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Monarch Casino & Resort Inc. — Annual Stockholder Meeting Presentation - June 2025 (company IR deck)
Monarch Casino & Resort Inc. (MCRI) · 24 slides · Filed Oct 28, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All MCRI deck slides
Slide 1 — Annual Stockholders’ Meeting
Annual Stockholders’ Meeting June 6, 2025
Slide 2 — Forward Looking Information
Forward Looking Information This presentation contains certain forward-looking information that generally can be identified by the context of the statement or the use of forward-looking terminology, such as “believes,” “estimates,” “anticipates,” “intends,” “expects,” “plans,” “is confident that,” “should” or words of similar meaning, with reference to Monarch Casino & Resort or our management. Similarly, statements that describe our future plans, objectives, strategies, financial results or position, operational expectations, or goals are forward-looking statements. It is possible that our expectations may not be met due to various factors, many of which are beyond our control, and we therefore cannot give any assurance that such expectations will prove to be correct. For a discussion of relevant factors, risks, and uncertainties that could materially affect our future results, attention is directed to Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations in our latest 10-K and other filings under the Securities and Exchange Act of 1934.
Slide 3 — Monarch Casino & Resort, Inc.
Monarch Casino & Resort, Inc. (MCRI) Property Highlights Prime locations and assets • Atlantis Casino Resort Spa is located in south Reno, three miles south of downtown, a more affluent area, and connected by a bridge to the Reno-Sparks Convention Center • Monarch Casino Resort Spa is the first property encountered by visitors arriving from Denver and other major population centers via Highway 119 Significant growth opportunities • Continued ramp up of Monarch Casino Resort Spa, including VIP business development • Ongoing capital investments at Atlantis to ensure it retains its competitive advantage • Potential for development on Atlantis’ 40-acre parcel of land Results-oriented management with a strong operations and development track record • Monarch ranked 79th among the Top 100 on Forbes’ 2025 America’s Most Successful Small-Cap Companies list Attractive financial profile / balance sheet • No long-term debt • 1Q25 LTM Net revenue of $526 million, Adjusted EBITDA1 of $183 million and Adjusted EBITDA margin of 34.8% (compared to $506 million Net Revenue; $173 million Adjusted EBITDA; and 34.1% Adjusted EBITDA margin during the previous twelve month period) Source: Monarch Casino & Resort analysis 1. EBITDA is adjusted for stock option, pre-opening and construction litigation expenses, and one-time charges.
Slide 4 — Company History
Company History 2015 Black Hawk • Completed redesign and upgrade of existing casino 2016 Black Hawk • Completion of new 9- story parking structure 2012 Black Hawk • Acquired gaming license for Riviera Black Hawk • 32,000 square feet of casino space • 750 slot machines • 8 table games • Acquired contiguous 1.5-acre land parcel 2017 Black Hawk • Hotel tower and casino expansion begins 2021-2022 Black Hawk • Expansion and redesign and upgrade of the legacy building completed with the opening of our Sportsbook, Bistro Mariposa, and new High-Limit tables area Reno, NV Black Hawk, CO 1994 Phase II - Atlantis • Second high-rise tower opens, adding: • 283 rooms • 14,000 square feet of casino space • 450 slot machines • 14 table games • 300-seat buffet restaurant 2008 Phase IV – Atlantis • Expansion of the casino including: • Large race and sports book • Poker room • Additional restaurant (Manhattan Deli) • ~38,000 square feet expansion of meeting area • Sky Bridge connecting to convention center 1991 Phase I – Atlantis • First high-rise tower opens • 160 rooms • 16,000 square feet of casino space • 500 slot machines • 21 table games • Additional restaurant 1999 Phase III - Atlantis • Third high-rise tower opens, adding: • 388 rooms • Over 300 slot machines • Several new restaurants • 14,500 square feet of meeting space 1993 Initial Public Offering • Monarch Casino & Resort, Inc. begins trading as a public company with ticker symbol MCRI 2025 Black Hawk • ~60,000 square feet of casino space • 516 guest rooms and suites • 4 restaurants and 10 bars/lounges • World-class spa • Banquet and meeting room space 2023 Atlantis • ~61,000 square feet of casino space • 817 guest rooms and suites • 8 restaurants and 10 bars/lounges • ~30,000 square foot health spa and salon • ~52,000 square feet of meeting area 2025 Atlantis • Completion of 817 all new guest rooms and suites
