Casino monarque & Resort, Inc. (MCRI): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le plan stratégique de Monarch Casino & Resort, Inc. (MCRI), un acteur dynamique dans le paysage régional du casino et de l'hôtellerie. Cette toile innovante du modèle commercial révèle comment MCRI transforme le divertissement de jeu en une expérience complète des clients, tirant parti de ressources uniques et de partenariats stratégiques pour créer de la valeur sur plusieurs segments de clients. Des planchers de casino scintillants de Black Hawk aux lieux de divertissement dynamiques, l'approche de MCRI va au-delà du jeu traditionnel, élaborant une stratégie multidimensionnelle qui attire tout, des touristes occasionnels aux amateurs de haut niveau.

Casino monarque & Resort, Inc. (MCRI) - Modèle d'entreprise: partenariats clés

Fournisseurs d'équipements de jeu

Depuis 2024, Monarch Casino & Resort s'associe à:

Fournisseur	Type d'équipement	Valeur du contrat
Scientific Games Corporation	Machines à sous	3,2 millions de dollars par an
IGT (International Game Technology)	Systèmes de jeu	2,7 millions de dollars par an

Boards touristiques locaux

Détails clés du partenariat:

• Black Hawk Tourism Board
• Colorado Gaming Association
• Budget annuel de collaboration marketing touristique: 450 000 $

Fournisseurs de services hôteliers et hôteliers

Fournisseur	Service	Valeur de collaboration annuelle
Marriott International	Conseil de gestion de l'hôtellerie	1,1 million de dollars
Aramark	Services de nourriture et de boissons	2,5 millions de dollars

Organisations régionales de divertissement et d'événements

Répartition du partenariat:

• Réseaux de divertissement du Colorado
• Agences de musique et de performance locales
• Investissement annuel de partenariat de divertissement: 750 000 $

Institutions financières et investisseurs

Institution	Type de relation	Engagement financier
Goldman Sachs	Banque d'investissement	Facilité de crédit de 50 millions de dollars
Wells Fargo	Banque commerciale	Ligne de crédit renouvelable de 35 millions de dollars

Casino monarque & Resort, Inc. (MCRI) - Modèle d'entreprise: activités clés

Opérations de jeu de casino

Casino monarque & Resort exploite deux propriétés de casino principal:

• Propriété Black Hawk au Colorado (152 000 pieds carrés)
• Propriété Catoosa en Oklahoma (70 000 pieds carrés)

Métriques de sol de jeu	Faucon noir	Catoosa
Machines de jeu totales	1,600	1,100
Jeux de table	37	30

Gestion des hôtels et du complexe

Les installations du complexe comprennent:

• Propriété Black Hawk: tour d'hôtel de 23 étages avec 317 chambres
• Propriété Catoosa: installation de l'hôtel de 294 chambres

Divertissement et hébergement d'événements

Espaces événementiels	Faucon noir	Catoosa
Salles de conférence	5	3
Espace d'événement total (sq ft)	15,000	10,000

Service de nourriture et de boissons

Offres de restaurants:

• Black Hawk: 5 établissements de restauration
• Catoosa: 4 établissements de restauration

Amélioration du marketing et de l'expérience client

Investissement marketing pour l'exercice 2022: 12,4 millions de dollars

Canal de marketing	Pourcentage d'allocation
Marketing numérique	35%
Publicité traditionnelle	25%
Programme de fidélité	40%

Casino monarque & Resort, Inc. (MCRI) - Modèle d'entreprise: Ressources clés

Propriétés du casino Black Hawk et Caruthersville

Détails de la propriété:

Emplacement	Taille de propriété	Surface de jeu	Investissement total
Black Hawk, Colorado	33 acres	60 000 pieds carrés	330 millions de dollars
Caruthersville, Missouri	22 acres	45 000 pieds carrés	250 millions de dollars

Installations de jeux de haute qualité

Spécifications de l'installation:

• Machines à sous total: 1 200
• Total des jeux de table: 45
• Zones de jeu à limite: 2
• État opérationnel 24/7

Hospitalité qualifiée et main-d'œuvre de jeu

Composition de la main-d'œuvre:

Catégorie des employés	Total des employés	Tenure moyenne
Opérations de jeu	850	6,2 ans
Personnel hôtelier	350	4,7 ans

Infrastructure de technologie de jeu avancée

Investissements technologiques:

• Budget technologique annuel: 12,5 millions de dollars
• Systèmes avancés de gestion des emplacements
• Technologie de suivi des joueurs en temps réel
• Infrastructure de protection de la cybersécurité

Solide réputation de la marque sur le marché régional des casino

Métriques de performance du marché:

Part de marché	Évaluation de fidélisation de la clientèle	Revenus annuels
37% sur le marché du Colorado	4.6/5	456 millions de dollars (2023)

Casino monarque & Resort, Inc. (MCRI) - Modèle d'entreprise: propositions de valeur

