Gambling in the USA
Monarch Casino & Resort Reports Record Second Quarter Financial Results

Monarch Casino & Resort has reported record operating results for the second quarter ended June 30, 2023.
CEO Comment
John Farahi, Co-Chairman and CEO of Monarch, said: “Our financial results for the 2023 second quarter reflect our strong market position in Black Hawk and a year over year improvement in the operating performance at Atlantis. Net revenue and Adjusted EBITDA grew to all-time second quarter records of $123.7 million and $42.1 million, respectively, resulting in an Adjusted EBITDA margin of 34.1%.
“In Black Hawk, we continued to expand market share throughout the quarter, especially in the upper end of the market. We believe there are further growth opportunities as we continue to penetrate the Denver regional market.
“At Atlantis, we generated strong casino and food and beverage revenue, as guest visits and spend per visit increased year-over-year. Hotel revenue was impacted by renovation work during the quarter on the redesign and upgrade of hotel rooms in the second tower. Hotel performance improved in June as our full inventory of rooms became available to guests. The Reno market remains extremely competitive, we continue to prudently invest in Atlantis to maintain, what we believe is, a market-leading position.
“We remain committed to returning capital to our stockholders. Our strong balance sheet and free cash flow position us to invest in our existing properties, pay quarterly cash dividends and consider potential share repurchases under our existing share repurchase authorization. We continue to evaluate potential acquisition opportunities where we can employ our developmental and operational expertise in a financially prudent manner.”
Summary of 2023 Second Quarter Operating Results
In the 2023 second quarter, net revenue increased 7.3% year over year to $123.7 million, compared to $115.3 million in the prior-year quarter. Casino and food and beverage (F&B) revenues increased 7.8% and 10.8% year over year, respectively, while hotel revenues decreased 1.1% year over year. The increase in casino and F&B revenues was driven primarily by ongoing growth at Monarch Black Hawk. The decrease in hotel revenues was driven primarily by a decrease in the average daily rate.
Selling, general and administrative (SG&A) expenses for the second quarter of 2023 were $25.0 million compared to $23.1 million in the prior-year period, driven primarily by an increase in utility, insurance and marketing and advertising expenses. As a percentage of net revenue, SG&A expense increased to 20.2% compared to 20.0% in the prior-year period. Casino operating expense as a percentage of casino revenue increased to 37.4% during the second quarter of 2023 from 36.5% in the prior-year period, primarily due to increased labor expense. F&B operating expense as a percentage of F&B revenue decreased to 72.3% during the second quarter of 2023 from 77.0% 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 36.2% in the second quarter of 2023 compared to 34.4% in the same period a year ago, primarily due to a decrease in the average daily rate and an increase in labor expense.
Net income increased 15.3% and diluted EPS increased 15.2% compared to the same period a year ago. The Company generated second quarter 2023 consolidated Adjusted EBITDA of $42.1 million, an increase of $2.7 million, or 6.8%, over the same period a year ago.
Credit Facility and Liquidity
As of June 30, 2023, the Company had cash and cash equivalents of $35.1 million and an outstanding principal balance of $41.0 million under its credit facility. During the 2023 second quarter, the Company made $10 million in principal payments on its credit facility. The Company expensed $0.8 million of interest in the second quarter of 2023 compared to $0.7 million in the prior-year period.
Capital expenditures of $10.3 million in the second quarter of 2023 were funded from operating cash flows and included the redesign and upgrade of hotel rooms in the second tower at Atlantis and maintenance capital spending at both properties.
On June 15, 2023, the Company paid a cash dividend of $0.30 per share to its stockholders of record on June 1, 2023. The cash dividend was funded from cash on hand.
Quarterly Dividend Declaration
The Company is announcing a cash dividend of $0.30 per share of its outstanding common stock. The dividend is payable on September 15, 2023, to stockholders of record on September 1, 2023. This cash dividend is part of the previously announced annual cash dividend of $1.20 per share payable in quarterly payments and subject to quarterly review and evaluation by the Company’s Board of Directors.
Gambling in the USA
BMM INNOVATION GROUP SHOWCASES ITS SUPPORT FOR TRIBAL SOVEREIGNTY AT INDIAN GAMING CONFERENCE & EXPO MARCH 31 – APRIL 3 AT SAN DIEGO CONVENTION CENTER

