

Canada
Monarch Casino & Resort Reports Record 2021 Fourth Quarter Financial Results
Monarch Casino & Resort, Inc. reported record operating results for the fourth quarter and full year ended December 31, 2021, as summarized below:
($ in thousands, except per share data and percentages)
2020 comparison
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2021 | 2020 | Increase | 2021 | 2020 | Increase | ||||||||||||
Net revenue | $ | 111,068 | $ | 58,377 | 90.3 | % | $ | 395,377 | $ | 184,413 | 114.4 | % | |||||
Net income | 19,871 | 15,260 | 30.2 | % | 68,488 | 23,678 | 189.2 | % | |||||||||
Adjusted EBITDA(1) | $ | 39,015 | $ | 13,898 | 180.7 | % | $ | 137,294 | $ | 43,161 | 218.1 | % | |||||
Basic earnings (losses) per share | $ | 1.06 | $ | 0.83 | 27.7 | % | $ | 3.68 | $ | 1.30 | 183.1 | % | |||||
Diluted earnings (losses) per share | $ | 1.02 | $ | 0.80 | 27.5 | % | $ | 3.53 | $ | 1.25 | 182.4 | % | |||||
2019 comparison
For the benefit of our stockholders, we also include the below comparison to 2019 to show “pre-COVID” information(2):
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2021 | 2019 | Increase | 2021 | 2019 | Increase | ||||||||||||
Net revenue | $ | 111,068 | $ | 62,080 | 78.9 | % | $ | 395,377 | $ | 249,166 | 58.7 | % | |||||
Net income | 19,871 | 6,196 | 220.7 | % | 68,488 | 31,816 | 115.3 | % | |||||||||
Adjusted EBITDA(1) | $ | 39,015 | $ | 14,142 | 175.9 | % | $ | 137,294 | $ | 61,687 | 122.6 | % | |||||
Basic earnings per share | $ | 1.06 | $ | 0.34 | 211.8 | % | $ | 3.68 | $ | 1.77 | 107.9 | % | |||||
Diluted earnings per share | $ | 1.02 | $ | 0.33 | 209.1 | % | $ | 3.53 | $ | 1.70 | 107.6 | % |
(1) | Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release. | |
(2) | In late 2020, we began to open our new hotel tower, casino expansion and additional new amenities at our Monarch Casino Resort Spa Black Hawk. | |
CEO Comment
John Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: “Our fourth quarter results capped a year of significant operational and financial accomplishments for Monarch. In 2021, we successfully transformed our Monarch Black Hawk into a full-scale casino resort spa. On May 1, 2021, we immediately took advantage of the elimination of betting limits in Black Hawk and expanded our game mix. At Atlantis in Reno, we completed the redesign and upgrade of our high-end suites on the top two floors of the concierge hotel tower. We believe that all these factors contributed to record fourth quarter and full year financial results. We are honored to have received the prestigious distinction by Forbes, ranking Monarch 39th on the list of America’s Best Small Companies.
“New COVID variants continue to create labor market shortages and wage pressure, resulting in increased labor costs. In addition, supply chain constraints and price inflation continued to impact our operating costs.
“Net revenue and Adjusted EBITDA in the fourth quarter of 2021 were $111.1 million and $39.0 million, respectively, and were both fourth quarter records. Our full year net revenue and Adjusted EBITDA of $395.4 million and $137.3 million, respectively, were both all-time records. We also achieved record fourth quarter and full year Adjusted EBITDA margin of 35.1% and 34.7%, respectively.
“Our Monarch Black Hawk operations continued to ramp up in the fourth quarter. In mid-December 2021, we opened an all-new sports book, lounge and bar along with additional casino space within the legacy facility. In the coming days, we expect to debut a new specialty restaurant, which will provide our guests with an outstanding dining experience while increasing restaurant seating capacity at the property by approximately 35%. We continue to gain noticeable market share and attract high value players from across Colorado’s Front Range, who had previously traveled to other markets, such as Las Vegas, for a high-end casino entertainment experience. We remain extremely bullish on the trajectory of the property’s performance.
“The Reno economy remains robust, while gaming remains extremely competitive. Winter weather impacted certain weekends in December 2021, limiting access to Reno for our California-based guests.
