Monarch Casino & Resort (MCRI) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Entity File Number	0-22088
Entity Registrant Name	MONARCH CASINO & RESORT, INC
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	88-0300760
Entity Address, Address Line One	3800 S. Virginia St.
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89502
City Area Code	775
Local Phone Number	335-4600
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	MCRI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,735,440
Entity Central Index Key	0000907242
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Net revenues	$ 121,657	$ 116,644
Operating expenses
Selling, general and administrative	27,074	25,116
Depreciation and amortization	12,487	11,337
Other operating items, net	473	510
Total operating expenses	97,847	93,485
Income from operations	23,810	23,159
Other expense
Interest expense, net	7	(587)
Income before income taxes	23,817	22,572
Provision for income taxes	(5,542)	(4,902)
Net income	$ 18,275	$ 17,670
Earnings per share of common stock
Basic	$ 0.95	$ 0.92
Diluted	$ 0.93	$ 0.90
Weighted average number of common shares and potential common shares outstanding
Basic	19,284	19,215
Diluted	19,659	19,654
Casino
Revenues
Net revenues	$ 69,436	$ 66,905
Operating expenses
Operating expenses	26,352	25,252
Food and beverage
Revenues
Net revenues	30,163	29,317
Operating expenses
Operating expenses	22,575	21,937
Hotel
Revenues
Net revenues	16,774	15,471
Operating expenses
Operating expenses	5,978	6,390
Other
Revenues
Net revenues	5,284	4,951
Operating expenses
Operating expenses	$ 2,908	$ 2,943

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 39,484	$ 43,361
Receivables, net	10,265	11,990
Income taxes receivable		1,006
Inventories	7,366	7,614
Prepaid expenses	9,347	10,995
Total current assets	66,462	74,966
Property and equipment, net	585,434	580,497
Goodwill	25,111	25,111
Intangible assets, net	258	299
Total assets	677,265	680,873
Current liabilities
Current maturities of long-term debt, net	5,500
Accounts payable	21,448	23,092
Construction accounts payable	47,256	47,566
Accrued expenses	50,509	51,812
Income taxes payable	4,536
Short-term lease liability	919	897
Total current liabilities	130,168	123,367
Deferred income taxes	23,084	23,084
Long-term lease liability	13,779	14,021
Long-term debt		5,500
Other long-term liability	1,321	1,761
Total liabilities	168,352	167,733
Stockholders' equity
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued
Common stock, $.01 par value, 30,000,000 shares authorized; 19,154,031 shares issued and 19,091,497 outstanding at December 31, 2023; 19,096,300 shares issued and 19,093,676 outstanding at December 31, 2022	192	191
Additional paid-in capital	51,568	48,821
Treasury stock, 62,534 shares at December 31, 2023; 2,624 shares at December 31, 2022	(23,292)	(3,718)
Retained earnings	480,445	467,846
Total stockholders' equity	508,913	513,140
Total liabilities and stockholders' equity	$ 677,265	$ 680,873

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	19,174,278	19,154,031
Common stock, shares outstanding	18,830,036	19,091,497
Treasury stock, shares	344,242	62,534

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
Increase (Decrease) in Stockholders' Equity
Treasury Stock, Value				$ (170)
Balance at Dec. 31, 2022	$ 191	$ 40,716	$ 498,217		$ 538,954
Balance (in shares) at Dec. 31, 2022	19,093,676
Increase (Decrease) in Stockholders' Equity
Exercise of stock options, net		808		108	916
Exercise of stock options, net (in shares)	37,965
Restricted stock granted		1,474			1,474
Purchase of company common stock			(95,608)		(95,608)
Net Income (Loss)			17,670		17,670
Balance at Mar. 31, 2023	$ 191	42,998	420,279		463,406
Balance (in shares) at Mar. 31, 2023	19,131,641
Increase (Decrease) in Stockholders' Equity
Treasury Stock, Value				(62)
Treasury Stock, Value				(3,718)	3,718
Balance at Dec. 31, 2023	$ 191	48,821	467,846		$ 513,140
Balance (in shares) at Dec. 31, 2023	19,091,497				19,091,497
Increase (Decrease) in Stockholders' Equity
Exercise of stock options, net	$ 1	969			$ 970
Exercise of stock options, net (in shares)	20,247
Dividend payment			(5,676)		(5,676)
Purchase of company common stock				(19,574)	(19,574)
Purchase of company common stock, shares	(281,708)
Stock-based compensation expense		1,778			1,778
Net Income (Loss)			18,275		18,275
Balance at Mar. 31, 2024	$ 192	$ 51,568	$ 480,445		$ 508,913
Balance (in shares) at Mar. 31, 2024	18,830,036				18,830,036
Increase (Decrease) in Stockholders' Equity
Treasury Stock, Value				$ (23,292)	$ 23,292

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 18,275	$ 17,670
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,487	11,337
Amortization of deferred loan costs		307
Stock-based compensation - stock options	1,778	1,474
Provision for bad debts	44	13
Loss (gain) on disposition of assets	(37)
Non-cash operating lease expense	8	5
Changes in operating assets and liabilities:
Receivables	1,681	1,549
Income taxes receivable	5,542	28,640
Inventories	248	625
Prepaid expenses	1,648	887
Accounts payable	(1,644)	829
Accrued expenses	(1,743)	(1,802)
Net cash provided by operating activities	38,287	61,534
Cash flows from investing activities:
Proceeds from sale of assets	49
Change in construction accounts payable	(310)	(414)
Acquisition of property and equipment	(17,622)	(14,777)
Net cash used in investing activities	(17,883)	(15,191)
Cash flows from financing activities:
Payroll taxes from net exercise of stock options	(38)	(99)
Proceeds from exercise of stock options	1,007	1,015
Line-of-credit borrowings	9,500	61,000
Line-of-credit payments	(9,500)	(10,000)
Principal payments on long-term debt		(7,000)
Loan issuance cost	(19,574)
Payment of dividends	(5,676)	(95,608)
Net cash used in financing activities	(24,281)	(50,692)
Change in cash and cash equivalents	(3,877)	(4,349)
Cash and cash equivalents at beginning of period	43,361	38,779
Cash and cash equivalents at end of period	39,484	34,430
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 78	$ 522