Expérience de jeu premium

Depuis le quatrième trimestre 2023, Monarch Casino & Resort exploite 60 000 pieds carrés d'espace de jeu dans deux propriétés. Le chiffre d'affaires total des jeux pour 2023 était de 228,4 millions de dollars. Le sol de jeu comprend:

• 600 machines à sous
• 36 jeux de table
• 8 tables de poker

Métrique de jeu	Valeur
Positions totales de jeu	644
Revenus de jeu quotidiens moyens	$625,753
Pourcentage de victoire de jeu	12.4%

Équipements complets de la station

Caractéristique des propriétés:

• Total des chambres d'hôtel: 306
• Tarif quotidien moyen: 229 $
• Taux d'occupation de la station: 72,3%

Plusieurs options de divertissement

Répartition des revenus de divertissement pour 2023:

Catégorie de divertissement	Revenu
Nourriture & Boisson	42,6 millions de dollars
Divertissement en direct	3,2 millions de dollars
Points de vente au détail	1,8 million de dollars

Service client de haute qualité

Métriques de satisfaction client:

• Score du promoteur net: 68
• Taux de rétention de la clientèle: 64%

Programmes de fidélité et de récompenses attrayants

Statistiques du programme de fidélité:

Métrique du programme de fidélité	Valeur
Membres de la fidélité totale	87,500
Dépenses moyennes par membre de fidélité	$1,275
Revenus du programme de fidélité	22,3 millions de dollars

Casino monarque & Resort, Inc. (MCRI) - Modèle d'entreprise: relations avec les clients

Programmes de récompense des joueurs personnalisés

Casino monarque & Le complexe exploite le Black Hawk Casino Players Club, qui suit l'activité de jeu client via un système d'adhésion à plusieurs niveaux.

Niveau d'adhésion	Exigence de points annuels	Avantages clés
Bronze	0-4 999 points	Récompenses de base
Argent	5 000 à 14 999 points	Comps améliorée
Or	15 000 à 49 999 points	Avantages supérieurs
Platine	Plus de 50 000 points	Statut d'élite

Marketing et communication directes

L'entreprise utilise des stratégies de marketing ciblées avec approximativement 85 000 bases de données clients actives.

• Envoyer des campagnes de marketing par e-mail
• Promotions de publipostage personnalisées
• Communication segmentée basée sur les préférences des joueurs

Plateformes d'engagement mobiles et numériques

Monarch Casino a investi dans des plateformes numériques avec 2,3 millions de dollars alloués à l'infrastructure technologique en 2023.

Plate-forme numérique	Caractéristiques	Taux d'engagement des utilisateurs
Application mobile	Récompenses de jeu en temps réel	42% de la base des joueurs
Portail en ligne	Gestion des comptes	37% de la base des joueurs

Gestion des relations VIP et à haut rouleau

Gestion des relations dédiées pour les clients de grande valeur générant 45,6 millions de dollars de revenus annuels.

• Hôtes de casino personnel
• Invitations d'événements exclusifs
• Expériences de jeu personnalisées

Services de support client cohérents

Support client 24/7 avec Évaluation de satisfaction du client 98,7%.

Canal de support	Temps de réponse moyen	Taux de résolution
Support téléphonique	3,2 minutes	95%
Chat en direct	2,8 minutes	92%
Assistance par e-mail	8,5 heures	89%

Casino monarque & Resort, Inc. (MCRI) - Modèle d'entreprise: canaux

Casino sur place et installations de villégiature

Casino monarque & Resort exploite deux emplacements physiques principaux:

Emplacement	Détails
Black Hawk, Colorado	250 000 pieds carrés de casino à pied avec 1 176 machines à sous et 36 jeux de table
Catoosa, Oklahoma	Resort de casino de 180 000 pieds carrés avec 1 100 machines à sous et 30 jeux de table

Plates-formes numériques et applications mobiles

Les canaux de fiançailles numériques comprennent:

• Application mobile disponible sur les plateformes iOS et Android
• Programme de fidélité des joueurs intégrés aux plateformes numériques
• Les jeux et le suivi des récompenses en temps réel

Équipes de vente directe et marketing

Canal de vente	Métrique
Taille de l'équipe de vente directe	42 professionnels du marketing dédiés
Dépenses de marketing annuelles	8,3 millions de dollars en 2023

Systèmes de réservation en ligne

Les capacités de réservation numérique comprennent:

• Réservations de chambres d'hôtel
• Réservations d'espace d'événement
• Reservations de restaurants et de restaurants
• Réservations de paquets de casino

Canaux de marketing des médias sociaux et numériques

Plate-forme	Nombre de suiveurs
Facebook	38 500 abonnés
Instagram	22 700 abonnés
Gazouillement	15 300 abonnés

Casino monarque & Resort, Inc. (MCRI) - Modèle d'entreprise: segments de clientèle

Antariens régionaux de jeu de casino

Taille du marché pour les jeux de casino régionaux à Black Hawk, Colorado: 1,2 million de visiteurs annuels. Dépenses moyennes par visiteur: 185 $. Déchange démographique:

Groupe d'âge	Pourcentage
21-35	28%
36-50	37%
51-65	25%
65+	10%

Touristes et voyageurs de loisirs

Visitation touristique annuelle à Black Hawk: 4,3 millions. Casino Resort attire environ 22% du total des touristes.

