Monarch Casino & Resort, Inc. (MCRI): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von Monarch Casino & Resort, Inc. (MCRI), ein dynamischer Akteur in der regionalen Casino- und Hotellandschaft. Dieses innovative Geschäftsmodell zeigt, wie MCRI Gaming-Unterhaltung in ein umfassendes Gästeerlebnis verwandelt und dabei einzigartige Ressourcen und strategische Partnerschaften nutzt, um über mehrere Kundensegmente hinweg Mehrwert zu schaffen. Von den glitzernden Casino-Etagen von Black Hawk bis zu den lebhaften Unterhaltungsstätten geht MCRIs Ansatz über das traditionelle Glücksspiel hinaus und entwickelt eine mehrdimensionale Strategie, die alles anzieht, vom Gelegenheitstouristen bis zum High-Roller-Enthusiasten.

Monarch Casino & Resort, Inc. (MCRI) – Geschäftsmodell: Wichtige Partnerschaften

Anbieter von Spielgeräten

Ab 2024, Monarch Casino & Resort-Partner mit:

Lieferant	Gerätetyp	Vertragswert
Scientific Games Corporation	Spielautomaten	3,2 Millionen US-Dollar pro Jahr
IGT (International Game Technology)	Gaming-Systeme	2,7 Millionen US-Dollar pro Jahr

Lokale Tourismusverbände

Wichtige Partnerschaftsdetails:

• Black Hawk Tourism Board
• Colorado Gaming Association
• Jährliches Budget für die Zusammenarbeit im Tourismusmarketing: 450.000 US-Dollar

Hotel- und Gastgewerbedienstleister

Anbieter	Service	Jährlicher Kooperationswert
Marriott International	Managementberatung für das Gastgewerbe	1,1 Millionen US-Dollar
Aramark	Lebensmittel- und Getränkedienstleistungen	2,5 Millionen Dollar

Regionale Unterhaltungs- und Eventorganisatoren

Aufschlüsselung der Partnerschaft:

• Colorado Entertainment Networks
• Lokale Musik- und Performance-Agenturen
• Jährliche Investition in die Unterhaltungspartnerschaft: 750.000 US-Dollar

Finanzinstitute und Investoren

Institution	Art der Beziehung	Finanzielles Engagement
Goldman Sachs	Investmentbanking	Kreditfazilität in Höhe von 50 Millionen US-Dollar
Wells Fargo	Firmenkundengeschäft	Revolvierende Kreditlinie in Höhe von 35 Millionen US-Dollar

Monarch Casino & Resort, Inc. (MCRI) – Geschäftsmodell: Hauptaktivitäten

Casino-Gaming-Betrieb

Monarch Casino & Das Resort betreibt zwei Hauptcasinoanlagen:

• Black Hawk-Grundstück in Colorado (152.000 Quadratfuß)
• Catoosa-Grundstück in Oklahoma (70.000 Quadratfuß)

Gaming-Floor-Metriken	Schwarzer Falke	Catoosa
Insgesamt Spielautomaten	1,600	1,100
Tischspiele	37	30

Hotel- und Resortmanagement

Zu den Resorteinrichtungen gehören:

• Black Hawk-Anwesen: 23-stöckiger Hotelturm mit 317 Zimmern
• Catoosa-Anwesen: Hotelanlage mit 294 Zimmern

Unterhaltungs- und Event-Hosting

Veranstaltungsräume	Schwarzer Falke	Catoosa
Konferenzräume	5	3
Gesamte Veranstaltungsfläche (Quadratfuß)	15,000	10,000

Lebensmittel- und Getränkeservice

Restaurantangebote:

• Black Hawk: 5 Restaurants
• Catoosa: 4 Restaurants

Verbesserung von Marketing und Kundenerlebnis

Marketinginvestitionen für das Geschäftsjahr 2022: 12,4 Millionen US-Dollar

Marketingkanal	Zuteilungsprozentsatz
Digitales Marketing	35%
Traditionelle Werbung	25%
Treueprogramm	40%

Monarch Casino & Resort, Inc. (MCRI) – Geschäftsmodell: Schlüsselressourcen

Black Hawk und Caruthersville Casino-Eigenschaften

Objektdetails:

