Atlantis owner to spend $295M on Colo. resort
The owner of Reno's Atlantis Casino Resort Spa plans to spend up to $295 million on expansion and a new 23-story hotel at its Colorado casino.
Monarch Casino & Resort Inc., revealed details of its venture in Black Hawk, in the Rockies west of Denver, as part of its fourth-quarter and year-end earnings report on Wednesday.
For the October-December period, Monarch reported an 85 percent rise in net income, but for the year, net income fell 21 percent, the report showed.
Even so, Monarch officials were upbeat.
"We ended 2014 on a strong note," Co-Chairman/CEO John Farahi said in a statement.
Despite higher food and labor costs, he said, the company showed an 8 percent rise in fourth-quarter EBITDA, or earnings before interest, taxes, depreciation and amortization, considered a key indicator of casino financial health, for its Reno operation as well as its Black Hawk Casino.
Farahi said the 824-room Atlantis resort is "favorably positioned" to benefit from the greater Reno area's on going economic rebound, notably the $5 billion battery gigafactory Tesla Motors is building east of Sparks.
"Throughout the year, Reno saw a number of significant developments that we believe have positioned the region's economy for sustainable, long-term growth," Farahi said. "We believe the city is in the midst of a major renaissance, led by Tesla's decision to invest billions in the local economy. This marquee development has served to further highlight the significant economic and lifestyle benefits that Reno has to offer to businesses."
Farahi also revealed details of Monarch's previously announced expansion of the Black Hawk casino into a hotel resort by late 2017.
The projected cost will be $285 million to $295 million, he said, including land acquisitions, 500 new rooms and a doubling of the casino size with three restaurants and parking structure.
"We believe that adding new hotel rooms and other resort amenities will address pent-up demand, particularly with higher end players, expand the overall Black Hawk gaming market and be a substantial driver of Monarch Black Hawk's future financial performance," Farahi said.
MONARCH CASINO & RESORT INC.
Atlantis Casino Resort Spa
Where: Reno
Rooms: 824
Casino: 61,000 square feet
Restaurants: 8
Convention/meeting: 52,000 square feet
Amenities: 30,000-square-foot spa, salon and year-round pool; two retail outlets, family entertainment center.
Monarch Black Hawk
Where: Black Hawk, Colo.
Casino: 32,000 square feet
Planned: 23-story hotel tower with 500 rooms/suites, spa and pool, three restaurants, additional bars, 10-story parking garage.
Reported by: Reno Gazette-Journal
Monarch Casino & Resort Inc., revealed details of its venture in Black Hawk, in the Rockies west of Denver, as part of its fourth-quarter and year-end earnings report on Wednesday.
For the October-December period, Monarch reported an 85 percent rise in net income, but for the year, net income fell 21 percent, the report showed.
Even so, Monarch officials were upbeat.
"We ended 2014 on a strong note," Co-Chairman/CEO John Farahi said in a statement.
Despite higher food and labor costs, he said, the company showed an 8 percent rise in fourth-quarter EBITDA, or earnings before interest, taxes, depreciation and amortization, considered a key indicator of casino financial health, for its Reno operation as well as its Black Hawk Casino.
Farahi said the 824-room Atlantis resort is "favorably positioned" to benefit from the greater Reno area's on going economic rebound, notably the $5 billion battery gigafactory Tesla Motors is building east of Sparks.
"Throughout the year, Reno saw a number of significant developments that we believe have positioned the region's economy for sustainable, long-term growth," Farahi said. "We believe the city is in the midst of a major renaissance, led by Tesla's decision to invest billions in the local economy. This marquee development has served to further highlight the significant economic and lifestyle benefits that Reno has to offer to businesses."
Farahi also revealed details of Monarch's previously announced expansion of the Black Hawk casino into a hotel resort by late 2017.
The projected cost will be $285 million to $295 million, he said, including land acquisitions, 500 new rooms and a doubling of the casino size with three restaurants and parking structure.
"We believe that adding new hotel rooms and other resort amenities will address pent-up demand, particularly with higher end players, expand the overall Black Hawk gaming market and be a substantial driver of Monarch Black Hawk's future financial performance," Farahi said.
MONARCH CASINO & RESORT INC.
Atlantis Casino Resort Spa
Where: Reno
Rooms: 824
Casino: 61,000 square feet
Restaurants: 8
Convention/meeting: 52,000 square feet
Amenities: 30,000-square-foot spa, salon and year-round pool; two retail outlets, family entertainment center.
Monarch Black Hawk
Where: Black Hawk, Colo.
Casino: 32,000 square feet
Planned: 23-story hotel tower with 500 rooms/suites, spa and pool, three restaurants, additional bars, 10-story parking garage.
Reported by: Reno Gazette-Journal
