Monarch Casino & Resort (MCRI) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 04, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 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		18,389,057
Entity Central Index Key	0000907242
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Net revenues	$ 137,873	$ 132,965	$ 387,673	$ 373,292
Operating expenses
Selling, general and administrative	27,177	27,091	80,449	77,162
Depreciation and amortization	13,103	12,197	37,994	35,152
Other operating items, net	(3,000)			(3,000)
Other operating items, net	225	2,976	931	3,012
Total operating expenses	102,596	101,063	299,073	288,523
Income from operations	35,277	31,902	88,600	84,769
Other income (expense)
Interest expense, net	(145)	(369)	(349)	(1,736)
Income before income taxes	35,132	31,533	88,251	83,033
Provision for income taxes	(7,531)	(7,370)	(19,693)	(18,787)
Net income	$ 27,601	$ 24,163	$ 68,558	$ 64,246
Earnings per share of common stock
Basic (in dollars per share)	$ 1.50	$ 1.26	$ 3.67	$ 3.34
Diluted (in dollars per share)	$ 1.47	$ 1.23	$ 3.60	$ 3.27
Weighted average number of common shares and potential common shares outstanding
Basic (in shares)	18,404	19,252	18,681	19,237
Diluted (in shares)	18,746	19,608	19,039	19,627
Casino
Revenues
Net revenues	$ 76,307	$ 73,818	$ 216,720	$ 209,578
Operating expenses
Operating expenses	27,676	25,473	80,801	76,471
Food and beverage
Revenues
Net revenues	32,888	32,970	94,893	93,812
Operating expenses
Operating expenses	23,938	23,330	70,002	68,070
Hotel
Revenues
Net revenues	21,642	20,608	58,147	54,173
Operating expenses
Operating expenses	7,306	7,176	19,891	20,107
Other
Revenues
Net revenues	7,036	5,569	17,913	15,729
Operating expenses
Operating expenses	$ 3,171	$ 2,820	$ 9,005	$ 8,549

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 39,380	$ 43,361
Receivables, net	11,892	11,990
Income taxes receivable	49	1,006
Inventories	7,659	7,614
Prepaid expenses	9,354	10,995
Total current assets	68,334	74,966
Property and equipment, net	577,518	580,497
Goodwill	25,111	25,111
Intangible assets, net	177	299
Total assets	671,140	680,873
Current liabilities
Current maturities of long-term debt	7,000
Accounts payable	13,318	23,092
Construction accounts payable	48,983	47,566
Accrued expenses	49,853	51,812
Short-term lease liability	945	897
Total current liabilities	120,099	123,367
Deferred income taxes	23,084	23,084
Long-term lease liability	13,356	14,021
Long-term debt		5,500
Other long-term liability	1,321	1,761
Total liabilities	157,860	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; 19,296,464 shares issued and 18,368,473 outstanding at September 30, 2024; 19,154,031 shares issued and 19,091,497 outstanding at December 31, 2023	193	191
Additional paid-in capital	57,174	48,821
Treasury stock, 927,991 shares at September 30, 2024; 62,534 shares at December 31, 2023	(63,749)	(3,718)
Retained earnings	519,662	467,846
Total stockholders' equity	513,280	513,140
Total liabilities and stockholders' equity	$ 671,140	$ 680,873

