	92.5M
Operating Margin %	0.16%	0.18%	0.18%	0.18%	0.16%	0.08%	0.23%	0.23%	0.22%	0.18%
Operating Income Growth %	0.47%	0.18%	0.05%	0.05%	-0.08%	-0.61%	4.89%	0.24%	-0.01%	-0.16%
EBITDA+	48.49M	53.38M	55.8M	57.44M	54.45M	32.59M	128.29M	154.88M	157.45M	143.86M
EBITDA Margin %	0.24%	0.25%	0.24%	0.24%	0.22%	0.18%	0.32%	0.32%	0.31%	0.28%
EBITDA Growth %	0.21%	0.1%	0.05%	0.03%	-0.05%	-0.4%	2.94%	0.21%	0.02%	-0.09%
D&A (Non-Cash Add-back)	15.93M	14.84M	15.13M	14.62M	14.88M	17.32M	38.41M	43.44M	47.29M	51.36M
EBIT	32.56M	39.23M	40.67M	42.83M	39.58M	15.27M	89.88M	111.44M	110.15M	92.5M
Net Interest Income+	-679K	-616K	-967K	-177K	1K	-273K	-4.51M	-2.42M	-1.63M	-104K
Interest Income	0	0	0	0	1K	0	0	0	0	0
Interest Expense	679K	616K	967K	177K	0	273K	4.51M	2.42M	1.63M	104K
Other Income/Expense	-679K	-616K	-967K	-177K	1K	-273K	-4.51M	-2.42M	-1.63M	-104K
Pretax Income+	31.88M	37.93M	39.7M	42.65M	39.58M	15M	85.37M	109.02M	108.53M	92.4M
Pretax Margin %	0.16%	0.17%	0.17%	0.18%	0.16%	0.08%	0.22%	0.23%	0.22%	0.18%
Income Tax+	11.22M	13.36M	14.16M	8.55M	7.76M	-8.68M	16.88M	21.54M	26.08M	19.63M
Effective Tax Rate %	0.65%	0.65%	0.64%	0.8%	0.8%	1.58%	0.8%	0.8%	0.76%	0.79%
Net Income+	20.66M	24.57M	25.54M	34.1M	31.82M	23.68M	68.49M	87.48M	82.45M	72.77M
Net Margin %	0.1%	0.11%	0.11%	0.14%	0.13%	0.13%	0.17%	0.18%	0.16%	0.14%
Net Income Growth %	0.46%	0.19%	0.04%	0.34%	-0.07%	-0.26%	1.89%	0.28%	-0.06%	-0.12%
Net Income (Continuing)	20.66M	24.57M	25.54M	34.1M	31.82M	23.68M	68.49M	87.48M	82.45M	72.77M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.19	1.39	1.39	1.84	1.70	1.25	3.53	4.47	4.20	3.84
EPS Growth %	0.43%	0.17%	0%	0.32%	-0.08%	-0.26%	1.82%	0.27%	-0.06%	-0.09%
EPS (Basic)	1.22	1.42	1.45	1.91	1.77	1.30	3.68	4.61	4.28	3.91
Diluted Shares Outstanding	17.34M	17.66M	18.37M	18.57M	18.68M	18.88M	19.43M	19.58M	19.62M	18.97M
Basic Shares Outstanding	16.95M	17.3M	17.59M	17.85M	18.02M	18.22M	18.62M	19M	19.24M	18.61M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	1.37%	0.31%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	31.79M	39.41M	46.03M	46.68M	79.16M	73.16M	84.06M	89.43M	74.97M	90.42M
Cash & Short-Term Investments	21.16M	26.38M	29.15M	30.46M	60.54M	28.31M	33.53M	38.78M	43.36M	58.76M
Cash Only	21.16M	26.38M	29.15M	30.46M	60.54M	28.31M	33.53M	38.78M	43.36M	58.76M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	4.34M	5.44M	8.93M	7.02M	5.64M	3.1M	5.45M	7.25M	13M	11.78M
Days Sales Outstanding	7.83	9.16	14.13	10.66	8.27	6.14	5.03	5.54	9.46	8.23
Inventory	2.88M	3.1M	3.33M	3.69M	6.74M	7.82M	7.16M	7.56M	7.61M	9.3M
Days Inventory Outstanding	10.63	10.74	10.85	11.51	20.1	33.71	14.7	12.64	11.96	14.06
Other Current Assets	0	0	0	0	0	25.53M	30.38M	27.3M	0	0
Total Non-Current Assets+	243.06M	255.75M	286.06M	408.45M	537.49M	598.72M	606.39M	603.51M	605.91M	601.16M
Property, Plant & Equipment	203.15M	214.9M	250.71M	374.32M	501.48M	572.51M	580.81M	578.05M	580.5M	575.29M
