Form 8-K MONARCH CASINO & RESORT For: Feb 09
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Monarch Casino & Resort, Inc. reported record operating results for the fourth quarter and full year ended December 31, 2021.
Monarch generated net revenue of $111.1 million in the 2021 fourth quarter. The increase was driven by the ramp up of operations at the Company’s hotel and expanded casino in Black Hawk. In the fourth year of 2020, both Atlantis and Blackhawk revenues were impacted by pandemic-related capacity and other regulatory limitations. Selling, general and administrative expenses for the 2018 fourthquarter were $22.2 million compared to $18.5 million the previous year. F&B operating expenses decreased to 78. 2% of F &B revenue from 88. 1% in 2018. Hotel operating expense as a percentage of hotel revenue decreased from 60.6% to 40%.
There are risks related to development and construction activities, litigation, inflationary pressures on operating costs and expenses, and the potential of increased regulatory and other burdens. The potential outbreak of hostilities in Eastern Europe and a possible COVID-19 pandemic are also potential risks. Additional information concerning potential factors that could adversely affect all forward-looking statements is included in the Securities and Exchange Commission filings. The company's website is available on www.monarchcasino.com. It is also available in its most recent annual report on Form 10-K and quarterly reports on form 10 Q.
There are various risks to the company's business. The risks include the litigation against the contractor and the potential need to post bonds or other forms of surety to support legal remedies. The company also has to deal with inflationary pressures on its operating costs and expenses, as well as its ability to pass cost increases along to its customers. There are also risks related to potential outbreak of hostilities and other issues. It is also possible to increase state and federal taxation to address the impacts of the COVID-19 pandemic.
The table below reconciles Adjusted EBITDA to net income.
