Monarch Casino & Resort reported record third-quarter revenue and adjusted EBITDA, with modest year-over-year growth in both measures. The Reno-based casino operator also declared a $0.30-per-share cash dividend payable in December.
Results for the quarter ended Sept. 30 showed higher revenue from casino, food and beverage, and hotel operations. Net income and earnings per share also increased, while selling, general and administrative costs rose.
Key details
- Quarterly results: Net revenue rose 2.4% to $146.3 million from $142.8 million a year earlier. Adjusted EBITDA increased 2.1% to $56.0 million, and net income rose 1.4% to $32.0 million.
- Earnings per share: Basic EPS was $1.80, up 4.0%; diluted EPS was $1.76, up 4.1%.
- Revenue by category: Casino revenue grew 3.4% year over year. Food and beverage revenue increased 1.3%, and hotel revenue rose 0.9%.
- Profitability and costs: The adjusted EBITDA margin was 38.3%, described by the company as near record levels. Selling, general and administrative expense increased to $29.0 million from $27.5 million, or 19.8% of revenue versus 19.3% a year earlier. Monarch attributed the increase primarily to higher legal and employee-related costs. Casino operating expense as a share of casino revenue was unchanged.
- Nine-month performance: For the first nine months of 2026, revenue rose 5.0% to $425.4 million. Net income increased 17.4% to $92.1 million, adjusted EBITDA grew 7.3% to $158.0 million, and diluted EPS rose 21.1% to $5.06.
- Dividend: Monarch declared a cash dividend of $0.30 per share, payable Dec. 15 to shareholders of record on Dec. 1.
- Share repurchases and cash: During the third quarter, the company repurchased 300,859 shares for $37 million and returned $5.3 million to shareholders through its quarterly dividend. It ended the quarter with $137.4 million in cash.
- Stated priorities: The company said it remains focused on operational efficiency and on technology and other capital investments at its two properties.
The quarter’s revenue growth came across all three reported operating categories, while higher legal and employee-related expenses contributed to a faster rise in overhead costs. The announced dividend adds to Monarch’s recent capital returns through both dividends and share repurchases.