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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	19,296,464	19,154,031
Common stock, shares outstanding	18,368,473	19,091,497
Treasury stock, shares	927,991	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
Stock-based compensation expense		1,474			1,474
Dividend payment			(95,608)		(95,608)
Net income			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
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
Net income					64,246
Balance at Sep. 30, 2023	$ 191	46,886	455,370		502,447
Balance (in shares) at Sep. 30, 2023	19,148,691
Increase (Decrease) in Stockholders' Equity
Treasury stock, value				(62)
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
Exercise of stock options, net		396		62	458
Exercise of stock options, net (in shares)	11,703
Stock-based compensation expense		1,276			1,276
Dividend payment			(5,741)		(5,741)
Net income			22,413		22,413
Balance at Jun. 30, 2023	$ 191	44,670	436,951		481,812
Balance (in shares) at Jun. 30, 2023	19,143,344
Increase (Decrease) in Stockholders' Equity
Exercise of stock options, net		70			70
Exercise of stock options, net (in shares)	5,347
Stock-based compensation expense		2,146			2,146
Dividend payment			(5,744)		(5,744)
Net income			24,163		24,163
Balance at Sep. 30, 2023	$ 191	46,886	455,370		502,447
Balance (in shares) at Sep. 30, 2023	19,148,691
Increase (Decrease) in Stockholders' Equity
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
Stock-based compensation expense		1,778			1,778
Purchase of company common stock				(19,574)	(19,574)
Purchase of company common stock, shares	(281,708)
Dividend payment			(5,676)		(5,676)
Net income			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
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
Net income					$ 68,558
Balance at Sep. 30, 2024	$ 193	57,174	519,662	(63,749)	$ 513,280
Balance (in shares) at Sep. 30, 2024	18,368,473				18,368,473
Increase (Decrease) in Stockholders' Equity
Treasury stock, value				(23,292)
Balance at Mar. 31, 2024	$ 192	51,568	480,445		$ 508,913
Balance (in shares) at Mar. 31, 2024	18,830,036
Increase (Decrease) in Stockholders' Equity
Exercise of stock options, net		1,333			1,333
Exercise of stock options, net (in shares)	32,099
Stock-based compensation expense		1,773			1,773
Purchase of company common stock				(30,781)	(30,781)
Purchase of company common stock, shares	(452,464)
Dividend payment			(5,553)		(5,553)
Net income			22,682		22,682
Balance at Jun. 30, 2024	$ 192	54,674	497,574		498,367
Balance (in shares) at Jun. 30, 2024	18,409,671
Increase (Decrease) in Stockholders' Equity
Treasury stock, value				(54,073)
Exercise of stock options, net	$ 1	462			463
Exercise of stock options, net (in shares)	90,087
Stock-based compensation expense		2,038			2,038
Purchase of company common stock				(9,676)	(9,676)
Purchase of company common stock, shares	(131,285)
Dividend payment			(5,513)		(5,513)
Net income			27,601		27,601
Balance at Sep. 30, 2024	$ 193	$ 57,174	$ 519,662	$ (63,749)	$ 513,280
Balance (in shares) at Sep. 30, 2024	18,368,473				18,368,473
Increase (Decrease) in Stockholders' Equity
Treasury stock, value					$ 63,749

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 68,558	$ 64,246
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37,994	35,152
Amortization of deferred loan costs		307
Stock-based compensation - stock options	5,589	4,896
Provision for bad debts	234	145
Loss on disposition of assets	268	88
Non-cash operating lease expense	23	30
Changes in operating assets and liabilities:
Receivables	(136)	(1,546)
Income taxes receivable	957	22,298
Inventories	(45)	374
Prepaid expenses	1,641	609
Accounts payable	(9,774)	5,118
Accrued expenses	(2,399)	2,692
Net cash provided by operating activities	102,910	134,409
Cash flows from investing activities:
Proceeds from sale of assets	73	97
Change in construction accounts payable	1,417	(2,554)
Acquisition of property and equipment	(35,872)	(32,164)
Net cash used in investing activities	(34,382)	(34,621)
Cash flows from financing activities:
Payroll taxes from net exercise of stock options	(2,013)	(208)
Proceeds from exercise of stock options	4,777	1,652
Line-of-credit borrowings	45,500	68,000
Line-of-credit payments	(44,000)	(60,000)
Principal payments on long-term debt		(7,000)
Payment of dividends	(16,742)	(107,093)
Purchase of company common stock	(60,031)
Net cash used in financing activities	(72,509)	(104,649)
Change in cash and cash equivalents	(3,981)	(4,861)
Cash and cash equivalents at beginning of period	43,361	38,779
Cash and cash equivalents at end of period	39,380	33,918
Supplemental disclosure of cash flow information:
Cash paid for interest	583	1,810
Cash paid for income taxes	$ 18,740	$ 20,306