“At Atlantis, we have begun the redesign and upgrade of the hotel rooms in the first tower and expect to complete this project by mid-2022. Our consistent capital investment at Atlantis remains a key part of our ongoing strategy to deliver an exceptional guest experience.
“We expect that 2022 will be another year of strong operating performance and financial results. We continue to evaluate acquisition opportunities where we can fully leverage our development expertise and operational excellence. We remain committed to deploying capital in a manner that will position Monarch to grow and build long-term value for our loyal stockholders.”
Summary of 2021 Fourth Quarter Operating Results
In the 2021 fourth quarter, the Company generated net revenue of $111.1 million, an increase of 90.3% from $58.4 million in the prior-year quarter. Casino, food and beverage (“F&B”), and hotel revenue increased 74.1%, 111.4% and 156.6% year-over-year, respectively. The increase in revenue was driven primarily by the ramp up of operations at the Company’s hotel and expanded casino in Black Hawk. In the fourth quarter of 2020, both Atlantis and Black Hawk revenues were impacted by pandemic-related capacity and other regulatory limitations which remained in effect following the properties’ reopening.
Selling, general and administrative (“SG&A”) expenses for the fourth quarter of 2021 were $22.2 million compared to $18.5 million in the prior-year period, driven primarily by additional SG&A expenses to support the expanded Monarch Casino Resort Spa Black Hawk and by an increase in overall labor expense. As a percentage of net revenue, SG&A expense decreased to 20.0% compared to 31.6% in the prior-year period. Casino operating expense as a percentage of casino revenue increased to 34.0% during the fourth quarter of 2021 from 30.0% in the prior-year period, primarily due to increase in promotional expenses at Monarch Black Hawk. F&B operating expense as a percentage of F&B revenue decreased to 78.2% during the fourth quarter of 2021 from 88.1% in the prior-year period due to an effort to align menu prices with increased commodity prices and labor costs. Hotel operating expense as a percentage of hotel revenue decreased to 40.1% in the fourth quarter of 2021 compared to 60.6% in the same period a year ago, primarily due to the higher average daily rate (ADR) in the current period.
Income from operations for the fourth quarter of 2021 increased 395.0% compared to the same period last year. Net income increased 30.2% and diluted EPS increased 27.5%, as Net income in the fourth quarter of 2020 was positively impacted by a $10.3 million tax benefit. The Company generated consolidated Adjusted EBITDA of $39.0 million, an increase of $25.1 million, or 180.7%, over the same period a year ago. The increase in the EBITDA represents a 47.7% flow through of net revenue.
Credit Facility and Liquidity
Capital expenditures of $16.1 million in the fourth quarter of 2021 primarily included construction costs related to the ongoing renovation of a portion of the legacy Monarch Casino Resort Spa Black Hawk building and ongoing renovations at Atlantis. Capital expenditures were funded from operating cash flows. The Company expensed $0.7 million of interest in the fourth quarter of 2021 compared to $0.3 million in the fourth quarter of 2020.
During the fourth quarter of 2021, the Company made $18 million in principal payments on its Term Loan Facility. As of December 31, 2021, the Company had an outstanding principal balance of $90 million under the Term Loan and had no borrowings outstanding under its $70 million Revolving Credit Facility.
Canada
Hard Rock Hotel & Casino Ottawa Opens with Legendary Guitar Smash and Star-Studded Celebration

Hard Rock Hotel & Casino Ottawa officially opened its doors with a signature guitar smash, marking the arrival of Canada’s first fully integrated Hard Rock resort, a bold new destination where entertainment, hospitality, and music take center stage.
The $350 million resort brings the brand’s unmistakable energy to Canada’s capital, offering locals and visitors an immersive Hard Rock experience blending iconic music history with world-class entertainment, hospitality, dining, and gaming.
In true Hard Rock fashion, the opening festivities kicked off with the Canadian Tenors’ electrifying rendition of O Canada followed by the brand’s signature Guitar Smash, a modern take on the traditional ribbon-cutting ceremony. Executives, dignitaries, and community leaders took the stage to ceremoniously smash guitars, signaling the official opening of the state-of-the-art entertainment destination.
A special moment included the presentation of a $100,000 donation to Ottawa Food Bank, reinforcing Hard Rock’s commitment to giving back to the communities it serves.
