Monarch Casino & Resort : Annual Stockholder Meeting Presentation - May 2024

Annual Stockholders' Meeting

May 21, 2024

Forward Looking Information

This presentation contains certain forward-looking information that generally can be identified by the context of the statement or the use of forward-looking terminology, such as "believes," "estimates," "anticipates," "intends," "expects," "plans," "is confident that," "should" or words of similar meaning, with reference to Monarch Casino & Resort or our management. Similarly, statements that describe our future plans, objectives, strategies, financial results or position, operational expectations, or goals are forward-looking statements. It is possible that our expectations may not be met due to various factors, many of which are beyond our control, and we therefore cannot give any assurance that such expectations will prove to be correct. For a discussion of relevant factors, risks, and uncertainties that could materially affect our future results, attention is directed to Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations in our latest 10-K and other filings under the Securities and Exchange Act of 1934.

Monarch Casino & Resort, Inc. (MCRI) Property Highlights

Prime locations and assets

• Atlantis Casino Resort Spa is located in south Reno, three miles south of downtown, a more affluent area, and connected by a bridge to the Reno-Sparks Convention Center
• Monarch Casino Resort Spa is the first property encountered by visitors arriving from Denver and other major population centers via Highway 119

Significant growth opportunities

• Continued ramp up of Monarch Casino Resort Spa, including VIP business development, as well as growing opportunity for retail and online sports betting
• Ongoing capital investments at Atlantis to ensure it retains its competitive advantage
• Potential for development on Atlantis' 40-acre parcel of land

Results-oriented management with a strong operations and development track record

• Monarch ranked 36th among the Top 100 on Forbes' 2023 America's Best Small Companies list

Attractive financial profile / balance sheet

• Net leverage of -0.2x as of 3/31/24
• 1Q24 LTM Net revenue of $506 million, Adjusted EBITDA1 of $173 million and Adjusted EBITDA margin of 34.1% (compared to $486 million Net Revenue; $169 million Adjusted EBITDA; and 34.8% Adjusted EBITDA margin during the previous twelve month period)

Source: Monarch Casino & Resort analysis

1. EBITDA is adjusted for stock option, pre-opening and construction litigation expenses, and one-time charges.

Company History

Reno, NV

1991

Phase I - Atlantis

• First high-rise tower opens
• 160 rooms
• 16,000 square feet of casino space
• 500 slot machines
• 21 table games
• Additional restaurant

1993

Initial Public Offering

• Monarch Casino & Resort, Inc. begins trading as a public company with ticker symbol MCRI

1994

Phase II - Atlantis

• Second high-rise tower opens, adding:
• • 283 rooms
  • 14,000 square feet of casino space
  • 450 slot machines
  • 14 table games
  • 300-seatbuffet restaurant

1999

Phase III - Atlantis

• Third high-rise tower opens, adding:
• • 388 rooms
  • Over 300 slot machines
  • Several new restaurants
  • 14,500 square feet of meeting space

2008

Phase IV - Atlantis

• Expansion of the casino including:
• • Large race and sports book
  • Poker room
• Additional restaurant (Manhattan Deli)
• ~38,000 square feet expansion of meeting area
• Sky Bridge connecting to convention center

2023 Atlantis

• ~61,000 square feet of casino space
• 817 guest rooms and suites
• 8 restaurants and 10 bars/lounges
• ~30,000 square foot health spa and salon
• ~52,000 square feet of meeting area

Black Hawk, CO

2012 Black Hawk

• Acquired gaming license for Riviera Black Hawk
• 32,000 square feet of casino space
• 750 slot machines
• 8 table games
• Acquired contiguous 1.5-acre land parcel

2015 Black Hawk

• Completed redesign and upgrade of existing casino

2016 Black Hawk

• Completion of new 9- story parking structure

2017 Black Hawk

• Hotel tower and casino expansion begins

2021-2022 Black Hawk

• Expansion and redesign and upgrade of the legacy building completed with the opening of our Sportsbook, Bistro Mariposa, and new High-Limit tables area

2023 Black Hawk

• ~60,000 square feet of casino space
• 516 guest rooms and suites
• 4 restaurants and 10 bars/lounges
• World-classspa
• Banquet and meeting room space

Atlantis Casino Resort Spa Reno

Atlantis Overview

Award-winning facility

• AAA: "Four Diamond" rating for 13th consecutive year
• TripAdvisor (2024): Rated #1 Reno resort for 9 consecutive years with 4 of our restaurants consistently ranked in the city's top 10 (out of more than 1,100)
• Forbes (2024): Four-Star Award for Spa Atlantis for 9 consecutive years (only four- star venue in Reno) and, for the first time in 2024, the Atlantis Steakhouse. Recommended rating for Atlantis Casino Resort Spa and Bistro Napa
• U.S. News & World Report (2024): Best USA Hotels Gold Badge