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	MONARCH CASINO & RESORT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) QUARTERLY PERIOD ENDED MARCH 31, 2024 ​ NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ​ Basis of Presentation ​ Monarch Casino & Resort, Inc. was incorporated in 1993. Unless otherwise indicated, “Monarch,” “us,” “we,” and the “Company” refer to Monarch Casino & Resort, Inc. and its subsidiaries. Monarch owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada (the “Atlantis”) and Monarch Casino Resort Spa Black Hawk, a hotel and casino in Black Hawk, Colorado (the “Monarch Black Hawk”). In addition, Monarch owns separate parcels of land located next to the Atlantis and a parcel of land with an industrial warehouse located between Denver, Colorado and Monarch Black Hawk. Monarch also owns Chicago Dogs Eatery, Inc. and Monarch Promotional Association, both of which were formed in relation to licensure requirements for extended hours of liquor operation in Black Hawk, Colorado. ​ The accompanying unaudited consolidated financial statements include the accounts of Monarch and its subsidiaries (the “Consolidated Financial Statements”). Intercompany balances and transactions are eliminated. ​ Interim Financial Statements ​ The Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the management of the Company, all adjustments considered necessary for a fair presentation, consisting of normal recurring accruals, are reflected in the interim financial statements. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. ​ The balance sheet at December 31, 2023, has been derived from the audited consolidated financial statements of the Company at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023. ​ Segment Reporting: ​ The accounting guidance for disclosures about segments of an enterprise and related information requires separate financial information to be disclosed for all operating segments of a business. The Company determined that the Company’s two operating segments, Atlantis and Monarch Black Hawk, meet the aggregation criteria stipulated by ASC 280-10-50-11. The Company views each property as an operating segment and the two operating segments have been aggregated into one reporting segment. ​ Concentrations of Credit Risk and Credit Losses: ​ Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of bank deposits and trade receivables. ​ The Company accounts for credit losses in accordance with ASU 2016-13 using a forward-looking expected loss model. ​ The Company maintains its surplus cash in bank accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. ​ ​ The Company extends short-term credit to its gaming customers. Such credit is non-interest bearing and is due on demand. In addition, the Company also has receivables due from hotel guests and convention groups and events, which are primarily secured with a credit card. An allowance for doubtful accounts is determined to reduce the Company’s receivables to their carrying value, which approximates fair value. The allowance is estimated based on historical collection experience, specific review of individual customer accounts, current economic and business conditions and management’s expectations of future economic and business conditions. The allowance is applied even when the risk of credit loss is remote. When a situation warrants, the Company may create a specific identification reserve for high collection risk receivables. The Company writes off its uncollectible receivables once all efforts have been made to collect such receivables. Recoveries of accounts previously written off are recorded when received. Concentrations of credit risk with respect to gaming and non-gaming receivables are limited due to the large number of customers comprising the Company’s customer base. Historically, the Company has not incurred any significant credit-related losses. ​ As of March 31, 2024, the Company has recorded a reserve of $0.1 million for gaming and non-gaming receivables. ​ The Company believes it is not exposed to any significant credit risk on cash and accounts receivable. ​ Inventories: ​ Inventories, consisting primarily of food, beverages, and retail merchandise, are stated at the lower of cost and net realizable value. Cost is determined by the weighted average and specific identification methods. Net realizable value is defined by the Financial Accounting Standards Board (“FASB”) as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ​ Property and Equipment, net: ​ Property and equipment, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 Land ​ $ 34,688 ​ $ 34,688 ​ Land improvements ​ 11,045 ​ 11,045 ​ Buildings ​ 474,724 ​ 474,724 ​ Building improvements ​ 101,253 ​ 100,822 ​ Furniture and equipment ​ 255,276 ​ 254,486 ​ Construction in progress ​ 25,725 ​ 9,552 ​ Right of use assets ​ ​ 14,646 ​ ​ 14,874 ​ Leasehold improvements ​ 4,245 ​ 4,245 ​ ​ ​ 921,602 ​ 904,436 ​ Less accumulated depreciation and amortization ​ (336,168) ​ (323,939) ​ Property and equipment, net ​ $ 585,434 ​ $ 580,497 ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment are stated at cost, less accumulated depreciation and amortization. Property and equipment is depreciated principally on a straight-line basis over its estimated useful lives as follows: ​ ​ ​ ​ ​ ​ ​ Land improvements 15 - 40 years Buildings 30 - 40 years Building improvements 5 - 40 years Leasehold improvements ​ 5 - 40 years Furniture 5 - 10 years Equipment 3 - 20 years ​ The Company evaluates property and equipment and other long-lived assets for impairment in accordance with the guidance for accounting for the impairment or disposal of long-lived assets. ​ For assets to be disposed of, the Company recognizes the asset to be sold at the lower of carrying value or fair value less costs of disposal. Fair value for assets to be disposed of is generally estimated based on comparable asset sales, solicited offers or a discounted cash flow model. ​ For assets to be held and used, the Company reviews fixed assets for impairment indicators at the end of the fiscal year and whenever indicators of impairment exist. If an indicator of impairment exists, we compare the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, the impairment is measured based on fair value compared to carrying value, with fair value typically based on a discounted cash flow model or market comparable, when available. For the three-month periods ended March 31, 2024 and 2023, respectively, there were no impairment charges. ​ Goodwill: ​ The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles-Goodwill and Other (“ASC Topic 350”). ASC Topic 350 gives companies the option to perform a qualitative assessment that may allow them to skip the quantitative test as appropriate. The Company tests its goodwill for impairment annually during the fourth quarter, or whenever events or circumstances make it more likely than not that impairment may have occurred. Impairment testing for goodwill is performed at the reporting unit level, and each of the Company’s casino properties is considered to be a reporting unit. ​ As of March 31, 2024, we had goodwill totaling $25.1 million related to the purchase of Monarch Black Hawk, Inc. ​ ASC Topic 350 requires that goodwill be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. We performed an assessment to determine whether events or circumstances such as those described in ASC 350-20-35-3C existed and we determined that they did not exist during the interim period; therefore, an interim impairment test was not performed. ​ Revenue Recognition: ​ The majority of the Company’s revenue is recognized when products are delivered or services are performed. For certain revenue transactions (when a patron uses a club loyalty card), in accordance with Accounting Standard Update No. 2014-09 (“ASC 606”), a portion of the revenue is deferred until the points earned by the patron are redeemed or expire. Casino revenue: ​ Players’ Club Program: twelve ​ As of March 31, 2024, the Company had estimated the obligations related to the players’ club program at $8.8 million, which is included in Accrued Expenses in the Liabilities and Stockholders’ Equity section in the Consolidated Balance Sheet. ​ Food and Beverage, Hotel and Other (retail) Revenues: Other Revenues Sales and other taxes ​ Other Operating items, net: ​ Other operating items, net, in general consist of miscellaneous operating charges or proceeds. ​ For each of the three months ended March 31, 2024 and 2023, Other operating items, net, was $0.5 million and primarily represented professional service fees relating to our construction litigation. ​ Impact of Recently Adopted Accounting Standards: ​ The Company has evaluated the recently issued or proposed by the FASB or other standards-setting bodies accounting standards and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s Consolidated Financial Statements.

