Parent of Atlantis sees stability in Reno
The parent company of Atlantis said last week it believes the gaming market in Reno has stabilized.
Even so, Monarch Casino & Resort said it plans to focus its energies on a casino it owns near Denver because executives believe that Atlantis can continue to grow without any significant new investment.
The publicly held company said last week that net revenue at Atlantis grew by 5.8 percent during the fourth quarter of last year, driven by increases across all of its operating units — casino, hotel and food and beverage.
The property posted earnings of $6.3 million and revenues of $32.9 million during the fourth quarter, which compares with earnings of $5.6 million and revenues of $31.4 million in the final quarter of 2012.
Earnings at Monarch Black Hawk, a casino in the mountains just west of Denver, climbed by 19 percent during the fourth quarter — to $3.6 million in the last three months of 2013 compared with $3 million in the comparable period a year earlier. Revenues at the Colorado property totaled $11.6 million in the fourth quarter, up 10.5 percent from the same period a year earlier.
The company is planning a 22-story, 507-room hotel at the Colorado property along with construction of a new parking garage and renovation of casino and restaurant spaces.
To position itself for that work, Monarch continued to pay down its debt during the quarter.
After paying down $2.5 million during the final three months of 2013, the company has $53.8 million in debt outstanding. That compares with $81.1 million in debt a year earlier.
The company said it financed $4.2 million in capital expenditures, most of it for the Blackhawk project, from operating cash flows during the quarter. Monarch acquired the Colorado property in 2012.
The cuts would come as a direct result of reduced tax collections caused by business closures across the Silver State due to the COVID-19 pandemic.