Key Moments:
- Net income surged 14.4% year-on-year to $31.6 million in Q3 2025
- Net revenue reached $142.8 million, a 3.6% year-on-year increase
- Monarch reported no outstanding debt and held $107.6 million in cash at quarter-end
Performance Highlights in Q3 2025
Monarch Casino & Resort has reported record-breaking quarterly results in Q3 2025, setting new benchmarks for revenue, profit, and Adjusted EBITDA. According to the latest financial statements, net revenue increased to $142.8 million, representing a 3.6% rise compared to the same period last year. Net income also reached an all-time high of $31.6 million, a substantial 14.4% jump year-on-year. Adjusted EBITDA advanced to $54.8 million, up 8.3% over the previous year, underscoring consistent growth and enhanced profitability.
Drivers of Growth: Casino, Hotel, and F&B Segments
The momentum in Q3 2025 was fueled by strong performances across Monarch’s major segments. Gaming revenue improved by 5.0% year-on-year, bolstered by stable visitation and increased player activity. The food and beverage division achieved a 2.9% year-on-year gain, while hotel revenue rose 3.9%, benefiting from higher daily room rates and an uptick in guest volumes.
Monarch reported an EBITDA margin of 38.4%, up from 36.7% a year earlier, reflecting more efficient operations throughout the business.
Operational Efficiency and Shareholder Returns
Disciplined cost control was evident across the company’s divisions. Casino operating expenses declined to 35.8% of casino revenue, improving from 36.3% in the prior year. Food and beverage expenses dropped to 69.9% of that segment’s revenue, while hotel costs fell from 33.8% to 31.4%. Selling, general, and administrative expenses were essentially flat at $27.5 million, constituting 19.3% of total revenue.
Monarch declared a quarterly dividend of $0.30 per share, scheduled for payment on December 15, 2025. During the quarter, the company repurchased 111,169 shares, valued at $11.3 million.
Strong Financial Position and Strategic Investments
Monarch concluded the quarter with a robust balance sheet, maintaining $107.6 million in cash and no borrowings on its credit facility. Capital expenditure for the period totaled $5.4 million, primarily allocated to the recently upgraded guest rooms at Atlantis in Reno and ongoing maintenance at both the Reno and Black Hawk properties.
Property and Market Developments
Ongoing market share gains at Monarch Black Hawk in Colorado continued to drive company-wide growth, while renovations at the Atlantis property are anticipated to boost guest experience and loyalty. Following an 8.7% year-on-year profit increase in Q1 2025, Monarch’s Q3 results further emphasize the company’s ongoing upward momentum and operational resilience.
Quarterly Financials Summary
| Metric | Q3 2025 | Year-on-Year Change |
|---|---|---|
| Net Revenue | $142.8 million | +3.6% |
| Net Income | $31.6 million | +14.4% |
| Adjusted EBITDA | $54.8 million | +8.3% |
| EBITDA Margin | 38.4% | Up from 36.7% |
| Cash Balance | $107.6 million | – |
| Outstanding Debt | $0 | – |
Outlook
As Monarch Casino delivers its best quarterly performance to date, questions remain about whether the company can maintain its growth trajectory in the face of mounting competition and shifting economic dynamics within the US gaming sector.
- Author
Daniel Williams
