{"id":118400,"date":"2019-10-29T07:05:59","date_gmt":"2019-10-29T14:05:59","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=118400"},"modified":"2019-10-29T10:37:41","modified_gmt":"2019-10-29T17:37:41","slug":"monarch-casino-could-be-a-winner-among-gaming-stocks-says-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/monarch-casino-could-be-a-winner-among-gaming-stocks-says-analyst\/","title":{"rendered":"Monarch Casino Could be a Royal Play Among Gaming Stocks Thanks to Balance Sheet, Says Analyst"},"content":{"rendered":"

Shares of regional gaming operator Monarch Casino & Resort (NASDAQ:MCRI) are up about 13.60 percent year-to-date. But the stock resides 11 percent below its 52-week high due, in part, to construction snafus at its Black Hawk, Colo. property.<\/p>\n

\"\"
Monarch’s Black Hawk Casino expansion should be ready early next year, and that could boost the operator’s profits. (Image: Weifield Weekly)<\/figcaption><\/figure>\n

Macquarie analyst Chad Beynon<\/span> believes the company can move past those issues in the Centennial State, and that Monarch’s strong balance sheet sets the operator up for success and could position it to be a buyer of gaming assets in the future.<\/p>\n

Monarch’s Black Hawk project has hit some speed bumps over the last several months, as construction delays have been pushing back the grand opening of the renovated property,\u201d said Beynon in a recent research note obtained by Casino.org.<\/i><\/p><\/blockquote>\n

Early last month, Monarch stock was punished after it was revealed that its contractor, PCL Construction Services, Inc., filed a suit against the casino operator<\/a>. The legal spat delayed the opening of the the new Monarch Casino Resort Spa Black Hawk from the third quarter to early next year, according to the company.<\/p>\n

The project is expected to be a significant profit driver for Monarch because it’s more than doubling the size of the current gaming area while adding a 23-story hotel tower with 500 guestrooms. The project is now being broken into three phases, with Phase 1 slated for completion in early 2020.<\/p>\n

\u201cAssuming a double-digit return on the project, we see the property ramping to $40 million-$50 million annual run rate earnings before interest, taxes, depreciation and amortization (EBITDA) by 3Q21,\u201d said Beynon. \u201cBottom line, while it\u2019s unfortunate that the property completion has been delayed, there are no changes in management\u2019s bullishness on the market and what MCRI can achieve<\/strong>.\u201d<\/p>\n

A Big Deal<\/h2>\n

Timely completion and ramping up of the Black Hawk venue is integral to the thesis for Monarch’s stock, because the company currently owns just one other property \u2013 the Atlantis in Reno, Nevada. The Atlantis is viewed as a sturdy property by analysts, and one of the higher-end venues in the \u201cBiggest Little City in the World.\u201d<\/p>\n

\n

\u201cIn Reno, strong market fundamentals continue, with good job growth, wage growth, and overall demand for MCRI\u2019s Atlantis property, which most consider to be the top property in the market,\u201d said Beynon.<\/p>\n<\/div>\n

With Monarch already holding a Colorado gaming license, the company would be one of several positioned to benefit if voters there approve a sports betting ballot initiative next week<\/a>. If that effort passes, the state is expected to allow gaming companies to open retail sportsbooks and offer online and mobile wagering at a later date.<\/p>\n

Balance Sheet Could Make Monarch A Buyer<\/h2>\n

Monarch’s balance sheet compares favorably with other small-cap gaming companies, with leverage of just 2x, which could enable the company to acquire a smaller rival<\/a> or other gaming assets.<\/p>\n

\u201cWith the BH (Black Hawk) project nearly complete, we believe MCRI looks for the next project for the company,\u201d said Beynon. \u201cWe believe its solid balance sheet will allow it to go out and acquire another property and renovate like its current BH project.\u201d<\/p>\n

The analyst has an \u201coutperform\u201d rating and a $50 price target on Monarch stock<\/strong>, which closed at $43.32 on Monday.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of regional gaming operator Monarch Casino & Resort (NASDAQ:MCRI) are up about 13.60 percent year-to-date. But the stock resides 11 percent below its 52-week high due, in part, to construction snafus at its Black Hawk, Colo. property. Macquarie analyst Chad Beynon believes the company can move past those issues in the Centennial State, and […]<\/p>\n","protected":false},"author":46,"featured_media":118403,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nMonarch Casino Could be a Winner Among Gaming Stocks, Says Analyst<\/title>\n<meta name=\"description\" content=\"Monarch Casino has a strong balance sheet and can work through delays at its Colorado property to be a winner among gaming stocks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/monarch-casino-could-be-a-winner-among-gaming-stocks-says-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monarch Casino Could be a Winner Among Gaming Stocks, Says Analyst\" \/>\n<meta property=\"og:description\" content=\"Monarch Casino has a strong balance sheet and can work through delays at its Colorado property to be a winner among gaming stocks.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/monarch-casino-could-be-a-winner-among-gaming-stocks-says-analyst\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-29T14:05:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-29T17:37:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/mbh.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"743\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-could-be-a-winner-among-gaming-stocks-says-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/monarch-casino-could-be-a-winner-among-gaming-stocks-says-analyst\/\",\"name\":\"Monarch Casino Could be a Winner Among Gaming Stocks, Says Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-could-be-a-winner-among-gaming-stocks-says-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-could-be-a-winner-among-gaming-stocks-says-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/mbh.jpg\",\"datePublished\":\"2019-10-29T14:05:59+00:00\",\"dateModified\":\"2019-10-29T17:37:41+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Monarch Casino has a strong balance sheet and can work through delays at its Colorado property to be a winner among gaming stocks.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-could-be-a-winner-among-gaming-stocks-says-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/monarch-casino-could-be-a-winner-among-gaming-stocks-says-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-could-be-a-winner-among-gaming-stocks-says-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/mbh.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/mbh.jpg\",\"width\":1200,\"height\":743,\"caption\":\"Monarch's Black Hawk Casino expansion should be ready early next year and that could boost the operator's profits. 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