Monarch Casino & Resort continued its economic recovery reporting record highs for net revenue and adjusted EBITDA for Q3, 2021.
Overall net revenue and adjusted EBITDA in the third quarter of 2021 stood at US$111.6m and US$40.3m – up 70 per cent and 132 per cent respectively on the same period in 2019.
John Farahi, co-chairman and chief executive officer of Monarch, said: “Monarch again delivered record financial results as our third quarter benefited from the strong ongoing pandemic recovery, 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 market-leading amenities has enabled us to leverage these tailwinds and drive consistent growth. Labour shortages and wage pressure, as well as supply chain constraints and price inflation, remain headwinds. Atlantis operation in Reno was impacted by unhealthy air quality from the California fires and Nevada’s decision to reinstate indoor masks."
However, he said operations at Black Hawk, Colorado, were ramping up with plans to increase the casino space by approximately 25 per cent and restaurant seating by approximately 35 per cent. He added that the May 2021 removal of the Colorado table game bet limit and the addition of baccarat to its table game mix had “resulted in an increase in new customer visitation, particularly high value players.”
In its Atlantis operation, Farahi said there was strong demand showing across all segments of the business and higher customer spend. The company plans a complete renovation of the hotel rooms in the first tower at Atlantis, beginning early next year.
