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Gambling in the USA

Monarch Casino & Resort Reports Record 2021 Fourth Quarter Financial Results

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Monarch Casino & Resort, Inc. reported record operating results for the fourth quarter and full year ended December 31, 2021, as summarized below:

($ in thousands, except per share data and percentages)

2020 comparison

Three Months Ended December 31, Twelve Months Ended December 31,
2021 2020 Increase 2021 2020 Increase
Net revenue $ 111,068 $ 58,377 90.3 % $ 395,377 $ 184,413 114.4 %
Net income 19,871 15,260 30.2 % 68,488 23,678 189.2 %
Adjusted EBITDA(1) $ 39,015 $ 13,898 180.7 % $ 137,294 $ 43,161 218.1 %
Basic earnings (losses) per share $ 1.06 $ 0.83 27.7 % $ 3.68 $ 1.30 183.1 %
Diluted earnings (losses) per share $ 1.02 $ 0.80 27.5 % $ 3.53 $ 1.25 182.4 %

2019 comparison

For the benefit of our stockholders, we also include the below comparison to 2019 to show “pre-COVID” information(2):

Three Months Ended December 31, Twelve Months Ended December 31,
2021 2019 Increase 2021 2019 Increase
Net revenue $ 111,068 $ 62,080 78.9 % $ 395,377 $ 249,166 58.7 %
Net income 19,871 6,196 220.7 % 68,488 31,816 115.3 %
Adjusted EBITDA(1) $ 39,015 $ 14,142 175.9 % $ 137,294 $ 61,687 122.6 %
Basic earnings per share $ 1.06 $ 0.34 211.8 % $ 3.68 $ 1.77 107.9 %
Diluted earnings per share $ 1.02 $ 0.33 209.1 % $ 3.53 $ 1.70 107.6 %
(1) Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release.
(2) In late 2020, we began to open our new hotel tower, casino expansion and additional new amenities at our Monarch Casino Resort Spa Black Hawk.

CEO Comment
John Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: “Our fourth quarter results capped a year of significant operational and financial accomplishments for Monarch. In 2021, we successfully transformed our Monarch Black Hawk into a full-scale casino resort spa. On May 1, 2021, we immediately took advantage of the elimination of betting limits in Black Hawk and expanded our game mix. At Atlantis in Reno, we completed the redesign and upgrade of our high-end suites on the top two floors of the concierge hotel tower. We believe that all these factors contributed to record fourth quarter and full year financial results. We are honored to have received the prestigious distinction by Forbes, ranking Monarch 39th on the list of America’s Best Small Companies.

“New COVID variants continue to create labor market shortages and wage pressure, resulting in increased labor costs. In addition, supply chain constraints and price inflation continued to impact our operating costs.

“Net revenue and Adjusted EBITDA in the fourth quarter of 2021 were $111.1 million and $39.0 million, respectively, and were both fourth quarter records. Our full year net revenue and Adjusted EBITDA of $395.4 million and $137.3 million, respectively, were both all-time records. We also achieved record fourth quarter and full year Adjusted EBITDA margin of 35.1% and 34.7%, respectively.

“Our Monarch Black Hawk operations continued to ramp up in the fourth quarter. In mid-December 2021, we opened an all-new sports book, lounge and bar along with additional casino space within the legacy facility. In the coming days, we expect to debut a new specialty restaurant, which will provide our guests with an outstanding dining experience while increasing restaurant seating capacity at the property by approximately 35%. We continue to gain noticeable market share and attract high value players from across Colorado’s Front Range, who had previously traveled to other markets, such as Las Vegas, for a high-end casino entertainment experience. We remain extremely bullish on the trajectory of the property’s performance.

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“The Reno economy remains robust, while gaming remains extremely competitive. Winter weather impacted certain weekends in December 2021, limiting access to Reno for our California-based guests.

“At Atlantis, we have begun the redesign and upgrade of the hotel rooms in the first tower and expect to complete this project by mid-2022. Our consistent capital investment at Atlantis remains a key part of our ongoing strategy to deliver an exceptional guest experience.

