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Monarch Casino & Resort Reports Record First Quarter Financial Results

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Monarch Casino & Resort Inc. has reported record Net revenue and Adjusted EBITDA for the first quarter ended March 31, 2023.

John Farahi, Co-Chairman and CEO of Monarch, commented: “Our 2023 fiscal year is off to a strong start as the operating momentum builds at Monarch in Black Hawk, Colorado. In Reno, the first quarter results were materially impacted by unprecedented weather disruptions in Northern California, which is a key feeder market for Atlantis. Net revenue and Adjusted EBITDA grew to all-time first quarter records of $116.6 million and $36.5 million, respectively. The Company’s performance in Black Hawk was a primary driver in generating a healthy consolidated Adjusted EBITDA margin of 31.3% in what is historically our slowest quarter of the year in both markets.

“In Black Hawk, we continued to expand market share. All revenue categories, including casino, food and beverage and hotel continued their growth and we believe Monarch Black Hawk has yet to realize its full potential.

“At Atlantis, our primary focus remains the ongoing enhancement of the property. We believe, our newly installed casino carpet has revitalized the casino floor. The redesign and upgrade of the hotel rooms in the second tower is on schedule for an anticipated completion before Memorial Day 2023.

“With our strong balance sheet and free cash flow, Monarch remains ideally positioned to evaluate and act on potential acquisitions where we can employ our development and operating disciplines to drive long-term value for our stockholders. In the mean-time, we will continue to invest in our existing properties and remain committed to returning capital to stockholders. In the first quarter of 2023, we paid a one-time cash dividend of $5.00 per outstanding share of common stock. In the second quarter of 2023, we will pay cash dividend of $0.30 per outstanding share of common stock and we intend to continue to make quarterly payments as part of the previously announced annual cash dividend of $1.20 per share.

Summary of 2023 First Quarter Operating Results

In the first quarter of 2023, the Company generated net revenue of $116.6 million, an increase of 7.7% from $108.3 million in the prior year same quarter. Casino, food and beverage (F&B), and hotel revenues increased 6.5%, 12.6%, and 1.8% year over year, respectively. The revenue increase was driven primarily by the ongoing growth in business at Monarch Black Hawk.

Selling, general and administrative (SG&A) expenses for the first quarter of 2023 were $25.1 million compared to $24.2 million in the prior-year period, driven primarily by increases in utility expense and repair and maintenance expense. As a percentage of net revenue, SG&A expense decreased to 21.5% compared to 22.3% in the prior-year period. Casino operating expense as a percentage of casino revenue increased to 37.7% during the first quarter of 2023 from 35.6% in the prior-year period, primarily due to increased labor expense. F&B operating expense as a percentage of F&B revenue decreased to 74.8% during the first quarter of 2023 from 79.6% in the prior-year period due to an increase in average check and improved cost management. Hotel operating expense as a percentage of hotel revenue increased to 41.3% in the first quarter of 2023, compared to 38.0% in the same period a year ago, primarily due to a decrease in average daily rate and an increase in labor expense.

Income from operations for the first quarter of 2023 increased 8.5% compared to the same period last year. Net income decreased 2.5% compared to the same period last year and diluted EPS decreased 2.2% due primarily to an increase in the effective tax rate, which varies based on the amount of the excess tax benefit on stock compensation. The Company generated first quarter 2023 Adjusted EBITDA of $36.5 million, an increase of $2.1 million, or 6.2%, over the same period a year ago.

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Gambling in the USA

Abbiati Casino Equipment and Hawkins Holdings Form Strategic Alliance to Expand Presence Across the Americas

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Abbiati Casino Equipment, a globally recognised leader in premium casino equipment and technologies, announced a strategic partnership with Hawkins Holdings to strengthen its presence across North and South America. As part of this initiative, seasoned gaming executive Roger Hawkins has been appointed Brand Ambassador and Strategic Consultant for the Americas.

With more than 20 years of executive leadership in the global casino and gaming industry, Hawkins will spearhead the company’s efforts to expand its footprint throughout the Western Hemisphere. His role will include market development, strategic partnerships, regulatory positioning, and the promotion of Abbiati’s legacy of Italian innovation, craftsmanship, and integrity.

“This partnership is about more than market entry – it’s about building deeper awareness, driving product adoption, and reinforcing Abbiati’s commitment to quality across every pit and poker room in the hemisphere,” said Hawkins.

Giorgio Abbiati, CEO of Abbiati Casino Equipment, said: “We have proudly served clients in the Americas for many years, but the time is right to deepen our focus. Roger’s knowledge of our products and his insight into the market make him the ideal partner to lead this next phase.”

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Gambling in the USA

Catawba Two Kings Casino Resort Rising in Kings Mountain as First Year of Construction is Completed

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Significant construction has been completed during the first year of work on the $1 billion Catawba Two Kings Casino Resort in Kings Mountain, N.C., a site off Interstate-85 only 35 miles from Charlotte and close to the South Carolina border.

