Monarch Casino Q3 net income falls 12.1% as revenue dips 0.6%
Monarch Casino & Resort reported third-quarter 2023 net revenue of $133.0 million, down 0.6% from a year earlier, and net income of $24.2 million, down 12.1%. Diluted EPS fell to $1.23 from $1.41, and the company also declared a $0.30 per share cash dividend payable December 15, 2023. Lower quarterly profit matters to shareholders, and the company's construction litigation with PCL Construction Services continues to add legal and consulting costs.
- Q3 net revenue $133.0 million vs. $133.7 million a year earlier; net income $24.2 million vs. $27.5 million
- Diluted EPS $1.23 vs. $1.41, down 12.8%; Adjusted EBITDA $49.2 million, down 4.8%
- Cash dividend of $0.30 per share payable December 15, 2023, to holders of record on December 1, 2023
- Construction litigation with PCL Construction Services cost $2.9 million in Q3; trial set to resume November 20, 2023