Monarch Casino & Resort (MCRI)
Market Price (9/9/2026): $119.21 | Market Cap: $2.1 BilSector: Consumer Discretionary | Industry: Casinos & Gaming
Monarch Casino & Resort (MCRI)
Market Price (9/9/2026): $119.21Market Cap: $2.1 BilSector: Consumer DiscretionaryIndustry: Casinos & Gaming
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 7.2% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27% Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, Experiential Retail, and Casino Gaming. | Expensive valuation multiplesP/SPrice/Sales ratio is 3.8x Key risksMCRI key risks include [1] heightened regulatory and licensing exposure, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 7.2% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27% |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, Experiential Retail, and Casino Gaming. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 3.8x |
| Key risksMCRI key risks include [1] heightened regulatory and licensing exposure, Show more. |
Qualitative Assessment
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Monarch Casino & Resort (MCRI) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Monarch Casino & Resort (MCRI) reported strong financial results for fiscal Q2 2026, which ended June 30, 2026, including an earnings beat. The company announced its fiscal Q2 2026 results on July 20, 2026, with diluted earnings per share (EPS) of $1.78, exceeding consensus estimates of $1.68 or $1.77. This represented a 23.6% increase in diluted EPS year-over-year. Net revenue for the quarter was $142.6 million, a 4.2% increase compared to the prior year, though slightly below analysts' expectations of $142.85 million. Net income also grew by 20.4% year-over-year to $32.5 million, and Adjusted EBITDA increased 3.3% to $53.0 million. These positive company-specific results contributed to maintaining stock stability.
2. The company consistently returned capital to shareholders through quarterly dividends. Monarch Casino & Resort paid a cash dividend of $0.30 per share on June 15, 2026, totaling $5.4 million, funded from operating cash flow. Furthermore, another quarterly cash dividend of $0.30 per share was declared on July 20, 2026, payable on September 15, 2026. This ongoing commitment to shareholder returns provided support for the stock price.
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Monarch Casino & Resort (MCRI) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Monarch Casino & Resort (MCRI) reported strong financial results for fiscal Q2 2026, which ended June 30, 2026, including an earnings beat. The company announced its fiscal Q2 2026 results on July 20, 2026, with diluted earnings per share (EPS) of $1.78, exceeding consensus estimates of $1.68 or $1.77. This represented a 23.6% increase in diluted EPS year-over-year. Net revenue for the quarter was $142.6 million, a 4.2% increase compared to the prior year, though slightly below analysts' expectations of $142.85 million. Net income also grew by 20.4% year-over-year to $32.5 million, and Adjusted EBITDA increased 3.3% to $53.0 million. These positive company-specific results contributed to maintaining stock stability.
2. The company consistently returned capital to shareholders through quarterly dividends. Monarch Casino & Resort paid a cash dividend of $0.30 per share on June 15, 2026, totaling $5.4 million, funded from operating cash flow. Furthermore, another quarterly cash dividend of $0.30 per share was declared on July 20, 2026, payable on September 15, 2026. This ongoing commitment to shareholder returns provided support for the stock price.
3. Analyst ratings largely maintained a "Hold" consensus with relatively stable price targets. As of late August 2026, analysts covering MCRI maintained an average "Hold" rating. Out of six analysts, three recommended "Hold," two issued "Buy" ratings, and one suggested "Sell". The average 12-month price target ranged from approximately $124.40 to $129.03. While some analysts increased their price targets, for example, Stifel Nicolaus raised theirs from $102.00 to $128.00 in July, the overall "Hold" consensus and moderate upside in price targets contributed to the stock remaining largely within its current trading range rather than experiencing a significant breakout.
4. The broader casino and gaming industry showed mixed signals, balancing growth with macroeconomic concerns. The casino sector entered 2026 with momentum following record commercial gaming revenue in the United States in 2025. In fiscal Q2 2026, commercial gaming revenue across the U.S. expanded by 5.1% year-over-year to $20.39 billion, with traditional casino gaming growing by 4.5% to $13.43 billion. However, macroeconomic factors such as inflation, rising wage and food costs, and general consumer spending uncertainty were noted as potential headwinds for the industry. These broader industry dynamics likely tempered the positive impact of MCRI's individual performance, contributing to a largely stable stock movement.
