MCRI - Why Monarch Casino & Resort Popped 21.2% on Thursday
Shares of Monarch Casino & Resort (NASDAQ: MCRI) popped as much as 21.2% in trading on Thursday after the casino company reported third-quarter 2022 financial results. At 3 p.m. ET, shares were up 14.2% and holding steady.
Third-quarter revenue was up 19.8% to $133.7 million, and net income jumped 28.3% to $51.7 million, or $1.41 per share. Analysts were only expecting revenue of $121.8 million and earnings of $1.15 per share. Simply beating estimates is enough to send a stock higher, even in this market.
Management said enhancements to the Black Hawk facility are paying off and it's now planning a renovation of the Atlantis hotel tower next year. This could drive continued growth.
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Why Monarch Casino & Resort Popped 21.2% on Thursday