“We expect that 2022 will be another year of strong operating performance and financial results. We continue to evaluate acquisition opportunities where we can fully leverage our development expertise and operational excellence. We remain committed to deploying capital in a manner that will position Monarch to grow and build long-term value for our loyal stockholders.”

Summary of 2021 Fourth Quarter Operating Results
In the 2021 fourth quarter, the Company generated net revenue of $111.1 million, an increase of 90.3% from $58.4 million in the prior-year quarter. Casino, food and beverage (“F&B”), and hotel revenue increased 74.1%, 111.4% and 156.6% year-over-year, respectively. The increase in revenue was driven primarily by the ramp up of operations at the Company’s hotel and expanded casino in Black Hawk. In the fourth quarter of 2020, both Atlantis and Black Hawk revenues were impacted by pandemic-related capacity and other regulatory limitations which remained in effect following the properties’ reopening.

Selling, general and administrative (“SG&A”) expenses for the fourth quarter of 2021 were $22.2 million compared to $18.5 million in the prior-year period, driven primarily by additional SG&A expenses to support the expanded Monarch Casino Resort Spa Black Hawk and by an increase in overall labor expense. As a percentage of net revenue, SG&A expense decreased to 20.0% compared to 31.6% in the prior-year period. Casino operating expense as a percentage of casino revenue increased to 34.0% during the fourth quarter of 2021 from 30.0% in the prior-year period, primarily due to increase in promotional expenses at Monarch Black Hawk. F&B operating expense as a percentage of F&B revenue decreased to 78.2% during the fourth quarter of 2021 from 88.1% in the prior-year period due to an effort to align menu prices with increased commodity prices and labor costs. Hotel operating expense as a percentage of hotel revenue decreased to 40.1% in the fourth quarter of 2021 compared to 60.6% in the same period a year ago, primarily due to the higher average daily rate (ADR) in the current period.

Income from operations for the fourth quarter of 2021 increased 395.0% compared to the same period last year. Net income increased 30.2% and diluted EPS increased 27.5%, as Net income in the fourth quarter of 2020 was positively impacted by a $10.3 million tax benefit. The Company generated consolidated Adjusted EBITDA of $39.0 million, an increase of $25.1 million, or 180.7%, over the same period a year ago. The increase in the EBITDA represents a 47.7% flow through of net revenue.

Credit Facility and Liquidity
Capital expenditures of $16.1 million in the fourth quarter of 2021 primarily included construction costs related to the ongoing renovation of a portion of the legacy Monarch Casino Resort Spa Black Hawk building and ongoing renovations at Atlantis. Capital expenditures were funded from operating cash flows. The Company expensed $0.7 million of interest in the fourth quarter of 2021 compared to $0.3 million in the fourth quarter of 2020.

During the fourth quarter of 2021, the Company made $18 million in principal payments on its Term Loan Facility. As of December 31, 2021, the Company had an outstanding principal balance of $90 million under the Term Loan and had no borrowings outstanding under its $70 million Revolving Credit Facility.

Gambling in the USA

NYC Mayoral Front-runner Zohran Mamdani Says He Won’t Oppose Casino Development

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As a state lawmaker, Zohran Mamdani generally opposed plans to open full-scale casinos in New York City. In June, when he walked past a billboard showing betting markets for the city mayor’s race, he even quipped that “gambling is haram,” an Arabic word meaning forbidden.

But on Wednesday, Mr. Mamdani said that he did not intend to use his newfound political clout as the Democratic mayoral nominee and the race’s front-runner to try to stop the arrival of casinos that are widely considered a fait accompli.

Speaking alongside the leader of a union pushing the gambling expansion, Mr. Mamdani told reporters that while he still had doubts about the casinos backed by corporate giants, he respected the views of state voters who had approved the downstate gambling expansion more than a decade ago.

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Gambling in the USA

Better Business Bureau Reports Increase in Online Gambling Complaints

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According to research from Better Business Bureau (BBB), the illegal online gambling market is nearly four times bigger than the legal online gambling industry; $402 billion to $103 billion (estimates from Researchandmarkets.com and the American Gaming Association, respectively).

