Reno-based Monarch Casino & Resort said Thursday the company grew net revenue and profits during the first quarter, despite construction disruption at its Colorado property.
The company, which operates the Atlantis Casino Resort in Reno and the Monarch Casino in Black Hawk, Colo., reported a 38.4 percent increase in net income to $6.7 million for the quarter that ended March 31. Company revenue grew 5.3 percent to $56.3 million.
Monarch has budgeted more than $300 million to expand its casino, add a hotel tower and complete at parking structure at its Colorado property.
“Although construction disruption at Black Hawk and labor cost increases at both properties remained a challenge in the first quarter, we continued to manage expenses and optimize margins across the business, while remaining focused on delivering exceptional guest service,” Monarch Co-Chairman and CEO John Farahi said in a statement.
Farahi said the company’s Atlantis Casino Resort in Reno was well positioned to benefit from Northern Nevada’s strong forecasted economic growth.
“Businesses across multiple industries are investing heavily in the region and bringing new jobs and residents to the area,” Farahi said. “We believe increased housing starts will present another opportunity for Monarch to capitalize on growth in a market where we already achieve an above fair-share of local gaming and entertainment spending.”
Construction of the Black Hawk is focused on the hotel tower. Farahi said construction costs during the quarter were financed through the company’s operating cash flow.
“We continue transforming our property into what we believe will be the market’s premier gaming and entertainment leader,” he said.