ACCOUNTING FOR LEASES

ACCOUNTING FOR LEASES	3 Months Ended
	Mar. 31, 2024
ACCOUNTING FOR LEASES
ACCOUNTING FOR LEASES	NOTE 2. ACCOUNTING FOR LEASES ​ For operating leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of the lease payments over the lease term. Certain of the Company’s leases include rental escalation clauses, renewal options and/or termination options that are factored into its determination of lease payments when appropriate. As permitted by ASC 842, the Company elected not to separate non-lease components from their related lease components. ​ As of March 31, 2024, the Company’s right of use assets consisted of the Parking Lot Lease, the Driveway Lease (each as defined and discussed in NOTE 5. RELATED PARTY TRANSACTIONS) ​ The weighted-average incremental borrowing rate of the leases presented in the lease liability as of March 31, 2024, was 4.33%. There were no new leases entered into in the first quarter of 2024. ​ The weighted-average remaining lease term of the leases presented in the lease liability as of March 31, 2024, was 17.02 years. ​ Cash paid related to the operating leases presented in the lease liability for the three months ended March 31, 2024 and 2023, was $0.4 million and $0.3 million, respectively.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
STOCK-BASED COMPENSATION.
STOCK-BASED COMPENSATION	NOTE 3. STOCK-BASED COMPENSATION ​ In accordance with ASC 718, the Company records any excess tax benefits or deficiencies from its equity awards in its Consolidated Statements of Income in the reporting periods in which vesting occurs. As a result, the Company’s income tax expense and associated effective tax rate are impacted by fluctuations in stock price between the grant dates and vesting dates of equity awards. ​ Reported stock-based compensation expense was classified as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2024 2023 Casino $ 134 $ 153 Food and beverage ​ (18) ​ 40 ​ Hotel ​ 59 ​ 66 ​ Selling, general and administrative ​ 1,603 ​ 1,215 ​ Total stock-based compensation, before taxes ​ 1,778 ​ 1,474 ​ Tax benefit ​ (373) ​ (310) ​ Total stock-based compensation, net of tax $ 1,405 $ 1,164 ​

