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MCRI

Monarch Casino

$44.40

-0.58 (-1.29%)

09:26
09/03/19
09/03
09:26
09/03/19
09:26

Monarch Casino says PCL lawsuit 'principally an effort to deflect attention'

Monarch Casino & Resort provided the following comment on disagreements with its general contractor in Black Hawk, PCL Construction Services, which have resulted in PCL filing a preemptory lawsuit on August 30, 2019 against Monarch and its Colorado subsidiaries. "Since engaging PCL as general contractor at Monarch Casino Black Hawk, we have worked tirelessly to move the construction project forward. While Monarch has been frustrated with PCL's numerous construction delays and cost increases, we have remained focused on the transformation of Monarch Casino Black Hawk. Monarch believes that PCL's lawsuit is principally an effort to deflect attention from their failures to deliver the completed project in a timely and cost appropriate manner. Unfortunately, we must now respond to PCL's lawsuit with our affirmative defenses as well as counterclaims against PCL which will detail their numerous contract and performance breaches. That said, we will continue to work with PCL to complete our new Monarch Casino Resort Spa Black Hawk. Given this lawsuit, the increasingly adversarial tone of communication from PCL, and our understanding of recent discussions regarding project delivery, we now believe that our expansion project - the new Monarch Casino Resort Spa Black Hawk - including the expanded casino, restaurants and certain public areas - should be fully open in the first quarter of 2020. The remaining remodeling of some areas of the existing casino is expected to be completed in the second quarter of 2020. Our disappointment with the ongoing construction delays at the expanded Monarch Casino Black Hawk is palpable. Importantly, other than a delay of the finished project, the customer experience should not be impacted at the property, now or in the future. Given the terrific guest response to the property's enhancements introduced to date, our entire team knows that the fully transformed Monarch Casino Resort Spa Black Hawk will be a game changer for this exciting and vibrant market. While PCL's performance has delayed our opening from our earlier announced dates, it will only increase the excitement of our team to deliver Black Hawk's best-in-class resort and hospitality destination for visitors from across the Denver metropolitan area."

MCRI Monarch Casino
$44.40

-0.58 (-1.29%)

03/06/19
UGAM
03/06/19
DOWNGRADE
UGAM
Hold
Monarch Casino downgraded to Hold on vauation at Union Gaming
Union Gaming downgraded Monarch Casino to Hold from Buy citing valuation.

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