Monarch’s Record Quarter Lifted Profit 1.4% and Earnings Per Share 4.1%

Net earnings were $32.0 million (up 1.4%). The two properties behind the record are Atlantis Casino Resort Spa in Reno and Monarch Casino Resort Spa in Black Hawk.

The Growth Is in Casino, Food and Rooms

"In the third quarter of 2026, the Company generated net revenue of $146.3 million compared to $142.8 million in the corresponding prior-year period. Casino revenue increased 3.4%, food and beverage ("F&B") revenue increased 1.3%, and hotel revenue increased 0.9%, compared to the same prior-year period."

Earnings Per Share Grew Three Times Faster Than Earnings

Net earnings and diluted earnings per share were both up, but not by the same amount: basic EPS was up 4.0% to $1.80, and diluted EPS was $1.76 (up 4.1% from $1.69), while net earnings rose 1.4%.

"We continue to return capital to stockholders through share repurchases and dividends. In the third quarter of 2026, we purchased, in open market transactions, 300,859 shares of Monarch common stock for $37 million." So each remaining share carries a larger slice of a profit that barely moved. Three-quarters of the per-share growth comes from the denominator rather than the business, which is a 15M calculation from the disclosed figures and not a presented metric.

Capital Returns Against the Cash Position

"In the third quarter of 2026, we also returned $5.3 million to stockholders through our quarterly cash dividend. We ended the quarter with a solid cash position of $137.4 million." The board declared a further cash dividend of $0.30 per share payable on 15 December 2026.

Put the two together, and Monarch handed back $42.3 million in a quarter in which it earned $32.0 million. The excess came out of a cash pile that still covers more than two further quarters at that pace.

What It Means

Operators: a two-property regional operator can post records on revenue and EBITDA while profit flattens, because the margin is already near its ceiling at 38.3% and the growth is coming from non-gaming lines growing under 1.5%. Farahi’s stated priorities are "delivering market-leading offerings and services, while maintaining operational efficiency".

Affiliates: casino revenue was the fastest-growing line at 3.4%, so the player-facing side is still expanding at a regional property with no online business of its own.