Monarch CEO says Monarch Casino Black Hawk upgrades will be completed in Q4
Monarch CEO John Farahi said, "The 2018 fourth quarter completed a productive year, with record financial performance at Atlantis Casino Resort in Reno and consistent progress towards the anticipated opening of the transformed Monarch Casino Black Hawk later in 2019. In the fourth quarter, Monarch generated net revenue and adjusted EBITDA growth of 6.6% and 6.7%, respectively, as strong top-line performance was partially offset by the ongoing impact of higher labor expenses across our business and construction disruption in Black Hawk... Fourth quarter financial performance at Monarch Casino Black Hawk was impacted by the ongoing construction and increased labor expenses, including management-level hiring in anticipation of the commencement of our expanded operations later this year. Black Hawk results for the 2018 fourth quarter were also impacted by a gaming system conversion issue, which weighed heavily on promotional expenses. Our Monarch Casino Black Hawk general contractor has informed us that the new expanded casino, hotel tower, restaurants and retail areas will be completed in the third quarter of 2019 and that the upgraded amenities in the existing casino will be completed in the fourth quarter of 2019."