Slide 5 — Atlantis Casino Resort Spa Reno
Atlantis Casino Resort Spa Reno
Slide 6 — Atlantis Overview
Atlantis Overview Award-winning facility • U.S. News & World Report (2025): Best USA Hotels Gold Badge – No. 1 hotel in Reno • AAA (2025): “Four Diamond” rating for 14th consecutive year • TripAdvisor (2025): Rated #1 Reno resort for 11 consecutive years with 4 of our restaurants consistently ranked in the city’s top 10 (out of more than 1,100) • Forbes (2025): Four-Star Award for Spa Atlantis for 10 consecutive years (only four-star venue in Reno) and, for the second consecutive year in 2025, the Atlantis Steakhouse (only four-star restaurant in Reno). Recommended rating for Atlantis Casino Resort Spa and Bistro Napa 61,000 square-foot casino floor • ~1,200 slot and video poker machines • ~33 table games; 8 poker tables; 24-hour live keno lounge • Race/sports book (self managed live and mobile app) Amenities include: • 817 rooms and suites • 8 restaurants, 2 gourmet coffee bars, 10 bars/lounges and 1 snack bar • ~52,000 square feet of banquet, convention, and meeting space
Slide 7 — Fast-Growing Reno Metro Market
Fast-Growing Reno Metro Market Washoe County Population of ~500,000 • Reno-Sparks population grew 4.6% since the 2020 census (national average: 2.6%) • 2023 per capita personal income for the Reno metro area was 17% higher than the national average ($81,358 vs. $69,415) • Gaming environment remains extremely competitive due to tribal gaming expansion in major feeder markets (California, Oregon and Washington) Reno metro area diversifying to broader base of industries • In January 2023, Tesla announced a $3.6 billion expansion of the “Gigafactory” to produce electric semi-trucks and cell batteries • First electric trucks will be in production by the end of 2025 • Tahoe Reno Industrial Center, the largest industrial park in the U.S., has been a center of industrial investment and new job growth (Blockchains; Google; Panasonic; Switch; Tesla; etc.) Attractive Nevada tax environment drives relocation interest • No state taxes on income (personal or corporate), inventory, inheritances and capital gains • 22 companies either relocated to or expanded their workforce in the Reno-Sparks area in 2024, adding over 1,900 new jobs with a record average hourly wage of $40 1 Source: U.S. Census, Bureau of Economic Analysis, Tahoe Reno Industrial Center, AP News 1 – EDAWN “State of Economy in Northern Nevada Economic Update Luncheon February 13, 2025
Slide 8 — Atlantis’ Prime Location
Atlantis’ Prime Location Ideally located in the heart of south Reno’s restaurant, shopping and convention district • ~3 miles south of downtown in more affluent commercial and residential area • Close to Interstate 580, main north/south artery • ~3 miles from Reno-Tahoe International Airport ~40 acres on both sides of South Virginia Street • Glass-enclosed bridge with restaurants connects both sides of South Virginia street • Opportunity for future development Only property connected to the Reno-Sparks Convention Center • 600,000 square-foot facility located across the street is connected with a bridge to Atlantis 35 miles from Lake Tahoe • ~30 golf courses and ~10 ski resorts within a 90-minute drive from Reno Peppermill Grand Sierra Circus Circus Eldorado Silver Legacy Club Cal Neva Boomtown Reno, Gold Dust West & J Resort Western Village Rail City Nugget Baldini’s Ramada Reno Source: Monarch Casino & Resort analysis Reno-Sparks Convention Center Downtown
Slide 9 — Monarch Casino Resort Spa Black Hawk
Monarch Casino Resort Spa Black Hawk
Slide 10 — Monarch Black Hawk Overview
