Monarch: June results “encouraging”
US casino operator Monarch says results since reopening are encouraging after lockdown causes revenue to fall 76 per cent in Q2.
US.- Casino operator Monarch says it is encouraged by results since reopening as it reveals revenue fell 76 per cent year-on-year in the second quarter.
The operator of Atlantis Casino Resort Spa in Reno and Monarch Casino Black Hawk in Colorado, generated US$15.2 million in the second quarter, the vast majority produced in June after the casinos reopened.
The figure represents a 76 per cent drop from the $62,761 taken in the same period last year. Profit was down from $9,279 in Q2 2019 to a loss of $4,347.
Atlantis Casino Resort the June 4 re-opening of Atlantis Casino Resort was closed until June 4, and Monarch Casino Black Hawk until Juntil 17 because of the Covid-19 lockdown.
Co-chairman and CEO John Farahi said the company had taken measures during the March lockdown to minimise the impact of the crisis on finances and that results have been good since reopening.
He said: “Though visitation has not yet fully recovered to pre-COVID levels, and we continue to limit capacity in-line with the state-mandated re-opening guidelines, spend per visit has been very encouraging and our guests have offered positive feedback on the comprehensive safety measures we’ve implemented.”
“The Company recorded June net revenue of $15.0 million and Adjusted EBITDA of $6.9 million. For the portion of June in which Atlantis Casino Resort Spa was open, gaming revenue increased 12% compared to the same period a year-ago. Gaming revenue at Monarch Casino Black Hawk for the portion of June in which the property was open declined, as table games have not yet been allowed to re-open.”
Looking at the first six months of the year, revenue was US$66.1 million compared with US$121.5 million in 2019, a drop of 46 per cent. Profit fell from $16,294 to $2,327.
Monarch says construction of the new new Monarch Casino Resort Spa Black Hawk in casino remains on track, with some sections due to open in the third quarter.
