c
United States
Securities and Exchange Commission
Washington, D.C. 20549
Form
For the quarterly period ended
OR
For the transition period from to .
Commission File No.
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction of | (I.R.S. Employer | |
Incorporation or Organization) | Identification No.) | |
(Address of Principal Executive Offices) | (ZIP Code) |
Registrant’s telephone number, including area code: (
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Accelerated filer ◻ | Non-accelerated filer ◻ | ||
Smaller reporting company | Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
TABLE OF CONTENTS
2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three months ended | ||||||
March 31, | ||||||
2024 |
| 2023 |
| |||
Revenues | ||||||
Casino | $ | | $ | | ||
Food and beverage | | | ||||
Hotel | | | ||||
Other | | | ||||
Net revenues | | | ||||
Operating expenses | ||||||
Casino | | | ||||
Food and beverage | | | ||||
Hotel | | | ||||
Other | | | ||||
Selling, general and administrative | | | ||||
Depreciation and amortization | | | ||||
Other operating items, net | | | ||||
Total operating expenses | | | ||||
Income from operations | | | ||||
Other income (expense) | ||||||
Interest income (expense), net | | ( | ||||
Income before income taxes | | | ||||
Provision for income taxes | ( | ( | ||||
Net income | $ | | $ | | ||
Earnings per share of common stock | ||||||
Net income | ||||||
Basic | $ | | $ | | ||
Diluted | $ | | $ | | ||
Weighted average number of common shares and potential common shares outstanding | ||||||
Basic | | | ||||
Diluted | | |
The Notes to the Consolidated Financial Statements are an integral part of these statements.
3
MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except shares)
| March 31, 2024 |
| December 31, 2023 |
| |||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | |
| $ | | ||
Receivables, net | |
| | ||||
Income taxes receivable | — |
| | ||||
Inventories | |
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Prepaid expenses | |
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Total current assets |
| |
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Property and equipment, net |
| |
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Goodwill |
| |
| | |||
Intangible assets, net |
| |
| | |||
Total assets | $ | |
| $ | | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Current maturities of long-term debt, net | $ | | $ | — | |||
Accounts payable | |
| | ||||
Construction accounts payable | | | |||||
Accrued expenses |
| |
| | |||
Income taxes payable | | — | |||||
Short-term lease liability | | | |||||
Total current liabilities |
| |
| |
| ||
Deferred income taxes | | | |||||
Long-term lease liability | | | |||||
Long-term debt |
| — |
| | |||
Other long-term liability | | | |||||
Total liabilities |
| |
| | |||
Stockholders’ equity |
| ||||||
Preferred stock, $ |
| ||||||
Common stock, $ | | | |||||
Additional paid-in capital |
| |
| | |||
Treasury stock, | ( | ( | |||||
Retained earnings |
| |
| | |||
Total stockholders’ equity |
| |
| | |||
Total liabilities and stockholders’ equity | $ | |
| $ | |
The Notes to the Consolidated Financial Statements are an integral part of these statements.
4
MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In thousands, except shares, Unaudited)
Common Stock | Additional | |||||||||||||||||
Shares | Paid-in | Retained | Treasury | |||||||||||||||
| Outstanding |
| Amount |
| Capital |
| Earnings |
| Stock |
| Total | |||||||
Balance, January 1, 2024 |
| |
| $ | |
| $ | |
| $ | |
| $ | ( |
| $ | | |
Exercise of stock options, net |
| | |
| |
| — |
| — | | ||||||||
Stock-based compensation expense |
| — |
| — |
| |
| — |
| — |
| | ||||||
Purchase of company common stock | ( | — | — | — | ( | ( | ||||||||||||
Dividend payment | — | — | — | ( | — | ( | ||||||||||||
Net income |
| — |
| — |
| — |
| |
| — |
| | ||||||
Balance, March 31, 2024 | |
| $ | |
| $ | |
| $ | |
| $ | ( |
| $ | |
Common Stock | Additional | |||||||||||||||||
Shares | Paid-in | Retained | Treasury | |||||||||||||||
| Outstanding |
| Amount |
| Capital |
| Earnings |
| Stock |
| Total | |||||||
Balance, January 1, 2023 |
| |
| $ | |
| $ | |
| $ | |
| $ | ( |
| $ | | |
Exercise of stock options, net |
| | — |
| |
| — |
| | | ||||||||
Stock-based compensation expense | — | — | | — | — | | ||||||||||||
Dividend payment | — | — | — | ( | — | ( | ||||||||||||
Net income | — |
| — |
| — |
| |
| — |
| | |||||||
Balance, March 31, 2023 |
| |
| $ | |
| $ | |
| $ | |
| $ | ( |
| $ | |
The Notes to the Consolidated Financial Statements are an integral part of these statements.
