Monarch Casino & Resort, Inc. (MCRI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumergirse en el modelo estratégico del casino monarca & Resort, Inc. (MCRI), un jugador dinámico en el casino regional y el paisaje de hospitalidad. Este innovador lienzo de modelo de negocio revela cómo MCRI transforma el entretenimiento de juegos en una experiencia integral de huéspedes, aprovechando recursos únicos y asociaciones estratégicas para crear valor en múltiples segmentos de clientes. Desde los brillantes pisos de casino de Black Hawk hasta los vibrantes lugares de entretenimiento, el enfoque de MCRI va más allá del juego tradicional, creando una estrategia multidimensional que atrae todo, desde turistas casuales hasta entusiastas de los altos rolleros.

Monarca casino & Resort, Inc. (MCRI) - Modelo de negocios: asociaciones clave

Proveedores de equipos de juego

A partir de 2024, Monarch Casino & Resort se asocia con:

Proveedor	Tipo de equipo	Valor de contrato
Corporación de juegos científicos	Máquinas tragamonedas	$ 3.2 millones anualmente
IGT (Tecnología de Juego Internacional)	Sistemas de juego	$ 2.7 millones anualmente

Tableros de turismo locales

Detalles clave de la asociación:

• Junta de turismo de Black Hawk
• Asociación de juegos de Colorado
• Presupuesto anual de colaboración de marketing turístico: $ 450,000

Proveedores de servicios de hotel y hospitalidad

Proveedor	Servicio	Valor de colaboración anual
Marriott International	Consultoría de gestión de hospitalidad	$ 1.1 millones
Aramark	Servicios de alimentos y bebidas	$ 2.5 millones

Organizadores de entretenimiento y eventos regionales

Desglose de la asociación:

• Redes de entretenimiento de Colorado
• Agencias locales de música y actuación
• Inversión anual de asociación de entretenimiento: $ 750,000

Instituciones e inversores financieros

Institución	Tipo de relación	Participación financiera
Goldman Sachs	Banca de inversión	Capacidad de crédito de $ 50 millones
Wells Fargo	Banca corporativa	Línea de crédito giratorio de $ 35 millones

Monarca casino & Resort, Inc. (MCRI) - Modelo de negocio: actividades clave

Operaciones de juegos de casino

Monarca casino & Resort opera dos propiedades del casino primario:

• Propiedad Black Hawk en Colorado (152,000 pies cuadrados)
• Propiedad de Catoosa en Oklahoma (70,000 pies cuadrados)

Métricas de piso de juego	Halcón negro	Catoosa
Máquinas de juego totales	1,600	1,100
Juegos de mesa	37	30

Gestión de hotel y resort

Las instalaciones del resort incluyen:

• Propiedad Black Hawk: torre del hotel de 23 pisos con 317 habitaciones
• Propiedad de Catoosa: instalación de hotel de 294 habitaciones

Alojamiento de entretenimiento y eventos

Espacios de eventos	Halcón negro	Catoosa
Salas de conferencias	5	3
Espacio de eventos totales (SQ FT)	15,000	10,000

Servicio de alimentos y bebidas

Ofertas de restaurantes:

• Black Hawk: 5 establecimientos gastronómicos
• Catoosa: 4 establecimientos de comidas

Mejora de la experiencia en marketing y el cliente

Inversión de marketing para el año fiscal 2022: $ 12.4 millones

Canal de marketing	Porcentaje de asignación
Marketing digital	35%
Publicidad tradicional	25%
Programa de fidelización	40%

Monarca casino & Resort, Inc. (MCRI) - Modelo de negocio: recursos clave

Propiedades del casino Black Hawk y Caruthersville

Detalles de la propiedad:

Ubicación	Tamaño de propiedad	Área del piso de juego	Inversión total
Black Hawk, Colorado	33 acres	60,000 pies cuadrados	$ 330 millones
Caruthersville, Missouri	22 acres	45,000 pies cuadrados	$ 250 millones

Instalaciones de juegos de alta calidad

Especificaciones de la instalación:

• Máquinas tragamonedas totales: 1.200
• Total de juegos de mesa: 45
• Áreas de juego de alto límite: 2
• Estado operativo 24/7

Fuerza laboral de hospitalidad y juegos calificados

Composición de la fuerza laboral:

Categoría de empleado	Total de empleados	Tenencia promedio
Operaciones de juego	850	6.2 años
Personal de hospitalidad	350	4.7 años

Infraestructura de tecnología de juegos avanzada

Inversiones tecnológicas:

• Presupuesto de tecnología anual: $ 12.5 millones
• Sistemas de gestión de ranuras avanzadas
• Tecnología de seguimiento de jugadores en tiempo real
• Infraestructura de protección de ciberseguridad

Fuerte reputación de la marca en el mercado regional de casinos

Métricas de rendimiento del mercado:

Cuota de mercado	Calificación de lealtad del cliente	Ingresos anuales
37% en el mercado de Colorado	4.6/5	$ 456 millones (2023)