Fixed Asset Turnover	1.00x	1.01x	0.92x	0.64x	0.50x	0.32x	0.68x	0.83x	0.86x	0.91x
Goodwill	25.11M	25.11M	25.11M	25.11M	25.11M	25.11M	25.11M	25.11M	25.11M	25.11M
Intangible Assets	6.2M	5.04M	3.87M	2.7M	1.54M	973K	477K	352K	299K	345K
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.18M	3.35M	2.82M	2.28M	908K	130K	0	0	0	418K
Total Assets+	274.85M	295.17M	332.09M	455.13M	616.65M	671.88M	690.46M	692.94M	680.87M	691.58M
Asset Turnover	0.74x	0.74x	0.69x	0.53x	0.40x	0.27x	0.57x	0.69x	0.74x	0.76x
Asset Growth %	0.09%	0.07%	0.13%	0.37%	0.35%	0.09%	0.03%	0%	-0.02%	0.02%
Total Current Liabilities+	70.93M	35.12M	39.41M	59.45M	79.47M	109.44M	141.18M	117.74M	123.37M	146.46M
Accounts Payable	6.75M	8.72M	8.18M	11.18M	24.57M	11.65M	18.57M	14.42M	23.09M	41.24M
Days Payables Outstanding	24.88	30.24	26.62	34.87	73.32	50.22	38.15	24.11	36.28	62.37
Short-Term Debt	40.9M	0	0	0	20.79M	12.5M	20M	6.69M	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	11.72M	18.06M	21.39M	39.62M	22.34M	49.77M	58.89M	49.96M	84.94M	0
Current Ratio	0.45x	1.12x	1.17x	0.79x	1.00x	0.67x	0.60x	0.76x	0.61x	0.62x
Quick Ratio	0.41x	1.03x	1.08x	0.72x	0.91x	0.60x	0.54x	0.70x	0.55x	0.55x
Cash Conversion Cycle	-6.43	-10.35	-1.64	-12.69	-44.95	-10.38	-18.42	-5.93	-14.86	-40.08
Total Non-Current Liabilities+	47.65M	26.2M	26.2M	94.5M	195.98M	194.37M	101.27M	36.24M	44.37M	27.37M
Long-Term Debt	0	26.2M	26.2M	94.5M	175.41M	167.16M	68.15M	0	5.5M	0
Capital Lease Obligations	0	0	0	0	14.8M	13.98M	13.5M	13.23M	14.02M	13.14M
Deferred Tax Liabilities	0	3.83M	2.11M	1.95M	5.77M	0	0	0	23.08M	13.35M
Other Non-Current Liabilities	0	0	0	0	0	13.22M	19.62M	23.02M	1.76M	881K
Total Liabilities	70.93M	61.32M	65.61M	153.94M	275.45M	303.81M	242.44M	153.99M	167.73M	173.84M
Total Debt+	40.9M	26.2M	26.2M	94.5M	211M	194.46M	102.39M	20.56M	20.42M	14.06M
Net Debt	19.74M	-183K	-2.95M	64.04M	150.46M	166.15M	68.87M	-18.22M	-22.94M	-44.7M
Debt / Equity	0.20x	0.11x	0.10x	0.31x	0.62x	0.53x	0.23x	0.04x	0.04x	0.03x
Debt / EBITDA	0.84x	0.49x	0.47x	1.65x	3.88x	5.97x	0.80x	0.13x	0.13x	0.10x
Net Debt / EBITDA	0.41x	-0.00x	-0.05x	1.11x	2.76x	5.10x	0.54x	-0.12x	-0.15x	-0.31x
Interest Coverage	47.95x	62.58x	42.05x	241.95x	-	55.94x	19.95x	46.05x	67.79x	889.45x
Total Equity+	203.92M	233.84M	266.47M	301.18M	341.2M	368.07M	448.01M	538.95M	513.14M	517.75M
Equity Growth %	0.15%	0.15%	0.14%	0.13%	0.13%	0.08%	0.22%	0.2%	-0.05%	0.01%
Book Value per Share	11.76	13.24	14.51	16.22	18.26	19.50	23.06	27.53	26.16	27.29
Total Shareholders' Equity	203.92M	233.84M	266.47M	301.18M	341.2M	368.07M	448.01M	538.95M	513.14M	517.75M
Common Stock	191K	191K	191K	191K	191K	191K	191K	191K	191K	193K
Retained Earnings	207.4M	231.98M	257.52M	286.76M	318.57M	342.25M	410.74M	498.22M	467.85M	518.35M
Treasury Stock	-26.4M	-22.16M	-18.12M	-15.88M	-12.78M	-8.87M	-4.34M	-170K	-3.72M	-63.69M
Accumulated OCI	-3.48M	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	38.24M	43.73M	49.45M	58.76M	63.25M	31.44M	128.1M	139.77M	173.05M	140.71M