5
MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, Unaudited)
Three Months Ended March 31, | |||||||
| 2024 |
| 2023 |
| |||
Cash flows from operating activities: | |||||||
Net income | $ | |
| $ | | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization |
| |
| | |||
Amortization of deferred loan costs |
| — |
| | |||
Stock-based compensation - stock options |
| |
| | |||
Provision for bad debts |
| |
| | |||
(Gain) loss on disposition of assets |
| ( |
| — | |||
Non-cash operating lease expense | | | |||||
Changes in operating assets and liabilities: | |||||||
Receivables | | | |||||
Income taxes receivable | | | |||||
Inventories | | | |||||
Prepaid expenses | | | |||||
Accounts payable |
| ( |
| | |||
Accrued expenses |
| ( |
| ( | |||
Net cash provided by operating activities |
| |
| | |||
Cash flows from investing activities: | |||||||
Proceeds from sale of assets |
| |
| — | |||
Change in construction accounts payable | ( | ( | |||||
Acquisition of property and equipment | ( | ( | |||||
Net cash used in investing activities |
| ( |
| ( | |||
Cash flows from financing activities: | |||||||
Payroll taxes from net exercise of stock options |
| ( |
| ( | |||
Proceeds from exercise of stock options | | | |||||
Line-of-credit borrowings | | | |||||
Line-of-credit payments | ( | ( | |||||
Principal payments on long-term debt |
| — |
| ( | |||
Payment of dividends | ( | ( | |||||
Purchase of company common stock | ( | — | |||||
Net cash used in financing activities |
| ( |
| ( | |||
Change in cash and cash equivalents |
| ( |
| ( | |||
Cash and cash equivalents at beginning of period |
| |
| | |||
Cash and cash equivalents at end of period | $ | |
| $ | | ||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest | $ | |
| $ | |
The Notes to the Consolidated Financial Statements are an integral part of these statements.
6
MONARCH CASINO & RESORT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
QUARTERLY PERIOD ENDED MARCH 31, 2024
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation:
Monarch Casino & Resort, Inc. was incorporated in 1993. Unless otherwise indicated, “Monarch,” “us,” “we,” and the “Company” refer to Monarch Casino & Resort, Inc. and its subsidiaries. Monarch owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada (the “Atlantis”) and Monarch Casino Resort Spa Black Hawk, a hotel and casino in Black Hawk, Colorado (the “Monarch Black Hawk”). In addition, Monarch owns separate parcels of land located next to the Atlantis and a parcel of land with an industrial warehouse located between Denver, Colorado and Monarch Black Hawk. Monarch also owns Chicago Dogs Eatery, Inc. and Monarch Promotional Association, both of which were formed in relation to licensure requirements for extended hours of liquor operation in Black Hawk, Colorado.
The accompanying unaudited consolidated financial statements include the accounts of Monarch and its subsidiaries (the “Consolidated Financial Statements”). Intercompany balances and transactions are eliminated.
Interim Financial Statements:
The Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the management of the Company, all adjustments considered necessary for a fair presentation, consisting of normal recurring accruals, are reflected in the interim financial statements. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
The balance sheet at December 31, 2023, has been derived from the audited consolidated financial statements of the Company at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023.
Segment Reporting:
The accounting guidance for disclosures about segments of an enterprise and related information requires separate financial information to be disclosed for all operating segments of a business. The Company determined that the Company’s
Concentrations of Credit Risk and Credit Losses:
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of bank deposits and trade receivables.
The Company accounts for credit losses in accordance with ASU 2016-13 using a forward-looking expected loss model.
The Company maintains its surplus cash in bank accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts.
7
The Company extends short-term credit to its gaming customers. Such credit is non-interest bearing and is due on demand. In addition, the Company also has receivables due from hotel guests and convention groups and events, which are primarily secured with a credit card. An allowance for doubtful accounts is determined to reduce the Company’s receivables to their carrying value, which approximates fair value. The allowance is estimated based on historical collection experience, specific review of individual customer accounts, current economic and business conditions and management’s expectations of future economic and business conditions. The allowance is applied even when the risk of credit loss is remote. When a situation warrants, the Company may create a specific identification reserve for high collection risk receivables. The Company writes off its uncollectible receivables once all efforts have been made to collect such receivables. Recoveries of accounts previously written off are recorded when received. Concentrations of credit risk with respect to gaming and non-gaming receivables are limited due to the large number of customers comprising the Company’s customer base. Historically, the Company has not incurred any significant credit-related losses.
As of March 31, 2024, the Company has recorded a reserve of $
The Company believes it is not exposed to any significant credit risk on cash and accounts receivable.
Inventories:
Inventories, consisting primarily of food, beverages, and retail merchandise, are stated at the lower of cost and net realizable value. Cost is determined by the weighted average and specific identification methods. Net realizable value is defined by the Financial Accounting Standards Board (“FASB”) as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.
Property and Equipment, net:
Property and equipment, net consists of the following (in thousands):
| March 31, 2024 |
| December 31, 2023 |
| |||
Land | $ | | $ | | |||
Land improvements |
| |
| | |||
Buildings |
| |
| | |||
Building improvements |
| |
| | |||
Furniture and equipment |
| |
| | |||
Construction in progress |
| |
| | |||
Right of use assets | | | |||||
Leasehold improvements |
| |
| | |||
| |
| | ||||
Less accumulated depreciation and amortization |
| ( |
| ( | |||
Property and equipment, net | $ | | $ | | |||
|
|
Property and equipment are stated at cost, less accumulated depreciation and amortization. Property and equipment is depreciated principally on a straight-line basis over its estimated useful lives as follows:
Land improvements |
| - | years | ||
Buildings |
| - | years | ||
Building improvements |
| - | years | ||
Leasehold improvements | - | years | |||
Furniture |
| - | years | ||
Equipment |
| - | years |
The Company evaluates property and equipment and other long-lived assets for impairment in accordance with the guidance for accounting for the impairment or disposal of long-lived assets.
For assets to be disposed of, the Company recognizes the asset to be sold at the lower of carrying value or fair value less costs of disposal. Fair value for assets to be disposed of is generally estimated based on comparable asset sales, solicited offers or a discounted cash flow model.