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 4. EARNINGS PER SHARE ​ Basic earnings per share is computed by dividing reported net earnings by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect the additional dilution for all potentially dilutive securities such as stock options. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ Per Share ​ ​ ​ ​ Per Share ​ ​ Shares ​ ​ Amount ​ Shares ​ Amount ​ Basic 19,284 ​ $ 0.95 ​ 19,215 $ 0.92 ​ Effect of dilutive stock options 375 ​ (0.02) ​ 439 ​ (0.02) ​ Diluted 19,659 ​ $ 0.93 ​ 19,654 $ 0.90 ​ ​ Excluded from the computation of diluted earnings per share are options where the exercise prices are greater than the weighted assumed proceeds per share as their effects would be anti-dilutive in the computation of diluted earnings per share. For the three months ended March 31, 2024 and 2023, options for approximately 867 thousand and 576 thousand shares, respectively, were excluded from the computation.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 5. RELATED PARTY TRANSACTIONS ​ The shopping center adjacent to the Atlantis (the “Shopping Center”) is owned by Biggest Little Investments, L.P. (“BLI”). John Farahi and Bob Farahi, Co-Chairmen of the Board and executive officers of the Company, and Ben Farahi have significant holdings (the “Farahi Family Stockholders”) in Monarch and each also beneficially owns limited partnership interests in BLI. Maxum LLC is the sole general partner of BLI, and Ben Farahi is the sole managing member of Maxum LLC. Neither John Farahi nor Bob Farahi has any management or operational control over BLI or the Shopping Center. Until May 2006, Ben Farahi held the positions of Co-Chairman of the Board, Secretary, Treasurer and Chief Financial Officer of the Company. ​ On August 28, 2015, Monarch, through its subsidiary Golden Road Motor Inn, Inc., entered into a 20-year lease agreement with BLI for a portion of the Shopping Center (the “Parking Lot Lease”). This lease gives the Atlantis the right to use a parcel, approximately 4.2 acres, adjacent to the Atlantis. The primary purpose of the Parking Lot Lease is to provide additional, convenient, Atlantis surface parking. The minimum annual rent under the Parking Lot Lease is $695 thousand commencing on November 17, 2015. The minimum annual rent is subject to a cost of living adjustment increase on each five-year anniversary. In addition, the Company is responsible for the payment of property taxes, utilities and maintenance expenses related to the leased property. The Company has an option to renew the Parking Lot Lease for an additional ten-year term. If the Company elects not to exercise its renewal option, the Company will be obligated to pay BLI $1.6 million. For each of the three-month periods ended March 31, 2024 and 2023, the Company paid $187 thousand in rent, plus $8 thousand in operating expenses relating to this lease. The right of use asset lease liability ​ In addition, the Atlantis shares a driveway with the Shopping Center and leases approximately 37,400 square feet from BLI (the “Driveway Lease”) for an initial lease term of 15 years, which commenced on September 30, 2004, at an original annual rent of $300 thousand plus common area expenses. The annual rent is subject to a cost of living adjustment increase on each five-year anniversary of the Driveway Lease. Effective August 28, 2015, in connection with the Company entering into the Parking Lot Lease, the Driveway Lease was amended to: (i) make the Company solely responsible for the operation and maintenance costs of the shared driveway (including the fountains thereon); (ii) eliminate the Company’s obligation to reimburse the Shopping Center for its proportionate share of common area expenses; and (iii) exercise the three successive five-year renewal terms beyond the initial 15-year right of use asset lease liability Balance Sheet ​ The Company occasionally leases billboard advertising, storage space and parking lot space from affiliates controlled by the Farahi Family Stockholders, and paid $132 thousand for each of the three-month periods ended March 31, 2024 and 2023, for such leases. ​

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2024
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 6. LONG-TERM DEBT ​ On February 1, 2023, the Company entered into the Fifth Amended and Restated Credit Agreement (the “Amended Credit Facility”) with Wells Fargo Bank, N.A., as administrative agent. The Amended Credit Facility provides for a $100 million line of credit which matures on January 1, 2025. ​ As of March 31, 2024, the Company had an outstanding principal balance of $5.5 million under the Amended Credit Facility. ​ In addition to other customary covenants for a facility of this nature, as of March 31, 2024, the Company is required to maintain a Total Leverage Ratio (as defined in the Amended Credit Facility) of no more than 2.5:1 and Fixed Charge Coverage Ratio (as defined in the Amended Credit Facility) of at least 1.1:1. As of March 31, 2024, the Company’s Total Leverage Ratio and Fixed Charge Coverage Ratio were 0.04:1 and 55.46:1, respectively. ​ The interest rate under the Amended Credit Facility is SOFR (the Secured Overnight Financing Rate) plus a margin ranging from 1.00% to 1.50%, or a base rate (as defined in the Amended Credit Facility) plus a margin ranging from 0.00% to 0.50%. The applicable margins will vary depending on the Company’s leverage ratio. In addition, SOFR-based loans will incur a 0.10% credit adjustment spread due to the conversion from LIBOR to SOFR as the new benchmark rate. As of March 31, 2024, the interest rate was 8.5%, or SOFR plus a 1.00% margin. ​ The Company’s obligations under the Amended Credit Facility are secured by substantially all of the Company’s assets.

TAXES

TAXES	3 Months Ended
	Mar. 31, 2024
TAXES
TAXES	NOTE 7. TAXES ​ For the three months ended March 31, 2024 and 2023, the Company’s effective tax rate was 23.3% and 21.7%, respectively. ​ Deferred tax assets were evaluated by considering historical levels of income, estimates of future taxable income and the impact of tax planning strategies. ​ No uncertain tax positions were recorded as of March 31, 2024 and 2023. No change in uncertain tax positions is anticipated over the next twelve months. ​

STOCK REPURCHASE PLAN

STOCK REPURCHASE PLAN	3 Months Ended
	Mar. 31, 2024
STOCK REPURCHASE PLAN
STOCK REPURCHASE PLAN	NOTE 8. STOCK REPURCHASE PLAN ​ On October 22, 2014, the board of directors of Monarch authorized a stock repurchase plan (the “Repurchase Plan”). Under the Repurchase Plan, the board of directors authorized a program to repurchase up to 3,000,000 shares of the Company’s common stock in the open market or in privately negotiated transactions from time to time, in compliance with Rule 10b-18 of the Securities and Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements and other factors. The Repurchase Plan does not obligate the Company to acquire any particular amount of common stock and the plan may be suspended at any time at the Company’s discretion, and it will continue until exhausted. The actual timing, number and value of shares repurchased under the repurchase program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company’s stock, general market economic conditions and applicable legal requirements. ​ In the first quarter of 2024, the Company purchased 281,708 shares of its common stock on the open market for an aggregate amount of $19.5 million under its existing Repurchase Plan. As of March 31, 2024, we have an authorization to purchase up to 2,533,789 shares under the Repurchase Plan.