Monarca casino & Resort, Inc. (MCRI) - Modelo de negocio: propuestas de valor

Experiencia de juego premium

A partir del cuarto trimestre de 2023, Monarch Casino & Resort opera 60,000 pies cuadrados de espacio para juegos en dos propiedades. Los ingresos totales para el juego para 2023 fueron de $ 228.4 millones. El piso de juego incluye:

• 600 máquinas tragamonedas
• 36 juegos de mesa
• 8 mesas de póker

Métrico de juego	Valor
Posiciones totales de juego	644
Ingresos promedio de juegos diarios	$625,753
Porcentaje de ganancia de juegos	12.4%

Servicios de complejo integral

Característica de propiedades:

• Total de habitaciones de hotel: 306
• Tasa promedio de la habitación diaria: $ 229
• Tasa de ocupación del resort: 72.3%

Opciones de entretenimiento múltiples

Desglose de ingresos de entretenimiento para 2023:

Categoría de entretenimiento	Ganancia
Alimento & Bebida	$ 42.6 millones
Entretenimiento en vivo	$ 3.2 millones
Salidas minoristas	$ 1.8 millones

Servicio al cliente de alta calidad

Métricas de satisfacción del cliente:

• Puntuación del promotor neto: 68
• Tasa de retención de clientes: 64%

Programas atractivos de lealtad y recompensas

Estadísticas del programa de fidelización:

Métrica del programa de fidelización	Valor
Miembros de lealtad total	87,500
Gasto promedio por miembro de fidelización	$1,275
Ingresos del programa de fidelización	$ 22.3 millones

Monarca casino & Resort, Inc. (MCRI) - Modelo de negocios: relaciones con los clientes

Programas de recompensas de jugadores personalizados

Monarca casino & Resort opera el Black Hawk Casino Players Club, que rastrea la actividad del juego de los clientes a través de un sistema de membresía escalonado.

Nivel de membresía	Requisito de puntos anuales	Beneficios clave
Bronce	0-4,999 puntos	Recompensas básicas
Plata	5,000-14,999 puntos	Composiciones mejoradas
Oro	15,000-49,999 puntos	Beneficios premium
Platino	Más de 50,000 puntos	Estatus de élite

Marketing directo y comunicación

La compañía utiliza estrategias de marketing específicas con aproximadamente 85,000 bases de datos de clientes activos.

• Campañas de marketing por correo electrónico
• Promociones de correo directo personalizados
• Comunicación segmentada basada en preferencias de jugadores

Plataformas de compromiso móviles y digitales

Monarch Casino ha invertido en plataformas digitales con $ 2.3 millones asignados a la infraestructura tecnológica en 2023.

Plataforma digital	Características	Tasa de participación del usuario
Aplicación móvil	Recompensas de juegos en tiempo real	42% de la base de jugadores
Portal en línea	Gestión de cuentas	37% de la base de jugadores

Gestión de relaciones VIP y de alto rollero

Gestión de relaciones dedicada para clientes de alto valor que generan $ 45.6 millones en ingresos anuales.

• Anfitriones de casinos personales
• Invitaciones de eventos exclusivas
• Experiencias de juego personalizadas

Servicios de atención al cliente consistentes

Atención al cliente 24/7 con 98.7% Calificación de satisfacción del cliente.

Canal de soporte	Tiempo de respuesta promedio	Tasa de resolución
Soporte telefónico	3.2 minutos	95%
Chat en vivo	2.8 minutos	92%
Soporte por correo electrónico	8.5 horas	89%

Monarca casino & Resort, Inc. (MCRI) - Modelo de negocio: canales

Instalaciones de casino y resort en el sitio

Monarca casino & Resort opera dos ubicaciones físicas principales:

Ubicación	Detalles
Black Hawk, Colorado	Casino Resort de 250,000 pies cuadrados con 1,176 máquinas tragamonedas y 36 juegos de mesa
Catoosa, Oklahoma	Casino Resort de 180,000 pies cuadrados con 1,100 máquinas tragamonedas y 30 juegos de mesa

Plataformas digitales y aplicaciones móviles

Los canales de participación digital incluyen:

• Aplicación móvil disponible en plataformas iOS y Android
• Programa de lealtad del jugador integrado con plataformas digitales
• Juegos en tiempo real y seguimiento de recompensas

Equipos directos de ventas y marketing

Canal de ventas	Métrica
Tamaño del equipo de ventas directas	42 profesionales de marketing dedicados
Gastos anuales de marketing	$ 8.3 millones en 2023

Sistemas de reserva en línea

Las capacidades de reserva digital incluyen:

• Reservas de la habitación del hotel
• Reservas espaciales de eventos
• Reservas de restaurantes y gastronómicas
• Reservas de paquetes de casino

Redes sociales y canales de marketing digital

Plataforma	Recuento de seguidores
Facebook	38,500 seguidores
Instagram	22,700 seguidores
Gorjeo	15,300 seguidores

Monarca casino & Resort, Inc. (MCRI) - Modelo de negocio: segmentos de clientes

Entusiastas regionales de juegos de casino

Tamaño del mercado para juegos de casino regionales en Black Hawk, Colorado: 1.2 millones de visitantes anuales. Gasto promedio por visitante: $ 185. Desglose demográfico:

Grupo de edad	Porcentaje
21-35	28%
36-50	37%
51-65	25%
65+	10%

Turistas y viajeros de ocio

Visitación de turista anual a Black Hawk: 4.3 millones. Casino Resort atrae aproximadamente al 22% del total de turistas.