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	MONARCH CASINO & RESORT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) QUARTERLY PERIOD ENDED SEPTEMBER 30, 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” refers 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 and nine months ended September 30, 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 Accounting Standards Codification (“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 Accounting Standards Update (“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 current expected credit losses 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 September 30, 2024, the Company has recorded a reserve of $0.3 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Land ​ $ 34,688 ​ $ 34,688 ​ Land improvements ​ 11,082 ​ 11,045 ​ Buildings ​ 474,724 ​ 474,724 ​ Building improvements ​ 119,705 ​ 100,822 ​ Furniture and equipment ​ 246,375 ​ 254,486 ​ Construction in progress ​ 15,138 ​ 9,552 ​ Right of use assets ​ ​ 14,234 ​ ​ 14,874 ​ Leasehold improvements ​ 4,245 ​ 4,245 ​ ​ ​ 920,191 ​ 904,436 ​ Less accumulated depreciation and amortization ​ (342,673) ​ (323,939) ​ Property and equipment, net ​ $ 577,518 ​ $ 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 nine-month periods ended September 30, 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 September 30, 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 ASU 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: ​ As of September 30, 2024, the Company had estimated the obligations related to the players’ club program at $8.5 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 the three months ended September 30, 2024, Other operating items, net, was $0.2 million and primarily represents loss on disposal of assets. For the three months ended September 30, 2023, Other operating items, net, was $3.0 million and primarily represents professional service fees relating to our construction litigation. ​ For the nine months ended September 30, 2024, Other operating items, net, was $0.9 million and consisted of $0.6 million professional service fees relating to our construction litigation and $0.3 million loss on disposal of assets. For the nine months ended September 30, 2023, Other operating items, net, was $3.0 million and consisted of $4.1 million of professional service fees relating to our construction litigation and $0.1 million loss on disposal of assets, offset by $1.2 million net proceeds from a sale of a COVID closure related insurance claim. ​ Impact of Recently Adopted Accounting Standards: ​ Segment Reporting - Improvements to Reportable Segment Disclosures: ​ Income Tax—Improvements to Income Tax Disclosures: ​ A variety of proposed or otherwise potential accounting standards are currently under review and study by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, the implementation of any such proposed or revised standards would have on the Company’s Consolidated Financial Statements.

ACCOUNTING FOR LEASES

ACCOUNTING FOR LEASES	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2024, was 4.34%. There were no new leases entered into in the third quarter of 2024. ​ The weighted-average remaining lease term of the leases presented in the lease liability as of September 30, 2024, was 16.65 years. ​ Cash paid related to the operating leases presented in the lease liability for each of the nine months ended September 30, 2024 and 2023, was $1.1 million.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 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 ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2024 2023 2024 2023 Casino ​ $ 135 $ 111 $ 394 $ 262 Food and beverage ​ 60 ​ 59 ​ 101 ​ 88 ​ Hotel ​ 88 ​ 80 ​ 219 ​ 213 ​ Selling, general and administrative ​ 1,755 ​ 1,896 ​ 4,875 ​ 4,333 ​ Total stock-based compensation, before taxes ​ 2,038 ​ 2,146 ​ 5,589 ​ 4,896 ​ Tax benefit ​ (428) ​ (450) ​ (1,173) ​ (1,028) ​ Total stock-based compensation, net of tax ​ $ 1,610 $ 1,696 $ 4,416 $ 3,868 ​

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 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 September 30, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ Per Share ​ ​ ​ ​ Per Share ​ ​ Shares ​ ​ Amount ​ Shares ​ Amount ​ Basic 18,404 ​ $ 1.50 ​ 19,252 $ 1.26 ​ Effect of dilutive stock options 342 ​ (0.03) ​ 356 ​ (0.03) ​ Diluted 18,746 ​ $ 1.47 ​ 19,608 $ 1.23 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ Per Share ​ ​ ​ ​ Per Share ​ ​ Shares ​ Amount Shares ​ Amount ​ Basic 18,681 $ 3.67 19,237 $ 3.34 ​ Effect of dilutive stock options 358 ​ (0.07) 390 ​ (0.07) ​ Diluted 19,039 $ 3.60 19,627 $ 3.27 ​ ​ ​ 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 September 30, 2024 and 2023, options for approximately 905 thousand and 749 thousand shares, respectively, were excluded from the computation. For the nine months ended September 30, 2024 and 2023, options for approximately 910 thousand and 617 thousand shares, respectively, were excluded from the computation.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 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 September 30, 2024 and 2023, the Company paid $187 thousand in rent, plus $17 thousand and $8 thousands, respectively, in operating expenses relating to this lease. For each of the nine-month periods ended September 30, 2024 and 2023, the Company paid $561 thousand in rent, plus $26 thousand and $17 thousand, respectively, in operating expenses relating to this lease. The right of use asset lease liability balances ​ 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 $118 thousand and $104 thousand, respectively, for the three-month periods ended September 30, 2024 and 2023, and $375 thousand and $373 thousand, respectively, for the nine-month periods ended September 30, 2024 and 2023, for such leases. ​

