‘Nimble’ Reno casino group benefits

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Monarch Casino & Resort showed a strong recovery from the pandemic lockdowns, in its quarter to end June.

The casino group, which runs Atlantis Casino Resort Spa in Reno, Nevada, and the Monarch Casino Resort Spa in Black Hawk, Colorado, reported net revenues of $115.21m up 18 per cent on the $97m of the same period of last year. The half-year was actually up by 29.5 per cent with revenues at $223.6m against $172.6m.

Net income for the quarter was $19.4m compared with $18.1m, up just over seven per cent and for the half-year it was $37.5m compared with $26.3m or a 42.8 per cent increase.

John Farahi, CEO, said: “Monarch’s solid second quarter results reflect our strong market position in both Reno and Black Hawk. Our quarterly financial results benefited from the continued successful ramp-up of our recently expanded and enhanced Black Hawk property as well as our team’s ability to efficiently manage the business in an ever-changing operating environment.

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“Net revenue and adjusted EBITDA of $115.3 million and $39.5 million, respectively, were both second quarter records. We have been able to partially offset ongoing cost increases with price adjustments. Our ability to nimbly manage and invest in our properties, while maintaining a pristine balance sheet, has positioned us well for the second half of the year.”

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