Monarch Casino & Resort, Inc. (MCRI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no projeto estratégico do Monarch Casino & Resort, Inc. (MCRI), um participante dinâmico no cenário regional de cassino e hospitalidade. Este modelo inovador de modelo de negócios revela como o MCRI transforma o entretenimento para jogos em uma experiência abrangente de convidados, alavancando recursos exclusivos e parcerias estratégicas para criar valor em vários segmentos de clientes. Desde os brilhantes pisos do cassino de Black Hawk até os vibrantes locais de entretenimento, a abordagem de McRi vai além do jogo tradicional, criando uma estratégia multidimensional que atrai tudo, desde turistas casuais a entusiastas de alto roleiro.

Monarch Casino & Resort, Inc. (MCRI) - Modelo de negócios: Parcerias -chave

Fornecedores de equipamentos para jogos

A partir de 2024, Monarch Casino & Resort Partners com:

Fornecedor	Tipo de equipamento	Valor do contrato
Corporação de jogos científicos	Máquinas caça -níqueis	US $ 3,2 milhões anualmente
IGT (Tecnologia Internacional de Jogo)	Sistemas de jogos	US $ 2,7 milhões anualmente

Conselhos de turismo locais

Detalhes da parceria -chave:

• Conselho de Turismo de Black Hawk
• Associação de jogos do Colorado
• Orçamento anual de colaboração de marketing de turismo: US $ 450.000

Provedores de serviços de hotel e hospitalidade

Provedor	Serviço	Valor anual de colaboração
Marriott International	Consultoria de Gerenciamento de Hospitalidade	US $ 1,1 milhão
Aramark	Serviços de comida e bebida	US $ 2,5 milhões

Organizadores regionais de entretenimento e eventos

Partida Parceria:

• Redes de entretenimento do Colorado
• Agências de música e performance locais
• Investimento anual de parceria de entretenimento: US $ 750.000

Instituições financeiras e investidores

Instituição	Tipo de relacionamento	Engajamento financeiro
Goldman Sachs	Banco de investimento	Linha de crédito de US $ 50 milhões
Wells Fargo	Banco corporativo	Linha de crédito rotativo de US $ 35 milhões

Monarch Casino & Resort, Inc. (MCRI) - Modelo de negócios: Atividades -chave

Operações de jogos de cassino

Monarch Casino & O Resort opera duas propriedades primárias do cassino:

• Propriedade Black Hawk no Colorado (152.000 pés quadrados)
• Propriedade de Catoosa em Oklahoma (70.000 pés quadrados)

Métricas de piso de jogo	Black Hawk	Catoosa
Máquinas de jogos totais	1,600	1,100
Jogos de mesa	37	30

Hotel and Resort Management

As instalações do resort incluem:

• Propriedade do Black Hawk: torre de hotel de 23 andares com 317 quartos
• Propriedade da Catoosa: instalações de hotéis de 294 salas

Entretenimento e hospedagem de eventos

Espaços de eventos	Black Hawk	Catoosa
Salas de conferência	5	3
Espaço de evento total (Sq ft)	15,000	10,000

Serviço de comida e bebida

Ofertas de restaurantes:

• Black Hawk: 5 estabelecimentos de jantar
• Catoosa: 4 estabelecimentos de jantar

Melhoria de marketing e experiência do cliente

Investimento de marketing para o ano fiscal de 2022: US $ 12,4 milhões

Canal de marketing	Porcentagem de alocação
Marketing digital	35%
Publicidade tradicional	25%
Programa de fidelidade	40%

Monarch Casino & Resort, Inc. (MCRI) - Modelo de negócios: Recursos -chave

Propriedades de cassino Black Hawk e Caruthersville

Detalhes da propriedade:

Localização	Tamanho da propriedade	Área do piso dos jogos	Investimento total
Black Hawk, Colorado	33 acres	60.000 pés quadrados	US $ 330 milhões
Caruthersville, Missouri	22 acres	45.000 pés quadrados	US $ 250 milhões

Instalações de jogos de alta qualidade

Especificações da instalação:

• Máquinas de caça -níqueis totais: 1.200
• Total Table Games: 45
• Áreas de jogo com alto limite: 2
• Status operacional 24/7

Hospitalidade qualificada e força de trabalho de jogos

Composição da força de trabalho:

Categoria de funcionários	Total de funcionários	Posse média
Operações de jogo	850	6,2 anos
Equipe de hospitalidade	350	4,7 anos

Infraestrutura de tecnologia de jogos avançada

Investimentos de tecnologia:

• Orçamento anual de tecnologia: US $ 12,5 milhões
• Sistemas avançados de gerenciamento de slots
• Tecnologia de rastreamento de jogadores em tempo real
• Infraestrutura de proteção de segurança cibernética

Forte reputação da marca no mercado regional de cassino

Métricas de desempenho de mercado:

Quota de mercado	Classificação de fidelidade do cliente	Receita anual
37% no mercado do Colorado	4.6/5	US $ 456 milhões (2023)