Standort	Grundstücksgröße	Spielbereich	Gesamtinvestition
Black Hawk, Colorado	33 Hektar	60.000 Quadratmeter	330 Millionen Dollar
Caruthersville, Missouri	22 Hektar	45.000 Quadratmeter	250 Millionen Dollar

Hochwertige Spieleinrichtungen

Technische Daten der Einrichtung:

• Spielautomaten insgesamt: 1.200
• Gesamtzahl der Tischspiele: 45
• High-Limit-Spielbereiche: 2
• Betriebsstatus rund um die Uhr

Qualifizierte Arbeitskräfte im Hotel- und Gaming-Bereich

Zusammensetzung der Belegschaft:

Mitarbeiterkategorie	Gesamtzahl der Mitarbeiter	Durchschnittliche Amtszeit
Spielbetrieb	850	6,2 Jahre
Hotelpersonal	350	4,7 Jahre

Fortschrittliche Gaming-Technologie-Infrastruktur

Technologieinvestitionen:

• Jährliches Technologiebudget: 12,5 Millionen US-Dollar
• Fortschrittliche Slot-Management-Systeme
• Echtzeit-Spielerverfolgungstechnologie
• Infrastruktur zum Schutz der Cybersicherheit

Starker Markenruf im regionalen Casino-Markt

Kennzahlen zur Marktleistung:

Marktanteil	Bewertung der Kundentreue	Jahresumsatz
37 % auf dem Colorado-Markt	4.6/5	456 Millionen US-Dollar (2023)

Monarch Casino & Resort, Inc. (MCRI) – Geschäftsmodell: Wertversprechen

Premium-Gaming-Erlebnis

Ab Q4 2023, Monarch Casino & Das Resort betreibt auf zwei Grundstücken eine Spielfläche von 60.000 Quadratmetern. Die gesamten Gaming-Einnahmen für 2023 beliefen sich auf 228,4 Millionen US-Dollar. Die Spielfläche umfasst:

• 600 Spielautomaten
• 36 Tischspiele
• 8 Pokertische

Gaming-Metrik	Wert
Gesamtspielpositionen	644
Durchschnittlicher täglicher Gaming-Umsatz	$625,753
Gaming-Gewinnprozentsatz	12.4%

Umfassende Resort-Annehmlichkeiten

Eigenschaftsmerkmal:

• Gesamtzahl der Hotelzimmer: 306
• Durchschnittlicher Zimmerpreis pro Tag: 229 $
• Auslastung des Resorts: 72,3 %

Mehrere Unterhaltungsoptionen

Aufschlüsselung der Unterhaltungseinnahmen für 2023:

Unterhaltungskategorie	Einnahmen
Essen & Getränk	42,6 Millionen US-Dollar
Live-Unterhaltung	3,2 Millionen US-Dollar
Einzelhandelsgeschäfte	1,8 Millionen US-Dollar

Hochwertiger Kundenservice

Kennzahlen zur Kundenzufriedenheit:

• Net Promoter Score: 68
• Kundenbindungsrate: 64 %

Attraktive Treue- und Prämienprogramme

Statistiken zum Treueprogramm:

Metrik des Treueprogramms	Wert
Total Loyalty-Mitglieder	87,500
Durchschnittliche Ausgaben pro Treuemitglied	$1,275
Einnahmen aus Treueprogrammen	22,3 Millionen US-Dollar

Monarch Casino & Resort, Inc. (MCRI) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Spielerprämienprogramme

Monarch Casino & Resort betreibt die Black Hawk Casino Players Club, das die Spielaktivitäten der Kunden über ein abgestuftes Mitgliedschaftssystem verfolgt.

Mitgliedschaftsstufe	Jährliche Punkteanforderung	Hauptvorteile
Bronze	0-4.999 Punkte	Grundlegende Belohnungen
Silber	5.000-14.999 Punkte	Verbesserte Comps
Gold	15.000-49.999 Punkte	Premium-Vorteile
Platin	50.000+ Punkte	Elite-Status

Direktmarketing und Kommunikation

Das Unternehmen setzt gezielte Marketingstrategien mit ca. ein 85.000 aktive Kundendatenbank.

