$146.3M Net Revenue, $56M Adjusted EBITDA: Monarch Casino Reports Record Q3 2026 Under CEO John Farahi
Monarch Casino & Resort, Inc. (Nasdaq: MCRI) has reported record operating results for the third quarter ended 30 September 2026, with net revenue rising 2.4% year on year to $146.3 million. In its release dated 27 October 2026, the company pointed to growth across casino, food and beverage, and hotel, paired with a near record adjusted EBITDA margin of 38.3%, a combination that stands out for an operator running just two properties.
The company also declared a quarterly cash dividend of $0.30 per share and underlined the scale of capital it returned to stockholders during the period. For operators tracking how single-market resort groups hold margin against softer top-line growth, Monarch’s quarter is a useful reference point.
Monarch Casino posts record $146.3 million quarterly net revenue
Net revenue of $146.3 million compared with $142.8 million in the same period last year. Casino revenue rose 3.4%, food and beverage revenue increased 1.3%, and hotel revenue edged up 0.9% year on year. Adjusted EBITDA reached $56 million, up 2.1%, with the margin holding near record levels at 38.3%.
Net income increased 1.4% to $32 million, while diluted earnings per share rose 4.1% to $1.76. Diluted weighted-average shares fell to 18.1 million from 18.7 million a year earlier, which helps explain why EPS outpaced net income growth.
Summing up the quarter, CEO John Farahi highlighted the spread of the growth.
John Farahi, Co-Chairman and Chief Executive Officer
“In the third quarter of 2026, Monarch delivered record quarterly net revenue and adjusted EBITDA. Net revenue increased 2.4% year-over-year to $146.3 million, reflecting growth in casino, food and beverage, and hotel revenues. Quarterly Adjusted EBITDA grew 2.1% compared to the same period last year. The third-quarter 2026 adjusted EBITDA margin remained near record levels at 38.3%. The third quarter net revenue and adjusted EBITDA growth highlights our ability to drive sustained growth from our two properties.”
How Monarch holds a 38.3% margin across two casino resorts
Monarch owns and operates the Atlantis Casino Resort Spa in Reno, Nevada, and Monarch Black Hawk in Colorado. Running record revenue and a 38.3% margin off two assets is the operator read here.
Farahi tied that performance to the company’s investment priorities.
John Farahi, Co-Chairman and Chief Executive Officer
“We remain focused on delivering market-leading offerings and services, while maintaining operational efficiency. We remain committed to technology and other strategic capital investments that enhance both properties and set the standard for luxury casino resorts in Northern Nevada and Colorado.”
There is a detail in the income statement worth naming. Depreciation and amortisation fell to $10.8 million from $14.1 million a year earlier, which helped lift income from operations and net income even as top-line growth stayed modest. That is a reasonable part of why net income grew despite a slimmer revenue increase.
Monarch’s nine-month net income climbs 17.4% to $92.1 million
The nine-month figures tell a stronger story than the single quarter. Net revenue over the period rose 5% to $425.4 million, net income climbed 17.4% to $92.1 million, and diluted EPS increased 21.1% to $5.06. The gap between revenue growth and profit growth over nine months points to genuine operating leverage rather than a one-quarter effect.
Monarch buys back $37 million of stock and maintains $0.30 dividend
During the quarter, Monarch purchased 300,859 shares of common stock in the open market for $37 million, leaving 670,644 shares remaining of the 3,000,000 originally authorised for repurchase. It also paid a $0.30 per share dividend on 15 September 2026, worth $5.3 million.
On the group’s approach to returning cash, Farahi set out the scale directly.
John Farahi, Co-Chairman and Chief Executive Officer
“We continue to return capital to stockholders through share repurchases and dividends. In the third quarter of 2026, we purchased, in open market transactions, 300,859 shares of Monarch common stock for $37 million. In the third quarter of 2026, we also returned $5.3 million to stockholders through our quarterly cash dividend. We ended the quarter with a solid cash position of $137.4 million.”
The newly declared $0.30 per share dividend is payable on 15 December 2026 to stockholders of record as of 1 December 2026, and forms part of a previously announced annual dividend of $1.20 per share, subject to quarterly review by the board.
Monarch’s $137.4 million cash position supports property investment and M&A
Monarch ended the quarter with $137.4 million in cash and no borrowings against its credit facility. Capital expenditure of $9.7 million in the quarter was funded from operating cash flow and included new gaming equipment at both properties and the purchase of land with a building adjacent to Atlantis.
The company said its balance sheet and free cash flow position it to keep investing in its properties, repurchasing shares and paying dividends, and that it continues to evaluate potential M&A transactions it believes could drive long-term value. The release also discloses that Monarch is appealing a $74,627,657 judgment entered against it in its construction litigation with PCL Construction Services, with related accruals recorded in the quarter.
What Monarch’s record quarter signals for casino operators
The lesson other operators can draw is about efficiency rather than scale. Monarch is generating record revenue, a near record margin and faster profit growth from a small, focused asset base, while still returning meaningful capital to shareholders. In a period when many groups are chasing growth through expansion, a disciplined two-property operator posting these numbers is a reminder that margin and capital allocation can matter as much as footprint. The question for 2026 and beyond is whether Monarch can keep widening profit on a top line that is now growing in low single digits.
Source: Monarch Casino & Resort