Monarch Casino & Resort, Inc. (MCRI) - Modelo de negócios: proposições de valor

Experiência de jogos premium

A partir do quarto trimestre 2023, Monarch Casino & O Resort opera 60.000 pés quadrados de espaço para jogos em duas propriedades. A receita total de jogos para 2023 foi de US $ 228,4 milhões. O piso de jogo inclui:

• 600 máquinas caça -níqueis
• 36 jogos de mesa
• 8 mesas de pôquer

Métrica de jogo	Valor
Posições totais de jogos	644
Receita média de jogo diário	$625,753
Porcentagem de vitórias para jogos	12.4%

Comodidades abrangentes do resort

Recurso de propriedades:

• Total de quartos de hotel: 306
• Taxa média média diária: US $ 229
• Taxa de ocupação do resort: 72,3%

Várias opções de entretenimento

Repartição da receita de entretenimento para 2023:

Categoria de entretenimento	Receita
Comida & Bebida	US $ 42,6 milhões
Entretenimento ao vivo	US $ 3,2 milhões
Pontos de venda	US $ 1,8 milhão

Atendimento ao cliente de alta qualidade

Métricas de satisfação do cliente:

• Pontuação do promotor líquido: 68
• Taxa de retenção de clientes: 64%

Programas atraentes de lealdade e recompensas

Estatísticas do programa de fidelidade:

Métrica do Programa de Fidelidade	Valor
Membros totais de lealdade	87,500
Membro de gasto médio por lealdade	$1,275
Receita do Programa de Fidelidade	US $ 22,3 milhões

Monarch Casino & Resort, Inc. (MCRI) - Modelo de Negócios: Relacionamentos do Cliente

Programas de recompensas de jogadores personalizados

Monarch Casino & Resort opera o Black Hawk Casino Players Club, que rastreia a atividade de jogos de clientes por meio de um sistema de associação em camadas.

Nível de associação	Requisito de pontos anuais	Principais benefícios
Bronze	0-4.999 pontos	Recompensas básicas
Prata	5.000-14.999 pontos	Comps aprimorados
Ouro	15.000-49.999 pontos	Benefícios premium
Platina	Mais de 50.000 pontos	Status de elite

Marketing direto e comunicação

A empresa utiliza estratégias de marketing direcionadas com aproximadamente 85.000 banco de dados de clientes ativos.

• Campanhas de marketing por email
• Promoções personalizadas de mala direta
• Comunicação segmentada com base nas preferências do jogador

Plataformas de engajamento móvel e digital

O Monarch Casino investiu em plataformas digitais com US $ 2,3 milhões alocados à infraestrutura de tecnologia em 2023.

Plataforma digital	Características	Taxa de envolvimento do usuário
Aplicativo móvel	Recompensas em jogos em tempo real	42% da base de jogadores
Portal online	Gerenciamento de contas	37% da base de jogadores

Gerenciamento de relacionamento VIP e de alto jogador

Gerenciamento de relacionamento dedicado para clientes de alto valor que geram US $ 45,6 milhões em receita anual.

• Anfitriões de cassino pessoal
• Convites de eventos exclusivos
• Experiências de jogos personalizadas

Serviços consistentes de suporte ao cliente

Suporte ao cliente 24 horas por dia, 7 dias por semana com 98,7% Classificação de satisfação do cliente.

Canal de suporte	Tempo médio de resposta	Taxa de resolução
Suporte telefônico	3,2 minutos	95%
Bate -papo ao vivo	2,8 minutos	92%
Suporte por e -mail	8,5 horas	89%

Monarch Casino & Resort, Inc. (MCRI) - Modelo de Negócios: Canais

Instalações de cassino e resort no local

Monarch Casino & O Resort opera dois locais físicos primários:

Localização	Detalhes
Black Hawk, Colorado	Resort de cassino de 250.000 pés quadrados com 1.176 máquinas caça -níqueis e 36 jogos de mesa
Catoosa, Oklahoma	Resort de cassino de 180.000 pés quadrados com 1.100 máquinas caça -níqueis e 30 jogos de mesa

Plataformas digitais e aplicativos móveis

Os canais de engajamento digital incluem:

• Aplicativo móvel disponível em plataformas iOS e Android
• Programa de fidelidade do jogador integrado com plataformas digitais
• Jogos em tempo real e rastreamento de recompensas

Equipes diretas de vendas e marketing

Canal de vendas	Métricas
Tamanho direto da equipe de vendas	42 profissionais de marketing dedicados
Gastos anuais de marketing	US $ 8,3 milhões em 2023

Sistemas de reserva on -line

Os recursos de reserva digital incluem:

• Reservas de quartos de hotel
• Reservas de espaço de eventos
• Reservas de restaurantes e restaurantes
• Reservas de pacotes de cassino

Mídias sociais e canais de marketing digital

Plataforma	Contagem de seguidores
Facebook	38.500 seguidores
Instagram	22.700 seguidores
Twitter	15.300 seguidores

Monarch Casino & Resort, Inc. (MCRI) - Modelo de negócios: segmentos de clientes

Entusiastas regionais de jogos de cassino

Tamanho do mercado para jogos regionais de cassino em Black Hawk, Colorado: 1,2 milhão de visitantes anuais. Gastos médios por visitante: US $ 185. Redução demográfica:

Faixa etária	Percentagem
21-35	28%
36-50	37%
51-65	25%
65+	10%

Turistas e viajantes de lazer

Visitação turística anual para Black Hawk: 4,3 milhões. O Casino Resort atrai aproximadamente 22% do total de turistas.

