Net income rises for parent of Atlantis

Revenues at Atlantis Casino Resort Spa rose by $2.8 million during the third quarter, but operating costs increased by only about $1 million.

The combination was enough to result in a 30.1 increase in the net income for its parent.

Monarch Casino & Resort Inc. reported last week that its net income totaled $2.67 during the third quarter, which compares with $2 million a year earlier.

Revenues for the quarter totaled $37.7 million, up 8 percent from the $34.8 million in the third quarter of 2009.

John Farahi, chief executive and co-chairman of Monarch, said the company appears to be gaining market share during a time that the national and state economies are weak.

Monarch used the profitable quarter to continue paying down its debt, which stood at $32 million at the end of the quarter compared with $37.8 million three months earlier.

The combination of lower interest rates and lower outstanding balances reduced Monarch's borrowing expense to $334,000 during the third quarter compare with $487,000 a year earlier.