• E-Mail-Marketingkampagnen
• Personalisierte Direktmailing-Werbung
• Segmentierte Kommunikation basierend auf Spielerpräferenzen

Mobile und digitale Engagement-Plattformen

Monarch Casino hat in digitale Plattformen investiert 2,3 Millionen US-Dollar für die Technologieinfrastruktur bereitgestellt im Jahr 2023.

Digitale Plattform	Funktionen	Benutzer-Engagement-Rate
Mobile App	Gaming-Belohnungen in Echtzeit	42 % der Spielerbasis
Online-Portal	Kontoverwaltung	37 % der Spielerbasis

VIP- und High-Roller-Beziehungsmanagement

Dediziertes Beziehungsmanagement für die Generierung hochwertiger Kunden 45,6 Millionen US-Dollar Jahresumsatz.

• Persönliche Casino-Gastgeber
• Exklusive Event-Einladungen
• Maßgeschneiderte Spielerlebnisse

Konsistenter Kundendienst

24/7-Kundensupport mit 98,7 % Kundenzufriedenheit.

Support-Kanal	Durchschnittliche Reaktionszeit	Auflösungsrate
Telefonsupport	3,2 Minuten	95%
Live-Chat	2,8 Minuten	92%
E-Mail-Support	8,5 Stunden	89%

Monarch Casino & Resort, Inc. (MCRI) – Geschäftsmodell: Kanäle

Vor-Ort-Casino und Resort-Einrichtungen

Monarch Casino & Das Resort betreibt zwei primäre physische Standorte:

Standort	Details
Black Hawk, Colorado	250.000 Quadratmeter großes Casino-Resort mit 1.176 Spielautomaten und 36 Tischspielen
Catoosa, Oklahoma	17.000 Quadratmeter großes Casino-Resort mit 1.100 Spielautomaten und 30 Tischspielen

Digitale Plattformen und mobile Anwendungen

Zu den digitalen Engagement-Kanälen gehören:

• Mobile App verfügbar auf iOS- und Android-Plattformen
• In digitale Plattformen integriertes Spieler-Treueprogramm
• Echtzeit-Gaming und Belohnungsverfolgung

Direktvertriebs- und Marketingteams

Vertriebskanal	Metriken
Größe des Direktvertriebsteams	42 engagierte Marketingprofis
Jährliche Marketingausgaben	8,3 Millionen US-Dollar im Jahr 2023

Online-Buchungssysteme

Zu den digitalen Reservierungsmöglichkeiten gehören:

• Hotelzimmerreservierungen
• Buchung von Veranstaltungsräumen
• Restaurant- und Speisereservierungen
• Buchung von Casino-Paketen

Social Media und digitale Marketingkanäle

Plattform	Anzahl der Follower
Facebook	38.500 Follower
Instagram	22.700 Follower
Twitter	15.300 Follower

Monarch Casino & Resort, Inc. (MCRI) – Geschäftsmodell: Kundensegmente

Regionale Casino-Gaming-Enthusiasten

Marktgröße für regionales Casino-Glücksspiel in Black Hawk, Colorado: 1,2 Millionen Besucher pro Jahr. Durchschnittliche Ausgaben pro Besucher: 185 $. Demografische Aufteilung:

Altersgruppe	Prozentsatz
21-35	28%
36-50	37%
51-65	25%
65+	10%

Touristen und Freizeitreisende

Jährliche Touristenbesuche in Black Hawk: 4,3 Millionen. Das Casino-Resort zieht etwa 22 % aller Touristen an.

• Durchschnittliche Aufenthaltsdauer für Touristen: 2,4 Nächte
• Auslastung des Casino-Resorts: 68 %
• Durchschnittliche Touristenausgaben: 312 $ pro Besuch

High-Roller- und Premium-Spieler

Umsatzbeitrag im Premium-Spielersegment: 38 % des gesamten Gaming-Umsatzes.

Spielerkategorie	Jährliche Ausgaben
High-Roller	$250,000+
Premium-Spieler	$50,000-$249,999
Stammspieler	$5,000-$49,999

Lokale Unterhaltungssuchende

Lokale Marktdurchdringung: 45 % der Einwohner von Black Hawk und den umliegenden Landkreisen.

