Reading Time: 2 minutes
US-based Monarch Casino and Resort, which owns Atlantis Casino in Reno, Nevada and the Monarch Black Hawk in Colorado, has reported a profit in the last quarter. The company reported a net revenue of $66.3m for the quarter ended on September 30, which is slightly higher than the $63m revenue reported in the same quarter of last year.
Net income was $10.8m compared with $9m, reports the company. John Farahi, co-chairman and CEO said: “Monarch’s long-term growth opportunity is taking shape as our operating results continue to benefit from the initiatives to leverage our market-leading amenities and customer service in two of the country’s most attractive gaming markets. With our significant development of Monarch Casino Black Hawk proceeding, we expect to benefit from the property’s optimal location and position as the market’s newest casino resort when our expanded resort amenities open in the summer of 2019.”
“Reflecting solid third quarter performance at both Atlantis Casino Resort and Monarch Casino Black Hawk, we generated record breaking top and bottom line financial results, including 2.1 per cent year over year revenue growth and 5.1 per cent Adjusted EBITDA growth.”
Both Atlantis and Monarch Casino Black Hawk benefited from good visitation and strong slot play trends while non-gaming revenue performance remained healthy as our guests value the market-leading entertainment and amenities our properties provide. Our performance in Black Hawk, which remains under heavy construction, demonstrates both our ability to drive further growth and the long-term potential of the Black Hawk market.
“Our solid third quarter results were achieved despite the impact of continued wage pressure, ongoing construction disruption in Black Hawk and increased expenses related to some management-level hiring in Black Hawk as we begin to prepare for the expanded operation. Furthermore, our casino results at Atlantis Casino Resort were again impacted by abnormally low table games hold.”
Source: Monarch Casino Resort
Source: Latest News on European Gaming Media Network
