In a surprise announcement, David Farahi, long assumed by many to be the heir apparent to his father, John Farahi, as CEO, is leaving Monarch Casino.
He is being replaced by Michelle Shriver, a long-time Ameristar executive who helped develop Ameristar Black Hawk near Monarch Black Hawk, a property key to Monarch’s expected growth.
Shriver will carry the title of corporate VP of operations. David Farahi has had the title of COO for the past nine years. He is leaving the company to pursue business interests outside of gaming and hospitality.
Monarch stock fell 1.21 per cent on Wednesday while other regional casino stocks rose. Analysts responded by reiterating their confidence in Monarch, CEO John Farahi and the potential of the company’s Black Hawk expansion.
Source: Fantini’s Gaming Report