Company to sponsor, attend, and speak at the San Diego, California show.
BMM Innovation Group (“BMM,” “BIG Group,” or “BIG”), a technology conglomerate focused on product compliance testing, cybersecurity solutions, and virtual training for the global gaming industry, today announced its sponsorship and participation in the Indian Gaming Association’s (“IGA”) annual IGA Conference & Expo, March 31-April 3 at the San Diego Convention Center.
With over three decades of experience supporting Tribal gaming, BIG will be on-site as sponsors, speakers, and attendees to reinforce the Company’s steadfast commitment to Tribal sovereignty and self-regulation.
Proud Partners in Tribal Progress
The BIG Group’s Chairman, President, and Chief Executive Officer Martin Storm said, “BMM proudly partners with Tribal governments, Tribal casinos, and Tribal gaming equipment and technology suppliers to advance Tribal sovereignty, self-determination, and economic development. We are honored to continue supporting the growth and integrity of Tribal gaming through our trusted product compliance services, world-class training and virtual education, and our cybersecurity solutions to protect Tribal enterprises.”
BMM’s long-standing relationships with Tribal gaming suppliers and regulators are at the heart of its mission. As active members of IGA and other key Tribal organizations, BIG is committed to elevating Tribal voices and ensuring Tribal interests remain at the forefront of industry growth.
BIG Group Shares Thought Leadership on Conference Panels and Trainings
- In addition to sponsoring and attending, the BIG Group’s expert thought leaders will speak and provide in-person training at the conference:
- Tuesday, April 1 at 9 am: Innovation vs. Regulation: Keep Pace with Emerging Gaming Technologies – Sean Mason, Senior Director of Tribal Services
- Tuesday, April 1 at 4 pm: Gaming and Cyber Risk Best Practices – Mitigate Risk and Sleep Better at Night – Heather Lee, Senior Director of Sales for BIG Cyber
- Wednesday, April 2 at 9 am: Level III Commissioner Certification Training – Peter Nikiper, Director of Technical Compliance
Unmatched Expertise in Product Compliance and Certification
As a trusted testing laboratory for Tribal gaming jurisdictions across North America, BMM’s focus is fairness, integrity, and security in every gaming environment. IGA attendees are invited to connect with BMM experts to learn more about the Company’s comprehensive product compliance programs.
Education & Training for Long-Term Success
BIG continues to empower Tribal gaming employees through exclusive education and training programs, including free access to RG24seven Virtual Training. These knowledge-sharing initiatives are designed to support responsible gaming, regulatory compliance, and the long-term sustainability of Tribal gaming operations.
Cybersecurity Solutions Tailored for Tribal Gaming
The BIG Group is focused on bolstering cybersecurity defenses for Tribal enterprises through its BIG Cyber services, which includes penetration testing, vulnerability assessments, PCI:DSS evaluations, and a host of managed security services featuring CYREBRO’s Security Operations Center, KnowBe4’s security awareness training, and Maxxsure’s risk management platform.
Gambling in the USA
Bruce Smith Enterprise and The Cordish Companies Break Ground on New Live! Casino & Hotel in Petersburg, Virginia

Bruce Smith Enterprise and The Cordish Companies celebrated the groundbreaking of the new LIVE! CASINO & HOTEL VIRGINIA in Petersburg. The milestone officially commences construction on a transformative project that will generate billions of dollars in economic benefits and spinoff development, create thousands of new jobs, and set a new standard for gaming, hotels, and entertainment in the Commonwealth. Live! Casino & Hotel Virginia is part of a larger $1.4 billion master plan by the partnership, scheduled to be developed in phases, that will bring a world-class mixed-use resort destination to Petersburg.
Executives from Bruce Smith Enterprise, The Cordish Companies, and Cordish Gaming were joined by Petersburg City Mayor Sam Parham and members of Petersburg City Council, Virginia State Senator Lashrecse Aird, Virginia State Delegate Kim Taylor, and many other business and community leaders at the project site in Petersburg. The development site, ideally located on Brasfield Parkway at the intersection of Wagner Road and Interstate I-95 just 20 miles south of Richmond, will provide easy access on and off the East Coast’s major north-south interstate.
“It has been a source of immense satisfaction and pride to partner in this incredible development. For far too long people have simply driven by the City of Petersburg, but today marks the beginning of a new era in which Petersburg will become a prime destination. This pivotal project will ignite tourism, create jobs, and ultimately deliver on the promise of greater opportunity and upward mobility for local families. As a champion of Petersburg and its residents, I am happily confident that this historic development will uplift, empower, and enrich this community for years to come,” said Bruce Smith, founder of Bruce Smith Enterprise.
Live! Casino & Hotel Virginia is slated to open in 2027. A temporary gaming facility will open by the end of 2025 to immediately begin creating an estimated 500 new jobs, vendor opportunities and economic benefits for the City. In its first 10 years, the project is expected to generate $2.8 billion in economic stimulus to the region; $504 million in tax revenues including $240 million to the City of Petersburg; $802 million in economic benefits during construction; $201 million in annual economic benefits each year after opening; and 7500 new jobs including 6100 during construction and 1400 new permanent jobs.
“Today marks a monumental day for The Cordish Companies as we expand our Live! brand into the Central Virginia region with the development of Live! Casino & Hotel Virginia. Our company is a national leader in successfully developing and managing large-scale urban revitalization projects across the country. Live! Casino & Hotel will be a transformative development that will bring a world-class gaming and entertainment experience to millions of visitors, create significant new jobs, and generate millions of dollars in economic benefits for the community that will provide a beneficial impact for generations. We look forward to making an immediate impact on the region with the construction of a temporary gaming facility that will be operational before the end of 2025, so that we can begin creating jobs, vendor opportunities and economic benefits for the City,” said Zed Smith, Chief Operating Officer for The Cordish Companies.
Gambling in the USA
PENN Entertainment Launches Stand-alone Hollywood Casino App in New Jersey

PENN Entertainment announced that its stand-alone Hollywood Casino app has launched in New Jersey. The new Hollywood Casino platform is available on Android, iOS, and desktop and can also be accessed via the ESPN BET app. Customers can login to Hollywood Casino using their ESPN BET credentials, allowing for a seamless experience across PENN’s online betting and casino platforms.
Ranked by Eilers & Krejcik as the #2 overall iCasino product in the US, Hollywood Casino offers a variety of online slots, table games, and live dealer content, including original titles from PENN Game Studios, the company’s in-house casino game development studio. Hollywood Casino also includes bespoke live dealer tables and exclusive games such as the recently launched Devils Blackjack, an original title leveraging PENN’s partnership with the New Jersey Devils.
“We’re thrilled to introduce our dedicated, casino-first experience to customers across New Jersey. Hollywood Casino delivers a best-in-class experience with an extensive game library, seamless gameplay, and exclusive content from our in-house studio. This launch builds on the strong momentum we’ve gained since introducing our enhanced standalone app in December,” said Aaron LaBerge, Chief Technology Officer of PENN Entertainment.
The stand-alone Hollywood Casino platform debuted in Pennsylvania last December and is also available in Michigan.
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