Monarch Casino and Resort, Inc. celebrates quarterly earnings record
Monarch Casino and Resort, Inc. (Nasdaq: MCRI) rang the Nasdaq opening bell Monday, May 10 in a virtual event that was streamed online and on the Nasdaq Tower in New York City’s historic Times Square. The iconic bell ringing ceremony, hosted by a Nasdaq senior executive, gave Monarch the opportunity to showcase the company while celebrating milestones and achievements at its award-winning properties: Reno-based Atlantis Casino Resort Spa and Monarch Casino Resort Spa in Black Hawk, Colorado.
Just a few weeks ago, Monarch reported an all-time high net revenue of $75 million for the first quarter of 2021, a 46.9% increase from the first quarter of 2020.
“Our overall first quarter performance demonstrated Monarch’s success in capturing a higher share of the pent-up demand that seems evident across the gaming industry – particularly in regional gaming markets,” said John Farahi, Co-Chairman and CEO of Monarch. “As the recovery momentum builds over the course of 2021 and into 2022, we believe that our Reno and Black Hawk markets will enable us to generate strong returns. At the same time, we continue to reduce leverage and further improve our balance sheet, positioning the company to evaluate and pursue attractive acquisition opportunities that can drive long-term growth and enhance stockholder value.”
Colorado’s Amendment 77, which was passed last November and went into effect May 1, allows unlimited single bets and the addition of new casino games such as baccarat and keno. The new amendment gives Monarch Casino Resort Spa the ability to offer guests an elevated gaming experience.
“Given the overwhelming response to our new resort, we believe that Monarch Casino Resort Spa has already established itself as a premier destination gaming resort in the state and we are confident in our ability to take an outsized share of the market growth anticipated from the Amendment 77-driven changes,” said Farahi.
Monarch traces its roots back to 1972, when the late David Farahi purchased the 142-room Golden Road Motor Inn on the outskirts of Reno. The property evolved over the years into what is now the Atlantis Casino Resort Spa. Monarch’s 1993 Nasdaq listing helped to finance the expansion of the casino floor and the addition of a second hotel tower.
“For three generations, our family has worked alongside our hard-working and dedicated team to accomplish the goals we set out early on in our company’s history,” said Farahi. “From humble roots, we have built Monarch into a company that is well positioned to grow and flourish in the years ahead.”
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