Monarch Casino & Resort reported record third-quarter net revenue of US$146.3 million, up 2.4% from a year earlier. Adjusted EBITDA increased 2.1% to US$56.0 million, while the margin held at 38.3%, according to the company's results release carried by Morningstar.
Net income rose 1.4% to US$32.0 million. Diluted earnings per share reached US$1.76, compared with US$1.69 in the same quarter of 2025. Casino, food and beverage, and hotel revenue all increased, although the pace was slower than the company's first-half growth.
Monarch operates two wholly owned properties, Atlantis Casino Resort Spa in Reno, Nevada, and Monarch Casino Resort Spa in Black Hawk, Colorado. Management said the Colorado property gained market share and recorded its highest quarterly revenue, while Atlantis operated in a more competitive Reno market.
Wall Street assessments were positive but not uniform. Truist Securities analyst Barry Jonas kept a Buy rating and described Monarch's assets and balance sheet favourably. Jefferies analyst David Katz called the company a strong operator but said it lacks a clear internal or external growth route at present, according to CDC Gaming's review of the research notes. Analyst ratings and forecasts are opinions, not guarantees.
For the first nine months of 2026, Monarch reported net revenue of US$425.4 million, up 5.0%, and net income of US$92.1 million, up 17.4%. The contrast with the smaller third-quarter increase suggests growth continued but became more measured late in the period.
