Nevada-based, Monarch Casino and Resort posted a 4.4 percent increase in Net Revenue for the first quarter in 2019. The net revenue increased from $56.2m for the same period in 2018 to $59.7m in the first quarter this year.
The company’s EBITDA grew by 6.7 percent year-on-year to $13.6m up 800 million from $12.8 million in 2018. Monarch casino also posted a 4.1 percent increase in net income. The company’s net income for the first quarter was $7m, up from $6.7m for the first quarter in 2018.
While releasing the figures for the first quarter, the company said that they have witnessed increased revenues regardless of the unfavorable weather conditions that negatively impacted the footfalls. Also, the ongoing development works did not dampen the revenues.
Construction works are ongoing at Colorado’s Monarch Casino Blackhawk. The expansion of the venue includes the construction of a hotel tower, restaurants, dining areas, and shopping and retail space. The entire development work is to be completed by the end of this year.
Talking of the ongoing construction work, CEO of Monarch Casino and Resort, John Farahi said: “Our general contractor has informed us that it is working diligently to complete the expanded casino and hotel tower, as well as the new restaurants and retail areas by the end of the third quarter of 2019.”
“We expect the general contractor to provide us with the final phasing and opening dates for the expanded facilities in the second quarter of 2019. Besides, we expect to complete the upgraded amenities in the existing casino in the fourth quarter of 2019, leading to a first full year of expanded operations in 2020,” he added.
Monarch Casino and Resort also owns and operates Atlantis Casino Resort Spa in Reno, Nevada.