Monarch Casino & Resort Inc. (MCRI) shares surged 6% in pre-market trading on Wednesday, as the company reported record financial results for the fourth quarter.

The casino and resort operator's strong quarterly performance appears to be the main catalyst driving the stock higher. Investors cheered Monarch's ability to capitalize on robust consumer demand and deliver impressive earnings growth.

While full details of the earnings report were not immediately available, the company's promising update signals that its business momentum remains strong heading into 2023. Monarch's positive quarterly showing reinforces optimism around the ongoing recovery in the gaming and hospitality sectors.