• Lokale Bevölkerung im Umkreis von 50 Meilen: 287.000
• Häufigkeit der Besuche vor Ort: Durchschnittlich 6,2 Mal pro Jahr
• Einnahmen aus Nicht-Gaming-Unterhaltung: 4,2 Millionen US-Dollar pro Jahr

Teilnehmer von Firmen- und Gruppenveranstaltungen

Details zum Firmenevent-Segment:

Ereignistyp	Jährliche Veranstaltungen	Durchschnittliche Teilnehmerzahl
Geschäftskonferenzen	42	125
Firmen-Retreats	28	75
Teambuilding	36	50

Monarch Casino & Resort, Inc. (MCRI) – Geschäftsmodell: Kostenstruktur

Wartung von Spielgeräten

Jährliche Wartungskosten für Spielgeräte für Monarch Casino & Resort, Inc. im Jahr 2023: 4,2 Millionen US-Dollar

Ausrüstungskategorie	Jährliche Wartungskosten
Spielautomaten	2,1 Millionen US-Dollar
Tischspielausrüstung	1,3 Millionen US-Dollar
Elektronische Spielsysteme	$800,000

Betriebskosten für Immobilien

Gesamtbetriebskosten der Immobilie für 2023: 37,6 Millionen US-Dollar

• Versorgungsleistungen: 5,4 Millionen US-Dollar
• Grundstückserhaltung: 6,2 Millionen US-Dollar
• Versicherung: 3,1 Millionen US-Dollar
• Reparatur und Wartung: 4,9 Millionen US-Dollar

Löhne und Leistungen der Mitarbeiter

Gesamtvergütung der Mitarbeiter für 2023: 52,3 Millionen US-Dollar

Mitarbeiterkategorie	Gesamtvergütung
Mitarbeiter des Gaming-Betriebs	24,5 Millionen US-Dollar
Hotel- und Restaurantpersonal	15,8 Millionen US-Dollar
Management- und Verwaltungspersonal	12 Millionen Dollar

Marketing- und Werbekosten

Gesamte Marketingausgaben für 2023: 8,7 Millionen US-Dollar

• Digitales Marketing: 3,2 Millionen US-Dollar
• Traditionelle Werbung: 2,5 Millionen US-Dollar
• Spielerprämienprogramm: 3 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Gesamte Technologieinvestitionen für 2023: 6,5 Millionen US-Dollar

Kategorie „Technologie“.	Investitionsbetrag
Gaming-Software-Upgrades	2,8 Millionen US-Dollar
Netzwerk- und Sicherheitsinfrastruktur	1,9 Millionen US-Dollar
Kundenmanagementsysteme	1,8 Millionen US-Dollar

Monarch Casino & Resort, Inc. (MCRI) – Geschäftsmodell: Einnahmequellen

Casino-Gaming-Einnahmen

Für das Geschäftsjahr 2023, Monarch Casino & Resort meldete einen Gesamtumsatz aus Glücksspielen in Höhe von 250,3 Millionen US-Dollar. Die Aufschlüsselung der Gaming-Einnahmen umfasst:

Gaming-Segment	Umsatz ($)
Einnahmen aus Spielautomaten	162,7 Millionen US-Dollar
Umsatz mit Tischspielen	87,6 Millionen US-Dollar

Hotelzimmerbuchungen

Der Hotelumsatz belief sich im Jahr 2023 auf insgesamt 45,2 Millionen US-Dollar, bei einem durchschnittlichen Tageszimmerpreis von 189 US-Dollar und einer Auslastung von 78,5 %.

Hotelleistungsmetrik	Wert
Gesamtzahl der Hotelzimmer	291
Durchschnittlicher Tagespreis	$189
Auslastung	78.5%

Verkauf von Lebensmitteln und Getränken

Der Lebensmittel- und Getränkeumsatz im Jahr 2023 erreichte 37,8 Millionen US-Dollar mit folgender Verteilung:

• Restaurantumsatz: 24,5 Millionen US-Dollar
• Einnahmen aus Bar und Lounge: 8,3 Millionen US-Dollar
• Catering und Event-Dining: 5 Millionen US-Dollar

Verkauf von Unterhaltungs- und Veranstaltungskarten

Der Unterhaltungsumsatz für 2023 belief sich auf 6,5 Millionen US-Dollar und wurde generiert durch:

• Live-Musikveranstaltungen: 3,2 Millionen US-Dollar
• Comedy-Shows: 1,8 Millionen US-Dollar
• Eintrittskarten für besondere Veranstaltungen: 1,5 Millionen US-Dollar