8
For assets to be held and used, the Company reviews fixed assets for impairment indicators at the end of the fiscal year and whenever indicators of impairment exist. If an indicator of impairment exists, we compare the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, the impairment is measured based on fair value compared to carrying value, with fair value typically based on a discounted cash flow model or market comparable, when available. For the three-month periods ended March 31, 2024 and 2023, respectively, there were
Goodwill:
The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles-Goodwill and Other (“ASC Topic 350”). ASC Topic 350 gives companies the option to perform a qualitative assessment that may allow them to skip the quantitative test as appropriate. The Company tests its goodwill for impairment annually during the fourth quarter, or whenever events or circumstances make it more likely than not that impairment may have occurred. Impairment testing for goodwill is performed at the reporting unit level, and each of the Company’s casino properties is considered to be a reporting unit.
As of March 31, 2024, we had goodwill totaling $
ASC Topic 350 requires that goodwill be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. We performed an assessment to determine whether events or circumstances such as those described in ASC 350-20-35-3C existed and we determined that they did not exist during the interim period; therefore, an interim impairment test was not performed.
Revenue Recognition:
The majority of the Company’s revenue is recognized when products are delivered or services are performed. For certain revenue transactions (when a patron uses a club loyalty card), in accordance with Accounting Standard Update No. 2014-09 (“ASC 606”), a portion of the revenue is deferred until the points earned by the patron are redeemed or expire.
Casino revenue: Casino revenues represent the net win from gaming activity, which is the difference between the amounts won and lost, which represents the transaction price. Jackpots, other than the incremental amount of progressive jackpots, are recognized at the time they are won by customers. Funds deposited by customers in advance and outstanding chips and slot tickets in the customers’ possession are recognized as a liability until such amounts are redeemed or used in gaming play by the customer. Additionally, net win is reduced by the performance obligations for the players’ club program, progressive jackpots and any pre-arranged marker discounts. Progressive jackpot provisions are recognized in two components: 1) as wagers are made for the share of players’ wagers that are contributed to the progressive jackpot award, and 2) as jackpots are won for the portion of the progressive jackpot award contributed by the Company. Cash discounts and other cash incentives to guests related to gaming play are recorded as a reduction to gaming revenue.
Players’ Club Program: The Company operates a players’ club program under which as players perform gaming activities they earn and accumulate points, which may be redeemed for a variety of goods and services. Given the significance of the players’ club program and the ability for members to bank such points based on their past play, the Company has determined that players’ club program points granted in conjunction with gaming activity constitute a material right and, as such, represent a performance obligation associated with the gaming contracts. At the time points are earned, the Company recognizes deferred revenue at the standalone selling prices (“SSP”) of the goods and services that the points are expected to be redeemed for, with a corresponding decrease in gaming revenue. The points estimated SSP is computed as the cash redemption value of the points expected to be redeemed, which is determined through an analysis of all redemption activity over the preceding
-month period.9
As of March 31, 2024, the Company had estimated the obligations related to the players’ club program at $
Food and Beverage, Hotel and Other (retail) Revenues: Food and Beverage, Hotel and Other Revenues in general are recognized when products are delivered or services are performed. The Company recognizes revenue related to the products and services associated with the players points’ redemptions at the time products are delivered or services are performed, with corresponding reduction in the deferred revenue, at SSP. Other complimentaries in conjunction with the gaming and other business are also valued at SSP. Hotel revenue is presented net of non-third-party rebates and commissions. The cost of providing these complimentary goods and services are included as expenses within their respective categories.
Other Revenues: Other revenues (excluding retail) primarily consist of commissions received on ATM transactions and cash advances, which are recorded on a net basis as the Company represents the agent in its relationship with the third-party service providers, and commissions and fees received in connection with pari-mutuel wagering, which are also recorded on a net basis.
Sales and other taxes: Sales taxes and other taxes collected from customers on behalf of governmental authorities are accounted for on a net basis and are not included in revenues or operating expenses. In addition, tips and other gratuities, excluding service charges, collected from customers on behalf of the Company’s employees are also accounted for on a net basis and are not included in revenues or operating expenses.
Other Operating items, net:
Other operating items, net, in general consist of miscellaneous operating charges or proceeds.
For each of the three months ended March 31, 2024 and 2023, Other operating items, net, was $
Impact of Recently Adopted Accounting Standards:
The Company has evaluated the recently issued or proposed by the FASB or other standards-setting bodies accounting standards and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s Consolidated Financial Statements.
NOTE 2. ACCOUNTING FOR LEASES
For operating leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of the lease payments over the lease term. Certain of the Company’s leases include rental escalation clauses, renewal options and/or termination options that are factored into its determination of lease payments when appropriate. As permitted by ASC 842, the Company elected not to separate non-lease
As of March 31, 2024, the Company’s right of use assets consisted of the Parking Lot Lease, the Driveway Lease (each as defined and discussed in NOTE 5. RELATED PARTY TRANSACTIONS), as well as certain billboard leases.
The weighted-average incremental borrowing rate of the leases presented in the lease liability as of March 31, 2024, was
The weighted-average remaining lease term of the leases presented in the lease liability as of March 31, 2024, was
Cash paid related to the operating leases presented in the lease liability for the three months ended March 31, 2024 and 2023, was $
10
NOTE 3. STOCK-BASED COMPENSATION
In accordance with ASC 718, the Company records any excess tax benefits or deficiencies from its equity awards in its Consolidated Statements of Income in the reporting periods in which vesting occurs. As a result, the Company’s income tax expense and associated effective tax rate are impacted by fluctuations in stock price between the grant dates and vesting dates of equity awards.