Operating CF Margin %	0.19%	0.2%	0.21%	0.24%	0.25%	0.17%	0.32%	0.29%	0.35%	0.27%
Operating CF Growth %	0.22%	0.14%	0.13%	0.19%	0.08%	-0.5%	3.07%	0.09%	0.24%	-0.19%
Net Income	20.66M	24.57M	25.54M	34.1M	31.82M	23.68M	68.49M	87.48M	82.45M	72.77M
Depreciation & Amortization	15.93M	14.84M	15.13M	14.62M	14.88M	17.32M	38.41M	43.43M	47.29M	51.36M
Stock-Based Compensation	1.54M	1.68M	7.09M	5.47M	8.2M	0	0	5.17M	7.48M	7.86M
Deferred Taxes	-241K	798K	3.81M	-483K	1.34M	15.77M	6.53M	3.4M	68K	-9.74M
Other Non-Cash Items	-296K	424K	645K	643K	727K	4.93M	5.43M	1.64M	699K	89K
Working Capital Changes	642K	1.42M	-2.76M	4.41M	6.28M	-30.27M	9.24M	-1.35M	35.06M	18.37M
Change in Receivables	-922K	-1.38M	-1.99M	92K	1.09M	-23.15M	-7.44M	-840K	21.36M	982K
Change in Inventory	-35K	-216K	-238K	-357K	-3.04M	-1.09M	664K	-399K	-56K	-1.68M
Change in Payables	-1.19M	1.97M	-431K	3M	5.86M	-5.38M	6.92M	-4.16M	8.67M	18.15M
Cash from Investing+	-38.02M	-24.89M	-46.69M	-125.75M	-134.92M	-46.39M	-37.79M	-47.97M	-51.23M	-43.79M
Capital Expenditures	-37.68M	-26.12M	-49.99M	-137.07M	-125.37M	-88.67M	-46.93M	-39.48M	-49.01M	0
CapEx % of Revenue	0.19%	0.12%	0.22%	0.57%	0.5%	0.48%	0.12%	0.08%	0.1%	0.09%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-349K	1.23M	3.3M	11.33M	-9.62M	42.24M	9.12M	-8.93M	-2.22M	-43.79M
Cash from Financing+	-635K	-13.62M	-13.62M	68.3M	101.75M	-17.28M	-85.1M	-86.54M	-117.24M	-81.53M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	-112.82M	-22.27M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	4.76M	1.08M	0	0	0	-4.43M	-730K	-6.88M	2.11M	-2.01M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	565K	17.61M	-536K	-78.32M	-62.12M	-57.22M	81.17M	100.29M	124.04M	93.28M
FCF Margin %	0%	0.08%	-0%	-0.33%	-0.25%	-0.31%	0.21%	0.21%	0.25%	0.18%
FCF Growth %	-0.94%	30.16%	-1.03%	-145.12%	0.21%	0.08%	2.42%	0.24%	0.24%	-0.25%
FCF per Share	0.03	1.00	-0.03	-4.22	-3.32	-3.03	4.18	5.12	6.32	4.92
FCF Conversion (FCF/Net Income)	1.85x	1.78x	1.94x	1.72x	1.99x	1.33x	1.87x	1.60x	2.10x	1.93x
Interest Paid	374K	206K	426K	186K	0	0	0	1.45M	1.97M	986K
Taxes Paid	10.93M	12.38M	11.95M	7.3M	6.32M	0	0	15.62M	25.63M	29.76M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.85%	11.23%	10.21%	12.01%	9.91%	6.68%	16.78%	17.73%	15.67%	14.12%
Return on Invested Capital (ROIC)	11.48%	12.64%	12.27%	10.22%	6.93%	2.23%	12.83%	16.11%	16.34%	14.4%
Gross Margin	51.06%	51.51%	51.37%	51.29%	50.92%	54.06%	55.05%	54.32%	53.68%	53.78%
Net Margin	10.21%	11.32%	11.07%	14.19%	12.77%	12.84%	17.32%	18.31%	16.44%	13.94%
Debt / Equity	0.20x	0.11x	0.10x	0.31x	0.62x	0.53x	0.23x	0.04x	0.04x	0.03x
Interest Coverage	47.95x	62.58x	42.05x	241.95x	-	55.94x	19.95x	46.05x	67.79x	889.45x
FCF Conversion	1.85x	1.78x	1.94x	1.72x	1.99x	1.33x	1.87x	1.60x	2.10x	1.93x
Revenue Growth	7.71%	7.31%	6.31%	4.16%	3.68%	-25.99%	114.4%	20.86%	4.94%	4.13%

