{"id":122996,"date":"2019-12-24T12:48:47","date_gmt":"2019-12-24T20:48:47","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=122996"},"modified":"2019-12-24T14:21:43","modified_gmt":"2019-12-24T22:21:43","slug":"monarch-casino-stock-is-luring-more-hedge-funds","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/monarch-casino-stock-is-luring-more-hedge-funds\/","title":{"rendered":"Monarch Casino & Resort Stock Is Becoming a Hedge Fund Favorite"},"content":{"rendered":"

Shares of regional gaming company Monarch Casino & Resort (NASDAQ:MCRI) are setting a torrid pace to end 2019. The stock is up 9.51 percent just this month, boosting its fourth-quarter gain to nearly 12 percent.<\/p>\n

\"\"
Monarch’s Black Hawk, Colo. casino could be a main driver of 2020 share price appreciation. (Image: Denver Post)<\/figcaption><\/figure>\n

Recent bullishness in the operator of the Atlantis Casino-Resort in Reno, Nevada validates the views of investors that stepped into the stock during the July through September period, including hedge funds.<\/p>\n

Data suggest that although the third quarter was a volatile time for Monarch Casino stock as the company dealt with legal wranglings<\/a> with CL Construction Services, Inc. \u2013 the contractor working on the company’s Black Hawk casino renovation in Colorado \u2013 some professional investors embraced the shares.<\/p>\n

At Q3’s end, a total of 11 of the hedge funds were bullish on this stock, a change of 38 percent from the previous quarter,\u201d according to hedge fund research firm Insider Monkey.<\/i><\/p><\/blockquote>\n

Although hedge fund ownership of Monarch ticked higher in the most recently completed quarter, it’s still below the all-time high of 16 hedge funds that were long the stock two years ago.<\/strong><\/p>\n

Marveling at Monarch<\/h2>\n

Reno-based Monarch operates just two casinos. But the company is viewed by some on Wall Street as a hidden gem among regional gaming equities, due in part to its Monarch Casino Resort Spa Black Hawk in Colorado.<\/p>\n

That property gives the company a foothold in what is expected to be a lucrative sports wagering market in the Centennial State.<\/a> Voters there approved sports betting last month, and it is expected to be operational in May 2020.<\/p>\n

Monarch has a market capitalization of about $883 million, making it a small-cap stock. At that level, hedge fund ownership of the name in dollar terms isn’t substantial, but on a relative basis, it is stout.<\/p>\n

The largest stake in Monarch Casino & Resort was held by Park West Asset Management, which reported holding $61.7 million worth of stock at the end of September. It was followed by Lafitte Capital Management with a $40.8 million position,\u201d according to Insider Monkey.<\/i><\/p><\/blockquote>\n

In terms of portfolio allocation, Lafitte Capital devotes over 23 percent of its equity roster to Monarch, while Park Capital has a three percent weight to the gaming stock.<\/p>\n

Wall Street Views<\/h2>\n

Because of its small size and tiny portfolio of properties, Monarch is sparsely covered by sell-side analysts compared to larger casino operators.<\/p>\n

Currently, four analysts follow the stock \u2013 one with the equivalent of a \u201cvery bullish\u201d outlook, and three with \u201cneutral\u201d ratings. On a scale of one to five, Monarch’s numerical rating is 3.50, and the consensus price target on the name is $47.25. The shares closed at $48.14 today.<\/strong><\/p>\n

The company is expected to complete the initial phase of its Black Hawk renovations in early 2020. Monarch has spent over $400 million on enhancements at that property, all of which was funded by existing cash flow, meaning the company didn’t issue new debt to bolster the Colorado casino-resort.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of regional gaming company Monarch Casino & Resort (NASDAQ:MCRI) are setting a torrid pace to end 2019. The stock is up 9.51 percent just this month, boosting its fourth-quarter gain to nearly 12 percent. Recent bullishness in the operator of the Atlantis Casino-Resort in Reno, Nevada validates the views of investors that stepped into […]<\/p>\n","protected":false},"author":46,"featured_media":123000,"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 Stock Is Luring More Hedge Funds<\/title>\n<meta name=\"description\" content=\"Resurgent shares of Monarch Casino & Resort are being supported by at least one corner of the investment community: hedge funds.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monarch Casino Stock Is Luring More Hedge Funds\" \/>\n<meta property=\"og:description\" content=\"Resurgent shares of Monarch Casino & Resort are being supported by at least one corner of the investment community: hedge funds.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/monarch-casino-stock-is-luring-more-hedge-funds\/\" \/>\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=\"2019-12-24T20:48:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-24T22:21:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/monarch.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"998\" \/>\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=\"2 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-stock-is-luring-more-hedge-funds\/\",\"url\":\"https:\/\/www.casino.org\/news\/monarch-casino-stock-is-luring-more-hedge-funds\/\",\"name\":\"Monarch Casino Stock Is Luring More Hedge Funds\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-stock-is-luring-more-hedge-funds\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-stock-is-luring-more-hedge-funds\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/monarch.jpg\",\"datePublished\":\"2019-12-24T20:48:47+00:00\",\"dateModified\":\"2019-12-24T22:21:43+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Resurgent shares of Monarch Casino & Resort are being supported by at least one corner of the investment community: hedge funds.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-stock-is-luring-more-hedge-funds\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/monarch-casino-stock-is-luring-more-hedge-funds\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-stock-is-luring-more-hedge-funds\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/monarch.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/12\/monarch.jpg\",\"width\":1500,\"height\":998,\"caption\":\"Monarch's Black Hawk, Colo. casino could be a main driver of 2020 share price appreciation. 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