Monarch declares $5.00 special dividend, initiates $1.20 annual dividend, amends credit line

MONARCH CASINO & RESORT INC

One-time cash dividend of $5.00 per share payable March 15, 2023 to holders of record March 1, 2023.
New annual cash dividend of $1.20 per share ($0.30/quarter), starting in Q2 2023.
Fifth Amended Credit Facility raises revolver to $100M (option to add $100M), extends maturity to Jan 1, 2025.
CEO cites strong FCF, zero debt after Black Hawk expansion as rationale for shareholder return.
Credit facility may be used to partially fund the special dividend and for general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MONARCH CASINO & RESORT INC amended Fifth Amended and Restated Credit Agreement with Wells Fargo Bank, N.A., as administrative agent valued at $200.0 million (effective 2023-02-01).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, N.A., as administrative agent
Value: $200.0 million
Effective: 2023-02-01

Exact text from the filing

On February 1, 2023, Monarch Casino & Resort, Inc. (the “ Company ”) entered into the Fifth Amended and Restated Credit Agreement with Wells Fargo Bank, N.A., as administrative agent (the “Fifth Amended Credit Facility”).

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MONARCH CASINO & RESORT INC filing history →

Source: SEC EDGAR

accession 0001558370-23-000967

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