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Monarch Casino & Resort, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $137.9 million from $132.9 million in the same quarter the previous year. The increase is attributed to growth in casino revenue and hotel revenue.
Casino revenue for the quarter increased to $76.3 million from $73.8 million in the previous year, driven by an increase in market share at Monarch Black Hawk.
Hotel revenue increased to $21.6 million from $20.6 million, primarily due to an increase in average daily rate and occupancy.
Net income for the quarter was $27.6 million, up from $24.2 million in the previous year. Earnings per diluted share increased to $1.47 from $1.23.
Cash provided by operating activities was $102.9 million for the nine months ended September 30, 2024, while cash used in investing and financing activities was $34.4 million and $72.5 million, respectively.
Monarch had a working capital of $68.3 million as of September 30, 2024. The company continues to focus on upgrading its facilities and maintaining a high-quality product for its guests.
The filing also details ongoing legal proceedings related to construction litigation at Monarch Black Hawk, with trial dates set and expenses recognized.
Monarch announced a cash dividend of $0.30 per share for the quarter, with a total of $0.90 per share paid for the nine months ended September 30, 2024.
The company repurchased 131,285 shares of its common stock during the quarter, with an authorization to purchase up to 1,950,040 shares remaining under the repurchase plan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Monarch Casino & Resort Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.