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Stock Movement Drivers
Fundamental Drivers
The -0.3% change in MCRI stock from 5/31/2026 to 9/8/2026 was primarily driven by a -5.0% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 119.66 | 119.28 | -0.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 556 | 562 | 1.0% |
| Net Income Margin (%) | 19.6% | 20.4% | 4.0% |
| P/E Multiple | 19.6 | 18.6 | -5.0% |
| Shares Outstanding (Mil) | 18 | 18 | -0.2% |
| Cumulative Contribution | -0.3% |
Market Drivers
5/31/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| MCRI | -0.3% | |
| Market (SPY) | 1.3% | -2.2% |
| Sector (XLY) | -5.7% | 14.1% |
Fundamental Drivers
The 25.1% change in MCRI stock from 2/28/2026 to 9/8/2026 was primarily driven by a 9.9% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 95.32 | 119.28 | 25.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 545 | 562 | 3.1% |
| Net Income Margin (%) | 18.6% | 20.4% | 9.7% |
| P/E Multiple | 16.9 | 18.6 | 9.9% |
| Shares Outstanding (Mil) | 18 | 18 | 0.7% |
| Cumulative Contribution | 25.1% |
Market Drivers
2/28/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| MCRI | 25.1% | |
| Market (SPY) | 12.0% | 13.6% |
| Sector (XLY) | -2.3% | 12.0% |
Fundamental Drivers
The 15.6% change in MCRI stock from 8/31/2025 to 9/8/2026 was primarily driven by a 38.6% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 103.17 | 119.28 | 15.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 535 | 562 | 5.1% |
| Net Income Margin (%) | 14.7% | 20.4% | 38.6% |
| P/E Multiple | 24.1 | 18.6 | -22.8% |
| Shares Outstanding (Mil) | 18 | 18 | 2.9% |
| Cumulative Contribution | 15.6% |
Market Drivers
8/31/2025 to 9/8/2026| Return | Correlation | |
|---|---|---|
| MCRI | 15.6% | |
| Market (SPY) | 19.8% | 15.9% |
| Sector (XLY) | -1.1% | 15.8% |
Fundamental Drivers
The 84.6% change in MCRI stock from 8/31/2023 to 9/8/2026 was primarily driven by a 34.6% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.62 | 119.28 | 84.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 495 | 562 | 13.6% |
| Net Income Margin (%) | 18.2% | 20.4% | 12.1% |
| P/E Multiple | 13.8 | 18.6 | 34.6% |
| Shares Outstanding (Mil) | 19 | 18 | 7.7% |
| Cumulative Contribution | 84.6% |
Market Drivers
8/31/2023 to 9/8/2026| Return | Correlation | |
|---|---|---|
| MCRI | 84.6% | |
| Market (SPY) | 76.1% | 36.0% |
| Sector (XLY) | 36.6% | 37.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MCRI Return | 21% | 4% | -3% | 16% | 23% | 28% | 123% |
| Peers Return | 76% | -35% | 5% | -14% | -7% | 2% | -2% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| MCRI Win Rate | 42% | 42% | 42% | 50% | 75% | 56% | |
| Peers Win Rate | 57% | 35% | 47% | 48% | 55% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| MCRI Max Drawdown | -22% | -42% | -24% | -13% | -23% | -12% | |
| Peers Max Drawdown | -35% | -50% | -40% | -32% | -41% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BYD, RRR, CZR, PENN, FLL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/8/2026 (YTD)
How Low Can It Go
| Event | MCRI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.5% | -18.8% |
| % Gain to Breakeven | 25.8% | 23.1% |
| Time to Breakeven | 100 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -17.1% | -9.5% |
| % Gain to Breakeven | 20.6% | 10.5% |
| Time to Breakeven | 70 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.4% | -6.7% |
| % Gain to Breakeven | 14.1% | 7.1% |
| Time to Breakeven | 296 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.0% | -24.5% |
| % Gain to Breakeven | 35.2% | 32.4% |
| Time to Breakeven | 25 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -74.8% | -33.7% |
| % Gain to Breakeven | 297.6% | 50.9% |
| Time to Breakeven | 254 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.4% | -19.2% |
| % Gain to Breakeven | 30.6% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
In The Past
Monarch Casino & Resort's stock fell -20.5% during the 2025 US Tariff Shock. Such a loss loss requires a 25.8% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | MCRI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.5% | -18.8% |
