At a glance
Monarch Casino & Resort Inc is worth $1.98B, about 21 times its fiscal 2025 earnings. Revenue grew 4.4% to $545.1M in fiscal 2025, with 18.6% kept as profit; over 5 years it has grown 24.2% a year. It pays a 1.07% dividend yield, and returned $301.2M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +23.2% over the past year with dividends reinvested and +12.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 75.1% in the 2020 crash (S&P 500: 33.7%) and 41.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 26 months after the lows.
The business in plain English
Monarch Casino & Resort owns and runs two hotel-casinos: the Atlantis Casino Resort Spa in Reno, Nevada, and the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. Its customers are gamblers, hotel guests, diners and convention groups. In 2025, revenue was $545.1 million. Casino gaming brought in 57.6%, food and beverage 23.9%, hotel rooms 14% and other hotel revenue 4.6%.
The Atlantis sits about three miles south of downtown Reno. It is the only hotel linked by skywalk to the Reno-Sparks Convention Center. It has about 61,000 square feet of casino space, around 1,200 slot and video poker machines and 817 rooms. It markets to leisure travelers, convention-goers and Northern Nevada locals. Its main aim is to use the hotel, restaurants and spa to generate more gambling. Business is stronger in summer and weaker in winter.
Monarch Black Hawk is the first casino visitors reach when driving from Denver on Highway 119. It has about 60,000 square feet of casino space, about 1,000 slot machines, about 43 table games and 516 rooms. It is built to attract the highest-spending players in Colorado, and its rooms averaged $223.36 a night in 2025. Both resorts also offer mobile sports betting apps to people within their state.
Price history
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MCRI +23.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Casino | $313.8M | 57.6% |
| Food And Beverage | $130.2M | 23.9% |
| Occupancy | $76.2M | 14% |
| Hotel Other | $24.9M | 4.6% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $146.3M, up 2.4% from a year earlier, and net income was $32.0M (+1.4%).
- For fiscal 2025, revenue was $545.1M (+4.4% year over year; +24.2% a year from FY2020 to FY2025) with a 18.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +24.2% good |
|---|---|
| Free cash flow margin | 23.6% good |
| Return on equity (FY2025) | 18.9% good |
| Return on assets (FY2025) | 14.2% good |
| Cash and investments | $137.4M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $184.4M | $23.7M | $-57.2M |
| FY2021 | $395.4M | $68.5M | $81.2M |
| FY2022 | $477.9M | $87.5M | $100.3M |
| FY2023 | $501.5M | $82.4M | $124.0M |
| FY2024 | $522.2M | $72.8M | $93.3M |
| FY2025 | $545.1M | $101.4M | $128.4M |
Valuation snapshot
| Market value | $1.98B |
|---|---|
| P/E ratio | 20.7 |
| Dividend yield | 1.07% |
Rank among 1514 US companies
Market value at each year end
Monarch Casino & Resort’s market value went from $447.8M at the end of 2016 to $1.98B on Oct 28, 2026, about 4.4 times as much; since the end of 2025 it is up 13%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.98B | +13.4% |
| 2025 | $1.75B | +20.4% |
| 2024 | $1.45B | +10.0% |
| 2023 | $1.32B | -9.6% |
| 2022 | $1.46B | +5.2% |
| 2021 | $1.39B | +23.9% |
| 2020 | $1.12B | +27.4% |
| 2019 | $877.9M | +28.6% |
| 2018 | $682.5M | -14.0% |
| 2017 | $793.3M | +77.2% |
| 2016 | $447.8M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MCRI price data to Oct 28, 2026 | +18.3% | +23.2% | +25.5% | +12.3% | +18.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +18.3% |
| 2025 | +22.9% |
| 2024 | +16.0% |
| 2023 | -2.6% |
| 2022 | +4.0% |
| 2021 | +20.8% |
| 2020 | +26.1% |
| 2019 | +27.3% |
| 2018 | -14.9% |
| 2017 | +73.9% |
| 2016 | +13.5% |
| 2015 | +37.0% |
| 2014 | -17.4% |
| 2013 | +84.0% |
| 2012 | +7.1% |
| 2011 | -18.5% |
| 2010 | +54.3% |
| 2009 | -30.5% |
| 2008 | -51.6% |
| 2007 | +0.8% |
| 2006 | +5.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 87% over that stretch · deepest drop along the way 87.8%, back to its old high 99.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 66% over that stretch · deepest drop along the way 75.1%, back to its old high 9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.3% over that stretch · deepest drop along the way 41.8%, back to its old high 26 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (14 read): 0 open-market purchases and 6 sales ($2.1M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 17, 2026 | John Farahi CEO, Director, 10% owner | sell | $620K |
| May 28, 2026 | John Farahi CEO, Director, 10% owner | sell | $604K |
| Aug 26, 2025 | John Farahi CEO, Director, 10% owner | sell | $519K |
| Mar 16, 2026 | John Farahi CEO, Director, 10% owner | sell | $198K |
| Dec 17, 2025 | John Farahi CEO, Director, 10% owner | sell | $101K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.4% | Mar 31, 2025 |
| DAVENPORT & Co LLC | 4.8% | Feb 27, 2026 |
ETFs with the most weight in MCRI
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 1.6% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 1.51% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 1.04% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.88% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.79% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.47% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.4% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.39% |
What could go wrong
- Everything rides on two resorts. All cash flow comes from two properties, the Atlantis in Reno and Monarch Black Hawk. Trouble at either one hits results much harder than it would at a casino chain with many locations.