61,000 square-foot casino floor

• ~1,200 slot and video poker machines
• ~33 table games; 8 poker tables; 24-hour live keno lounge
• Race/sports book (self managed live and mobile app)

Amenities include:

• 817 rooms and suites
• 8 restaurants, 2 gourmet coffee bars, 10 bars/lounges and 1 snack bar
• ~52,000 square feet of banquet, convention, and meeting space

Atlantis GGR Market Share

Atlantis Casino Resort Spa has consistently outperformed the greater Reno-Sparks market for the last 27 years

• Primary focus has always been providing best-in-class and best-in-market experiences, amenities, and service

Property enhancements

• Began the redesign and upgrade of 125 rooms in tower 3 in Q1 2024
• Redesigned and upgraded 446 rooms as of Q4 2023
• Plans to redesign and upgrade all remaining 246 rooms in early 2025
• Redesigned and upgraded the oyster and sushi bar restaurant in Q4 2023
• Various upgrades to our hotel rooms, restaurants, and the casino that bring a fresh new look to the property

Continuous focus on profitability

• Controlling operating costs and driving gaming revenues
• Leveraging proprietary player segmentation tools to drive gaming and other revenues

Source: Monarch Casino & Resort analysis, Nevada Gaming Control Board

MCRI market share (TTM)

18%

15.9%

16%

14%

12%

10%

8%

6%

4%

3.6%

2%

0%

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

1Q24 LTM

Atlantis Hotel Occupancy and Cash ADR

		Total Occupancy
90%	85%	86%	84%
80%
70%	65%	65%	64%
60%
50%
40%
30%
20%
10%
0%
	2022	2023	1Q24 LTM
		Atlantis Reno-Sparks

$180 $160 $140 $120 $100 $80 $60 $40 $20 $0

			1
		Cash ADR
	$151	$152	$152	$158	$153
$149

2022	2023	1Q24 LTM
Atlantis	Reno-Sparks

Hotel occupancy rates remain stable

Source: Monarch Casino & Resort analysis, Reno-Sparks Convention & Visitors Authority 1. Cash ADR is inclusive of resort fees.

Fast-Growing Reno Metro Market

Washoe County Population of ~500,000

• Reno-Sparkspopulation grew 2.4% from 2020 to 2023 (national average: 1.0%)
• 2022 per capita personal income for the Reno metro area was 19% higher than the national average ($78,077 vs. $65,471)
• Gaming environment remains extremely competitive due to tribal gaming expansion in major feeder markets (California, Oregon and Washington)

Reno metro area diversifying to broader base of industries

• In January 2023, Tesla announced a $3.6 billion expansion of the "Gigafactory" to produce semi-trucks and cell batteries
• Tahoe Reno Industrial Center, the largest industrial park in the U.S., has been a center of industrial investment and new job growth (Blockchains; Google; Panasonic; Switch; Tesla; etc.)

Attractive Nevada tax environment drives relocation interest

• No state taxes on personal / corporate income, inventory, inheritances, capital gains
• 21 companies either relocated to or expanded their workforce in the Reno-Sparks area in 2023, adding over 1,200 new jobs with a record average hourly wage of $40

Source: U.S. Census, Bureau of Economic Analysis, EDAWN, Tahoe Reno Industrial Center, AP News

Atlantis' Prime Location

Ideally located in the heart of south Reno's restaurant, shopping and convention district

• ~3 miles south of downtown in more affluent commercial and residential area
• Close to Interstate 580, main north/south artery
• ~3 miles from Reno-Tahoe International Airport

~40 acres on both sides of South Virginia Street

• Glass-enclosedbridge with restaurants connects both sides of South Virginia street
• Opportunity for future development

Only property connected to the Reno-Sparks Convention Center

• 600,000 square-foot facility located across the street is connected to Atlantis

35 miles from Lake Tahoe

• ~30 golf courses and ~10 ski resorts within a 90-minute drive from Reno

Source: Monarch Casino & Resort analysis

Silver Legacy

Circus Circus

Ramada Reno

Downtown

Eldorado

Club Cal Neva

Boomtown Reno,

Gold Dust West & J

Resort

Peppermill

Reno-Sparks

Convention

Center

Rail City

Nugget

Baldini's

Grand Sierra

Western Village