| % Gain to Breakeven | 25.8% | 23.1% |
| Time to Breakeven | 100 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.0% | -24.5% |
| % Gain to Breakeven | 35.2% | 32.4% |
| Time to Breakeven | 25 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -74.8% | -33.7% |
| % Gain to Breakeven | 297.6% | 50.9% |
| Time to Breakeven | 254 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.4% | -19.2% |
| % Gain to Breakeven | 30.6% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.5% | -17.9% |
| % Gain to Breakeven | 36.0% | 21.8% |
| Time to Breakeven | 457 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -84.9% | -53.4% |
| % Gain to Breakeven | 560.3% | 114.4% |
| Time to Breakeven | 2765 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.2% | -8.6% |
| % Gain to Breakeven | 28.5% | 9.5% |
| Time to Breakeven | 14 days | 47 days |
In The Past
Monarch Casino & Resort's stock fell -20.5% during the 2025 US Tariff Shock. Such a loss loss requires a 25.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Monarch Casino & Resort (MCRI)
Monarch Casino & Resort (MCRI) is a hospitality and gaming company that owns and operates two integrated casino resort properties: the Atlantis Casino Resort Spa in Reno, Nevada, and the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company's core business involves providing comprehensive entertainment experiences, blending extensive gaming options with luxury accommodations, diverse dining, and a range of resort amenities.
Its main products and services include expansive casino floors featuring a wide array of slot machines, video poker, and table games such as blackjack, craps, and roulette. Beyond gaming, the resorts offer upscale hotel rooms and suites, numerous food and beverage outlets, health spas, salons, pools, and retail shops. Significant banquet, convention, and meeting room spaces are also provided, catering to both leisure travelers and corporate clients. Monarch Casino & Resort primarily serves customers within the regional markets surrounding Reno, Nevada, and Black Hawk, Colorado, targeting individuals and groups seeking an all-inclusive resort destination for entertainment, relaxation, and events.
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Here are 1-3 brief analogies to describe Monarch Casino & Resort:
A regional casino resort operator, like a smaller, high-quality version of MGM Resorts or Caesars Entertainment.
Think of it as a focused, upscale regional casino company, similar to a more premium version of Boyd Gaming.
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- Casino Gaming: Offers a variety of gambling options including slot machines, table games, poker rooms, race and sports books, and keno.
- Lodging: Provides guest rooms and suites for accommodation at its resort properties.
- Food & Beverage: Operates multiple dining establishments, bars, lounges, and coffee outlets for guests.
- Spa & Wellness: Delivers health and beauty treatments through its spas and salons, along with access to pool facilities.
- Meeting & Event Hosting: Provides banquet, convention, and meeting room spaces for various events and gatherings.
- Retail: Sells clothing, gifts, and other merchandise through on-site retail stores.
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Monarch Casino & Resort (MCRI) sells its services primarily to individuals.
The company serves the following categories of customers:
- Casino Patrons: Individuals who visit the properties primarily for gaming activities, including slot machines, video poker, table games (blackjack, craps, roulette), keno, poker, and sports betting.
- Leisure and Hospitality Guests: Individuals, couples, and families seeking vacation, relaxation, or entertainment, who utilize the company's hotel accommodations, spa services, dining options, pools, and other non-gaming amenities.
- Business and Event Attendees: Individuals and groups attending conventions, meetings, banquets, and other special events hosted at the resorts' extensive meeting and event facilities.