“Bringing Hard Rock to Canada’s capital is an iconic milestone for our brand. We’re proud to expand our global footprint and create a destination where locals and visitors can experience world-class gaming, hospitality, and entertainment all in one place,” said Jim Allen, Chief Executive Officer of Hard Rock International.
“Our government is thrilled that Hard Rock chose Ontario for its first fully integrated hotel and casino venue in Canada. This new entertainment and hospitality destination will draw visitors from near and far to Ottawa, create and sustain hundreds of local jobs, and provide millions of dollars for local infrastructure and community programs,” said Stan Cho, Minister of Tourism, Culture and Gaming.
The post Hard Rock Hotel & Casino Ottawa Opens with Legendary Guitar Smash and Star-Studded Celebration appeared first on Gaming and Gambling Industry in the Americas.
AGCO
MIXI Receives AGCO Approval for PointsBet Acquisition

PointsBet Holdings Limited announced that MIXI has received written confirmation that AGCO has no concerns with the proposed acquisition by MIXI of the shares in PointsBet Holdings Limited.
PointsBet has also received written confirmation from iGaming Ontario (iGO) in relation to MIXI’s proposed acquisition of shares in PointsBet.
Accordingly, the condition precedent to MIXI’s proposed PointsBet-Board recommended Takeover Bid relating to Ontario approvals in paragraph 4.5 of Schedule 1 of the Bid Implementation Deed dated 16 June 2025 (BID) has been satisfied.
MIXI’s proposed Takeover Bid remains subject to the satisfaction of certain other limited conditions as previously announced, including a 50.1% minimum acceptance of the proposed MIXI Offer (as defined in the BID).
The Northern Territory Racing and Wagering Commission provided its approval on 24 March 2025 for MIXI to acquire PointsBet. PointsBet confirmed that MIXI’s proposed Takeover Bid is no longer subject to any gaming regulatory approvals.
The post MIXI Receives AGCO Approval for PointsBet Acquisition appeared first on Gaming and Gambling Industry in the Americas.
AGCO
AGCO Fines Great Canadian Casino Resort Toronto $350,000 for Serious Regulatory Violations Linked to Impromptu After-Party on Gaming Floor

The Alcohol and Gaming Commission of Ontario (AGCO) has issued monetary penalties totaling $350,000 against Great Canadian Casino Resort Toronto for multiple violations of provincial gaming standards. The penalties follow an impromptu after-party that was permitted to take place in the pre-dawn hours directly on the casino’s gaming floor.
On September 27, 2024, an electronic dance music event attended by thousands of people was hosted in the theatre adjacent to the casino at Great Canadian Casino Resort Toronto. The event was marked by widespread intoxication, disorderly behavior, and numerous criminal and medical incidents – both inside and outside the venue – including alleged assaults, drug overdoses, and acts of public indecency. Although paid duty officers were present, additional police and emergency services were required to manage the situation.
In the midst of this high-risk environment, casino management approved an unscheduled request by the performing artist to host an after-party on the active gaming floor. The artist and more than 400 guests were permitted onto the gaming floor where the artist was allowed to perform amidst operational table games and gaming machines – without any prior risk assessment or planning.
As a result, security personnel were unable to effectively control the casino floor, including witness reports that an attendee was seen climbing onto slot machines. Failure to maintain appropriate control compromises the security, safety, and integrity of the casino floor. Following the conclusion of the event, the operator failed to promptly report these incidents to the AGCO as required.
Based on the findings of its review, the AGCO’s Registrar has issued an Order of Monetary Penalty (OMP) totaling $350,000 against Great Canadian Casino Resort Toronto. These penalties address critical failures in their operations, incident reporting, employee training, and the management of disturbances.
A gaming operator served with an OMP has 15 days to appeal the Registrar’s decision to the Licence Appeal Tribunal (LAT), an adjudicative tribunal that is part of Tribunals Ontario and independent of the AGCO.
“Casino operators have a fundamental duty to control their gaming environment. Great Canadian Casino Resort Toronto’s lapses in this incident compromised the safety of patrons and the security and integrity of the gaming floor,” Dr. Karin Schnarr, Chief Executive Officer and Registrar of AGCO, said.
The post AGCO Fines Great Canadian Casino Resort Toronto $350,000 for Serious Regulatory Violations Linked to Impromptu After-Party on Gaming Floor appeared first on Gaming and Gambling Industry in the Americas.
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