Reported stock-based compensation expense was classified as follows (in thousands):
Three months ended | |||||||
March 31, | |||||||
| 2024 |
| 2023 |
| |||
Casino |
| $ | |
| $ | |
|
Food and beverage |
| ( |
| | |||
Hotel |
| |
| | |||
Selling, general and administrative |
| |
| | |||
Total stock-based compensation, before taxes |
| |
| | |||
Tax benefit |
| ( |
| ( | |||
Total stock-based compensation, net of tax |
| $ | |
| $ | |
|
NOTE 4. EARNINGS PER SHARE
Basic earnings per share is computed by dividing reported net earnings by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect the additional dilution for all potentially dilutive securities such as stock options. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations (shares in thousands):
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Per Share | Per Share | ||||||||||
| Shares | Amount | Shares |
| Amount | ||||||
Basic |
| | $ | | |
| $ | | |||
Effect of dilutive stock options |
| |
| ( | |
| ( | ||||
Diluted |
| | $ | | |
| $ | |
Excluded from the computation of diluted earnings per share are options where the exercise prices are greater than the weighted assumed proceeds per share as their effects would be anti-dilutive in the computation of diluted earnings per share. For the three months ended March 31, 2024 and 2023, options for approximately
NOTE 5. RELATED PARTY TRANSACTIONS
The shopping center adjacent to the Atlantis (the “Shopping Center”) is owned by Biggest Little Investments, L.P. (“BLI”). John Farahi and Bob Farahi, Co-Chairmen of the Board and executive officers of the Company, and Ben Farahi have significant holdings (the “Farahi Family Stockholders”) in Monarch and each also beneficially owns limited partnership interests in BLI. Maxum LLC is the sole general partner of BLI, and Ben Farahi is the sole managing member of Maxum LLC. Neither John Farahi nor Bob Farahi has any management or operational control over BLI or the Shopping Center. Until May 2006, Ben Farahi held the positions of Co-Chairman of the Board, Secretary, Treasurer and Chief Financial Officer of the Company.
11
On August 28, 2015, Monarch, through its subsidiary Golden Road Motor Inn, Inc., entered into a
In addition, the Atlantis shares a driveway with the Shopping Center and leases approximately
The Company occasionally leases billboard advertising, storage space and parking lot space from affiliates controlled by the Farahi Family Stockholders, and paid $
NOTE 6. LONG-TERM DEBT
On February 1, 2023, the Company entered into the Fifth Amended and Restated Credit Agreement (the “Amended Credit Facility”) with Wells Fargo Bank, N.A., as administrative agent. The Amended Credit Facility provides for a $
As of March 31, 2024, the Company had an outstanding principal balance of $
In addition to other customary covenants for a facility of this nature, as of March 31, 2024, the Company is required to maintain a Total Leverage Ratio (as defined in the Amended Credit Facility) of no more than
The interest rate under the Amended Credit Facility is SOFR (the Secured Overnight Financing Rate) plus a margin ranging from
The Company’s obligations under the Amended Credit Facility are secured by substantially all of the Company’s assets.
12
NOTE 7. TAXES
For the three months ended March 31, 2024 and 2023, the Company’s effective tax rate was
Deferred tax assets were evaluated by considering historical levels of income, estimates of future taxable income and the impact of tax planning strategies.
NOTE 8. STOCK REPURCHASE PLAN
On October 22, 2014, the board of directors of Monarch authorized a stock repurchase plan (the “Repurchase Plan”). Under the Repurchase Plan, the board of directors authorized a program to repurchase up to
In the first quarter of 2024, the Company purchased
NOTE 9. LEGAL MATTERS
On August 30, 2019, PCL Construction Services, Inc. (“PCL”) filed a complaint in District Court, City and County of Denver, Colorado, against the Company and its Colorado subsidiaries, in connection with the Company’s now completed expansion of the Monarch Casino Resort Spa Black Hawk (the “Project”). The case is captioned PCL Construction Services, Inc. v. Monarch Growth Inc., et al., Case No. 2019CV33368 (the “First Denver Lawsuit”). The complaint alleges, among other things, that the defendants breached the construction contract with PCL and certain implied warranties. On December 5, 2019, the Company filed its answer and counterclaim, which alleges, among other items, that PCL breached the construction contract, duties of good faith and fair dealing, and implied and express warranties, made fraudulent or negligent misrepresentations on which the Company and its Colorado subsidiaries relied, and included claims for monetary damages as well as equitable and declaratory relief.
On September 5, 2023, trial commenced in the First Denver Lawsuit in the District Court for the City and County of Denver, Colorado. The bench trial concluded on November 22, 2023, after 28 total court days. PCL and the Company each submitted proposed Findings of Fact, Conclusions of Law and Order for the Court’s consideration on February 7, 2024. The Parties are awaiting a decision by the Court, and we remain unable to determine the probability of the outcome or reasonably estimate the loss or gain, if any, or determine when the court will resolve the claims the parties tried.
Prior to the trial of the First Denver Lawsuit, on March 26, 2021, PCL filed a mechanics’ lien foreclosure action in the District Court, County of Gilpin, Colorado, against the Company and its Colorado subsidiaries, also in connection with the Project. The case is captioned PCL Construction Services, Inc., v. Monarch Growth Inc., et al., Case No. 2021CV30006 (the “Gilpin Lawsuit”). The complaint essentially mirrors the claims and allegations made by PCL in the First Denver Lawsuit, as described above. The Gilpin Lawsuit includes an additional claim, however, for foreclosure of PCL’s purported mechanics’ lien against the property on which the Monarch Casino Resort Spa Black Hawk is situated (the “Property”). PCL also joined additional parties who may claim a purported lien against the Property, as defendants. Effective May 10, 2021, PCL filed its second amended complaint, joining more such parties as defendants. Many of the Company’s co-defendants have filed cross claims against Monarch for foreclosure of their own mechanics’ liens and related claims, including unjust enrichment.