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John Farahi, Co-Chairman of the Board and Chief Executive Officer
John Farahi has served as Co-Chairman of the Board and Chief Executive Officer of Monarch Casino & Resort, Inc. since its inception in 1993, and of Golden Road, a direct wholly owned subsidiary, since June 1993. From 1973 until June 1993, he was President, Director, and General Manager of Golden Road. He, along with his brothers, was involved in helping their father build the business, which began with the purchase of a motel in Reno in 1972 that was later transformed into the Atlantis Casino Resort Spa. Mr. Farahi is also a partner in Farahi Investment Company (FIC), focusing on real estate investment and development. He holds a political science degree from California State University at Hayward and was appointed to the United States Holocaust Memorial Council in 2013 by President Barack Obama.
Bob Farahi, Co-Chairman of the Board and President
Bob Farahi has been Co-Chairman of the Board and President of Monarch Casino & Resort, Inc. since its inception in 1993, and of Golden Road since 1993. Prior to that, from 1973 until June 1993, he served as Vice President and a Director of Golden Road. He is one of the three Farahi brothers who helped their father establish the business starting in 1972 with the acquisition of a motel in Reno. Mr. Farahi holds a biochemistry degree from the University of California at Berkeley.
Dora Ditchev, Vice President of Finance
Dora Ditchev serves as the Vice President of Finance of Monarch Casino & Resort, Inc. No additional detailed background information is available in the provided search results.
Michelle Shriver, Corporate Vice President of Operations
Michelle Shriver joined Monarch Casino & Resort, Inc. as Corporate Vice President of Operations in August 2021, after having served as a consultant to the company since April 2021. She brings approximately 20 years of experience in the gaming and hospitality industry. Before joining Monarch, she was an executive management team member at Ameristar Casinos from 1996 to 2014, where she was responsible for the operations of eight regional casino resorts and oversaw a significant expansion of Ameristar Casino Black Hawk. Her past experience also includes owning smoothie cafes, working for a hospitality recruiting company, and serving as a content strategist, copywriter, and gaming and marketing consultant.
Lou Dorn, Chief Legal Officer
Lou Dorn serves as the Chief Legal Officer of Monarch Casino & Resort, Inc. No additional detailed background information is available in the provided search results.
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- Dependence on Discretionary Consumer Spending: The company's financial performance is highly vulnerable to economic fluctuations that impact consumers' discretionary income and spending habits. Downturns in the economy, such as recessions or periods of high inflation, can lead to reduced guest visitation and lower spending on gaming, food, beverages, and hotel services, directly affecting revenue and profitability.
- Intense Competition and Potential Legalization of Additional Gaming: Monarch Casino & Resort operates in a highly competitive market, contending with various other entertainment options and rival casinos. There is a significant threat from aggressive marketing strategies by competitors and the potential for new gaming facilities, particularly in key markets that contribute to MCRI's customer base, such as the Denver metropolitan area for its Monarch Black Hawk property. The introduction of new gaming options could divert customers, leading to market share erosion and reduced profitability.
- Regulatory and Compliance Risks: The casino and resort industry is subject to extensive and evolving governmental regulations, licensing requirements, and taxation policies at federal, state, and local levels. Changes in these regulations, or Monarch's inability to maintain compliance, could significantly impact its operations, financial condition, and growth prospects. This includes risks related to licensing, responsible gaming initiatives, and adherence to anti-money laundering laws.
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The clear emerging threat for Monarch Casino & Resort is the increasing legalization and adoption of online casino gaming (iGaming). This trend, exemplified by its expansion in various US states, presents a direct competitor to MCRI's physical casino operations by offering a convenient, at-home alternative for core gaming activities like slots and table games. Similar to how Netflix disrupted Blockbuster's physical rental model, iGaming provides a digital platform that could draw customers away from brick-and-mortar establishments, especially for those primarily seeking gaming entertainment rather than the full resort experience.
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Gaming Market
- In **Nevada**, the statewide gaming revenue reached a record $15.8 billion in 2025. More specifically for the region where Monarch operates, Washoe County (which includes Reno) reported nearly $1.1 billion in gaming revenue in 2025.
- In **Colorado**, the Black Hawk region, where Monarch operates its casino, generated $72.2 million in December 2025. Annually, this would represent an addressable gaming market of approximately $866.4 million for the Black Hawk area. Black Hawk alone typically generates over 85% of Colorado's gaming revenue.