LEGAL MATTERS

LEGAL MATTERS	3 Months Ended
	Mar. 31, 2024
LEGAL MATTERS
LEGAL MATTERS	NOTE 9. LEGAL MATTERS ​ On August 30, 2019, PCL Construction Services, Inc. (“PCL”) filed a complaint in District Court, City and County of Denver, Colorado, against the Company and its Colorado subsidiaries, in connection with the Company’s now completed expansion of the Monarch Casino Resort Spa Black Hawk (the “Project”). The case is captioned PCL Construction Services, Inc. v. Monarch Growth Inc., et al. ​ On September 5, 2023, trial commenced in the First Denver Lawsuit in the District Court for the City and County of Denver, Colorado. The bench trial concluded on November 22, 2023, after 28 total court days. PCL and the Company each submitted proposed Findings of Fact, Conclusions of Law and Order for the Court’s consideration on February 7, 2024. The Parties are awaiting a decision by the Court, and we remain unable to determine the probability of the outcome or reasonably estimate the loss or gain, if any, or determine when the court will resolve the claims the parties tried. ​ Prior to the trial of the First Denver Lawsuit, on March 26, 2021, PCL filed a mechanics’ lien foreclosure action in the District Court, County of Gilpin, Colorado, against the Company and its Colorado subsidiaries, also in connection with the Project. The case is captioned PCL Construction Services, Inc., v. Monarch Growth Inc., et al. ​ Monarch filed its answer and counterclaims to PCL’s second amended complaint in the Gilpin Lawsuit on July 15, 2021, but a trial of the matter has not been set. Monarch has also filed answers to all cross claims due to date, denying the claimants’ rights to relief. Monarch anticipates filing further answers to additional cross claims, also denying the claimants’ rights to relief. The case remains stayed, however, pending the outcome of the First Denver Lawsuit, Case No. 2019CV33368. We are currently unable to determine the probability of the outcome or reasonably estimate the loss or gain, if any. ​ On February 9, 2023, Monarch Growth, Inc., Monarch Casino & Resort, Inc. and Monarch Black Hawk, Inc. filed a complaint in District Court, City and County of Denver, Colorado, against PCL, in connection with the Project. The case is captioned Monarch Growth Inc., et al., v. PCL Construction Services, Inc. , Case No. 2023CV30458 (the “Second Denver Lawsuit”). The complaint alleges, among other things, that PCL breached the construction contract, duties of good faith and fair dealing, and implied and express warranties based on defective and/or nonconforming construction work at the project, and includes claims for monetary damages as well as equitable and declaratory relief. Monarch alleges that the claims asserted in the Second Denver Lawsuit were neither known nor reasonably discoverable in time to be included in the First Denver Lawsuit. ​ Following the filing of a motion to dismiss the Second Denver Action by PCL, Monarch amended its complaint in the Second Denver Lawsuit. On September 13, 2023, PCL filed a motion to dismiss Monarch’s amended complaint. On February 13, 2024, the Court denied PCL’s motion to dismiss the amended complaint. On March 26, 2024, the Court set the Second Denver Lawsuit for a seven-day bench trial to commence on April 7, 2025. The parties have recently begun discovery, and we are currently unable to determine the probability of the outcome or reasonably estimate the loss or gain, if any. ​ The Company recognized $0.5 million in construction litigation expense relating to these lawsuits for each of the three months ended March 31, 2024 and 2023, which is included in Other operating items, net on the Consolidated Statements of Income. ​ From time to time, we may be subject to other legal proceedings and claims in the ordinary course of business. Management believes that the amount of any reasonably possible or probable loss for such other known matters would not have a material adverse impact on our financial conditions, cash flows or results of operations; however, the outcome of these actions is inherently difficult to predict. ​

