Monarch Casino & Resort Inc 2025年度报告

(MARK ONE) ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGEACT OF 1934 MONARCH CASINO& RESORT,INC. (Exact name of registrant as specified in its charter) Nevada88-0300760(State or other jurisdiction of(I.R.S. Employerincorporation or organization)Identification No.)3800 S. Virginia StreetReno, Nevada89502(Address of principal executive offices)(ZIP Code)Registrant’s telephone number, including area code:(775) 335-4600 SECURITIES REGISTERED PURSUANT TO SECTION12(g)OF THE ACT: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. YES☐NO⌧ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act. YES☐NO⌧ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days.YES⌧NO☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES⌧NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act: If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). YES☐NO⌧ The aggregate market value of voting and non-voting common equity held by nonaffiliates as of June30, 2025 (the last business day of the registrant's most completedsecond fiscal quarter), based on the closing price as reported on The Nasdaq Stock Market (SM) of $86.44 per share, was $1.2 billion. As of February 16, 2026, the registrant had 17,886,120 shares of common stock, $0.01 par value per share, outstanding. Portions of the Proxy Statement for Registrant’s 2025 Annual Meeting of Stockholders, which Proxy Statement shall be filed with the Commission not later than 120days after the end of the fiscal year covered by this report, are incorporated by reference into PartIII of this Annual Report on Form 10-K. Table of Contents PARTIItem 1. Business3Item 1A. Risk Factors16Item 1B. Unresolved Staff Comments28Item 1C. Cybersecurity29Item 2. Properties31Item 3. Legal Proceedings31Item 4. Mine Safety Disclosures31PARTIIItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities32Item 6. Reserved34Item 7. Management’s Discussion and Analysis of Financial Condition and Results ofOperations35Item 8. Financial Statements and Supplementary Data45Consolidated Statements of Income for the years ended December31, 2025, 2024 and202348Consolidated Balance Sheets at December31, 2025 and 202449Consolidated Statements of Stockholder’s Equity for the years ended December31,2025, 2024 and 202350Consolidated Statements of Cash Flows for the years ended December31, 2025, 2024and 202351Monarch Casino& Resort,Inc. and Subsidiaries Notes to Consolidated FinancialStatements52Item 9. Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure72Item 9A. Controls and Procedures72Item 9B. Other Information75PARTIIIItem 10. Directors, Executive Officers and Corporate Governance76Item 11. Exe