Revenue by Segment

	2012	2013	2020	2021	2022	2023	2024
Casino	-	-	111.55M	233.41M	270.76M	282.29M	293.81M
Casino Growth	-	-	-	109.25%	16.00%	4.26%	4.08%
Food and beverage	-	-	-	91.08M	117.16M	126.63M	127.47M
Food and beverage Growth	-	-	-	-	28.63%	8.08%	0.67%
Hotel	-	-	-	54.37M	71.18M	70.99M	76.36M
Hotel Growth	-	-	-	-	30.91%	-0.27%	7.57%
Other	-	-	-	16.51M	18.78M	21.57M	24.54M
Other Growth	-	-	-	-	13.74%	14.87%	13.77%
Food And Beverage	-	-	43.16M	-	-	-	-
Food And Beverage Growth	-	-	-	-	-	-	-
Occupancy	-	-	20.13M	-	-	-	-
Occupancy Growth	-	-	-	-	-	-	-
Hotel Other	-	-	9.57M	-	-	-	-
Hotel Other Growth	-	-	-	-	-	-	-
Atlantis	140.93M	141.3M	-	-	-	-	-
Atlantis Growth	-	0.26%	-	-	-	-	-
Riviera Black Hawk Inc	29.43M	47.45M	-	-	-	-	-
Riviera Black Hawk Inc Growth	-	61.24%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Monarch Casino & Resort, Inc. (MCRI) has a price-to-earnings (P/E) ratio of 24.0x. This is roughly in line with market averages.

Growth & Financials

Monarch Casino & Resort, Inc. (MCRI) reported $539.6M in revenue for fiscal year 2024. This represents a 284% increase from $140.6M in 2011.

Monarch Casino & Resort, Inc. (MCRI) grew revenue by 4.1% over the past year. Growth has been modest.

Yes, Monarch Casino & Resort, Inc. (MCRI) is profitable, generating $82.7M in net income for fiscal year 2024 (13.9% net margin).

Dividend & Returns

Yes, Monarch Casino & Resort, Inc. (MCRI) pays a dividend with a yield of 1.27%. This makes it attractive for income-focused investors.

Monarch Casino & Resort, Inc. (MCRI) has a return on equity (ROE) of 14.1%. This is reasonable for most industries.

Monarch Casino & Resort, Inc. (MCRI) generated $122.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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