- Casino expansion near Denver. Colorado has seen proposals for racetrack, Native American and video lottery casinos. Voters rejected the racetrack measures by wide margins, but any new gaming in the Denver area could pull customers from Monarch Black Hawk.
- Rivals keep expanding in its markets. Competitors have expanded and built new properties in Monarch's markets. Aggressive pricing and promotions could force Monarch to spend more on its own offers, which would cut profits, or cost it customers and staff.
- Casino trips are easy to cut. Gambling, hotel stays and dining out are optional purchases that households trim when money is tight. Monarch says its business is particularly sensitive to weak consumer spending in a downturn.
- Online gambling keeps people at home. Internet sports betting and casino-style games let people wager from home. Wider legalization of online poker and other internet gaming could mean fewer trips to Reno and Black Hawk.
- Reputation drives repeat visits. Both resorts rely on a reputation for quality rooms, food and service. A slip in service or negative publicity, even if inaccurate, could keep guests away and hurt cash flow.
Recent events
- Quarterly results released; Other company announcement
- Quarterly results released; Other company announcement
- Shareholder vote results
- Quarterly results released; Other company announcement
- Quarterly results released; Other company announcement
- Executive or board change
For income and retirement investors
Monarch paid $1.20 a share in dividends in both 2024 and 2025, so it has no streak of increases. The 2023 total of $5.90 included what looks like a one-time special dividend. In 2025 the dividend used 21.6% of earnings and 17% of free cash flow (cash left after running and upgrading the resorts). The yield was a modest 1.07% as of October 28, 2026. Buybacks were bigger, at $72.7 million in 2025, and the share count fell 3.6% from August 2021 to July 2026.
The stock has dropped hard in past downturns. It fell 87.8% in the 2008 financial crisis and took about 99 months to recover. It lost 75.1% in the 2020 COVID crash but recovered in about nine months, and fell 41.8% in 2022, taking 26 months to recover. The company reported no borrowings as of June 30, 2026. Like any single stock, MCRI carries more risk than a diversified fund.
Questions investors ask
How does Monarch Casino make money?
Mostly from gambling. In 2025, casino revenue was $313.8 million, or 57.6% of the $545.1 million total. Food and beverage added 23.9%, hotel rooms 14% and other hotel revenue 4.6%. Net income was $101.4 million, an 18.6% net margin. At the Atlantis in Reno, the main marketing goal is to use the hotel, restaurants, spa and convention space to bring in more casino play. Both resorts also run mobile sports betting apps for people located in Nevada and Colorado.
What casinos does Monarch Casino own?
Monarch owns two: the Atlantis Casino Resort Spa in Reno, Nevada, and the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The Atlantis has 817 rooms, about 1,200 slot and video poker machines and a skywalk to the Reno-Sparks Convention Center. Monarch Black Hawk has 516 rooms, about 1,000 slots and about 43 table games. It is the first casino drivers reach from Denver on Highway 119. The company also owns a 16-acre parcel across the street from the Atlantis that could be developed later.
Does Monarch Casino raise its dividend every year?
No. Monarch paid $1.20 a share in both 2024 and 2025, so the dividend did not rise between those years. The $5.90 a share for 2023 included what looks like a one-time special dividend, so it is not a guide to the regular payout. In 2025 the dividend used 21.6% of earnings and 17% of free cash flow, a low share. The yield was 1.07% as of October 28, 2026, and dividends are never guaranteed.
Does Monarch Casino have any debt?
It appears not. No borrowings showed up in Monarch's filings as of June 30, 2026, when it held $138.3 million in cash and investments. Without loans, there are no interest payments or repayment dates to meet in a downturn. Upgrades, which cost $37.2 million in 2025, can be paid from cash flow. The company does lease about 4.2 acres of parking next to the Atlantis under a 20-year lease from Biggest Little Investments, a related party, meaning it has ties to the company's owners or management.
How did MCRI stock do in past market crashes?
MCRI shares fell sharply in the 2008, 2020 and 2022 downturns. They dropped 87.8% in the 2008 financial crisis and needed about 99 months, until June 2017, to recover. They lost 75.1% in the 2020 COVID crash but recovered by December 2020. In the 2022 bear market they fell 41.8% and took 26 months to regain their peak. Over the 10 years to October 28, 2026, the shares returned 438% in total, about 18.3% a year.