The BBB says it has received almost 200 scam reports and more than 10,000 business complaints related to online gambling and gaming since 2022. Some scam reports involved theft, while complaints showed a pattern of unclear terms and consumer misunderstandings. In some cases, consumers lost tens of thousands of dollars.

Here are some common questions with answers from the BBB regarding online gambling:

What red flags should I look out for if using gambling or gaming services?

Big promises around payouts and tempting ads without details are common. Many people aren’t aware the people they are dealing with are in countries overseas. People should also be leery of sweepstakes-style games, payment through cryptocurrency and typos in names.

How can I avoid issues with gambling or gaming companies?

Read your state and provincial laws. There are many different laws for online gambling, depending on where you live.

Check for proper licensure. Even if your state allows gambling, it may have a limited list of allowed websites. Check with your state’s gaming agency to see who is licensed.

Read the fine print. The reality of how winning and withdrawal works may be different than your first impression on a website. Check out the details of a specific service and fully understand how they work before sending them any money.

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Even legitimate websites may freeze winnings. There are many reasons why a casino or sportsbook might freeze winnings, even if the money is rightfully yours. Know what actions to take if your account is frozen.

Visit BBB.org to check out a business or register a complaint and BBB.org/ScamTracker to report a scam.

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Gambling in the USA

Scientific Games Wins Three 2025 International Business Awards for Supply Chain Sustainability and Technology Innovation

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OpenSports: Delivering our Technology Vision

 

Global Lottery Technology Supplier Wins Sustainable Supply Chain Gold Award for National Logistics Centre in UK Serving The National Lottery

Scientific Games has been honored with three prestigious accolades in the 2025 International Business Awards, recognizing the company’s leadership in supply chain sustainability and cutting-edge lottery technology solutions.

202508-Cision-500x625px-IBA-Awards.png

The global lottery company earned the Gold Award for Sustainable Supply Chain for its National Logistics Centre in Warrington, UK serving The National Lottery’s vast network of 40,000+ retailers as a partner to Allwyn UK. Opened in February 2024 to support Allwyn on its journey of building a net zero National Lottery, the 92,000-square-foot facility integrates advanced, technology-driven sustainability practices, including AI-powered demand forecasting and inventory management technology, dynamic routing to minimize emissions, fully electric internal transport and zero-waste operations.

Scientific Games also received two Bronze Award recognitions in the 2025 International Business Awards:

  • Achievement in Product Innovation for SCiQ, Scientific Games’ cutting-edge ecosystem that is transforming the way instant games are sold and managed. SCiQ delivers advanced inventory control, strengthened security and real-time sales data, providing retailers, lotteries and players with a smarter, more secure instant game experience.
  • Emerging Technology Solution for PlayCentral Powered by SCiQ, which integrates the company’s groundbreaking SCiQ retail ecosystem into PlayCentral HD self-service vending machines, delivering unmatched inventory control, enhanced game security and operational efficiency.

“These honors reflect the dedication of our global teams to delivering both environmental leadership and unmatched retail innovation for our lottery partners,” said Pat McHugh, CEO of Scientific Games. “From transforming the sustainability of our supply chain in partnership with Allwyn in the UK to advancing the future of instant game retailing worldwide, we’re committed to creating positive impact for our customers, players and the communities they serve.”

More than 3,600 nominations from organizations in over 60 nations were evaluated by more than 300 professionals worldwide in this year’s IBAs.

Earlier this year, Scientific Games received two Gold Annual American Business Awards for SCiQ and PlayCentral Powered by SCiQ, in the Operations Management Solutions and Emerging Technology categories, respectively.

With operations on five continents, Scientific Games provides retail and digital games, technology, analytics and services to 150 lotteries in 50 countries worldwide.

PlayCentral HD® and SCiQ® are registered trademarks of Scientific Games. ©2025 Scientific Games, LLC. All Rights Reserved.

 

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