Monarch Casino and Resort reports fall
Thursday 23rd April 2020
The pandemic is taking its toll on US operators and the latest to report a sharp fall in income is Monarch Casino and Resort, operating venues in Nevada and Colorado.
The first quarter financial results showed that the company started well for the first two months and then the Covid-19 impact was felt in March.
The overall effect was a 13.2 per cent decrease in net revenue from $58.7m to $51m at the locations, the Atlantis Casino Resort and Spa in Reno, Nevada, and the Monarch Casino Black Hawk in Colorado. EBITDA was $8.1m in the quarter, a decrease of $5.6m or 40.7 per cent over the same period of 2019.
John Farahi, co-chairman and CEO, said that staff had received two weeks' pay from mid-March before going on to unpaid furlough and he personally had foregone his salary from the end of March and other directors had also taken major cuts in income.
The company is building a new Monarch Casino Resort Spa Black Hawk in Colorado and hopes to obtain a temporary certificate of occupancy for the first five floors.