Companies Monarch Casino & Resort, Inc.
Monarch Casino & Resort (MCRI): executive pay, fiscal 2025
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CEO pay, last three years
- $3,209,187FY2023
- $3,660,587FY2024
- $3,610,936FY2025
CEO total pay was $3,610,936 in fiscal 2025, down from $3,660,587 in fiscal 2024.
FY2025: salary $750,000 · bonus $225,000 · stock awards $0 · option awards $2,629,081
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| John Farahi | $750,000 | $225,000 | $0 | $2,629,081 | $0 | $0 | $6,855 | $3,610,936 |
| Co-Chairman of the Board, Secretary and Chief Executive Officer | ||||||||
| Bob Farahi | 250,000 | 50,000 | 0 | 1,314,540 | 0 | 0 | 6,615 | 1,621,155 |
| Co-Chairman of the Board and President | ||||||||
| Edwin Koenig | 225,000 | 45,000 | 0 | 222,498 | 0 | 0 | 4,654 | 497,152 |
| Chief Accounting Officer and Corporate Treasurer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| John Farahi | $3,610,936 | $3,660,587 | $3,209,187 | ↓ −49,651 |
| Bob Farahi | 1,621,155 | 1,683,376 | — | ↓ −62,221 |
| Edwin Koenig | 497,152 | 411,006 | 351,245 | ↑ +86,146 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
We seek to compensate our NEOs in a manner that will attract and retain qualified individuals who are responsible for the management, growth and success of the Company.
| CEO STI target (% of salary) | 20% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | not disclosed |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | — |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| John Farahi | OPTION | 2025-12-31 | — | — | 66,666 | — | $2,629,081 |
| Bob Farahi | OPTION | 2025-12-31 | — | — | 33,333 | — | 1,314,540 |
| Edwin Koenig | OPTION | 2025-06-30 | — | — | 5,000 | — | 222,498 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| John Farahi | $0 | $0 | $2,629,081 | 0.0% |
| Bob Farahi | 0 | 0 | 1,314,540 | 0.0% |
| Edwin Koenig | 0 | 0 | 222,498 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Edwin Koenig | Option | 1,667 | 66.17 | — |
| Farahi | Option | 33,333 | 69.15 | — |
| Farahi | Option | 33,333 | 76.89 | — |
| Farahi | Option | 33,333 | 95.7 | — |
| Farahi | Option | 33,334 | 73.95 | — |
| Farahi | Option | 33,334 | 78.9 | — |
| Farahi | Option | 66,666 | 23.08 | — |
| Farahi | Option | 66,666 | 39.82 | — |
| Farahi | Option | 66,666 | 43.24 | — |
| Farahi | Option | 66,666 | 73.95 | — |
| Farahi | Option | 66,666 | 76.89 | — |
| Farahi | Option | 66,666 | 78.9 | — |
| Farahi | Option | 66,666 | 95.7 | — |
| Farahi | Option | 66,668 | 45.32 | — |
| Farahi | Option | 66,668 | 61.22 | — |
| Farahi | Option | 66,668 | 69.15 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Craig F. SullivanIndependent · Audit (Chair) · Compensation | $75,000 | — | $269,472 | $0 | $0 | $344,472 |
| Yvette E. LandauIndependent · Compensation (Chair) · Departed during FY | 60,000 | — | 269,472 | 0 | 0 | 329,472 |
| Paul AndrewsIndependent · Audit · Compensation | 60,000 | — | 269,472 | 0 | 0 | 329,472 |
| Hope S. TaitzIndependent · Audit · Compensation (Chair) · Partial-year service · Newly elected | 0 | — | 0 | 0 | 0 | 0 |
| Bob FarahiEmployee director · Partial-year service | 0 | — | 0 | — | 0 | 0 |
| John FarahiEmployee director · Board Chair · Partial-year service | 0 | — | 0 | — | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $50,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 25,000 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $195,000 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $0 |
| Total cost of the board | $195,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Monarch Casino & Resort as a peer
Companies that benchmark against MCRI
5 companies name MCRI as a compensation peer
- Atlanta Braves Holdings, Inc.BATRAFY2025
- Atlanta Braves Holdings, Inc.BATRKFY2025
- CENTURY CASINOS INC /CO/CNTYFY2025
- FULL HOUSE RESORTS INCFLLFY2025
- NEW ROYAL HOLDCO I INC.GDENFY2024
- Pursuit Attractions & Hospitality, Inc.PRSUFY2025
Each company listed discloses MCRI in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MCRI in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Monarch Casino & Resort, Inc. | 2025 | John Farahi | $750,000 | $0 | $2,629,081 | $0 | $3,610,936 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-27 | 13,721,113 | 296,151 | 1,666,354 | 87.49% | Passed |
| 2025 | 2025-06-06 | 15,203,699 | 901,929 | 154,830 | 93.5% | Passed |
| 2024 | 2024-05-21 | 15,123,092 | 409,975 | 1,673,889 | 87.89% | Passed |
| 2023 | 2023-05-22 | 16,194,861 | 213,683 | 674,691 | 94.8% | Passed |
| 2022 | 2022-05-25 | 13,347,182 | 262,666 | 23,530 | 97.9% | Passed |
| 2021 | 2021-06-08 | 12,655,950 | 2,879,334 | 58,737 | 81.16% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-27 | 87.49%a |
| 2025 | 2025-06-06 | 93.5%b |
| 2024 | 2024-05-21 | 87.89%c |
a. Approved under the standard stated in the filing — “An affirmative vote of a majority of the shares present and entitled to vote at the meeting, either in person or by proxy, is required for approval of the advisory vote on executive compensation.”.
