Monarch posts slip in earnings
The disruption associated with renovation of a Colorado casino caused third-quarter earnings to slip for Reno-based Monarch Casino & Resort Inc.
The company, which is the parent of Atlantis in Reno, said earnings for the quarter totaled $4.1 million on revenue of $48.6 million. That compares with earnings of $5.5 million and revenue of $49 million in the comparable quarter a year earlier.
Monarch has been involved with extensive renovation of its Monarch Black Hawk property west of Denver.
John Farahi, co-chairman and chief executive officer of Monarch, said revenues were down slightly at Atlantis.
He said a decline in meetings and conventions business in Reno was the primary factor in a 4 percent decline in hotel business at Atlantis.
But hotel operating expenses as a percentage of revenue declined to 25.1 percent in the third quarter compared with 27.3 percent a year earlier. Lower repair-and-maintenance charges kept costs in line, the company said.
The publicly held company said its board has authorized the repurchase of up to 3 million shares in open-market transactions.
Monarch paid down its debt by $5.5 million in the quarter and had $43.4 in debt on its books at the end of the quarter.
Amid slow vaccine rollout, will retail real estate in Reno-Sparks see return to ‘normal’ by the summer?
Sales of retail properties across Northern Nevada lagged after the initial wave of state-mandated closures last spring since it was impossible to underwrite the rental income generated from cash-strapped tenants. Investors, however, have cautiously been dipping their toes back into the pond.