The completion of an expansion project to Monarch Casino & Resort’s Colorado property is allowing Chief Operating Officer David Farahi to leave the Reno-based company and explore business opportunities away from the gaming industry.
The late Tuesday announcement raised a few eyebrows given the structure of Monarch, which is publicly traded on the Nasdaq but is overseen by the founding Farahi family. John Farahi and his brother Bob Farahi serve as the company’s co-chairmen with John also holding the CEO position. David Farahi, who is John Farahi’s son, said he will leave the company on Sept. 3.
Truist Securities gaming analyst Barry Jonas, in a research note published Wednesday morning, said David Farahi, 40, has been the public face that investors in Monarch have come to know. The company operates Atlantis Casino Resort in Reno and Monarch Black Hawk, roughly 40 miles west of Denver.