DIVIDENDS

DIVIDENDS	3 Months Ended
	Mar. 31, 2024
Dividends [Abstract]
DIVIDENDS	NOTE 10. DIVIDENDS ​ On February 7, 2023, the Company announced that the Company’s Board of Directors declared a one-time cash dividend (the “One-time Dividend”) of $5.00 per share of its outstanding common stock, par value $0.01 per share (“Common Stock”), paid to the stockholders of record of the Company on March 1, 2023 (the “Record Date”), payable on March 15, 2023 (the “Payment Date”). ​ In addition to the One-time Dividend, the Board of Directors approved the initiation of an Annual Dividend policy for the payment of an annual dividend in the amount of $1.20 per outstanding share of Common Stock, commencing in the second quarter of 2023. These dividends will be paid quarterly on the 15th day of the third month of the applicable calendar quarter (or, if such date is not a trading day, then the first trading day immediately thereafter such date) to those stockholders of record on the 1st day of the third month of the applicable calendar quarter (or, if such date is not a trading day, then the first trading day immediately thereafter such date). ​ On March 15, 2024, the Company paid a cash dividend of $0.30 per share of its outstanding common stock, to stockholders of record on March 1, 2024. ​ On April 17, 2024, the Company announced a cash dividend of $0.30 per share of its outstanding common stock, payable on June 15, 2024, to stockholders of record on June 1, 2024. This cash dividend is part of the previously announced annual cash dividend of $1.20 per share payable in quarterly payments. ​ The Company’s declaration of each cash dividend amount shall be subject to the Board’s review of the then-current financial statements of the Company, available acquisition opportunities and other prudent uses of the Company’s cash resources. As such, the Board of Directors may suspend the dividend program at any time and no assurances can be given that a quarterly dividend will be paid. ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation ​ Monarch Casino & Resort, Inc. was incorporated in 1993. Unless otherwise indicated, “Monarch,” “us,” “we,” and the “Company” refer to Monarch Casino & Resort, Inc. and its subsidiaries. Monarch owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada (the “Atlantis”) and Monarch Casino Resort Spa Black Hawk, a hotel and casino in Black Hawk, Colorado (the “Monarch Black Hawk”). In addition, Monarch owns separate parcels of land located next to the Atlantis and a parcel of land with an industrial warehouse located between Denver, Colorado and Monarch Black Hawk. Monarch also owns Chicago Dogs Eatery, Inc. and Monarch Promotional Association, both of which were formed in relation to licensure requirements for extended hours of liquor operation in Black Hawk, Colorado. ​ The accompanying unaudited consolidated financial statements include the accounts of Monarch and its subsidiaries (the “Consolidated Financial Statements”). Intercompany balances and transactions are eliminated.
Interim Financial Statements	Interim Financial Statements ​ The Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the management of the Company, all adjustments considered necessary for a fair presentation, consisting of normal recurring accruals, are reflected in the interim financial statements. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. ​ The balance sheet at December 31, 2023, has been derived from the audited consolidated financial statements of the Company at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023.
Segment Reporting	Segment Reporting: ​ The accounting guidance for disclosures about segments of an enterprise and related information requires separate financial information to be disclosed for all operating segments of a business. The Company determined that the Company’s two operating segments, Atlantis and Monarch Black Hawk, meet the aggregation criteria stipulated by ASC 280-10-50-11. The Company views each property as an operating segment and the two operating segments have been aggregated into one reporting segment.
Inventories	Inventories: ​ Inventories, consisting primarily of food, beverages, and retail merchandise, are stated at the lower of cost and net realizable value. Cost is determined by the weighted average and specific identification methods. Net realizable value is defined by the Financial Accounting Standards Board (“FASB”) as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.
Property and Equipment, net	Property and Equipment, net: ​ Property and equipment, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 Land ​ $ 34,688 ​ $ 34,688 ​ Land improvements ​ 11,045 ​ 11,045 ​ Buildings ​ 474,724 ​ 474,724 ​ Building improvements ​ 101,253 ​ 100,822 ​ Furniture and equipment ​ 255,276 ​ 254,486 ​ Construction in progress ​ 25,725 ​ 9,552 ​ Right of use assets ​ ​ 14,646 ​ ​ 14,874 ​ Leasehold improvements ​ 4,245 ​ 4,245 ​ ​ ​ 921,602 ​ 904,436 ​ Less accumulated depreciation and amortization ​ (336,168) ​ (323,939) ​ Property and equipment, net ​ $ 585,434 ​ $ 580,497 ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment are stated at cost, less accumulated depreciation and amortization. Property and equipment is depreciated principally on a straight-line basis over its estimated useful lives as follows: ​ ​ ​ ​ ​ ​ ​ Land improvements 15 - 40 years Buildings 30 - 40 years Building improvements 5 - 40 years Leasehold improvements ​ 5 - 40 years Furniture 5 - 10 years Equipment 3 - 20 years ​ The Company evaluates property and equipment and other long-lived assets for impairment in accordance with the guidance for accounting for the impairment or disposal of long-lived assets. ​ For assets to be disposed of, the Company recognizes the asset to be sold at the lower of carrying value or fair value less costs of disposal. Fair value for assets to be disposed of is generally estimated based on comparable asset sales, solicited offers or a discounted cash flow model. ​ For assets to be held and used, the Company reviews fixed assets for impairment indicators at the end of the fiscal year and whenever indicators of impairment exist. If an indicator of impairment exists, we compare the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, the impairment is measured based on fair value compared to carrying value, with fair value typically based on a discounted cash flow model or market comparable, when available. For the three-month periods ended March 31, 2024 and 2023, respectively, there were no impairment charges.
Goodwill	Goodwill: ​ The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles-Goodwill and Other (“ASC Topic 350”). ASC Topic 350 gives companies the option to perform a qualitative assessment that may allow them to skip the quantitative test as appropriate. The Company tests its goodwill for impairment annually during the fourth quarter, or whenever events or circumstances make it more likely than not that impairment may have occurred. Impairment testing for goodwill is performed at the reporting unit level, and each of the Company’s casino properties is considered to be a reporting unit. ​ As of March 31, 2024, we had goodwill totaling $25.1 million related to the purchase of Monarch Black Hawk, Inc. ​ ASC Topic 350 requires that goodwill be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. We performed an assessment to determine whether events or circumstances such as those described in ASC 350-20-35-3C existed and we determined that they did not exist during the interim period; therefore, an interim impairment test was not performed.
Revenues Recognition	​ The majority of the Company’s revenue is recognized when products are delivered or services are performed. For certain revenue transactions (when a patron uses a club loyalty card), in accordance with Accounting Standard Update No. 2014-09 (“ASC 606”), a portion of the revenue is deferred until the points earned by the patron are redeemed or expire. Casino revenue: ​ Players’ Club Program: twelve ​ As of March 31, 2024, the Company had estimated the obligations related to the players’ club program at $8.8 million, which is included in Accrued Expenses in the Liabilities and Stockholders’ Equity section in the Consolidated Balance Sheet. ​ Food and Beverage, Hotel and Other (retail) Revenues: Other Revenues Sales and other taxes
Concentrations of Credit Risk and Credit Losses	Concentrations of Credit Risk and Credit Losses: ​ Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of bank deposits and trade receivables. ​ The Company accounts for credit losses in accordance with ASU 2016-13 using a forward-looking expected loss model. ​ The Company maintains its surplus cash in bank accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. ​ ​ The Company extends short-term credit to its gaming customers. Such credit is non-interest bearing and is due on demand. In addition, the Company also has receivables due from hotel guests and convention groups and events, which are primarily secured with a credit card. An allowance for doubtful accounts is determined to reduce the Company’s receivables to their carrying value, which approximates fair value. The allowance is estimated based on historical collection experience, specific review of individual customer accounts, current economic and business conditions and management’s expectations of future economic and business conditions. The allowance is applied even when the risk of credit loss is remote. When a situation warrants, the Company may create a specific identification reserve for high collection risk receivables. The Company writes off its uncollectible receivables once all efforts have been made to collect such receivables. Recoveries of accounts previously written off are recorded when received. Concentrations of credit risk with respect to gaming and non-gaming receivables are limited due to the large number of customers comprising the Company’s customer base. Historically, the Company has not incurred any significant credit-related losses. ​ As of March 31, 2024, the Company has recorded a reserve of $0.1 million for gaming and non-gaming receivables. ​ The Company believes it is not exposed to any significant credit risk on cash and accounts receivable.
Impact of Recently Issued Accounting Standards	Impact of Recently Adopted Accounting Standards: ​ The Company has evaluated the recently issued or proposed by the FASB or other standards-setting bodies accounting standards and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s Consolidated Financial Statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Property and Equipment, net	Property and equipment, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 Land ​ $ 34,688 ​ $ 34,688 ​ Land improvements ​ 11,045 ​ 11,045 ​ Buildings ​ 474,724 ​ 474,724 ​ Building improvements ​ 101,253 ​ 100,822 ​ Furniture and equipment ​ 255,276 ​ 254,486 ​ Construction in progress ​ 25,725 ​ 9,552 ​ Right of use assets ​ ​ 14,646 ​ ​ 14,874 ​ Leasehold improvements ​ 4,245 ​ 4,245 ​ ​ ​ 921,602 ​ 904,436 ​ Less accumulated depreciation and amortization ​ (336,168) ​ (323,939) ​ Property and equipment, net ​ $ 585,434 ​ $ 580,497 ​ ​ ​ ​ ​ ​ ​
Property and equipment, estimated useful lives	​ ​ ​ ​ ​ ​ ​ Land improvements 15 - 40 years Buildings 30 - 40 years Building improvements 5 - 40 years Leasehold improvements ​ 5 - 40 years Furniture 5 - 10 years Equipment 3 - 20 years