• Duración promedio de la estadía turística: 2.4 noches
• Tasa de ocupación de Casino Resort: 68%
• Gasto turístico promedio: $ 312 por visita

Jugadores de alto rollero y premium

Contribución de ingresos del segmento de jugadores premium: 38% de los ingresos totales de juego.

Categoría de jugador	Gasto anual
Rolleros altos	$250,000+
Jugadores premium	$50,000-$249,999
Jugadores regulares	$5,000-$49,999

Buscadores de entretenimiento locales

Penetración del mercado local: 45% de Black Hawk y residentes de los alrededores del condado.

• Población local dentro de Radio de 50 millas: 287,000
• Frecuencia de visitas locales: promedio de 6.2 veces al año
• Ingresos de entretenimiento que no son de juego: $ 4.2 millones anuales

Asistentes de eventos corporativos y grupales

Detalles del segmento de eventos corporativos:

Tipo de evento	Eventos anuales	Asistentes promedio
Conferencias de negocios	42	125
Retiros corporativos	28	75
Edificio de equipo	36	50

Monarca casino & Resort, Inc. (MCRI) - Modelo de negocio: Estructura de costos

Mantenimiento de equipos de juego

Costos anuales de mantenimiento de equipos de juego para monarch casino & Resort, Inc. en 2023: $ 4.2 millones

Categoría de equipo	Costo de mantenimiento anual
Máquinas tragamonedas	$ 2.1 millones
Equipo de juego de mesa	$ 1.3 millones
Sistemas de juegos electrónicos	$800,000

Gastos operativos de propiedad

Gastos operativos de propiedad total para 2023: $ 37.6 millones

• Utilidades: $ 5.4 millones
• Mantenimiento de la propiedad: $ 6.2 millones
• Seguro: $ 3.1 millones
• Reparación y mantenimiento: $ 4.9 millones

Salarios y beneficios de los empleados

Compensación total de empleados para 2023: $ 52.3 millones

Categoría de empleado	Compensación total
Personal de operaciones de juego	$ 24.5 millones
Personal de hotel y restaurante	$ 15.8 millones
Personal administrativo y administrativo	$ 12 millones

Costos de marketing y promoción

Gastos de marketing total para 2023: $ 8.7 millones

• Marketing digital: $ 3.2 millones
• Publicidad tradicional: $ 2.5 millones
• Programa de recompensas de jugadores: $ 3 millones

Inversiones de tecnología e infraestructura

Inversión en tecnología total para 2023: $ 6.5 millones

Categoría de tecnología	Monto de la inversión
Actualizaciones de software de juego	$ 2.8 millones
Infraestructura de red y de seguridad	$ 1.9 millones
Sistemas de gestión de clientes	$ 1.8 millones

Monarca casino & Resort, Inc. (MCRI) - Modelo de negocios: flujos de ingresos

Ingresos para juegos de casino

Para el año fiscal 2023, Monarch Casino & Resort informó ingresos totales para los juegos de $ 250.3 millones. El desglose de los ingresos de los juegos incluye:

Segmento de juego	Ingresos ($)
Ingresos de la máquina tragamonedas	$ 162.7 millones
Ingresos de los juegos de mesa	$ 87.6 millones

Reservas de habitaciones de hotel

Los ingresos del hotel para 2023 totalizaron $ 45.2 millones, con una tasa de habitación diaria promedio de $ 189 y una tasa de ocupación del 78.5%.

Métrica de rendimiento del hotel	Valor
Habitaciones de hotel totales	291
Tasa diaria promedio	$189
Tasa de ocupación	78.5%

Ventas de alimentos y bebidas

Los ingresos de alimentos y bebidas para 2023 alcanzaron los $ 37.8 millones, con la siguiente distribución:

• Ventas de restaurantes: $ 24.5 millones
• Ingresos de bar y salón: $ 8.3 millones
• Catering y cena de eventos: $ 5 millones

Venta de entradas y entradas para el evento

Los ingresos por entretenimiento para 2023 fueron de $ 6.5 millones, generados a partir de:

• Eventos de música en vivo: $ 3.2 millones
• Shows de comedia: $ 1.8 millones
• Entradas para eventos especiales: $ 1.5 millones

Programa de lealtad y servicios auxiliares

Los ingresos por servicios auxiliares y del programa de fidelización totalizaron $ 12.6 millones en 2023, que incluyen:

Servicio auxiliar	Ingresos ($)
Servicios de spa	$ 3.7 millones
Ventas de tiendas minoristas	$ 2.9 millones
Recompensas del programa de fidelización	$ 6 millones

Total de flujos de ingresos combinados para 2023: $ 352.4 millones

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.