13
Monarch filed its answer and counterclaims to PCL’s second amended complaint in the Gilpin Lawsuit on July 15, 2021, but a trial of the matter has not been set. Monarch has also filed answers to all cross claims due to date, denying the claimants’ rights to relief. Monarch anticipates filing further answers to additional cross claims, also denying the claimants’ rights to relief. The case remains stayed, however, pending the outcome of the First Denver Lawsuit, Case No. 2019CV33368. We are currently unable to determine the probability of the outcome or reasonably estimate the loss or gain, if any.
On February 9, 2023, Monarch Growth, Inc., Monarch Casino & Resort, Inc. and Monarch Black Hawk, Inc. filed a complaint in District Court, City and County of Denver, Colorado, against PCL, in connection with the Project. The case is captioned Monarch Growth Inc., et al., v. PCL Construction Services, Inc., Case No. 2023CV30458 (the “Second Denver Lawsuit”). The complaint alleges, among other things, that PCL breached the construction contract, duties of good faith and fair dealing, and implied and express warranties based on defective and/or nonconforming construction work at the project, and includes claims for monetary damages as well as equitable and declaratory relief. Monarch alleges that the claims asserted in the Second Denver Lawsuit were neither known nor reasonably discoverable in time to be included in the First Denver Lawsuit.
Following the filing of a motion to dismiss the Second Denver Action by PCL, Monarch amended its complaint in the Second Denver Lawsuit. On September 13, 2023, PCL filed a motion to dismiss Monarch’s amended complaint. On February 13, 2024, the Court denied PCL’s motion to dismiss the amended complaint. On March 26, 2024, the Court set the Second Denver Lawsuit for a seven-day bench trial to commence on April 7, 2025. The parties have recently begun discovery, and we are currently unable to determine the probability of the outcome or reasonably estimate the loss or gain, if any.
The Company recognized $
From time to time, we may be subject to other legal proceedings and claims in the ordinary course of business. Management believes that the amount of any reasonably possible or probable loss for such other known matters would not have a material adverse impact on our financial conditions, cash flows or results of operations; however, the outcome of these actions is inherently difficult to predict.
NOTE 10. DIVIDENDS
On February 7, 2023, the Company announced that the Company’s Board of Directors declared a one-time cash dividend (the “One-time Dividend”) of $
In addition to the One-time Dividend, the Board of Directors approved the initiation of an Annual Dividend policy for the payment of an annual dividend in the amount of $
On March 15, 2024, the Company paid a cash dividend of $
On April 17, 2024, the Company announced a cash dividend of $
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The Company’s declaration of each cash dividend amount shall be subject to the Board’s review of the then-current financial statements of the Company, available acquisition opportunities and other prudent uses of the Company’s cash resources. As such, the Board of Directors may suspend the dividend program at any time and no assurances can be given that a quarterly dividend will be paid.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Unless otherwise indicated, “Monarch,” “Company,” “we,” “our,” and “us” refer to Monarch Casino & Resort, Inc. and its subsidiaries.
CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “believes,” “expects,” “anticipates,” “estimates,” “plans,” “intends,” “objectives,” “goals,” “aims,” “projects,” “forecasts,” “possible,” “seeks,” “may,” “will,” “could,” “should,” “might,” “likely,” “enable,” or similar words or expressions, as well as statements containing phrases such as “in our view,” or “we cannot assure you,” “although no assurance can be given.” Examples of forward-looking statements include, among others, statements we make regarding: (i) our belief regarding the exposure of our cash and accounts receivable to credit risk; (ii) our beliefs regarding the quality of our work product and guest service and our ability to capture additional market share in the high-end segment of the market; (iii) our beliefs regarding the quality of our properties as key factors in each of their long-term success; (iv) our expectations regarding the employment growth in the Reno market, the tight labor market (including wage inflation) and its effect on our business at Atlantis; (v) our expectations and intentions regarding the expenses, defenses and outcomes of the lawsuits filed by the construction project general contractor against us and our counterclaims and separate lawsuit against the contractor; (vi) our expectations regarding our business prospects, strategies, estimates and outlook; (vii) our expectations regarding the positioning of our properties to benefit from future macro and local economic growth; (viii) our expectations regarding future capital requirements; (ix) our anticipated sources of funds and adequacy of such funds to meet our debt obligations and capital requirements; and (x) our expectations regarding legal and other matters.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the impact of the events occurring in the Middle East and the conflict taking place in Israel, as well as those risks discussed in Part I, Item 1A-Risk Factors and throughout Part II, Item 7-Management’s Discussion and Analysis of Financial Condition and Results of our Annual Report on Form 10-K for the year ended December 31, 2023, and in Part II, Item 1A-Risk Factors and elsewhere of this Form 10-Q. In addition, you should consult other disclosures made by us (such as in our other filings with the Securities and Exchange Commission (“SEC”) or in Company press releases) for other factors that may cause actual results to differ materially from those projected by us. You should read this Form 10-Q, and the documents that we reference in this Form 10-Q and have filed with the SEC, and our Annual Report on Form 10-K for the year ended December 31, 2023, with the understanding that our actual future results, levels of activity, performance, and events and circumstances may be materially different from what we expect.
Any forward-looking statement made by us in this Form 10-Q is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update or revise any forward-looking statements as a result of future developments, events or conditions, except as required by law. New risks emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ significantly from those forecast in any forward-looking statements.
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OVERVIEW
Monarch was incorporated in the state of Nevada in 1993. We own and operate the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada (the “Atlantis”) and Monarch Casino Resort Spa Black Hawk (the “Monarch Black Hawk”), a casino in Black Hawk, Colorado. In addition, we own separate parcels of land located next to the Atlantis and a parcel of land with an industrial warehouse located between Denver, Colorado and Monarch Black Hawk.
