Atlantis casino parent company rings Nasdaq opening bell

The May 10 virtual event was streamed online and on the Nasdaq Tower in Times Square.

The May 10 virtual event was streamed online and on the Nasdaq Tower in Times Square.

Reno-based Monarch Casino and Resort, Inc. — the parent company of Atlantis Casino Resort Spa — rang the Nasdaq opening bell on May 10 in a virtual event that was streamed online and on the Nasdaq Tower in New York City’s  Times Square.

The ceremony came just a few weeks after 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, according to a company press release.

Monarch (Nasdaq: MCRI) also owns Monarch Casino Resort Spa in Black Hawk, Colorado.

“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,” John Farahi, Co-Chairman and CEO of Monarch, said in a statement. “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.”

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.

Monarch's 1993 Nasdaq listing helped to finance the expansion of the casino floor and the addition of a second hotel tower, according to the release.

"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," John Farahi stated. "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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