The Atlantis in Reno. David Calvert/The Nevada Independent
Monarch Resorts expects the renovation of more than 800 hotel rooms at Reno’s Atlantis Casino and Resort to be completed early next year, which company officials said would increase the average daily room rate by $20 to $25 a night.
So what does the future hold for the Northern Nevada-based company that also owns a casino in Black Hawk, Colorado, that continues to expand its reach into Denver?
“Monarch continues to hold a best-in-class portfolio, but investors continue to ask for the ‘what's next?’” Macquarie Securities gaming analyst Chad Beynon wrote in a research note last week. “We believe Monarch remains well positioned for another opportunity.”
He and other analysts believe Monarch has enough funds on the balance sheet to grow by adding a third property.
However, Truist Securities gaming analyst Barry Jonas noted that the company was focused on reducing costs at Atlantis given the challenges the property faces from elevated promotional spending by Reno-area rivals and tribal casinos in Northern California.
This story was published Oct. 30 by The Nevada Independent and is republished with permission.
