Reno, Nevada – The owner of Atlantis Casino Resort Spa, Monarch Casino & Resort Inc., has reported better-than-expected financial results for the third quarter, topping Wall Street’s expectations.
Monarch Casino & Resort Inc. announced on Thursday that its revenue for the quarter ending September 30th was $63.2 million, a 9% increase compared to the same period last year. The company also reported adjusted earnings of $11.4 million, up from $9.6 million in the third quarter of 2020.
The strong performance was driven by strong demand for casino gaming and hotel accommodations at the Atlantis Casino Resort Spa, located in Reno, Nevada. The resort boasts over 60,000 square feet of casino space, featuring slot machines, table games, a poker room, and a race and sports book. In addition, the property offers 824 guest rooms and suites, multiple dining options, a spa, and a championship golf course.
“We are pleased to report another strong quarter of financial results, driven by robust performance at our Atlantis property,” said John Farahi, Co-Chairman and Chief Executive Officer of Monarch Casino & Resort Inc. “Our team has worked tirelessly to provide exceptional guest experiences and we are proud of the recognition we continue to receive from our guests and the broader market.”
The company’s stock price surged following the announcement, closing up 5% on Thursday. Analysts were impressed by the strong financial performance and the company’s ability to navigate the challenges posed by the ongoing COVID-19 pandemic.
“We continue to see strong demand for our offerings at Atlantis, with guests returning in increasing numbers as travel restrictions ease and consumer confidence grows,” said Farahi. “We are confident in our ability to continue delivering strong financial results and creating long-term value for our shareholders.”
Monarch Casino & Resort Inc. operates two casino properties in Nevada, including the Atlantis Casino Resort Spa in Reno and the Monarch Casino Black Hawk in Colorado. The company has continued to invest in its properties, with recent renovations and expansions at both locations.
“We are committed to providing a world-class gaming and hospitality experience for our guests, and we will continue to invest in our properties to ensure that we remain a leader in the industry,” said Farahi. “We are excited about the future and look forward to continued success in the coming quarters.”
With the strong financial results and positive outlook for the future, Monarch Casino & Resort Inc. is well-positioned to capitalize on the recovering gaming and hospitality industry and deliver value to its shareholders. Investors and analysts will be watching closely as the company continues to execute on its growth strategy and maintain its reputation as a top performer in the industry.