Hospitality and Tourism Market
- For **Reno, Nevada**, the broader Reno Tahoe visitor economy saw total spending of $3.4 billion in 2024. Within this, lodging accounted for $520.5 million and gaming for $726.8 million of visitor spending in 2024. The total economic impact of tourism in Washoe County, encompassing Monarch's Reno operations, exceeded $5.2 billion in 2024.
- For **Colorado**, the tourism industry contributed $28.5 billion to the state's economy in 2024. Visitors who stayed overnight in a hotel, motel, or short-term vacation rental in Colorado spent a combined $17.6 billion in 2024. While a specific total market size for lodging in Black Hawk is not explicitly available, the city is positioning itself as a resort destination, recognizing the viability of its lodging and dining components.
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Monarch Casino & Resort (MCRI) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Increased Guest Visitation and Market Share Growth: Monarch Casino & Resort anticipates sustained revenue growth by increasing guest visitation, attributed to its "elevated product" and "exceptional guest service." The company has demonstrated success in this area, noting increased market share at both its Atlantis and Monarch Black Hawk properties in Q4 2025. This suggests a continued focus on attracting and retaining customers within its existing markets.
- Ongoing Capital Investments and Property Enhancements: The company plans "ongoing capital investment and property enhancements" to further elevate its offerings. This strategy aligns with its focus on delivering a high-quality gaming and hospitality experience, including modern casino facilities, deluxe hotel accommodations, fine dining, and spa services, as seen with the recent transformation of Monarch Black Hawk.
- Growth in Core Revenue Segments: Monarch Casino & Resort aims to achieve growth across its primary revenue streams. In Q3 2025, casino operations, hotel revenues, and food and beverage services all showed year-over-year increases. While hotel revenues saw a slight decrease in Q4 2025, casino and food and beverage revenues continued to grow. The company's emphasis on a luxury resort market with diverse amenities is expected to fuel continued expansion in these areas.
- Strategic Mergers & Acquisitions: Monarch Casino & Resort is actively "evaluating potential M&A opportunities to drive long-term value." While the timing and specifics of any acquisitions are uncertain, this strategic consideration indicates a potential for inorganic growth to contribute to future revenue.
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Share Repurchases
- Monarch Casino & Resort repurchased $11.3 million of its common stock in the third quarter of 2025.
- For the trailing twelve months ended September 2025, the company's repurchase of stock amounted to $31.3 million.
- As of September 30, 2025, Monarch Casino & Resort had authorization to purchase up to 1,598,476 additional shares under its existing repurchase plan.
Share Issuance
- Information regarding significant share issuances by Monarch Casino & Resort over the last 3-5 years is not readily available in the provided search results. The number of shares outstanding has generally decreased, indicating repurchases rather than issuances.
Outbound Investments
- Monarch Casino & Resort continuously evaluates potential merger and acquisition (M&A) transaction opportunities that could drive long-term value for stockholders. However, no specific instances of the company making strategic investments in other companies have been detailed in the provided information for the last 3-5 years.
Capital Expenditures
- Capital expenditures for Monarch Casino & Resort were $43.9 million in 2024, $51.4 million in 2023, and $48.4 million in 2022.
- These capital expenditures over the last three years (2022-2024) primarily focused on the transformation of part of the Monarch Black Hawk property.
- For the trailing twelve months ended February 2026, capital expenditures were approximately $30.40 million.
