Inferra AI / Company / MCRI / Slides
Monarch Casino & Resort Inc. — Annual Stockholder Meeting Presentation - May 2026 (company IR deck)
Monarch Casino & Resort Inc. (MCRI) · 27 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 May 27, 2026
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 • Ongoing capital investments at both properties to set the standards for luxury resorts in each market Significant growth opportunities • Potential for development on Atlantis’ additional 20 acres of land • Continue to attract mid- to up-tier guests from Denver and Boulder metro areas to Monarch Casino Resort Spa, including VIP business development 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 • 1Q26 LTM Net revenue of $556 million, Adjusted EBITDA1 of $207 million and Adjusted EBITDA margin of 37.2% (compared to $526 million Net Revenue; $183 million Adjusted EBITDA; and 34.8% Adjusted EBITDA margin during the previous twelve month period) Source: Monarch Casino & Resort analysis 1. EBITDA is adjusted for stock option, 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 • Forbes (2026): Four-Star Award for Spa Atlantis for 11 consecutive years (only four- star venue in Reno) and, for the third consecutive year, the Atlantis Steakhouse (only four-star restaurant in Reno). Recommended rating for Atlantis’ Bistro Napa 61,000 square-foot casino floor • ~1,200 slot and video poker machines • ~30 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 — Atlantis GGR Market Share
Atlantis GGR Market Share Atlantis Casino Resort Spa has consistently outperformed the greater Reno-Sparks market for the last 28 years • Primary focus has always been providing best-in-class and best-in-market experiences, amenities, and service Property enhancements • Completed the $100 million capital investment in the redesign and upgrade of the property in Q2 2025 • Various upgrades to our restaurants and the casino that bring a fresh new look to the property Continuous focus on profitability • Leveraging proprietary player segmentation tools to drive gaming and other revenues • Controlling operating costs Source: Monarch Casino & Resort analysis, Nevada Gaming Control Board
Slide 8 — Atlantis Hotel Occupancy and Cash ADR
Atlantis Hotel Occupancy and Cash ADR Hotel occupancy rates remain stable Source: Monarch Casino & Resort analysis, Reno-Sparks Convention & Visitors Authority 1. Cash ADR is inclusive of resort fees.
Slide 9 — 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%) • 2024 per capita personal income for the Reno metro area was 18% higher than the national average ($86,639 vs. $73,232) • 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 • Tesla has launched high-volume, mass production of its electric Semi truck in April 2026 at a new 1.7 million sq ft facility dedicated to the Semi in Sparks, Nevada, adjacent to Gigafactory Nevada. • Tahoe Reno Industrial Center, the largest industrial park in the U.S., has been a center of industrial investment and new job growth which hosts major global data center companies and is emerging as critical infrastructure in the AI competition era. (Blockchains; Google; Panasonic; Switch; Tesla; Vantage (phase 1 opens Q2 2026, 1,200+ jobs); Novva (opens 2026); Tract (11,000 acres, groundbreaking 2026); etc.) Attractive Nevada tax environment drives relocation interest • No state taxes on income (personal or corporate), inventory, inheritances and capital gains • 15 companies either relocated to or expanded their workforce in the Reno-Sparks area in 2025, adding approximately 600 jobs added to region with average salary of $76,800. • The U.S. Economic Development Administration (EDA) Tech Hub designation, massive investments from global tech companies are transforming Reno into a 'Second Silicon Valley.' Source: U.S. Census, Bureau of Economic Analysis, EDAWN, Tahoe Reno Industrial Center, AP News, U.S. Economic Development Administration; Vantage Data Centers, MIT Technology Review; Nevada Appeal
Slide 10 — 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 11 — Monarch Casino Resort Spa Black Hawk
Monarch Casino Resort Spa Black Hawk
Slide 12 — 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 • ~1,100 slot machines • ~37 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 13
Slide 14 — Monarch GGR Market Share1
Monarch GGR Market Share1 Monarch Casino Resort Spa has consistently grown market share over the past thirteen years Market share growth has been driven by the end-to-end transformation of the property and exceptional service • Market share gains accelerated in 4Q20 when the first hotel rooms and expanded casino came online • Controlling operating costs Source: Monarch Casino & Resort analysis, Colorado Division of Gaming 1. Market share is based on Black Hawk and Central City GGR and excludes sports GGR.