We earn revenues, operating income and cash flow from Atlantis and Monarch Black Hawk, primarily through our casino, food and beverage, and hotel operations. We focus on delivering exceptional service and value to our guests. Our hands-on management style focuses on customer services and cost efficiencies.
Atlantis: We continuously upgrade our property. With quality gaming, hotel and dining products, we believe the Atlantis is well positioned to benefit from future macro and local economic growth. Reno remains a healthy local-oriented market, but at the same time a very competitive market. The market’s employment growth is broad based and we expect this positive indicator will support the continued strength of our business at Atlantis. At the same time, the tight employment environment has created labor challenges, including wage inflation, which we continue to actively manage. In addition, we are facing increased competition from the continued growth of California tribal gaming and an extremely competitive promotional environment in Northern Nevada. The increase in the labor costs and the other inflationary pressures, combined with continued aggressive marketing programs by our competitors, has applied pressure on Atlantis’ revenue growth, operating costs and profit margins.
Monarch Black Hawk: Monarch Black Hawk is the first property encountered by visitors arriving from Denver and other major population centers via Colorado State Highway 119. The Denver metro economy remains strong with higher than the national average per capita personal income. At the beginning of 2022, we completed the master planned renovation and expansion, transforming the property into a world-class resort. Monarch Black Hawk is positioned to leverage the expanded operation, the elimination of betting limits and new game types in Black Hawk, Colorado, as well as to benefit from the growing state-wide online and retail sports betting. Monarch Black Hawk also is experiencing labor challenges, resulting from the distance to the staffing filter markets of Golden, Colorado and the Denver Metro area. We continue to attract high value players from across Colorado’s Front Range, who had previously traveled to other markets, such as Las Vegas, for a high-end casino entertainment experience. We believe that the quality of our expanded product and exceptional guest service will meet the demand of the high-end segment of the market and will grow revenue and accelerate market share.
KEY PERFORMANCE INDICATORS
We use the following Key Performance Indicators (“KPI”) to manage our operation and measure our performance:
Gaming revenue KPI: Our management reviews on a consistent basis the volume metrics and hold percentage metrics for each gaming area. The main volume measurements are slot coin-in, table games drop, sportsbook write and keno write. Slot coin-in represents the dollar amount wagered in slot machines, including free promotional wagers. Table games drop represents the total amount of cash and net markers deposited in the table drop box. Keno write and sportsbook write represents the dollar amount wagered at our counters, along with sportsbook write made through our mobile wagering system. Volume metrics are important in managing the business, as our gaming win is affected by actual hold percentage, which in general varies from the expected hold percentage and historical hold percentage. Gaming win represents the amount of wagers retained by us. Hold percentage represents win as a percentage of slot coin-in, table game drop, sportsbook write, or keno write. Our win and hold percentages are calculated before discounts, commissions, deferring revenue associated with our loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
Food and Beverage revenue KPI: The main KPIs in managing our food and beverage (“F&B”) operations are covers and average revenue per cover. A cover represents the number of guests served and is an indicator of volume. Average revenue per cover represents the average amount spent per food and beverage outlets’ served guests. Changes in the average revenue per cover might be an indicator for changes in menu offerings, changes in menu prices or may indicate changes in our guests’ preferences and purchasing habits.
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Hotel revenue KPI: The main KPIs used in managing our hotel operation are the occupancy rate (a volume indicator), which is the average percentage of available hotel rooms occupied during a period, and the average daily rate (“ADR”, a price indicator), which is the average price per sold room. Available rooms exclude those rooms unavailable for occupancy during the period due to renovation, development, or other requirements. Sold rooms include rooms where the guests do not show up for their stay and lose their deposit. The calculations of the occupancy rate and ADR include the impact of rooms provided on a complimentary basis. Revenue per available room ("RevPAR") represents total hotel revenue per available room and is a representation of the occupancy rate, ADR and miscellaneous hotel sales.
Operating margins: Our management is consistently focused on controlling expenses and finding cost savings, without affecting the quality of the product we offer and our guests’ services and experience. We measure our performance using expense margin, which is a percentage of direct expenses, including labor, cost of product and any other operating expenses related to the gaming, food and beverage, or hotel operation to the net gaming, food and beverage, or hotel revenues. Selling, general and administrative (“SG&A”) margin represents SG&A expenses for a period as a percentage of total net revenue for a period. In managing the food and beverage operation, we use Cost Of Goods Sold (“COGS”) percentage, which represents a percentage of product cost to the food and beverage revenue and is a measurement of commodity prices and menu sales prices.
Our management evaluates the KPI as compared to prior periods, the peer group, or market, as well as for any trends.
RESULTS OF OPERATIONS
Comparison of Operating Results for the Three-Month Periods Ended March 31, 2024 and 2023
For the three months ended March 31, 2024, our net income totaled $18.3 million, or $0.93 per diluted share, compared to net income of $17.7 million, or $0.90 per diluted share for the same period in 2023, reflecting a 3.4% and 3.3% increase in net income and diluted earnings per share, respectively. Net revenues in the three months ended March 31, 2024, totaled $121.7 million, an increase of $5.0 million, or 4.3%, compared to the three months ended March 31, 2023. Income from operations for the three months ended March 31, 2024, totaled $23.8 million compared to income from operations of $23.2 million for the same period in 2023.
Casino revenue increased 3.8% in the first quarter of 2024 compared to the first quarter of 2023. The increase in casino revenue was driven primarily by the continued increase in market share at our property in Black Hawk, partially offset by an increase in promotional allowances. Casino operating expense as a percentage of casino revenue increased to 38.0% for the three months ended March 31, 2024, compared to 37.7% for the three months ended March 31, 2023, primarily due to the increase in labor and slots participation expenses.