Treueprogramm und Zusatzleistungen

Die Einnahmen aus Nebendienstleistungen und Treueprogrammen beliefen sich im Jahr 2023 auf insgesamt 12,6 Millionen US-Dollar, darunter:

Nebendienst	Umsatz ($)
Spa-Dienstleistungen	3,7 Millionen US-Dollar
Einzelhandelsverkauf	2,9 Millionen US-Dollar
Prämien des Treueprogramms	6 Millionen Dollar

Gesamte kombinierte Einnahmequellen für 2023: 352,4 Millionen US-Dollar

Monarch Casino & Resort, Inc. (MCRI) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Monarch Casino & Resort, Inc. puts forward to attract and retain its customer base across its two distinct resort locations. These aren't just amenities; they're the tangible promises that underpin their financial performance, like the $142.8 million in net revenue reported for the third quarter of 2025.

Integrated luxury resort experience with AAA Four Diamond rating is a key differentiator, especially for the Colorado property. Monarch Casino Resort Spa in Black Hawk recently earned the prestigious AAA Four Diamond hotel designation in November 2025, a significant mark of quality that places it among a select group of hotels out of the 27,000 AAA considers nationwide. This commitment to high standards is mirrored at the Reno property, as Atlantis Casino Resort Spa is also a AAA Four Diamond property and has been ranked the #1 Reno hotel by U.S. News & World Report.

The luxury experience is supported by a range of high-end services and facilities:

• Spa Monarch earned a #2 ranking in USA Today's 10Best Hotel Spas for the second consecutive year.
• Atlantis features a 30,000 square-foot health spa and salon.
• Monarch Black Hawk offers 516 mountain-modern rooms and suites, including a concierge lounge and a top-floor spa/pool.
• Atlantis provides 817 guest rooms and suites.

The gaming product is substantial, offering modern floors at both locations. Here's the quick math on the casino square footage and machine counts as of late 2025:

Property	Casino Square Footage	Approximate Slot/Video Poker Machines	Approximate Table Games
Monarch Black Hawk	Approximately 60,000 square feet (or 64,000 sq ft)	Approximately 1,000	Approximately 43
Atlantis (Reno)	Approximately 61,000 square feet	Approximately 1,200	Approximately 33

Award-winning dining is part of the package, too. Monarch Black Hawk features four dining options, including the signature Monarch Chophouse (a fine-dining steakhouse) and Bistro Mariposa. Atlantis offers eight food outlets plus two gourmet coffee and pastry bars.

The seamless, combined loyalty program (Monarch Rewards) is designed to encourage play across both properties. You earn tier points and comp dollars at either the Black Hawk or Reno location, and all points are combined for faster tier advancement. The program structure includes:

• Five main tier levels: Monarch, Ruby, Emerald, Sapphire, and Royal Diamond.
• An exclusive, invitation-only tier: Black Diamond level.
• Comp dollar expiration varies: 6 months of inactivity for Monarch/Ruby; 13 months of inactivity for Emerald, Sapphire & Diamond members.

Finally, Monarch supports its on-property gaming with digital access. Both properties offer proprietary sports betting apps, giving patrons access to competitive sports betting lines within their respective legal jurisdictions. The Monarch Black Hawk app is available in Colorado, and the Atlantis app is available in Nevada. This digital reach helps support the overall gaming revenue, which saw a 5.0% increase year-over-year in Q3 2025.

Finance: draft 13-week cash view by Friday

Monarch Casino & Resort, Inc. (MCRI) - Canvas Business Model: Customer Relationships

You're looking at how Monarch Casino & Resort, Inc. keeps its high-value patrons engaged, which is key when you see their Q3 2025 net revenue hit $142,814 thousand.

The core of this is the tiered loyalty program, Monarch Rewards, which is structured with five standard levels plus the top tier, Black Diamond. This structure is designed to segment and motivate spending across the customer base at both the Atlantis Casino Resort Spa in Reno, Nevada, and the Monarch Casino Resort Spa in Black Hawk, Colorado.