Monarch Black Hawk Overview Amenities include: • 23-story luxurious tower with 516 hotel rooms (20% suites) • ~60,000 square foot casino • ~1,050 slot machines • ~43 table games • 16 poker tables • Keno • Company managed retail and online sports book • World-class spa and pool facility on the top floor of hotel tower • 4 restaurants, gourmet coffee bar and 10 bars/lounges • ~1,500 parking spaces – 9 story parking garage and valet space Source: Monarch Casino & Resort analysis
Slide 11
Slide 12 — Black Hawk-Central City Market
Black Hawk-Central City Market Market consists of: • ~21 casinos • ~7,669 slot machines • ~175 table games • ~49 poker tables • ~1,651 hotel rooms spread across seven gaming facilities Population of ~3 million within a 50-mile radius of Black Hawk • Population growth of 2.8% from 2020 to 2024 (national average: 2.6%) • 2023 per capita personal income for the Denver metro area was 29% higher than the national average ($89,297 vs. $69,415) Black Hawk 50-mile radius Boulder Denver Source: Monarch Casino & Resort analysis, Colorado Division of Gaming, U.S. Census, U.S. BEA Vail
Slide 13 — Prime Property Location
Prime Property Location First property encountered by visitors arriving from Denver and other major population centers via Highway 119 • Given constitutional zoning limitations, no property can be built closer to Denver • Scarcity of available and developable casino-zoned land in Black Hawk • Commercial gaming in Colorado is restricted to Black Hawk, Central City and Cripple Creek • 2024: Black Hawk / Central City collectively represent over 80% of total Colorado gaming revenue Convenient access from Front Range population centers and heavily-trafficked I-70 • ~35 miles west of Denver • ~35 miles southwest of Boulder • ~20 miles west of Golden • ~77 miles east of Vail Monarch Casino Resort Spa Horseshoe Bally’s North Bally’s East Bally’s West Ameristar The Lodge Gilpin Saratoga Bull Durham Wild Card Saloon Red Dolly Z Casino Sasquatch > 600 300 to 600 < 300 Slot count Source: Monarch Casino & Resort analysis, Colorado Division of Gaming Lady Luck
Slide 14 — Denver Metro Area Provides Significant Air Traffic to Las Vegas
Denver Metro Area Provides Significant Air Traffic to Las Vegas Denver is the seventh largest feeder market to Las Vegas Source: Las Vegas Convention and Visitors Authority
Slide 15 — Growth Initiatives
Growth Initiatives
Slide 16 — Organic Growth Opportunities
Organic Growth Opportunities Monarch Casino Resort Spa • Colorado Amendment 77, passed in 2020, eliminated betting limits creating an opportunity for additional expansion of the VIP market in the Front Range Atlantis Casino Resort Spa • Ongoing capital investments at the property to maintain competitive advantage • Opportunities for further development on 40 acres of adjacent land Strong economic tailwinds in both Reno and Denver • Significant population growth in both markets with economic vitality and job growth
Slide 17 — Other Growth Opportunities
Other Growth Opportunities Substantial free cash flow generation following the completion of the Black Hawk development Company continually evaluates potential M&A with a focus on: • Leveraging development expertise and operational excellence to maximize ROI • Key criteria for target markets is regulatory stability, competitive set, growth opportunities, strong economic trends and population growth In February 2023, the Board of Directors authorized: • Annual cash dividend of $1.20 per outstanding share of common stock beginning with the second quarter of 2023; payable on a quarterly basis along with a one- time cash dividend of $5.00 per outstanding share paid on March 15, 2023 • In 2024, the Company paid total cash dividends of $1.20 per share • In 2025, the Company expects to pay total cash dividends of $1.20 per share In the fourth quarter of 2023, the Company began buying back shares of its common stock: • Through April 24, 2025, the Company had bought back 1,049,960 shares of the 3,000,000 shares authorized for repurchase by the Board of Directors in 2014
Slide 18 — Financial Results
Financial Results
Slide 19 — Historical Financial Performance