Food and beverage revenue for the first quarter of 2024 increased 2.9% compared to the first quarter of 2023 due to a 2.3% increase in food and beverage covers, combined with an increase in food and beverage revenue per cover of 0.6%. Food and beverage operating expense as a percentage of food and beverage revenue in the first quarters of 2024 and 2023 are flat, at 74.8%, as a result of the increase in average check and our efforts to manage costs.
Hotel revenue increased 8.4% in the first quarter of 2024 compared to the same quarter of 2023 primarily as a result of ADR increased by $20.41 ($181.49 in the first quarter of 2024 and $161.08 in the first quarter of 2023). Hotel occupancy decreased to 78.7% during the current year period compared to 82.2% during the first quarter of 2023. RevPAR was $153.42 and $146.58 for the three months ended March 31, 2024 and 2023, respectively, and was impacted by the lower occupancy and a decrease in resort fee revenue. Hotel operating expense as a percentage of hotel revenue decreased to 35.6% in the first quarter of 2024 compared to 41.3% for the comparable prior year period primarily as a result of increase in ADR and improved cost management.
Other revenue increased 6.7% in the first quarter of 2024 compared to the same prior year period primarily due to an increase in spa revenues at both properties.
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SG&A expense increased to $27.1 million in the first quarter of 2024 from $25.1 million in the first quarter of 2023 driven primarily by increases in labor expenses, combined with an increase in advertising and promotional expenses. As a percentage of net revenue, SG&A expense increased to 22.3% in the first quarter of 2024 compared to 21.5% in the same period in 2023.
Depreciation and amortization expense increased to $12.5 million for the three months ended March 31, 2024, compared to $11.3 million for the same prior year period, due to new assets placed into service with the ongoing renovation at Atlantis.
During each of the first quarters of 2024 and 2023, we recognized $0.5 million in professional service fees relating to our construction litigation, which are included in Other operating items, net in the Consolidated Statements of Income.
In the first quarter of 2024, our interest expense was offset by the interest income. In the first quarter of 2023, we recognized $0.5 million of interest expense. See further discussion of our Amended Credit Facility in the LIQUIDITY AND CAPITAL RESOURCES section below.
CAPITAL SPENDING AND DEVELOPMENT
We seek to continually upgrade and maintain our facilities in order to present a fresh, high quality product to our guests.
Cash paid for capital expenditures for the three-month periods ended March 31, 2024 and 2023 totaled $17.9 million and $15.2 million, respectively. During the three-month period ended March 31, 2024, our capital expenditures related primarily to the redesign and upgrade of hotel rooms in the third tower at Atlantis, and the acquisition of gaming, and other equipment to upgrade and replace existing equipment at Atlantis and Monarch Black Hawk. During the three-month period ended March 31, 2023 our capital expenditures related primarily to the redesign and upgrade of hotel rooms in the second tower at Atlantis, re-carpeting the casino floor at Atlantis and the acquisition of gaming, and other equipment to upgrade and replace existing equipment at Atlantis and Monarch Black Hawk. Capital expenditures during each of the first three months of 2024 and 2023 were funded from cash on hand and operating cash flows.
LIQUIDITY AND CAPITAL RESOURCES
Our principal sources of liquidity have been cash provided by operations and, for capital expansion projects, borrowings available under our Amended Credit Facility.
For the three months ended March 31, 2024, net cash provided by operating activities totaled $38.3 million, compared to net cash provided by operating activities of $61.5 million in the same prior year period. This decrease was primarily a result of the decrease in income tax receivable as a result of receipt of an income tax refund in the first quarter of 2023 and change in working capital, offset by an increase in depreciation expense and increase in net income.
Net cash used in investing activities totaled $17.9 million and $15.2 million during the three months ended March 31, 2024 and 2023, respectively. Net cash used in investing activities during the first three months of 2024 consisted primarily of cash used for the redesign and upgrade of hotel rooms in the third tower at Atlantis and the acquisition of gaming and other equipment at both properties. Net cash used in investing activities during the first three months of 2023 consisted primarily of cash used for the redesign and upgrade of hotel rooms in the second tower at Atlantis, re-carpeting the casino floor at Atlantis, and the acquisition of gaming and other equipment at both properties.
Net cash used in financing activities in the first three months of 2024 totaled $24.3 million and consisted of $19.6 million cash used for purchase of Company stock under the Repurchase Plan and $5.7 million used for payment of dividends, partially offset by $1.0 million of net proceeds from stock options exercise. Net cash used in financing activities in the first three months of 2023 totaled $50.7 million and consisted of $95.6 million used for payment of dividends, partially offset by $44.0 million of borrowings under the credit facility, net of the payments to the credit facility and $0.9 million of net proceeds from stock options exercise.
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Amended Credit Facility
On February 1, 2023, the Company entered into the Fifth Amended and Restated Credit Agreement (the “Amended Credit Facility”) with Wells Fargo Bank, N.A., as administrative agent. The Amended Credit Facility provides for a $100 million line of credit which matures on January 1, 2025.
As of March 31, 2024, we had an outstanding principal balance of $5.5 million under the Amended Credit Facility.
In addition to other customary covenants for a facility of this nature, as of March 31, 2024, we were required to maintain a Total Leverage Ratio (as defined in the Amended Credit Facility) of no more than 2.5:1 and Fixed Charge Coverage Ratio (as defined in the Amended Credit Facility) of at least 1.1:1. As of March 31, 2024, our Total Leverage Ratio and Fixed Charge Coverage Ratio were 0.04:1 and 55.46:1, respectively.