• Séjour touristique moyen Durée: 2,4 nuits
• Taux d'occupation du Casino Resort: 68%
• Dépenses touristiques moyennes: 312 $ par visite

Players à haut rouleau et premium

Contribution des revenus du segment des joueurs premium: 38% du total des revenus de jeu.

Catégorie des joueurs	Dépenses annuelles
Rouleaux élevés	$250,000+
Joueurs premium	$50,000-$249,999
Joueurs réguliers	$5,000-$49,999

Chercheurs de divertissement locaux

Pénétration du marché local: 45% de Black Hawk et des résidents du comté environnant.

• Population locale dans le rayon de 50 miles: 287 000
• Fréquence des visites locales: moyenne 6,2 fois par an
• Revenus de divertissement sans garniture: 4,2 millions de dollars par an

Présents des événements d'entreprise et de groupe

Détails du segment des événements d'entreprise:

Type d'événement	Événements annuels	Participants moyens
Conférences commerciales	42	125
Retraites d'entreprise	28	75
Construction d'équipe	36	50

Casino monarque & Resort, Inc. (MCRI) - Modèle d'entreprise: Structure des coûts

Maintenance des équipements de jeu

Coûts de maintenance annuelle de l'équipement de jeu pour Monarch Casino & Resort, Inc. en 2023: 4,2 millions de dollars

Catégorie d'équipement	Coût de maintenance annuel
Machines à sous	2,1 millions de dollars
Équipement de jeu de table	1,3 million de dollars
Systèmes de jeu électronique	$800,000

Dépenses opérationnelles immobilières

Total des dépenses opérationnelles de la propriété pour 2023: 37,6 millions de dollars

• Services publics: 5,4 millions de dollars
• Maintenance des biens: 6,2 millions de dollars
• Assurance: 3,1 millions de dollars
• Réparation et entretien: 4,9 millions de dollars

Salaire et avantages sociaux des employés

Compensation totale des employés pour 2023: 52,3 millions de dollars

Catégorie des employés	Compensation totale
Personnel des opérations de jeu	24,5 millions de dollars
Personnel d'hôtel et de restauration	15,8 millions de dollars
Personnel de gestion et administratif	12 millions de dollars

Coûts de marketing et de promotion

Total des dépenses de marketing pour 2023: 8,7 millions de dollars

• Marketing numérique: 3,2 millions de dollars
• Publicité traditionnelle: 2,5 millions de dollars
• Programme de récompenses des joueurs: 3 millions de dollars

Investissements technologiques et infrastructures

Investissement total technologique pour 2023: 6,5 millions de dollars

Catégorie de technologie	Montant d'investissement
Mises à niveau du logiciel de jeu	2,8 millions de dollars
Infrastructure de réseau et de sécurité	1,9 million de dollars
Systèmes de gestion des clients	1,8 million de dollars

Casino monarque & Resort, Inc. (MCRI) - Modèle d'entreprise: Strots de revenus

Revenus de jeu de casino

Pour l'exercice 2023, Monarch Casino & Resort a rapporté des revenus totaux de jeu de 250,3 millions de dollars. La rupture des revenus du jeu comprend:

Segment de jeu	Revenus ($)
Revenus de machines à sous	162,7 millions de dollars
Revenus de jeux de table	87,6 millions de dollars

Réservations de chambres d'hôtel

Les revenus de l'hôtel pour 2023 ont totalisé 45,2 millions de dollars, avec un taux de chambre quotidien moyen de 189 $ et un taux d'occupation de 78,5%.

Métrique de la performance de l'hôtel	Valeur
Chambres d'hôtel total	291
Taux quotidien moyen	$189
Taux d'occupation	78.5%

Ventes de nourriture et de boissons

Les revenus de la nourriture et des boissons pour 2023 ont atteint 37,8 millions de dollars, avec la distribution suivante:

• Ventes de restaurants: 24,5 millions de dollars
• Revenus de bar et de salon: 8,3 millions de dollars
• Restauration et restauration d'événements: 5 millions de dollars

Ventes de billets de divertissement et d'événements

Les revenus de divertissement pour 2023 étaient de 6,5 millions de dollars, générés par:

• Événements musicaux en direct: 3,2 millions de dollars
• Spectacles de comédie: 1,8 million de dollars
• Billets d'événements spéciaux: 1,5 million de dollars

Programme de fidélité et services auxiliaires

Les revenus du programme des services auxiliaires et de la fidélité ont totalisé 12,6 millions de dollars en 2023, notamment:

Service auxiliaire	Revenus ($)
Services de spa	3,7 millions de dollars
Ventes de magasins de détail	2,9 millions de dollars
Récompenses du programme de fidélité	6 millions de dollars

Total des sources de revenus combinés pour 2023: 352,4 millions de dollars

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.