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 LTM Net Revenue $134 $136 $135 $163 $189 $188 $202 $217 $231 $240 $249 $184 $395 $478 $501 $522 $526 Adj. EBITDA $26 $30 $29 $36 $49 $44 $50 $56 $58 $61 $62 $43 $137 $167 $171 $180 $183 EBITDA Margin 19.1% 21.6% 21.8% 22.2% 25.7% 23.2% 24.7% 25.7% 25.2% 25.2% 24.8% 23.4% 34.7% 35.0% 34.1% 34.5% 34.8% 0% 5% 10% 15% 20% 25% 30% 35% 40% $0 $100 $200 $300 $400 $500 $600 $ in millions Historical Financial Performance Acquired Colorado gaming license April 2012 Source: Monarch Casino & Resort analysis 1. EBITDA is adjusted for stock option, pre-opening and construction litigation expenses, and one-time charges. Monarch Black Hawk starts phased opening November 2020
Slide 20 — Historical Net Leverage Ratio
Historical Net Leverage Ratio Source: Monarch Casino & Resort analysis 1. EBITDA is adjusted for stock option, pre-opening and construction litigation expenses, and one-time charges. 1.3x 0.5x 0.4x 1.7x 0.7x 0.6x 0.4x 0.0x -0.1x 1.1x 2.2x 3.5x 0.4x -0.2x -0.2x -0.3x -0.4x -1.0x -0.5x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 LTM Total Net Debt/LTM Adjusted EBITDA1 Net Leverage Ratio
Slide 21 — Income Statement Overview
Income Statement Overview 1. Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the presentation. $ in 000's, except per share data and percentages Net Revenue $125,394 $121,657 3.1% Net Income $19,864 $18,275 8.7% Adjusted EBITDA(1) $41,131 $38,548 6.7% Basic EPS $1.08 $0.95 13.7% Diluted EPS $1.05 $0.93 12.9% 2025 2024 Increase Three Months Ended March 31,
Slide 22 — Balance Sheet Overview
Balance Sheet Overview • In December 2024, the Company entered into a Sixth Amended and Restated Credit Agreement with a revolving line of credit of $100 million • Monarch owns substantially all of its real estate and is not subject to material rent payments • $1.20/share annual cash dividend, payable quarterly; the Company announced a $0.30/share cash dividend payable on June 15, 2025 to stockholders of record as of June 1, 2025 $ in 000's March 31, 2025 December 31, 2024 Cash and cash equivalents $75,090 $58,760 Property and equipment, net $581,696 $575,287 Other assets $55,300 $57,536 Total assets $712,086 $691,583 Long-term debt (including current maturities) $0 $0 Other liabilities $176,451 $173,835 Total liabilities $176,451 $173,835 Total stockholders' equity $535,635 $517,748 Total liabilities and stockholders' equity $712,086 $691,583
Slide 23 — Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 1. Adjusted EBITDA, a non-GAAP financial measure, consists of net income plus loss on disposal of assets, provision for income taxes, stock-based compensation expense, other one-time charges, construction litigation expenses, acquisition expenses, interest expense, depreciation and amortization less interest income, any benefit for income taxes and gain on disposal of assets. Adjusted EBITDA should not be construed as an alternative to operating income (as determined in accordance with US Generally Accepted Accounting Principles), as an indicator of Monarch's operating performance, as an alternative to cash flows from operating activities (as determined in accordance with US GAAP) or as a measure of liquidity. This measure enables comparison of Monarch's performance over multiple periods, as well as against the performance of other companies in our industry that report Adjusted EBITDA, although some companies do not calculate this measure in the same manner and, therefore, the measure as presented may not be comparable to similarly titled measures presented by other companies. Monarch defines Adjusted EBITDA margin as Adjusted EBITDA divided by Net revenue. 2. Amount included in the "Other operating items, net" in the Consolidated Statement of Income. $ in 000's 2025 2024 Net income $19,864 $18,275 Expenses: Stock based compensation 2,127 1,778 Depreciation and amortization 13,215 12,487 Provision for income taxes 5,770 5,542 Interest income, net (316) (7) Construction litigation expense (2) 447 510 Lobbying expense to oppose the expansion of iGaming (2) 28 - Gain on disposition of assets (2) (4) (37) Adjusted EBITDA (1) $41,131 $38,548 Three Months Ended March 31,
Slide 24 — 2025 Annual Stockholders’ Meeting
Monarch Casino & Resort, Inc. 2025 Annual Stockholders’ Meeting