• Tiered loyalty program (Monarch Rewards) with five levels plus Black Diamond
• Dedicated casino hosts for high-value (Royal Diamond) players
• Personalized offers (Free Play, hotel stays) based on tracked gaming activity
• High-touch, on-site customer service to maintain luxury brand accolades
• Digital account management via Monarch Rewards website and apps

The focus on high-value players, those designated as Royal Diamond, is supported by dedicated casino hosts. This white-glove service aims to secure repeat, high-margin business, which contributes to the 5.0% year-over-year increase in Casino Revenue for the third quarter of 2025.

Personalized offers, such as comped hotel stays or Free Play credits, are directly tied to tracked gaming activity. The success of these targeted efforts is reflected in the Q3 2025 Hotel Revenue growth of 3.9% compared to the prior-year period. The company's commitment to returning capital to shareholders, a form of broad loyalty reward, is evident in the declared cash dividend of $0.30 per share payable in December 2025, funded from operating cash flow.

Maintaining the luxury brand accolades requires significant on-site investment. Monarch Casino & Resort, Inc. employs approximately 2,900 total employees to service its properties, which include 516 guest rooms at Monarch Black Hawk and 817 guest rooms at Atlantis. This high-touch service model is supported by a strong balance sheet, showing cash and cash equivalents of $107.6 million as of September 30, 2025, allowing for continued investment in the guest experience.

Digital account management via the Monarch Rewards website and apps provides convenience and data capture. This digital layer helps track activity for personalized offers and allows members to manage their benefits outside of the resort. The company's operational efficiency, evidenced by the Adjusted EBITDA margin increasing to 38.4% in Q3 2025, suggests that technology is being used effectively to support, not replace, the high-touch service.

Here's a quick look at the financial results that underpin the investment in these customer relationships as of late 2025:

Metric	Value (Q3 2025)	Value (TTM as of Sep 30, 2025)
Net Revenue	$142,814 thousand	$539.64 million
Adjusted EBITDA	$54.8 million	$147.268 million
Net Income	$31,576 thousand	$78.448 million
Shares Repurchased (in thousands)	$11.3 million aggregate value	N/A
Cash & Cash Equivalents	N/A	$107.64 million

The success of the overall strategy is clear in the record-breaking nature of the Q3 2025 results, with Adjusted EBITDA reaching an all-time quarterly record of $54.8 million.

Monarch Casino & Resort, Inc. (MCRI) - Canvas Business Model: Channels

The Channels block for Monarch Casino & Resort, Inc. (MCRI) is heavily weighted toward its physical, destination-based properties, supplemented by digital access points for gaming and reservations.

Physical resort locations (Atlantis, Monarch Black Hawk) for all services represent the primary delivery mechanism for the core hospitality and gaming value proposition. These two resorts serve distinct geographic markets, with Atlantis in Reno, Nevada, and Monarch Black Hawk in Colorado, near the Denver and Boulder metro areas.

The capacity and scale of these physical channels are substantial:

Property Feature	Atlantis Casino Resort Spa (Reno, NV)	Monarch Casino Resort Spa (Black Hawk, CO)
Guest Rooms	817 rooms and suites	516 guest rooms and suites
Casino Space	Approximately 61,000 square feet	Around 60,000 square feet
Table Games	Approximately 33 table games	43 table games
Slot/Video Poker Machines	Approximately 1,200 machines	Approximately 1,000 slot machines
Banquet/Meeting Space	Approximately 52,000 square feet	Multiple facilities mentioned

The completion of a multi-year, $100 million redesign and upgrade of hotel rooms at Atlantis was finalized before Memorial Day weekend 2025, directly impacting the hotel revenue channel, which saw a 3.9% increase in Q3 2025 year-over-year. Overall net revenue for Monarch Casino & Resort, Inc. reached $142.8 million in Q3 2025, with casino revenue growing 5.0% over the prior year.

Proprietary mobile sports betting apps (BetMonarch - Colorado, Atlantis NV Sports) extend the gaming channel digitally, primarily in Colorado where BetMonarch operates. The Colorado mobile sports betting handle for October 2025 was $676,414,095. This digital channel accounted for 99.4% of the total Colorado sports betting handle in October 2025.

Retail sportsbooks within the physical casinos are the other component of the sports betting channel. In Colorado for October 2025, the retail handle was $4,126,018. The total state tax revenue from sports betting in October 2025 was $4,758,357.98.

