$MCRI

MONARCH CASINO & RESORT INC

CIK:0000907242|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Net revenues	$ 142,597	$ 136,914	$ 279,147	$ 262,308
Operating expenses
Selling, general and administrative	28,564	26,786	56,318	53,976
Depreciation and amortization	10,664	13,571	21,131	26,786
Other operating items, net	1,591	944	3,176	1,415
Total operating expenses	103,974	102,015	205,578	202,091
Income from operations	38,623	34,899	73,569	60,217
Other income (expense)
Interest income, net	742	392	1,340	708
Income before income taxes	39,365	35,291	74,909	60,925
Income tax expense	(6,842)	(8,283)	(14,794)	(14,053)
Net income	$ 32,523	$ 27,008	$ 60,115	$ 46,872
Earnings per share of common stock
Basic (in dollars per share)	$ 1.82	$ 1.47	$ 3.37	$ 2.55
Diluted (in dollars per share)	$ 1.78	$ 1.44	$ 3.3	$ 2.5
Weighted average number of common shares and potential common shares outstanding
Basic (in shares)	17,873	18,383	17,858	18,416
Diluted (in shares)	18,261	18,723	18,237	18,776
Casino
Revenues
Net revenues	$ 81,540	$ 79,589	$ 161,286	$ 152,484
Operating expenses
Operating expenses	28,920	28,449	57,653	55,966
Food and beverage
Revenues
Net revenues	33,179	32,191	64,880	62,213
Operating expenses
Operating expenses	24,182	22,636	47,226	44,945
Hotel
Revenues
Net revenues	21,585	19,110	40,541	35,818
Operating expenses
Operating expenses	6,920	6,556	13,742	12,852
Other
Revenues
Net revenues	6,293	6,024	12,440	11,793
Operating expenses
Operating expenses	$ 3,133	$ 3,073	$ 6,332	$ 6,151

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 60,115	$ 46,872
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,131	26,786
Amortization of deferred loan costs	64	97
Stock-based compensation - stock options	4,074	4,002
Provision for bad debts	54	48
(Gain) loss on disposition of assets	(160)	2
Non-cash operating lease expense	4	(17)
Changes in operating assets and liabilities:
Receivables	1,444	(1,824)
Income taxes receivable	(2,029)	(1,396)
Inventories	790	929
Prepaid expenses and other	2,184	1,637
Accounts payable	(3,040)	(2,066)
Accrued expenses	(5,386)	(4,480)
Net cash provided by operating activities	79,245	70,590
Cash flows from investing activities:
Proceeds from sale of assets	196	25
Change in construction accounts payable	(1,854)	(487)
Acquisition of property and equipment	(10,704)	(27,923)
Net cash used in investing activities	(12,362)	(28,385)
Cash flows from financing activities:
Proceeds from exercise of stock options	10,530	1,678
Payroll taxes from net exercise of stock options	(7,363)
Payment of dividends	(10,738)	(11,039)
Purchase of company common stock	(17,519)	(20,014)
Net cash used in financing activities	(25,090)	(29,375)
Change in cash and cash equivalents	41,793	12,830
Cash and cash equivalents at beginning of period	96,468	58,760
Cash and cash equivalents at end of period	138,261	71,590
Supplemental disclosure of cash flow information:
Cash paid for interest	122	123
Cash paid for income taxes	$ 16,710	$ 15,450

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 138,261	$ 96,468
Receivables, net of provision for credit losses	9,569	11,067
Income taxes receivable	5,042	3,013
Inventories	8,299	9,089
Prepaid expenses and other	7,680	9,616
Total current assets	168,851	129,253
Property and equipment, net	545,040	556,668
Goodwill	25,111	25,111
Intangible and other assets, net	2,159	1,817
Total assets	741,161	712,849
Current liabilities
Accounts payable	41,884	44,924
Construction accounts payable	48,355	50,209
Accrued expenses	48,663	54,049
Short-term lease liability	953	1,019
Total current liabilities	139,855	150,201
Deferred income taxes	11,626	11,626
Long-term lease liability	11,838	12,279
Other long-term liability	1,073	1,073
Total liabilities	164,392	175,179
Stockholders' equity
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued
Common stock, $.01 par value, 30,000,000 shares authorized; 19,829,049 shares issued and 17,922,521 outstanding at June 30, 2026; 19,544,290 shares issued and 17,819,020 outstanding at December 31, 2025	198	195
Additional paid-in capital	83,276	76,038
Treasury stock, 1,906,528 shares at June 30, 2026 and 1,725,270 shares at December 31, 2025	(153,930)	(136,411)
Retained earnings	647,225	597,848
Total stockholders' equity	576,769	537,670
Total liabilities and stockholders' equity	$ 741,161	$ 712,849