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 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 September 30, 2024, the Company had an outstanding principal balance of $7.0 million under the Amended Credit Facility. ​ In addition to other customary covenants for a facility of this nature, as of September 30, 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 September 30, 2024, the Company’s Total Leverage Ratio and Fixed Charge Coverage Ratio were 0.04:1 and 109.52:1, 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 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 September 30, 2024, the interest rate was approximately 6.2%, 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	9 Months Ended
	Sep. 30, 2024
TAXES
TAXES	NOTE 7. TAXES ​ For the nine months ended September 30, 2024 and 2023, the Company’s effective tax rate was 22.3% and 22.6%, 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 September 30, 2024 and 2023. No change in uncertain tax positions is anticipated over the next twelve months. ​

STOCK REPURCHASE PLAN

STOCK REPURCHASE PLAN	9 Months Ended
	Sep. 30, 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 third quarter of 2024, the Company purchased 131,285 shares of its common stock on the open market for an aggregate amount of $9.6 million under its existing Repurchase Plan. As of September 30, 2024, we have an authorization to purchase up to 1,950,040 shares under the Repurchase Plan.

LEGAL MATTERS

LEGAL MATTERS	9 Months Ended
	Sep. 30, 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. ​ 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 are conducting 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 $0.6 million and $4.1 million in construction litigation expense relating to these lawsuits for the nine months ended September 30, 2024 and 2023, respectively, 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	9 Months Ended
	Sep. 30, 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 September 15, 2024 , the Company paid a cash dividend of $0.30 per share of its outstanding common stock, to stockholders of record on September 1, 2024 . For the nine months ended September 30, 2024, the Company paid total of $0.90 per share cash dividend. The cash dividend was part of the previously announced annual cash dividend of $1.20 per share payable in quarterly payments. ​ On October 23, 2024 , the Company announced a cash dividend of $0.30 per share of its outstanding common stock, payable on December 15, 2024 , to stockholders of record on December 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. ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 27,601	$ 22,682	$ 18,275	$ 24,163	$ 22,413	$ 17,670	$ 68,558	$ 64,246

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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” refers 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 and nine months ended September 30, 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 Accounting Standards Codification (“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	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 Accounting Standards Update (“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 current expected credit losses 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 September 30, 2024, the Company has recorded a reserve of $0.3 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: ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Land ​ $ 34,688 ​ $ 34,688 ​ Land improvements ​ 11,082 ​ 11,045 ​ Buildings ​ 474,724 ​ 474,724 ​ Building improvements ​ 119,705 ​ 100,822 ​ Furniture and equipment ​ 246,375 ​ 254,486 ​ Construction in progress ​ 15,138 ​ 9,552 ​ Right of use assets ​ ​ 14,234 ​ ​ 14,874 ​ Leasehold improvements ​ 4,245 ​ 4,245 ​ ​ ​ 920,191 ​ 904,436 ​ Less accumulated depreciation and amortization ​ (342,673) ​ (323,939) ​ Property and equipment, net ​ $ 577,518 ​ $ 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 nine-month periods ended September 30, 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 September 30, 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	​ 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 ASU 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: ​ As of September 30, 2024, the Company had estimated the obligations related to the players’ club program at $8.5 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: ​ Other operating items, net, in general consist of miscellaneous operating charges or proceeds. ​ For the three months ended September 30, 2024, Other operating items, net, was $0.2 million and primarily represents loss on disposal of assets. For the three months ended September 30, 2023, Other operating items, net, was $3.0 million and primarily represents professional service fees relating to our construction litigation. ​ For the nine months ended September 30, 2024, Other operating items, net, was $0.9 million and consisted of $0.6 million professional service fees relating to our construction litigation and $0.3 million loss on disposal of assets. For the nine months ended September 30, 2023, Other operating items, net, was $3.0 million and consisted of $4.1 million of professional service fees relating to our construction litigation and $0.1 million loss on disposal of assets, offset by $1.2 million net proceeds from a sale of a COVID closure related insurance claim.
Impact of Recently Adopted Accounting Standards	Impact of Recently Adopted Accounting Standards: ​ Segment Reporting - Improvements to Reportable Segment Disclosures: ​ Income Tax—Improvements to Income Tax Disclosures: ​ A variety of proposed or otherwise potential accounting standards are currently under review and study by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, the implementation of any such proposed or revised standards would have on the Company’s Consolidated Financial Statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Property and Equipment, net	Property and equipment, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Land ​ $ 34,688 ​ $ 34,688 ​ Land improvements ​ 11,082 ​ 11,045 ​ Buildings ​ 474,724 ​ 474,724 ​ Building improvements ​ 119,705 ​ 100,822 ​ Furniture and equipment ​ 246,375 ​ 254,486 ​ Construction in progress ​ 15,138 ​ 9,552 ​ Right of use assets ​ ​ 14,234 ​ ​ 14,874 ​ Leasehold improvements ​ 4,245 ​ 4,245 ​ ​ ​ 920,191 ​ 904,436 ​ Less accumulated depreciation and amortization ​ (342,673) ​ (323,939) ​ Property and equipment, net ​ $ 577,518 ​ $ 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)	9 Months Ended
	Sep. 30, 2024
STOCK-BASED COMPENSATION
Schedule of stock-based compensation expense	Reported stock-based compensation expense was classified as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2024 2023 2024 2023 Casino ​ $ 135 $ 111 $ 394 $ 262 Food and beverage ​ 60 ​ 59 ​ 101 ​ 88 ​ Hotel ​ 88 ​ 80 ​ 219 ​ 213 ​ Selling, general and administrative ​ 1,755 ​ 1,896 ​ 4,875 ​ 4,333 ​ Total stock-based compensation, before taxes ​ 2,038 ​ 2,146 ​ 5,589 ​ 4,896 ​ Tax benefit ​ (428) ​ (450) ​ (1,173) ​ (1,028) ​ Total stock-based compensation, net of tax ​ $ 1,610 $ 1,696 $ 4,416 $ 3,868 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
EARNINGS PER SHARE
Schedule of reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations	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 September 30, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ Per Share ​ ​ ​ ​ Per Share ​ ​ Shares ​ ​ Amount ​ Shares ​ Amount ​ Basic 18,404 ​ $ 1.50 ​ 19,252 $ 1.26 ​ Effect of dilutive stock options 342 ​ (0.03) ​ 356 ​ (0.03) ​ Diluted 18,746 ​ $ 1.47 ​ 19,608 $ 1.23 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ Per Share ​ ​ ​ ​ Per Share ​ ​ Shares ​ Amount Shares ​ Amount ​ Basic 18,681 $ 3.67 19,237 $ 3.34 ​ Effect of dilutive stock options 358 ​ (0.07) 390 ​ (0.07) ​ Diluted 19,039 $ 3.60 19,627 $ 3.27 ​

