Black Hawk leads to rise in revenue for Monarch
Monarch Casino and Resort, the Reno-based parent of Atlantis Casino Resort Spa, says its second-quarter revenues at the Atlantis dipped 2.3 percent from a year earlier, but total revenues for the company rose 23.4 percent due to Monarch’s acquisition of a Colorado casino.
Monarch said last week it earned $1.8 million in the quarter, which compares with net of $3.5 million in the same quarter a year earlier.
The company closed on its purchase of Rivera Black Hawk Casino in April.
Second-quarter revenue dipped at the Atlantis due to lower casino and hotel revenue and increased comps to casino players.
John Farahi, Monarch’s chief executive officer, says the troubled economy of northern Nevada and stiff competition from other hotel-casinos had a direct impact on the Atlantis.
“The northern Nevada gaming market has shrunk in the aggregate, and our competitors have continued aggressive promotional programs,” Farahi says. “We anticipate that the ongoing macroeconomic weakness, combined with the aggressive marketing programs of our northern Nevada competitors, will continue to apply downward pressure on Atlantis revenue.”
“Unfortunately, once developers show up, history disappears and that’s what’s happening to Harrah’s Reno. Like the historic 1875 Adele’s building in Carson City, Bill Harrah’s crown jewel will disappear into the dustbin of history.”