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
STOCK-BASED COMPENSATION.
Schedule of stock-based compensation expense	Reported stock-based compensation expense was classified as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2024 2023 Casino $ 134 $ 153 Food and beverage ​ (18) ​ 40 ​ Hotel ​ 59 ​ 66 ​ Selling, general and administrative ​ 1,603 ​ 1,215 ​ Total stock-based compensation, before taxes ​ 1,778 ​ 1,474 ​ Tax benefit ​ (373) ​ (310) ​ Total stock-based compensation, net of tax $ 1,405 $ 1,164 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
EARNINGS PER SHARE
Schedule of reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ Per Share ​ ​ ​ ​ Per Share ​ ​ Shares ​ ​ Amount ​ Shares ​ Amount ​ Basic 19,284 ​ $ 0.95 ​ 19,215 $ 0.92 ​ Effect of dilutive stock options 375 ​ (0.02) ​ 439 ​ (0.02) ​ Diluted 19,659 ​ $ 0.93 ​ 19,654 $ 0.90 ​ ​

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting
Number of operating segments	2
Number of reportable segments	1

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentrations of Credit Risk and Credit Losses (Details) $ in Millions	Mar. 31, 2024 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reserve for gaming and non-gaming receivables	$ 0.1

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property and Equipment
Gross property and equipment	$ 921,602	$ 904,436
Less accumulated depreciation and amortization	(336,168)	(323,939)
Property and equipment, net	585,434	580,497
Land
Property and Equipment
Gross property and equipment	34,688	34,688
Land improvements
Property and Equipment
Gross property and equipment	11,045	11,045
Buildings
Property and Equipment
Gross property and equipment	474,724	474,724
Building improvements
Property and Equipment
Gross property and equipment	101,253	100,822
Furniture
Property and Equipment
Gross property and equipment	255,276	254,486
Construction in progress
Property and Equipment
Gross property and equipment	25,725	9,552
Right of use assets
Property and Equipment
Gross property and equipment	14,646	14,874
Leasehold improvements
Property and Equipment
Gross property and equipment	$ 4,245	$ 4,245

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment Useful Lives and Impairment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property and Equipment
Impairment charge	$ 0	$ 0
Land improvements | Minimum
Property and Equipment
Estimated useful life	15 years
Land improvements | Maximum
Property and Equipment
Estimated useful life	40 years
Buildings | Minimum
Property and Equipment
Estimated useful life	30 years
Buildings | Maximum
Property and Equipment
Estimated useful life	40 years
Building improvements | Minimum
Property and Equipment
Estimated useful life	5 years
Building improvements | Maximum
Property and Equipment
Estimated useful life	40 years
Leasehold improvements | Minimum
Property and Equipment
Estimated useful life	5 years
Leasehold improvements | Maximum
Property and Equipment
Estimated useful life	40 years
Furniture | Minimum
Property and Equipment
Estimated useful life	5 years
Furniture | Maximum
Property and Equipment
Estimated useful life	10 years
Equipment | Minimum
Property and Equipment
Estimated useful life	3 years
Equipment | Maximum
Property and Equipment
Estimated useful life	20 years

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill from business combinations
Goodwill	$ 25,111	$ 25,111

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Players Club Program (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Analysis of redemption activity, preceding period	12 months
Obligations related to the players' club program	$ 8.8

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Operating items, net (Details) - USD ($) $ in Thousands	3 Months Ended		15 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Other operating items, net	$ 473	$ 510
Other operating items, net	$ 500
Professional service fees relating to our construction litigation			$ 500

ACCOUNTING FOR LEASES (Details)

ACCOUNTING FOR LEASES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
ACCOUNTING FOR LEASES
Lease, Practical Expedient, Lessor Single Lease Component [true false]	true
Weighted-average incremental borrowing rate of operating leases	4.33%
Weighted-average remaining lease term	17 years 7 days
Cash paid related to operating leases	$ 0.4	$ 0.3