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	9 Months Ended
	Sep. 30, 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	Sep. 30, 2024 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reserve for gaming and non-gaming receivables	$ 0.3

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property and Equipment
Gross property and equipment	$ 920,191	$ 904,436
Less accumulated depreciation and amortization	(342,673)	(323,939)
Property and equipment, net	577,518	580,497
Land
Property and Equipment
Gross property and equipment	34,688	34,688
Land improvements
Property and Equipment
Gross property and equipment	11,082	11,045
Buildings
Property and Equipment
Gross property and equipment	474,724	474,724
Building improvements
Property and Equipment
Gross property and equipment	119,705	100,822
Furniture and equipment
Property and Equipment
Gross property and equipment	246,375	254,486
Construction in progress
Property and Equipment
Gross property and equipment	15,138	9,552
Right of use assets
Property and Equipment
Gross property and equipment	14,234	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 ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 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	Sep. 30, 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	9 Months Ended
	Sep. 30, 2024 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Analysis of redemption activity, preceding period	12 months
Obligations related to the players' club program	$ 8.5

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Operating items, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Other operating items, net	$ 3,000			$ 3,000
Other operating items, net	$ 225	$ 2,976	$ 931	3,012
Professional service fees relating to our construction litigation			600	4,100
Net proceeds from a sale of a COVID closure related insurance claim				1,200
Gain (loss) on disposition of assets			$ 300	$ 100

ACCOUNTING FOR LEASES (Details)

ACCOUNTING FOR LEASES (Details) $ in Millions	9 Months Ended	21 Months Ended
	Sep. 30, 2024	Sep. 30, 2024 USD ($)
ACCOUNTING FOR LEASES
Lease, Practical Expedient, Lessor Single Lease Component [true false]	true
Weighted-average incremental borrowing rate of operating leases	4.34%	4.34%
Weighted-average remaining lease term	16 years 7 months 24 days	16 years 7 months 24 days
Cash paid related to operating leases		$ 1.1

