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EXHIBIT 99.1 Monarch Casino & Resort Reports Record Financial Results For 2021 First Quarter RENO , Nev . , April 28 , 2021 ( GLOBE NEWSWIRE ) Monarch Casino & Resort , Inc. ( Nasdaq : MCRI ) ( “ Monarch " or " the Company " ) today reported operating results for the first quarter ended March 31 , 2021 , as summarized below : -- ( $ in thousands , except per share data and percentages ) Three Months Ended March 31 , 2021 2020 Increase Net revenue Net income $ 74,960 $ 51,011 46.9 % 8,154 2,020 303.7 % Adjusted EBITDA ( 1 ) $ 22,831 $ 8,109 181.6 % Basic EPS Diluted EPS SA SA $ $ 0.44 $ 0.11 300.0 % 0.42 $ 0.11 281.8 % ( 1 ) Definitions , disclosures and reconciliations of non - GAAP financial information are included later in the release . CEO Comment John Farahi , Co - Chairman and Chief Executive Officer of Monarch , commented : “ Monarch's first quarter Net revenue and Adjusted EBITDA of $ 75.0 million and $ 22.8 million , respectively , were all - time Company highs . Our Atlantis and Black Hawk properties , each generated record first quarter high Net revenue and Adjusted EBITDA . Moreover , we were able to achieve a record first quarter Adjusted EBITDA margin of 30.5 % . First quarter results benefited from the phased opening of operations at our newly transformed Monarch Casino Resort Spa Black Hawk , which started in the fourth quarter of 2020. We continued market share growth at both of our Reno and Black Hawk properties , achieving new records . Our overall first quarter performance demonstrated Monarch's success in capturing a higher share of the pent - up demand that seems evident across the gaming industry – particularly in regional gaming markets . The quality of our two casino resorts allows us to take advantage of the healthy economies in our key feeder markets and positions us to continue our growth as we recover from the pandemic and the government restrictions abate . - " Throughout the first quarter , both markets operated under continued state - imposed capacity and other restrictions , which negatively impacted hotel and food and beverage performance . However , given our team's coordinated expense management efforts , we grew Adjusted EBITDA at a rate which exceeded our revenue growth . Managing labor remains a major factor for the business , particularly as we ramp up staffing in Black Hawk and look to restore amenities at both properties . A shortage of qualified applicants and wage pressure remain key challenges . Fortunately , investments in technology have allowed us to reduce the amount of labor that would have historically been required , while maintaining the expected guest service levels . " Monarch Casino Resort Spa Black Hawk performance exceeded expectations as expanded operations drove higher casino revenue and established new sources of hotel and food and beverage revenue . Market share gains in Black Hawk continue to accelerate reflecting the quality of our facility and the expanded casino floor . Renovation continues in the legacy part of the property as we build out remaining amenities , which we expect to open in phases before the end of the year . In addition , we have been able to continuously expand our slot and table games positions since the beginning of the year as state and county COVID- 19 regulations ease . " We are just three days away from implementing Colorado's Amendment 77 , allowing unlimited single bets and new popular casino games , which represents a transformative opportunity for the Colorado gaming industry . Given the overwhelming response to our new resort , we believe that Monarch Casino Resort Spa Black Hawk has already established itself as the premier destination gaming resort in the state and we are confident in our ability to take an outsized share of the market growth anticipated from the Amendment 77 - driven changes . On May 1 , we plan to immediately lift our betting limits to be in line with those of our Reno property , as well as introduce Baccarat . We also look forward to offering Poker and Keno before the end of May . " As the recovery momentum builds over the course of 2021 and into 2022 , we believe that our Reno and Black Hawk markets will enable us to generate strong returns . At the same time , we continue to reduce leverage and further improve our balance sheet , positioning the Company to evaluate and pursue attractive acquisition opportunities that can drive long - term growth and enhance stockholder value . " Summary of 2021 First Quarter Operating Results In the 2021 first quarter , the Company generated record consolidated net revenue of $ 75.0 million , an increase of 46.9 % from $ 51.0 million in the prior year period . Casino , food and beverage , and hotel revenues increased 73.3 % , 9.8 % , and 34.6 % year- over - year , respectively . The increase in revenues was driven by the phased opening of our hotel and expanded casino in Black Hawk beginning in November 2020 , a full quarter of operations at the Company's properties in Reno and Black Hawk , and higher guest spend per visit . The prior year quarter was partially impacted by pandemic - related shutdowns , which lasted from March 18 until June 4 , 2020 for Atlantis and from March 17 until June 17 , 2020 for Monarch Black Hawk .