Monarch reports record profits
 July 26, 2007, 3:34 pm (1 year ago)Atlantis Casino Resort Spa owner Monarch Casino & Resort, Inc. hit a new high this week as it recorded record net revenue for a second quarter of $41.6 million, a 10.5 percent increase over the second quarter of 2006.
.Gross casino revenue of $29.3 was the highest ever reported by the Company for any quarter.
John Farahi, Monarch’s CEO and co-chairman, praised his staff and expressed his delight at the figures. He said gaming revenues in the Reno Market have been down in recent months but was pleaded his company has been able to overcome this market softness by continuing to deliver a quality service for guests.
"As previously announced, we broke ground on our latest expansion of the Atlantis in June and expect construction to take approximately twelve months,” he said.
Monarch said that the gross revenue generated by each of its revenue centers also was the highest ever reported for a second quarter. Specifically, casino, food and beverage and hotel operations each drove gross revenue increases over the same quarter of the prior year of 13.6 percent, 4.3 percent and 9.0 percent, respectively.
The company’s cash balance climbed to $51.4 million during the quarter as it remained free of debt. Quarterly income from operations stood at $10.1 million, the highest ever for a second quarter.
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