STOCK-BASED COMPENSATION - Repo

STOCK-BASED COMPENSATION - Reported Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation expense
Total stock-based compensation, before taxes	$ 2,038	$ 2,146	$ 5,589	$ 4,896
Tax benefit	(428)	(450)	(1,173)	(1,028)
Total stock-based compensation, net of tax	1,610	1,696	4,416	3,868
Selling, general and administrative
Stock-based compensation expense
Total stock-based compensation, before taxes	1,755	1,896	4,875	4,333
Casino
Stock-based compensation expense
Total stock-based compensation, before taxes	135	111	394	262
Food and beverage
Stock-based compensation expense
Total stock-based compensation, before taxes	60	59	101	88
Hotel
Stock-based compensation expense
Total stock-based compensation, before taxes	$ 88	$ 80	$ 219	$ 213

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Shares
Basic (in shares)	18,404	19,252	18,681	19,237
Effect of dilutive stock options (in shares)	342	356	358	390
Diluted (in shares)	18,746	19,608	19,039	19,627
Per Share Amount
Basic (in dollars per share)	$ 1.50	$ 1.26	$ 3.67	$ 3.34
Effect of dilutive stock options (in dollars per share)	(0.03)	(0.03)	(0.07)	(0.07)
Diluted (in dollars per share)	$ 1.47	$ 1.23	$ 3.60	$ 3.27

EARNINGS PER SHARE - Anti-dilut

EARNINGS PER SHARE - Anti-dilutive Options (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Stock Option
Options not included in the computation of diluted earnings per share:
Excluded from the computation of diluted earnings per share (in shares)	905	749	910	617

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands				3 Months Ended		9 Months Ended
	Nov. 17, 2015 USD ($)	Aug. 28, 2015 a item	Sep. 30, 2004 USD ($)	Sep. 30, 2024 USD ($) ft²	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft²	Sep. 30, 2023 USD ($)
Biggest Little Investments, L.P. (BLI) | Parking Lot Lease
RELATED PARTY TRANSACTIONS
Rent paid				$ 187	$ 187	$ 561	$ 561
Operating expenses related to lease				17	17	26	26
Right of use asset				$ 9,500		$ 9,500
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				$ 9,500		$ 9,500
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]				Operating Lease, Liability, Noncurrent		Operating Lease, Liability, Noncurrent
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	$ 303	303
Operating expenses related to lease				16	14	40	35
Right of use asset				$ 3,100		$ 3,100
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				$ 3,100		$ 3,100
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				$ 118	$ 104	$ 375	$ 373
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		9 Months Ended
	Feb. 01, 2023 USD ($)	Sep. 30, 2024 USD ($)
Long-term debt
Amount outstanding		$ 7
Conversion fee percentage	0.10%
Interest rate at end of period		6.20%
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
Long-term debt
Maximum borrowing capacity	$ 100

TAXES (Details)

TAXES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
TAXES
Effective tax rate (as a percent)	22.30%	22.60%
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
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Oct. 22, 2014
Stock repurchase plan
Purchase of company common stock	$ 9,676	$ 30,781	$ 19,574
Repurchase Plan
Stock repurchase plan
Shares authorized for repurchase under program	1,950,040			3,000,000
Purchase of company common stock, Shares	131,285
Purchase of company common stock	$ 9,600

LEGAL MATTERS (Details)

LEGAL MATTERS (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
LEGAL MATTERS
Litigation expense recognized	$ 0.6	$ 4.1

DIVIDENDS (Details)

DIVIDENDS (Details) - $ / shares				9 Months Ended
	Oct. 23, 2024	Jul. 24, 2024	Feb. 07, 2023	Sep. 30, 2024	Dec. 31, 2023
DIVIDENDS
Dividend paid per share of its outstanding common stock			$ 1.20
Common stock, par value (in dollars per share)				$ 0.01	$ 0.01
Cash dividend paid				$ 0.90
S 2023 Dividends
DIVIDENDS
Dividends payable, date declared			Feb. 07, 2023
Dividend paid per share of its outstanding common stock			$ 5
Common stock, par value (in dollars per share)			$ 0.01
Dividends payable, date of record			Mar. 01, 2023
Payment Date			Mar. 15, 2023
O 2024 Q3 Dividends
DIVIDENDS
Dividends payable, date declared		Jul. 24, 2024
Dividends payable, date of record		Sep. 01, 2024
Payment Date		Sep. 15, 2024
Cash dividend paid		$ 0.30
Subsequent events | O 2024 Q4 Dividends
DIVIDENDS
Dividends payable, date declared	Oct. 23, 2024
Dividend paid per share of its outstanding common stock	$ 0.30
Dividends payable, date of record	Dec. 01, 2024
Payment Date	Dec. 15, 2024