Room bookings boost Atlantis' 1Q earnings

The owner of the Atlantis Resort Casino, which recently has emphasized the property's attraction to locals, isn't doing too badly with out-of-towners either.

Rising hotel revenues played a major role in boosting first-quarter earnings at Monarch Casino & Resort to $2.76 million from $1.8 million a year earlier.

Hotel revenue was up 17 percent during the quarter.

John Farahi, the cochairman and chief executive officer of Monarch, said much of the increase came as the average daily rate for nearly 1,000 rooms at the Atlantis rose to $59.76 from $53.31 a year earlier.

Additional strength came as the hotel's occupancy rose to 90.7 percent from 89.1 percent a year earlier.

The growth in hotel revenues was particularly noteworthy, Farahi said, because the company remodeled all 283 rooms in its 18-story second tower during the quarter.

That resulted in midweek disruptions.

Next up for the Atlantis is construction of a new driveway and parking areas that will be shared with the neighboring Sierra Marketplace shopping center.

The center, which is owned by the three brothers that control Monarch John, Ben and Bob Farahi will be redeveloped into a dining- and entertainment- oriented destination.

A proxy statement for the company's May 26 annual meeting says Monarch leased about 37,000 square feet of the center property for vehicle and pedestrian access, and some of its parking will be available customers of the Atlantis.

The work is scheduled to be completed this summer.