Reno-based Monarch Resorts said its hometown Atlantis is now facing competitive challenges from new tribal gaming properties in Northern California. However, the company’s financial prospects are supported by its flagship resort in Black Hawk, Colorado.

Monarch released its fourth-quarter and year-end results on Valentine’s Day through a filing with the Securities and Exchange Commission, reporting net revenue of almost $501.5 million in 2023, up 4.9 percent from a year ago. Profits of $824 million were down almost 6 percent.

Monarch doesn’t break out the results separately for its two properties.

In a statement, CEO John Farahi said Atlantis operates in an “extremely competitive promotional environment” with tribal resorts offering various discounts and incentives to keep customers from making the drive to Reno. In the past two years, the Sacramento area has seen three new casinos open, including properties operated by Caesars Entertainment and Boyd Gaming.