MCRIMONARCH CASINO & RESORT INC

Hotels & Motels

Revenue: $545M; 4.4% YoY
Operating margin: —
EBITDA: —
Market cap: $1.9B
Employees: 2,740; $199K revenue each
Net debt / EBITDA: —; $14M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
162% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
57% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$199K · 14th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$395M	$478M	$501M	$522M	$545M	4.4%
Net income	$68M	$87M	$82M	$73M	$101M	39%
Operating cash flow	$128M	$140M	$173M	$141M	$165M	17%
Capex	$47M	$39M	$49M	$47M	$36M	23%
Stock-based comp	$4M	$5M	$7M	$8M	$8M	6.8%
Buybacks	—	$7M	$5M	$60M	$73M	21%
Dividends	—	—	$113M	$22M	$22M	1.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 5
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$11M	156	89
FY2024	$4M	$8M	129	83
FY2023	$3M	$4M	113	90
FY2022	$3M	$7M	126	78
FY2021	$5M	$11M	121	98