STOCK-BASED COMPENSATION - Repo

STOCK-BASED COMPENSATION - Reported Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-based compensation expense
Total stock-based compensation, before taxes	$ 1,778	$ 1,474
Tax benefit for employee stock-based compensation	(373)	(310)
Total stock-based compensation, net of tax	1,405	1,164
Selling, general and administrative
Stock-based compensation expense
Total stock-based compensation, before taxes	1,603	1,215
Casino
Stock-based compensation expense
Total stock-based compensation, before taxes	134	153
Food and beverage
Stock-based compensation expense
Total stock-based compensation, before taxes	(18)	40
Hotel
Stock-based compensation expense
Total stock-based compensation, before taxes	$ 59	$ 66

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Shares
Basic (in shares)	19,284	19,215
Effect of dilutive stock options (in shares)	375	439
Diluted (in shares)	19,659	19,654
Per Share Amount
Basic (in dollars per share)	$ 0.95	$ 0.92
Effect of dilutive stock options (in dollars per share)	(0.02)	(0.02)
Diluted (in dollars per share)	$ 0.93	$ 0.90

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands				3 Months Ended		15 Months Ended
	Nov. 17, 2015 USD ($)	Aug. 28, 2015 a item	Sep. 30, 2004 USD ($)	Mar. 31, 2024 USD ($) ft²	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) ft²
Biggest Little Investments, L.P. (BLI) | Parking Lot Lease
RELATED PARTY TRANSACTIONS
Rent paid				$ 187	$ 187
Operating expenses related to lease				8
Right of use asset				$ 9,700		$ 9,700
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]				Property, Plant and Equipment, Net		Property, Plant and Equipment, Net
Operating lease liability				$ 9,700		$ 9,700
Biggest Little Investments, L.P. (BLI) | Driveway Lease
RELATED PARTY TRANSACTIONS
Lease term			15 years
Area of property | ft²				37,400		37,400
Minimum annual rent			$ 300
Anniversary years subject to cost of living adjustment rent increases			5 years
Number of terms for which the lease can be renewed | item		3
Lease renewal option additional term		5 years
Rent paid				$ 101	101
Operating expenses related to lease				13	$ 12
Right of use asset				$ 3,200		$ 3,200
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]				Property, Plant and Equipment, Net		Property, Plant and Equipment, Net
Operating lease liability				$ 3,200		$ 3,200
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]				Operating Lease, Liability, Noncurrent		Operating Lease, Liability, Noncurrent
Affiliates | Billboard advertising, storage space and parking lot space
RELATED PARTY TRANSACTIONS
Rent paid						$ 132
Golden Road | Parking Lot Lease | Buildings
RELATED PARTY TRANSACTIONS
Area of land | a		4.2
Golden Road | Biggest Little Investments, L.P. (BLI) | Parking Lot Lease
RELATED PARTY TRANSACTIONS
Lease term		20 years
Minimum annual rent	$ 695
Anniversary years subject to cost of living adjustment rent increases	5 years
Lease renewal option additional term	10 years
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Amount due to related party if lease is not renewed	$ 1,600

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) $ in Millions		3 Months Ended
	Feb. 01, 2023 USD ($)	Mar. 31, 2024 USD ($)
Long-term debt
Amount outstanding		$ 5.5
Total leverage ratio		0.04
Fixed charge coverage ratio		55.46
Conversion fee percentage	0.10%
Interest rate at end of period		8.50%
SOFR
Long-term debt
Percentage points added to the reference rate		1%
Minimum
Long-term debt
Fixed charge coverage ratio		1.1
Minimum | SOFR
Long-term debt
Percentage points added to the reference rate	1%
Minimum | Base Rate
Long-term debt
Percentage points added to the reference rate	0%
Maximum
Long-term debt
Total leverage ratio		2.5
Maximum | SOFR
Long-term debt
Percentage points added to the reference rate	1.50%
Maximum | Base Rate
Long-term debt
Percentage points added to the reference rate	0.50%
Fifth Amended Credit Facility [Member]
Long-term debt
Maximum borrowing capacity	$ 100

TAXES (Details)

TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
TAXES
Effective tax rate (as a percent)	23.30%	21.70%
Liability for uncertain tax positions recorded	$ 0	$ 0
Expected change in unrecorded tax benefit	$ 0

STOCK REPURCHASE PLAN (Details)

STOCK REPURCHASE PLAN (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Oct. 22, 2014
Stock repurchase plan
Purchase of company common stock	$ 19,574	$ 95,608
Repurchase Plan
Stock repurchase plan
Shares authorized for repurchase under program	2,533,789		3,000,000
Stock Repurchased During Period, Shares	281,708
Purchase of company common stock	$ 19,500
Purchase of company common stock, Shares	281,708

LEGAL MATTERS (Details)

LEGAL MATTERS (Details) $ in Millions	15 Months Ended
	Mar. 31, 2024 USD ($)
LEGAL MATTERS
Litigation expense recognized	$ 0.5

DIVIDENDS (Details)

DIVIDENDS (Details) - $ / shares	Apr. 17, 2024	Mar. 15, 2024	Feb. 07, 2023	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.01	$ 0.01
One-time Dividend Declared [Member]
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.01
Dividend paid per share of its outstanding common stock			5
Annual Dividend [Member]
Class of Stock [Line Items]
Declared amount per outstanding share of Common Stock			$ 1.20	$ 1.20
Quarterly Dividend [Member]
Class of Stock [Line Items]
Cash dividend paid		$ 0.30
Subsequent events | Quarterly Dividend [Member]
Class of Stock [Line Items]
Dividend paid per share of its outstanding common stock	$ 0.30

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Debt Issuance Costs and Capitalized Interest (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Issuance Costs
Amortization of deferred loan costs	$ 307

EARNINGS PER SHARE - Anti-dilut

EARNINGS PER SHARE - Anti-dilutive Options (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Option [Member]
Options not included in the computation of diluted earnings per share:
Excluded from the computation of diluted earnings per share (in shares)	867	576

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 18,275	$ 17,670

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false