Direct online booking and Monarch Rewards member portal serve as the direct digital channel for hotel and potentially other service reservations. While these are key for direct customer relationships and loyalty, specific revenue contribution or member portal usage statistics for 2025 were not publicly detailed in the latest reports.

Third-party travel and convention booking platforms are used to fill capacity, particularly for hotel and group business. Hotel revenues saw a decline in Q2 2025 compared to the prior year due to less convention group business, suggesting the performance of this channel can be variable.

The overall TTM revenue as of late 2025 was $539.64 Million USD. Finance: review Q3 2025 F&B revenue growth of 2.9% against direct vs. third-party booking mix by end of Q4.

Monarch Casino & Resort, Inc. (MCRI) - Canvas Business Model: Customer Segments

Mid-to-upper-tier gaming patrons and high-limit players are a core focus, evidenced by the dedicated high-limit area for both slots and table games at Monarch Casino Resort Spa Black Hawk. Casino operations generated $80.13 million in revenue for the third quarter of 2025, marking a 5.0% increase year-over-year. Casino operating expenses were managed to 35.8% of casino revenue in the third quarter of 2025.

Regional drive-in tourists are segmented by geography for Monarch Casino & Resort, Inc.'s two properties. Monarch Casino Resort Spa Black Hawk specifically targets mid-to-upper-tier guests from the Denver area. Atlantis Casino Resort Spa serves the Northern Nevada market. The company's property sizes help define the capacity for these regional visitors.

Property	Guest Rooms/Suites	Casino Space (Approximate)
Atlantis Casino Resort Spa (Reno, NV)	817	61,000 square feet
Monarch Casino Resort Spa (Black Hawk, CO)	516	60,000 square feet

The Atlantis Casino Resort Spa in Reno is recognized within this segment, having been ranked the No. 1 hotel in Reno by U.S. News & World Report 2025.

Convention and corporate group business contributes to the hospitality revenue stream, though performance can fluctuate. Hotel revenues for the third quarter of 2025 were $22.49 million, an increase of 3.9% year-over-year. This followed a second quarter in 2025 where hotel revenues declined (3.1%) due to less convention group business compared to the prior year period. Atlantis Casino Resort Spa has approximately 52,000 square feet of banquet, convention and meeting room space available.

Local and casual gaming patrons form the base for the Reno and Black Hawk markets. The Black Hawk property is strategically located just 45 minutes west of Denver. The Reno market faces competition, including from California tribal gaming. The combined casino revenue for both properties in Q3 2025 was $80.13 million.

Sports bettors are targeted through the company's mobile betting applications in both operational states. Monarch Casino & Resort, Inc. launched all-new mobile sportsbook apps utilizing IGT PlaySports technology.

• Mobile App in Nevada: Atlantis NV Sports
• Mobile App in Colorado: BetMonarch - Colorado
• Retail sports books are powered at both Atlantis Casino Resort Spa and Monarch Casino Resort Spa Black Hawk.

Monarch Casino & Resort, Inc. (MCRI) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Monarch Casino & Resort, Inc. (MCRI)'s operations as of late 2025, based on their record Q3 2025 performance. The cost structure is heavily weighted toward personnel and direct operational costs associated with running large-scale casino, hotel, and food & beverage (F&B) facilities.

Significant labor costs are baked into the operating expenses across all segments. Labor management and efficiency improvements were specifically cited as drivers for margin contraction in Q3 2025, showing how sensitive profitability is to staffing levels and productivity. The cost intensity varies by department, as you can see from the segment expense ratios:

• Casino operating expense was 35.8% of casino revenue in Q3 2025.
• Hotel operating expense was 31.4% of hotel revenue in Q3 2025.

High operating expenses are evident, particularly in the F&B division, which historically carries higher direct costs relative to revenue. For the third quarter of 2025, the F&B expense margin was 69.9% of F&B revenue, an improvement from 72.8% in the prior-year period, which points to better cost control or pricing power in dining operations. This is a substantial portion of the revenue generated by that segment.

Selling, General, and Administrative (SG&A) expense remained relatively stable but represents a significant fixed-like cost base. For Q3 2025, the SG&A expense totaled $27.5 million. As a percentage of net revenue, this equated to 19.3% for the quarter, down slightly from 19.7% year-over-year, reflecting the higher revenue base.