The interest rate under the Amended Credit Facility is SOFR (the Secured Overnight Financing Rate) plus a margin ranging from 1.00% to 1.50%, or a base rate (as defined in the Amended Credit Facility) plus a margin ranging from 0.00% to 0.50%. The applicable margins will vary depending on the Company’s leverage ratio. In addition, SOFR-based loans will incur a 0.10% credit adjustment spread due to the conversion from LIBOR to SOFR as the new benchmark rate. As of March 31, 2024, the interest rate was 8.5%, or SOFR plus a 1.00% margin.
The Company’s obligations under the Amended Credit Facility are secured by substantially all of the Company’s assets.
We believe that our anticipated operating cash flows will be sufficient to sustain operations for the twelve months from the filing of this Form 10-Q for the quarter ended March 31, 2024 and fulfill our capital expenditure plans and authorized dividend distributions. However financial, economic, competitive, regulatory, and other factors, many of which are beyond our control, could negatively impact our operations. If we are unable to generate sufficient cash flow in the upcoming months or if our cash needs exceed our borrowing capacity under the Amended Credit Facility, we could be required to adopt one or more alternatives, such as reducing, delaying or eliminating planned capital expenditures, selling assets, restructuring debt or issuing additional equity.
For a discussion regarding our material commitments for capital expenditures, see the CAPITAL SPENDING AND DEVELOPMENT section above.
CRITICAL ACCOUNTING POLICIES
A description of our critical accounting policies and estimates can be found in Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2023 Form 10-K. For a more extensive discussion of our accounting policies, see Note 1. “Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in our 2023 Form 10-K filed with the SEC on February 28, 2024.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the risk of loss arising from adverse changes in interest rates, foreign currency exchange rates and commodity prices. Our current primary market risk exposure is interest rate risk relating to the impact of interest rate movements under our Amended Credit Facility.
As of March 31, 2024, we had $5.5 million of outstanding balance under our Amended Credit Facility. A hypothetical 1% increase in the interest rate on the balance outstanding under the Amended Credit Facility at March 31, 2024, would have resulted in a change in our annual interest cost of approximately $0.1 million. See “Liquidity and Capital Resources” for further discussion of our Amended Credit Facility and capital structure.
We have not entered into derivative financial instruments for trading or speculative purposes.
We do not have any cash or cash equivalents as of March 31, 2024 that are subject to market risk.
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ITEM 4. CONTROLS AND PROCEDURES
As of the end of the period covered by this Quarterly Report on Form 10-Q (the “Evaluation Date”), an evaluation was carried out by our management, with the participation of our Chief Executive Officer and our Chief Accounting Officer, of the effectiveness of our disclosure controls and procedures (as defined by Rule 13a-15(e) under the Exchange Act). Based upon the evaluation, our Chief Executive Officer and Chief Accounting Officer concluded that our disclosure controls and procedures were effective as of the Evaluation Date. During the quarter ended March 31, 2024, there were no changes in our internal control over financial reporting that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The information set forth in Note 9 "Legal Matters” to our consolidated financial statements in Part I, Item 1 of this Form 10-Q is incorporated by reference herein.
ITEM 1A. RISK FACTORS
There have been no material changes to the risk factors we previously disclosed in Item 1A of our 2023 Form 10-K.
We encourage investors to review the risks and uncertainties relating to our business disclosed under the heading Risk Factors or otherwise in the 2023 Form 10-K, as well as those contained in Part I - Forward-Looking Statements thereof, as revised or supplemented by our Quarterly Reports filed with the SEC since the filing of the 2023 Form 10-K.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table presents the number and average price of shares purchased in each fiscal month of the first quarter of fiscal 2024:
| Total number of shares purchased (1) |
| Average price paid per share (2) | Total number of shares purchased as part of publicly announced plans or programs (1) (2) | Maximum number of shares that may yet be purchased under the plans or programs (2) | ||||
January 1, 2024 - January 31, 2024 | - | $ | - | - | 2,815,497 | ||||
February 1, 2024 - February 29, 2024 | 206,428 |
| 68.81 | 390,931 | 2,609,069 | ||||
March 1, 2024 - March 31, 2024 | 75,280 |
| 68.82 | 466,211 | 2,533,789 | ||||
Total | 281,708 | $ | 68.81 | 466,211 | 2,533,789 |
(1) | This amount represents a repurchase pursuant to our Repurchase Plan, see Note 8. STOCK REPURCHASE PLAN. |
(2) | In the first quarter of 2024, under the authority of the Repurchase Plan, the Company purchased 281,708 shares at average price between $67.90 and $69.60 per share on the open market. |
ITEM 5. OTHER INFORMATION
During the quarter ended March 31, 2024,
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ITEM 6. EXHIBITS
Exhibit No |
| Description | |
31.1* | |||
31.2* | |||
32.1** | |||
32.2** | |||
101.INS* | Inline XBRL Instance - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||
101.SCH* | Inline XBRL Taxonomy Extension Schema | ||
101.CAL* | Inline XBRL Taxonomy Extension Calculation | ||
101.DEF* | Inline XBRL Taxonomy Extension Definition | ||
101.LAB* | Inline XBRL Taxonomy Extension Labels | ||
101.PRE* 104 | Inline XBRL Taxonomy Extension Presentation Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
* Filed herewith.
** Furnished herewith
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MONARCH CASINO & RESORT, INC. | ||
(Registrant) | ||
Date: May 7, 2024 | By: | /s/ EDWIN S. KOENIG |
Edwin S. Koenig, Chief Accounting Officer | ||
(Principal Financial and Accounting Officer and Duly Authorized Officer) |
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