Peer Outperformance in Casinos & Gaming
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -18.7% | 86.2% | 69.6% | LINC 304% · PRDO 229% · CVSA 227% |
| Homebuilding | 18 | -15.9% | 19.8% | 38.8% | GRBK 200% · PHM 160% · TOL 134% |
| Automotive Retail | 18 | -17.8% | 9.2% | 14.4% | MUSA 249% · PAG 174% · ORLY 118% |
| Specialty Stores | 7 | -9.5% | 27.7% | 10.0% | FIVE 38% · SIG 14% · DKS 12% |
| Home Improvement Retail | 5 | -24.9% | -7.8% | 7.3% | HVT 11% · LOW 9% · HD 7% |
| Hotels, Resorts & Cruise Lines | 22 | 10.5% | 46.1% | 6.3% | RCL 233% · MAR 152% · HLT 146% |
| Distributors | 4 | -10.5% | -23.5% | -6.8% | ARMK 153% · GPC 30% · LKQ -44% |
| Restaurants | 34 | -7.7% | -11.9% | -11.7% | EAT 326% · CAKE 169% · RAVE 124% |
| Specialized Consumer Services | 10 | -13.7% | 27.9% | -13.7% | HRB 115% · FTDR 75% · SCI 41% |
| Home Furnishings | 4 | -7.8% | 24.7% | -13.8% | SGI 54% · LZB 4% · MHK -32% |
| Footwear | 9 | 42.8% | 36.8% | -19.2% | WEYS 163% · SHOO 22% · DECK 22% |
| Leisure Products | 13 | -19.6% | -17.1% | -31.3% | GOLF 81% · HAS 13% · MCFT -7% |
| Automotive Parts & Equipment | 38 | -10.4% | -2.1% | -35.0% | MOD 1560% · GTX 290% · STRT 102% |
| Casinos & Gaming ← | 20 | -12.2% | -25.1% | -35.4% | MCRI 105% · RSI 71% · RRR 60% |
| Leisure Facilities | 11 | -1.7% | -11.2% | -37.3% | OSW 125% · JAKK 104% · ESCA 20% |
| Apparel, Accessories & Luxury Goods | 27 | -6.0% | 10.3% | -37.8% | ELA 241% · RL 238% · TPR 230% |
| Household Appliances | 18 | 9.8% | 35.7% | -42.3% | KEQU 172% · FLXS 171% · HBB 124% |
| Apparel Retail | 25 | -5.9% | 16.8% | -43.0% | ANF 332% · URBN 146% · ROST 112% |
| Broadline Retail | 15 | -16.1% | 13.7% | -53.5% | DDS 323% · EBAY 56% · AMZN 48% |
| Computer & Electronics Retail | 3 | -18.6% | 6.7% | -60.5% | BBY 0% · UPBD -60% · GME -62% |
| Automobile Manufacturers | 8 | -65.7% | -47.3% | -71.1% | GM 85% · F 49% · TSLA 46% |
| Other Specialty Retail | 18 | -30.0% | -45.3% | -76.7% | TLF 111% · BBW 104% · WINA 81% |
| Consumer Electronics | 11 | -8.6% | -8.0% | -79.3% | AXIL 2475% · GRMN 76% · TBCH -57% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 42.89 |
| Mkt Cap | 2.8 |
| Rev LTM | 3,052 |
| Op Inc LTM | 469 |
| FCF LTM | 106 |
| FCF 3Y Avg | 144 |
| CFO LTM | 624 |
| CFO 3Y Avg | 513 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.6% |
| Rev Chg 3Y Avg | 4.0% |
| Rev Chg Q | 3.6% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | 18.1% |
| Op Inc Chg 3Y Avg | 3.6% |
| Op Mgn LTM | 18.2% |
| Op Mgn 3Y Avg | 20.6% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 13.2% |
| CFO/Rev 3Y Avg | 16.2% |
| FCF/Rev LTM | 3.2% |
| FCF/Rev 3Y Avg | 5.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single segment | 545 | 522 | 501 | 478 | |
| Casino | 233 | ||||
| Food and beverage | 91 | ||||
| Hotel | 54 | ||||
| Other | 17 | ||||
| Total | 545 | 522 | 501 | 478 | 395 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Single segment | 101 | 73 | 82 |
| Total | 101 | 73 | 82 |
| $ Mil | 2013 | 2012 |
|---|---|---|
| Atlantis | 145 | 148 |
| Monarch Black Hawk | 95 | |
| Corporate and other | 5 | 9 |
| Black Hawk | 91 | |
| Total | 245 | 248 |
Price Behavior