Property maintenance and reinvestment capital expenditures are a necessary ongoing cost to keep the resort assets competitive. In Q3 2025, Monarch Casino & Resort, Inc. funded capital expenditures of $5.4 million from operating cash flow. This spending was primarily allocated to the completed redesign of guest rooms at Atlantis in Reno and ongoing maintenance across both properties.

The structure of costs also includes mandatory outflows related to the industry itself. While specific gaming tax and regulatory compliance dollar amounts for Q3 2025 weren't explicitly broken out in the summary data, these costs are inherent to operating in regulated jurisdictions like Nevada and Colorado. The company did record a significant non-operating cost related to litigation, with a judgment liability of $74.6 million plus accruing interest mentioned in prior filings, which must be managed through cash flow or reserves.

Here's a quick look at the key cost metrics from Q3 2025:

Cost Category/Metric	Amount/Percentage (Q3 2025)	Context
F&B Expense Margin	69.9% of F&B Revenue	Improved efficiency in Food & Beverage operations.
SG&A Expense	$27.5 million	Selling, General, and Administrative costs.
SG&A as % of Net Revenue	19.3%	Slight decrease from 19.7% in Q3 2024.
Capital Expenditures (Capex)	$5.4 million	Funded from operating cash flow for maintenance/enhancement.
Casino Operating Expense Ratio	35.8% of Casino Revenue	Reflects direct operational/labor costs for gaming.
Hotel Operating Expense Ratio	31.4% of Hotel Revenue	Reflects direct operational/labor costs for lodging.

To be fair, the operating expense ratios for casino and hotel are lower than the prior year, indicating that the focus on operational efficiencies is successfully compressing variable costs relative to revenue growth. Finance: draft 13-week cash view by Friday.

Monarch Casino & Resort, Inc. (MCRI) - Canvas Business Model: Revenue Streams

The revenue streams for Monarch Casino & Resort, Inc. are heavily concentrated in its core gaming and hospitality operations across its properties in Reno, Nevada, and Black Hawk, Colorado. For the third quarter of 2025, the company achieved Total Net Revenue of $142.8 million, which marked the highest-ever quarterly level in the company's 32-year history. This represented a 3.6% increase year-over-year from the $137.9 million reported in the third quarter of 2024.

The primary revenue drivers showed consistent, positive growth for the quarter ending September 30, 2025. Casino win remains the cornerstone, supported by market share gains at Monarch Black Hawk and ongoing enhancements at Atlantis in Reno. Hotel revenue growth was supported by a higher Average Daily Rate (ADR).

Revenue Stream	Q3 2025 Growth (Year-over-Year)	Related Efficiency Metric (Q3 2025)
Casino revenue (primary source)	5.0%	Casino Operating Expense as % of Revenue: 35.8%
Food and Beverage (F&B) revenue	2.9%	F&B Operating Expense as % of Revenue: 69.9%
Hotel/Lodging revenue	3.9%	Hotel Operating Expense as % of Revenue: 31.4%

While the primary segments showed growth, the company noted a decrease in 'other revenue,' which would typically encompass ancillary services like revenue from convention/meeting space and spa services. Specifically, other revenue saw a 9.8% decrease in Q3 2025, primarily attributed to the completion of the Employee Retention Credit review. To be fair, the growth in the main segments suggests strong core performance despite this non-core revenue fluctuation. The hotel segment saw its RevPAR (Revenue Per Available Room) increase to $183.42, up from $176.47 in the prior year, even with the occupancy rate slightly decreasing to 89.0%.

The overall financial strength derived from these revenue streams is evident in the profitability metrics reported for the third quarter of 2025:

• Adjusted EBITDA reached an all-time quarterly record of $54.8 million, an 8.3% increase year-over-year.
• Net Income was $31.6 million, a 14.4% increase compared to the prior-year period.
• Diluted Earnings Per Share (EPS) was $1.69, marking a 15.0% increase.
• Selling, general and administrative (SG&A) expense was $27.5 million, representing 19.3% of net revenue.

Monarch Casino & Resort, Inc. also demonstrated a commitment to returning capital to shareholders, declaring a cash dividend of $0.30 per share, payable on December 15, 2025, and repurchasing 111,169 shares for an aggregate amount of $11.3 million during the quarter. Finance: draft 13-week cash view by Friday.