b. Approved under the standard stated in the filing — “An affirmative vote of a majority of the shares present and entitled to vote at the meeting, either in person or by proxy, is required for approval of the advisory vote on executive compensation.”.
c. Approved under the standard stated in the filing — “An affirmative vote of a majority of the shares present and entitled to vote at the meeting, either in person or by proxy, is required for approval of the advisory vote on executive compensation.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 62 : 1 |
|---|---|
| CEO total compensation | $3,535,787 |
| Median employee compensation | $56,625 |
Insider trades since the proxy
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Bob Farahi | Director | 2026-04-23 | D | 33,333 | $0 | $0 | Derivative, Class A Common | Form 4 ↗ |
| Bob Farahi | Director | 2026-04-23 | D | 51,175 | 117 | 5,969,564 | Common | Form 4 ↗ |
| Bob Farahi | Director | 2026-04-23 | A | 66,667 | 117 | 7,776,706 | Common | Form 4 ↗ |
| Bob Farahi | Director | 2026-04-23 | D | 33,334 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| John Farahi | Director | 2026-04-28 | A | 66,668 | 45 | 3,021,394 | Common | Form 4 ↗ |
| John Farahi | Director | 2026-04-28 | D | 66,666 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| John Farahi | Director | 2026-04-28 | D | 66,668 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| John Farahi | Director | 2026-04-28 | A | 66,666 | 23 | 1,538,651 | Common | Form 4 ↗ |
| John Farahi | Director | 2026-04-28 | D | 66,666 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| John Farahi | Director | 2026-04-28 | A | 66,666 | 40 | 2,654,640 | Common | Form 4 ↗ |
| John Farahi | Director | 2026-04-28 | D | 114,748 | 118 | 13,558,624 | Common | Form 4 ↗ |
| John Farahi | Director | 2026-05-28 | D | 5,000 | 121 | 604,200 | Common | Form 4 ↗ |
| Edwin Koenig | CAO | 2026-06-30 | A | 5,000 | 132 | 658,050 | Derivative, Class A Common | Form 4 ↗ |
| Craig F. Sullivan | Director | 2026-06-30 | A | 6,100 | 132 | 802,821 | Derivative, Class A Common | Form 4 ↗ |
| Hope S. Taitz | Director | 2026-06-30 | A | 6,100 | 132 | 802,821 | Derivative, Class A Common | Form 4 ↗ |
| Paul Andrews | Director | 2026-06-30 | A | 6,100 | 132 | 802,821 | Derivative, Class A Common | Form 4 ↗ |
| John Farahi | Director | 2026-09-17 | D | 5,000 | 124 | 620,000 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
Sources (37 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, John Farahi. DEF 14A, filed 2026-04-13. Section “Summary Compensation Table”. As printed: 3,610,936. View filing ↗
- Section 01, Bob Farahi. DEF 14A, filed 2026-04-13. Section “Summary Compensation Table”. As printed: 1,621,155. View filing ↗
- Section 01, Edwin Koenig. DEF 14A, filed 2026-04-13. Section “Summary Compensation Table”. As printed: 497,152. View filing ↗
- Section 03, John Farahi OPTION. DEF 14A, filed 2026-04-13. Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. View filing ↗
- Section 03, Bob Farahi OPTION. DEF 14A, filed 2026-04-13. Section “Grants of Plan Based Awards Made in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Edwin Koenig OPTION. DEF 14A, filed 2026-04-13. Section “Grants of Plan Based Awards Made in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-04-13. Section “CEO Pay Ratio”. As printed: 62 : 1. View filing ↗
- Section 08, Craig F. Sullivan. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 344,472. View filing ↗
- Section 08, Yvette E. Landau. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 329,472. View filing ↗
- Section 08, Paul Andrews. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 329,472. View filing ↗
- Section 08, Hope S. Taitz. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Bob Farahi. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, John Farahi. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 02, Bob Farahi 2026-04-23. Form 4, filed 2026-04-24. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bob Farahi 2026-04-23. Form 4, filed 2026-04-24. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bob Farahi 2026-04-23. Form 4, filed 2026-04-24. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bob Farahi 2026-04-23. Form 4, filed 2026-04-24. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, John Farahi 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, John Farahi 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, John Farahi 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, John Farahi 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, John Farahi 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, John Farahi 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, John Farahi 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, John Farahi 2026-05-28. Form 4, filed 2026-05-29. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Edwin Koenig 2026-06-30. Form 4, filed 2026-07-06. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Craig F. Sullivan 2026-06-30. Form 4, filed 2026-07-06. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Hope S. Taitz 2026-06-30. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Paul Andrews 2026-06-30. Form 4, filed 2026-07-02. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, John Farahi 2026-09-17. Form 4, filed 2026-09-21. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-29. Item 5.07 · say-on-pay result. As reported: 87.49% (votes for as printed: 13,721,113). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-06-10. Item 5.07 · say-on-pay result. As reported: 93.5% (votes for as printed: 15,203,699). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-05-28. Item 5.07 · say-on-pay result. As reported: 87.89% (votes for as printed: 15,123,092). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 195,000 + equity 0 + all other 0 = 195,000, summed across the director compensation table rows.
- Monarch Casino & Resort, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-13. CEO total compensation as printed in Monarch Casino & Resort, Inc.'s own proxy. As printed: 3,610,936. View filing ↗