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Monarch Casino & Resort has posted its highest-ever quarterly results, achieving record revenue, profit, and EBITDA in Q3 2025.
The Monarch Casino Q3 2025 results show continued growth across all major segments, driven by strong casino performance and tighter cost management. Net revenue reached $142.8 million, a 3.6% increase year-on-year, while net income rose 14.4% to $31.6 million. Adjusted EBITDA climbed 8.3% to $54.8 million, marking the best quarter in the company’s history.
Casino performance drives all-time revenue high
Casino operations remain the cornerstone of Monarch’s growth story.
Gaming revenue rose 5.0% year-on-year, supported by steady visitation and higher player engagement. The company’s food and beverage division reported a 2.9% increase, while hotel revenue rose 3.9%, supported by higher daily room rates and stronger guest volumes.
Overall EBITDA margin improved to 38.4%, up from 36.7% in the same period last year, reflecting improved efficiency across all departments.
Operating expenses continue to improve
Efficient cost control played a key role in delivering record profitability.
Casino operating expenses dropped to 35.8% of casino revenue, compared with 36.3% last year. Food and beverage expenses decreased to 69.9% of segment revenue, while hotel costs fell to 31.4%, down from 33.8% in Q3 2024.
Selling, general and administrative expenses remained stable at $27.5 million, representing 19.3% of total revenue. The company also declared a quarterly dividend of $0.30 per share, payable on 15 December 2025, and repurchased 111,169 shares worth $11.3 million during the quarter.
Strong balance sheet supports ongoing projects
Monarch continues to operate with a solid financial position and no outstanding debt.
The company ended the quarter with $107.6 million in cash and no borrowings under its credit facility. Capital expenditure reached $5.4 million, mainly allocated to the completed redesign of guest rooms at Atlantis in Reno and ongoing maintenance across both properties.
Market share gains at Monarch Black Hawk in Colorado continued to support growth, while renovations at Atlantis are expected to further enhance guest experience and loyalty.
Following an 8.7% profit increase in Q1 2025, the latest results underline Monarch’s consistent growth trajectory and operational resilience.
As Monarch Casino closes its strongest quarter on record, can it sustain this momentum heading into 2026 amid rising competition and economic pressure in the US gaming market?
Source: Gambling Insider