| Market Price | $119.28 | |
| Market Cap ($ Bil) | 2.1 | |
| First Trading Date | 08/10/1993 | |
| Distance from 52W High | -10.7% | |
| 50 Days | 200 Days | |
| DMA Price | $123.39 | $108.29 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -3.3% | 10.1% |
| 3M | 1YR | |
| Volatility | 22.6% | 26.1% |
| Downside Capture | 51.33 | 27.25 |
| Upside Capture | 21.98 | 41.02 |
| Correlation (SPY) | -1.7% | 15.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.62 | -0.04 | -0.13 | 0.26 | 0.31 | 0.63 |
| Up Beta | 0.12 | -0.79 | -0.52 | 0.02 | 0.40 | 0.59 |
| Down Beta | -2.44 | -0.46 | -0.49 | 0.28 | 0.14 | 0.69 |
| Up Capture | 84% | 2% | 14% | 49% | 30% | 38% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 22 | 34 | 70 | 130 | 398 |
| Down Capture | 198% | 82% | 17% | 11% | 35% | 81% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 20 | 30 | 57 | 120 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MCRI | |
|---|---|---|---|---|
| MCRI | 18.5% | 26.1% | 0.61 | - |
| Sector ETF (XLY) | -2.5% | 19.5% | -0.25 | 15.5% |
| Equity (SPY) | 19.4% | 12.8% | 1.11 | 15.6% |
| Gold (GLD) | 20.8% | 29.2% | 0.65 | 0.5% |
| Commodities (DBC) | 45.0% | 20.4% | 1.72 | -10.7% |
| Real Estate (VNQ) | 7.8% | 13.6% | 0.30 | 14.2% |
| Bitcoin (BTCUSD) | -28.1% | 43.9% | -0.63 | 9.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MCRI | |
|---|---|---|---|---|
| MCRI | 15.6% | 31.8% | 0.50 | - |
| Sector ETF (XLY) | 5.3% | 24.1% | 0.18 | 44.8% |
| Equity (SPY) | 12.6% | 17.2% | 0.56 | 45.1% |
| Gold (GLD) | 18.8% | 18.8% | 0.81 | 0.0% |
| Commodities (DBC) | 10.6% | 19.5% | 0.42 | 7.6% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 36.5% |
| Bitcoin (BTCUSD) | 11.1% | 52.6% | 0.39 | 22.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MCRI | |
|---|---|---|---|---|
| MCRI | 19.0% | 39.1% | 0.57 | - |
| Sector ETF (XLY) | 12.1% | 22.2% | 0.50 | 52.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 54.0% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 2.7% |
| Commodities (DBC) | 7.9% | 18.1% | 0.36 | 19.7% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 48.9% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 17.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/21/2026 | 0.7% | 4.5% | 6.3% |
| 4/22/2026 | 2.1% | 4.5% | 1.8% |
| 2/4/2026 | 2.3% | 3.3% | 5.9% |
| 10/22/2025 | -0.2% | -4.5% | 2.2% |
| 7/16/2025 | 20.0% | 23.9% | 16.4% |
| 4/22/2025 | 2.4% | 2.8% | 6.5% |
| 2/11/2025 | 7.9% | 6.5% | -2.1% |
| 10/23/2024 | 6.5% | 8.1% | 13.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 16 |
| # Negative | 9 | 9 | 8 |
| Median Positive | 5.9% | 6.1% | 6.2% |
| Median Negative | -1.5% | -4.0% | -3.7% |
| Max Positive | 20.0% | 26.5% | 33.3% |
| Max Negative | -19.4% | -24.4% | -30.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/21/2026 | 0.7% | 4.5% | 6.3% |
| 4/22/2026 | 2.1% | 4.5% | 1.8% |
| 2/4/2026 | 2.3% | 3.3% | 5.9% |
| 10/22/2025 | -0.2% | -4.5% | 2.2% |
| 7/16/2025 | 20.0% | 23.9% | 16.4% |
| 4/22/2025 | 2.4% | 2.8% | 6.5% |
| 2/11/2025 | 7.9% | 6.5% | -2.1% |
| 10/23/2024 | 6.5% | 8.1% | 13.6% |
| 7/25/2024 | 1.7% | -2.3% | -3.0% |
| 4/17/2024 | -4.4% | -0.9% | -3.6% |
| 2/14/2024 | -0.1% | -0.4% | 3.1% |