Slide 15 — Black Hawk-Central City Market
Black Hawk-Central City Market Market consists of: • ~21 casinos • ~7,664 slot machines • ~172 table games • ~49 poker tables • ~1,815 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 2025 (national average: 2.6%) • 2024 per capita personal income for Denver County was 63% higher than the national average ($119,263 vs. $73,232) Black Hawk 50-mile radius Boulder Denver Source: Monarch Casino & Resort analysis, Colorado Division of Gaming, U.S. Census, U.S. BEA Vail
Slide 16 — 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 • 2025: Black Hawk / Central City collectively represent over 83% 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 17 — 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 18 — Growth Initiatives
Growth Initiatives
Slide 19 — Organic Growth Opportunities
Organic Growth Opportunities Strong economic tailwinds in both Reno and Denver • Significant population growth in both markets with economic vitality and job growth 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 20 acres of adjacent land
Slide 20 — 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, population growth and no iGaming 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 each of 2024 and 2025, the Company paid 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 30, 2026, the Company had bought back 1,928,497 shares of the 3,000,000 shares authorized for repurchase by the Board of Directors in 2014
Slide 21 — Financial Results
Financial Results
Slide 22 — Consolidated Historical Financial Performance
Consolidated Historical Financial Performance Acquired Colorado gaming license April 2012 Source: Monarch Casino & Resort analysis 1. EBITDA is adjusted for stock option, construction litigation expenses, and one-time charges. Monarch Black Hawk starts phased opening November 2020
Slide 23 — Historical Net Leverage Ratio
Historical Net Leverage Ratio Source: Monarch Casino & Resort analysis 1. EBITDA is adjusted for stock option, construction litigation expenses, and one-time charges.
Slide 24 — 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 2026 2025 Increase Net Revenue $136,550 $125,394 8.9% Net Income $27,592 $19,864 38.9% Adjusted EBITDA(1) $48,951 $41,131 19.0% Basic EPS $1.55 $1.08 43.5% Diluted EPS $1.52 $1.05 44.8% Three Months Ended March 31,
Slide 25 — 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 • As of March 31, 2026 the Company has no outstanding principal balance under the credit agreement • 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, 2026 to stockholders of record as of June 1, 2026 $ in 000's March 31, 2026 December 31, 2025 Cash and cash equivalents $120,125 $96,468 Property and equipment, net $551,512 $556,668 Other assets $53,538 $59,713 Total assets $725,175 $712,849 Long-term debt (including current maturities) $0 $0 Other liabilities $175,326 $175,179 Total liabilities $175,326 $175,179 Total stockholders' equity $549,849 $537,670 Total liabilites and stockholders equity $725,175 $712,849
Slide 26 — Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 1. (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 the Company'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 the Company'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. 2. (2) Amount included in the "Other operating items, net" in the Consolidated Statement of Income $ in 000's 2026 2025 Net income $27,592 $19,864 Expenses: Stock based compensation $1,953 $2,127 Depreciation and amortization $10,467 $13,215 Provision for income taxes $7,952 $5,770 Interest income, net ($598) ($316) Construction litigation expense (2) $347 $447 Principal judgement on construction litigation accrual (2) $1,104 - Other litigation expense accrual (2) $98 - Lobbying expense to oppose the expansion of iGaming (2) $115 $28 Gain on disposition of assets (2) ($79) ($4) Adjusted EBITDA (1) $48,951 $41,131 Three Months Ended March 31,
Slide 27 — Monarch Casino & Resort, Inc.
Monarch Casino & Resort, Inc. 2026 Annual Stockholders’ Meeting