Monarch Casino & Resort Reports Record Second Quarter 2026 Financial Results

Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for the second quarter ended June 30, 2026, as summarized below: ($ in thousands, except per share data and percentages) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Increase 2026 2025 Increase Net revenue $142,597 $136,914 4.2 % $279,147 $262,308 6.4 % Net income (1)(2) 32,523 27,008 20.4 % 60,115 46,872 28.3 % Adjusted EBITDA (3) $52,999 $51,289 3.3 % $101,950 $92,420 10.3 % Basic EPS $1.82 $1.47 23.8 % $3.37 $2.55 32.2 % Diluted EPS (1)(2) $1.78 $1.44 23.6 % $3.30 $2.50 32.0 % (1) For the three months ended June 30, 2026 Net income and Diluted EPS were positively impacted by $2.4 million, or $0.13 per diluted EPS, from excess tax benefit on stock options compensation, resulting in a lower effective tax rate (17.4% in the second quarter of 2026 and 23.5% in the second quarter of 2025); (2) For the six months ended June 30, 2026 Net income and Diluted EPS were positively impacted by $2.6 million, or $0.14 per diluted EPS, from excess tax benefit on stock options compensation, resulting in a lower effective tax rate (19.7% in the first six months of 2026 and 23.1% in the first six months of 2025); (3) Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release. CEO Comment John Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: “Monarch delivered record second-quarter financial results. Second quarter net revenue increased 4.2% year-over-year reflecting growth in casino, F&B and hotel revenue. Adjusted EBITDA grew 3.3% compared to the same period last year. The second-quarter 2026 adjusted EBITDA margin remained near record levels at 37.2%, inclusive of a rise in employee benefit expenses, compared to 37.5% in Q2 2025. The second quarter revenue and adjusted EBITDA growth highlights our ability to drive sustained growth from our two properties. “We continue to focus on excellence by delivering exceptional product and service to our guests, while maintaining operational efficiency. We remain committed to ongoing capital investments that enhance both properties and set the standard for luxury casino resorts in Northern Nevada and Colorado. “Monarch’s strong operating results and positive trends allows us to continue to return capital to stockholders. In the second quarter of 2026, we returned $5.4 million to stockholders through our quarterly cash dividend. At the same time, we increased our cash position by $18.1 million.” Summary of 2026 Second Quarter Operating Results In the second quarter of 2026, the Company generated net revenue of $142.6 million compared to $136.9 million in the corresponding prior-year period. Casino revenue increased 2.5% compared to the same prior-year period, food and beverage (“F&B”) increased 3.1% and hotel revenue increased 13.0%, compared to the same prior-year period. F&B and hotel revenues benefited from higher available rooms at Atlantis in the second quarter of 2026 compared to the same period in 2025 and expanded convention and group business. Selling, general and administrative (“SG&A”) expense for the second quarter of 2026 was $28.6 million compared to $26.8 million in the corresponding prior-year period. As a percentage of net revenue, SG&A expense increased slightly to 20.0% from 19.6% in the corresponding prior-year period. Casino operating expense as a percentage of casino revenue decreased slightly to 35.5% during the second quarter of 2026 from 35.7% in the corresponding prior-year period primarily due to improved la...