Monarch Casino & Resort reported first-quarter 2026 net revenue of $136.6 million, up 8.9% from $125.4 million a year earlier. Net income climbed 38.9% to $27.6 million from $19.9 million, while diluted earnings per share rose 44.8% to $1.52 from $1.05.
Adjusted EBITDA increased 19.0% to $49.0 million from $41.1 million, and the company said its adjusted EBITDA margin widened to 35.8% from 32.8%, an improvement of about 300 basis points.
Revenue growth came across all three major lines. Casino revenue rose 9.4% year over year, food and beverage revenue increased 5.6%, and hotel revenue advanced 13.5%. The company said higher available rooms at Atlantis and improved convention and group business helped lift food and beverage and hotel results.
Operating costs moved more slowly than revenue. SG&A expense increased to $27.8 million from $27.2 million, but fell to 20.3% of net revenue from 21.7%. Casino operating expense declined to 36.0% of casino revenue from 37.7%. Food and beverage operating expense fell to 72.7% from 74.3%, and hotel operating expense dropped to 36.0% from 37.7%.
Monarch ended the quarter with $120.1 million in cash and cash equivalents and no borrowings on its credit facility. It spent $7.6 million on capital expenditures during the quarter, bought back 181,258 shares for $17.6 million, and said 971,503 shares remained authorized under its repurchase plan.
The company also paid a $0.30 per share dividend on March 16, totaling $5.4 million, and declared another $0.30 per share dividend payable June 15, 2026. Today the company's shares have moved -2.26% to a price of $97.22. For more information, read the company's full 8-K submission here.
