Revenue, earnings rise for Monarch
The good news for Reno-based Monarch Casino & Resort: Revenue at Atlantis, its flagship property in Reno, rose by $655,741 in the third quarter compared with a year earlier.
The better news: More than 85 percent of the additional revenue dropped straight into earnings.
And the publicly held company said last week it made progress as well at its newly acquired Black Hawk Casino in Colorado. Its revenues of $11 million in the third quarter were 6.8 percent above a year earlier, and it contributed $4.1 million in earnings.
John Farahi, chief executive officer and co-chairman of Monarch, said the company plans a major redesign and upgrade of the Colorado casino. He said the company’s net earnings of $4.1 million in the third quarter helped it reduce the principal on its debt by $5.9 million during the quarter.
The company now has $82.1 million in long-term debt on its books.
“We’re seeing indications that Nevada consumers are feeling the financial effects of the pandemic more than the national average and are beginning to tighten their household budgets,” says Bryan Wachter, Senior Vice President of Government and Public Affairs of RAN.