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![MONARCH CASINO & RESORT INC [MCRI] reports annual net loss of $82.4 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FMCRI.png&w=1200&q=75)
MONARCH CASINO & RESORT INC [MCRI] has reported a net loss of $82.4 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $501.5 million
Based in RENO, Nevada, MONARCH CASINO & RESORT INC operates in the SERVICES sector.
In the year ended December 31, 2023, the consolidated statement of income for the company shows a significant increase in net revenues compared to the same period in 2022. The net revenues for 2023 amounted to $501.5 million, showing a growth from $477.9 million in 2022 and $395.4 million in 2021.
Operating expenses also increased over the years, with the total operating expenses for 2023 reaching $391.3 million, compared to $366.4 million in 2022 and $305.5 million in 2021. Income from operations for 2023 was reported at $110.2 million, slightly lower than the previous year's figure of $111.4 million.
On the other hand, net income for 2023 decreased to $82.4 million from $87.5 million in 2022. Earnings per share of common stock for the basic and diluted amounts also saw a decline from $4.60 and $4.47 in 2022 to $4.28 and $4.20 in 2023, respectively.
In terms of specific business segments, the casino division reported net revenues of $282.3 million in 2023, up from $270.8 million in 2022 and $233.4 million in 2021. The hotel division also saw a slight increase in net revenues to $70.9 million in 2023 compared to $71.2 million in 2022.
The food and beverage division reported net revenues of $126.6 million in 2023, showing steady growth from $117.2 million in 2022 and $91.1 million in 2021. Additionally, other segments reported growth in net revenues as well.
Overall, the company's financial performance in 2023 showed mixed results with increased revenues but a slight decline in net income compared to the previous year.
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