| 10/18/2023 | -5.7% | -4.0% | 3.8% |
| 7/19/2023 | -5.0% | -4.1% | -10.1% |
| 4/20/2023 | -0.5% | -5.2% | -7.3% |
| 2/14/2023 | -1.5% | -3.8% | -3.8% |
| 10/19/2022 | 15.6% | 26.5% | 33.2% |
| 7/20/2022 | -0.3% | 3.3% | 10.1% |
| 4/20/2022 | -19.4% | -24.4% | -30.1% |
| 2/9/2022 | 6.5% | 7.2% | 12.3% |
| 10/25/2021 | 8.0% | 6.8% | 4.6% |
| 7/28/2021 | 5.9% | 2.5% | 6.2% |
| 4/28/2021 | 9.0% | 6.1% | 4.5% |
| 2/24/2021 | 3.1% | 0.1% | -0.2% |
| 10/29/2020 | 4.8% | 19.4% | 33.3% |
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 16 |
| # Negative | 9 | 9 | 8 |
| Median Positive | 5.9% | 6.1% | 6.2% |
| Median Negative | -1.5% | -4.0% | -3.7% |
| Max Positive | 20.0% | 26.5% | 33.3% |
| Max Negative | -19.4% | -24.4% | -30.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/12/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 06/22/2020 | 10-Q |
| 12/31/2019 | 03/12/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 7/27/2026Latest: Q2 2026 Earnings Reported 7/21/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Dividends | Reported | 0.3 | 0 | Affirmed | Actual: 0.3 for Q2 2026 | |||
Prior: Q1 2026 Earnings Reported 4/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Dividends | Reported | 0.3 | ||||||
| 2026 Dividends | Reported | 1.2 | 0.0% | Affirmed | Guidance: 1.2 for 2026 | |||
Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Annual Cash Dividend | Reported | 1.2 | 0 | Affirmed | Guidance: 1.2 for 2025 | |||
Q3 2025 Earnings Reported 10/22/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Annual Cash Dividend | Reported | 1.2 | 0.0% | Affirmed | Guidance: 1.2 for 2025 | |||
Insider Activity
Updated 7/7/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Farahi, John | CEO | Direct | Sell | 5292026 | 120.84 | 5,000 | 604,200 | 74,504,627 | Form |
| 2 | Farahi, John | CEO | Direct | Sell | 3252026 | 99.00 | 2,000 | 198,000 | 53,094,096 | Form |
| 3 | Farahi, John | CEO | Direct | Sell | 3252026 | 97.43 | 1,000 | 97,430 | 52,446,959 | Form |
| 4 | Farahi, John | CEO | Direct | Sell | 1092026 | 100.63 | 1,000 | 100,630 | 55,659,459 | Form |
| 5 | Farahi, John | CEO | Direct | Sell | 1092026 | 103.77 | 5,000 | 518,850 | 57,499,995 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Farahi, John | CEO | Direct | Sell | 5292026 | 120.84 | 5,000 | 604,200 | 74,504,627 | Form |
| 2 | Farahi, John | CEO | Direct | Sell | 3252026 | 99.00 | 2,000 | 198,000 | 53,094,096 | Form |
| 3 | Farahi, John | CEO | Direct | Sell | 3252026 | 97.43 | 1,000 | 97,430 | 52,446,959 | Form |
| 4 | Farahi, John | CEO | Direct | Sell | 1092026 | 100.63 | 1,000 | 100,630 | 55,659,459 | Form |
| 5 | Farahi, John | CEO | Direct | Sell | 1092026 | 103.77 | 5,000 | 518,850 | 57,499,995 | Form |
| 6 | Sullivan, Craig F | Direct | Sell | 7232025 | 105.55 | 12,200 | Form | |||
| 7 | Farahi, John | CEO | Direct | Sell | 7232025 | 105.78 | 2,000 | 211,560 | 59,248,436 | Form |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Casinos & Gaming Resources |
| Casino.org News |
| Global Gaming Business |
| CDC Gaming Reports |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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