Casino News | Monarch Reports Record Third Quarter Net Revenue at Each of Its Locations
Monarch Casino & Resort continued its economic recovery with record third quarter 2021 net sales and adjusted EBITDA.
Overall net sales and Adjusted EBITDA for the third quarter of 2021 were US $ 111.6 million and US $ 40.3 million, up 70% and 132% respectively from baseline. same period in 2019.
John Farahi, Co-President and CEO of Monarch, said: “Monarch again delivered record financial results as our third quarter benefited from the ongoing strong recovery from the pandemic, economic and population growth in Denver. and Reno, and the notable impact of the removal. of betting limits in Colorado.
“Our focus on operational excellence and state-of-the-art amenities has allowed us to take advantage of these favorable winds and generate consistent growth. Labor shortages and wage pressures, along with supply chain constraints and price inflation, remain headwinds. Atlantis’ operation in Reno has been affected by poor air quality due to the fires in California and Nevada’s decision to reinstate indoor masks. “
However, he said operations in Black Hawk, Colo. Were ramping up with plans to increase casino space by around 25 percent and restaurant seating by around 35 percent. . He added that the removal in May 2021 of Colorado’s betting limit on table games and the addition of baccarat to its mix of table games had “resulted in an increase in the number of visits from new customers, particularly customers. high-value players ”.
In his Atlantis operation, Farahi said there was strong demand across all segments of the business and increased customer spending. The company is planning a complete renovation of the hotel rooms in the first tower of Atlantis, which will begin early next year.