Construction on all aspects of the project is in full swing, with the foundations for the casino complex and hotel completed several months ago, the casino complex at its full height and expanding horizontally, and steel continuing to rise for the 24-story, 385-room hotel. The hotel tower framing is now 10 stories high, with an additional floor being added nearly every week. At completion, the hotel will be connected to the casino complex.

The casino complex includes the introductory casino on the first level, three levels of covered parking, a back-of-house level and top level with the main casino floor and restaurants. The introductory casino, set to open in spring 2026, will include 1350 slot machines, 20 table games, a 40-seat restaurant, a bar, sports betting kiosks, and Lucky North Rewards desk.

The introductory casino will replace the current temporary (prelaunch) casino, which continues to grow in popularity as it nears its fourth anniversary on July 1.

The main casino complex is targeted to open in 2027. It will be about 2 million square feet and feature:

• 4300 slot machines

• 100 table games

• 11 dining outlets, including a steakhouse, Italian restaurant, marketplace with six venues, café, and grab-and-go outlet

• A players lounge

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• 11 bars, including a center bar and sports bar

• A 2700-space parking garage built under the casino complex and 800 surface parking spaces

The project has created hundreds of construction jobs. Upon completion, the casino resort will employ an estimated 2200 regional residents and citizens of the Catawba Nation.

“This casino resort will be an economic game changer for Catawba citizens and a force to drive the economy of Cleveland County and the City of Kings Mountain. This project is a testament to our resilience, our commitment to self-sufficiency, and our determination to build a better future for ourselves and our future generations,” Catawba Nation Chief Brian Harris said.

Harris noted the temporary casino is contributing to many community and charitable organizations in the region, and that will only increase as the full casino resort opens.

The project is being led by the Catawba Nation Gaming Authority under Vice President Trent Troxel, with Yates-Metcon as the construction general contractor; Delaware North as the gaming management, development and hospitality consultant; and SOSHNY Design architects.

“Once again, I want to thank the Cleveland County, City of Kings Mountain, federal and state leaders who have supported the Catawba Nation’s efforts develop the casino resort in its ancestral lands in North Carolina,” Harris said.

Work has also been completed on two key infrastructure projects for development of the permanent casino resort that were funded by the Catawba Nation: doubling the size of the Dixon School Road Bridge over I-85 near the casino entrance and installing new sewer lines near the casino.

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Gambling in the USA

Seminole Hard Rock Hotel & Casino Tampa Named Luckiest Casino in US by Casinos.com

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Seminole Hard Rock Hotel & Casino Tampa has been named the luckiest casino in the US according to a recent study conducted by Casinos.com. The resort claimed the top spot based on an in-depth analysis of Tripadvisor reviews, measuring the frequency of luck-related keyword mentions.

With a 25.49% luck rate, Seminole Hard Rock Tampa topped the list thanks to glowing guest feedback, including frequent mentions of jackpots, hand pays and bonus wins. 50 reviews mentioned the word “jackpot,” and 19 even referenced a “hand pay.”

Casinos.com tracked keywords such as lucky, luck, won, winning, success, jackpot, hand pay, winner, bonus, profit to determine which U.S. casinos inspired the most winning moments among visitors.

“I hit 4 jackpots. I stayed one night. I had a blast. The machines are as loose as anywhere else,” wrote one Tripadvisor reviewer, noted Casinos.com, capturing the essence of why the casino landed in the No. 1 spot.

“We’ve always known this was a lucky casino, but it’s exciting to see that recognized through data-driven research. It’s a testament to the vibrant energy on our casino floor and the unforgettable experiences we strive to create for every guest,” said Steve Bonner, President of Seminole Hard Rock Hotel & Casino Tampa.

The ranking reinforces Seminole Hard Rock Tampa’s reputation as one of the premier gaming and entertainment destinations in the US. Seminole Hard Rock Tampa was not involved in the study and was unaware of it until the results were publicly released.

Over the past year, Seminole Hard Rock Tampa has paid out nearly 839,000 jackpots totaling more than $2.45 billion, continuing to deliver thrilling high-stakes gaming. Since May 1, 2024, the casino resort has awarded 375 jackpots of $100,000 or more, amounting to an impressive $61 million in winnings. Notably, 47 of those massive wins stemmed from bets of $5 or less and nine came from wagers of $3 or less.

Seminole Hard Rock Tampa offers a fully integrated casino experience with a sleek, modern design and welcoming atmosphere of 245,000 square feet of gaming space and entertainment. With 5230 of the hottest slot machines and a full range of table games such as poker, blackjack and baccarat, there is no shortage of opportunities to win. Additionally, guests can enjoy live craps, roulette, and sports betting at their leisure.

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