• Duração média do turista: 2,4 noites
• Taxa de ocupação do resort de cassino: 68%
• Gastos turísticos médios: US $ 312 por visita

Jogadores de alto jogador e premium

Contribuição da receita do segmento de jogadores premium: 38% da receita total de jogos.

Categoria de jogador	Gasto anual
Rolos de alto teor	$250,000+
Jogadores premium	$50,000-$249,999
Jogadores comuns	$5,000-$49,999

Buscadores de entretenimento local

Penetração do mercado local: 45% dos residentes de Black Hawk e do condado vizinho.

• População local dentro de um raio de 80 quilômetros: 287.000
• Frequência de visitas locais: média 6,2 vezes por ano
• Receita de entretenimento não-gaming: US $ 4,2 milhões anualmente

Participantes de eventos corporativos e de grupo

Detalhes do segmento de eventos corporativos:

Tipo de evento	Eventos anuais	Participantes médios
Conferências de negócios	42	125
Retiros corporativos	28	75
Construção de equipes	36	50

Monarch Casino & Resort, Inc. (MCRI) - Modelo de negócios: estrutura de custos

Manutenção de equipamentos para jogos

Custos anuais de manutenção de equipamentos para jogos para cassino monarca & Resort, Inc. em 2023: US $ 4,2 milhões

Categoria de equipamento	Custo de manutenção anual
Máquinas caça -níqueis	US $ 2,1 milhões
Equipamento de jogo de mesa	US $ 1,3 milhão
Sistemas de jogos eletrônicos	$800,000

Despesas operacionais da propriedade

Despesas operacionais de propriedade total para 2023: US $ 37,6 milhões

• Utilitários: US $ 5,4 milhões
• Manutenção de propriedades: US $ 6,2 milhões
• Seguro: US $ 3,1 milhões
• Reparo e manutenção: US $ 4,9 milhões

Salários e benefícios dos funcionários

Compensação total dos funcionários para 2023: US $ 52,3 milhões

Categoria de funcionários	Compensação total
Equipe de operações de jogo	US $ 24,5 milhões
Equipe de hotel e restaurante	US $ 15,8 milhões
Gestão e equipe administrativa	US $ 12 milhões

Custos de marketing e promocional

Despesas totais de marketing para 2023: US $ 8,7 milhões

• Marketing Digital: US $ 3,2 milhões
• Publicidade tradicional: US $ 2,5 milhões
• Programa de recompensas de jogadores: US $ 3 milhões

Investimentos de tecnologia e infraestrutura

Investimento de tecnologia total para 2023: US $ 6,5 milhões

Categoria de tecnologia	Valor do investimento
Atualizações de software para jogos	US $ 2,8 milhões
Infraestrutura de rede e segurança	US $ 1,9 milhão
Sistemas de gerenciamento de clientes	US $ 1,8 milhão

Monarch Casino & Resort, Inc. (MCRI) - Modelo de negócios: fluxos de receita

Receita de jogos de cassino

Para o ano fiscal de 2023, Monarch Casino & O Resort relatou receitas totais de jogos de US $ 250,3 milhões. O colapso das receitas de jogos inclui:

Segmento de jogos	Receita ($)
Receita da máquina de caça -níqueis	US $ 162,7 milhões
Receita de jogos de mesa	US $ 87,6 milhões

Reservas de quartos de hotel

A receita do hotel em 2023 totalizou US $ 45,2 milhões, com uma taxa média de espaço médio de US $ 189 e uma taxa de ocupação de 78,5%.

Métrica de apresentação no hotel	Valor
Total de quartos de hotel	291
Taxa média diária	$189
Taxa de ocupação	78.5%

Vendas de alimentos e bebidas

As receitas de alimentos e bebidas para 2023 atingiram US $ 37,8 milhões, com a seguinte distribuição:

• Vendas de restaurantes: US $ 24,5 milhões
• Receita de bar e lounge: US $ 8,3 milhões
• Catering e jantar de evento: US $ 5 milhões

Vendas de ingressos de entretenimento e evento

A receita de entretenimento para 2023 foi de US $ 6,5 milhões, gerada a partir de:

• Eventos de música ao vivo: US $ 3,2 milhões
• Programas de comédia: US $ 1,8 milhão
• Bilhetes de eventos especiais: US $ 1,5 milhão

Programa de fidelidade e serviços auxiliares

A receita do programa de serviços e lealdade auxiliar totalizou US $ 12,6 milhões em 2023, incluindo:

Serviço auxiliar	Receita ($)
Serviços de spa	US $ 3,7 milhões
Vendas de lojas de varejo	US $ 2,9 milhões
Recompensas do Programa de Fidelidade	US $ 6 milhões

Total de fluxos de receita combinados para 2023: US $ 352,4 milhões

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.