{"id":209909,"date":"2022-04-19T12:25:59","date_gmt":"2022-04-19T19:25:59","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=209909"},"modified":"2022-04-19T13:04:51","modified_gmt":"2022-04-19T20:04:51","slug":"monarch-casino-focusing-on-bolstering-atlantis-reno","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/monarch-casino-focusing-on-bolstering-atlantis-reno\/","title":{"rendered":"Monarch Casino Shifts Focus to Reno Atlantis Following Colorado Splurge"},"content":{"rendered":"

After shelling out $400 million to enhance its namesake venue in Black Hawk, Colo., Monarch Casino & Resort (NASDAQ:MCRI) is turning its attention back to the Atlantis Casino Resort Spa — the operator\u2019s venue in its home market of Reno.<\/p>\n

\"Monarch
Monarch Casino’s Atlantis in Reno. The company is renovating that venue to attract more affluent patrons. (Image: YouTube)<\/figcaption><\/figure>\n

While there obvious benefits to Monarch\u2019s Colorado expenditures, including a fast-growing population and recently lifted limits on table games<\/a>, there are potential perks to reasserting itself in Reno, too. The operator is close to completing refurbishments on the 27-floor Concierge Tower at Atlantis — a move aimed at attracting a more affluent clientele. Investments in Reno could pay off for Monarch, because some analysts see resilience in the northern Nevada gaming hub.<\/p>\n

We expect MCRI’s Atlantis property proved more resilient than contemplated through February, with initial March data suggesting an improving regional gaming consumer post-Omicron,\u201d<\/strong> said Stifel analyst Jeffrey Stantial in a recent note.<\/p><\/blockquote>\n

He rates Monarch shares a \u201cbuy,\u201d with a $96 price target, up from $91. Up 17.57% year-to-date, the stock is easily one of the best-performing domestic gaming equities in 2022.<\/p>\n

For Monarch, Reno Allure<\/h2>\n

While the Reno\/Lake Tahoe\/Sparks market lacks the glitz and revenue heft of Las Vegas, the former still offers attractive points for operators.<\/p>\n

\n

Those include a growing population and companies opening new offices in the region. Recent headlines suggest gaming companies are taking note<\/a>. Circa Sports is opening a retail sportsbook in Sparks in a few months, and Century Casinos (NASDAQ:CNTY) said in February it\u2019s acquiring Nugget Sparks<\/a> to enter Nevada.<\/p>\n<\/div>\n

Monarch CEO John Farahi tells the Reno Gazette-Journal<\/em> that Reno is an increasingly \u201csophisticated\u201d market that warrants higher-end offerings. Along those lines, the company is refurbishing Atlantis\u2019 first tower, which is more than three decades old.<\/p>\n

Currently, Monarch owns just Atlantis and the aforementioned Colorado venue — the latter of which is the more profitable of the pair. However, the\u00a0 company is consistently mentioned as a potential player in regional casino consolidation activity.<\/strong><\/p>\n

More Reno Catalysts<\/h2>\n

Reno is a market with potential catalysts, including the return of convention business and more gamblers in the coveted 55+ age demographic returning to casinos following the pandemic.<\/p>\n

\u201cIn Reno-Sparks, we believe market-wide performance proved more resilient through Omicron than expected, with February GGR up a considerable +35% vs. 2\/2019. While Nevada has yet to report March figures, we expect demand likely remained robust with the broader U.S. regional market accelerating into March,\u201d <\/strong>adds Stifel\u2019s Stantial.<\/p>\n

That complements strength in Colorado, where Stantial sees Monarch potentially raising first-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) estimates by 8%, and that\u2019s with full-scale marketing efforts that are just two months old.<\/p>\n","protected":false},"excerpt":{"rendered":"

After shelling out $400 million to enhance its namesake venue in Black Hawk, Colo., Monarch Casino & Resort (NASDAQ:MCRI) is turning its attention back to the Atlantis Casino Resort Spa — the operator\u2019s venue in its home market of Reno. While there obvious benefits to Monarch\u2019s Colorado expenditures, including a fast-growing population and recently lifted […]<\/p>\n","protected":false},"author":46,"featured_media":209910,"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 Focusing On Bolstering Atlantis Reno<\/title>\n<meta name=\"description\" content=\"Monarch Casino renews emphasis on Atlantis Reno after spending big in Colorado.\" \/>\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-focusing-on-bolstering-atlantis-reno\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monarch Casino Focusing On Bolstering Atlantis Reno\" \/>\n<meta property=\"og:description\" content=\"Monarch Casino renews emphasis on Atlantis Reno after spending big in Colorado.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/monarch-casino-focusing-on-bolstering-atlantis-reno\/\" \/>\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=\"2022-04-19T19:25:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-19T20:04:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/atlantis.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\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-focusing-on-bolstering-atlantis-reno\/\",\"url\":\"https:\/\/www.casino.org\/news\/monarch-casino-focusing-on-bolstering-atlantis-reno\/\",\"name\":\"Monarch Casino Focusing On Bolstering Atlantis Reno\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-focusing-on-bolstering-atlantis-reno\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-focusing-on-bolstering-atlantis-reno\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/atlantis.jpg\",\"datePublished\":\"2022-04-19T19:25:59+00:00\",\"dateModified\":\"2022-04-19T20:04:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Monarch Casino renews emphasis on Atlantis Reno after spending big in Colorado.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-focusing-on-bolstering-atlantis-reno\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/monarch-casino-focusing-on-bolstering-atlantis-reno\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-focusing-on-bolstering-atlantis-reno\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/atlantis.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/atlantis.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Monarch Casino's Atlantis in Reno. 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