The renovation of Monarch Casino and Resort in Blackhawk, Colorado will be delayed from its originally announced completion date, according to an investors report issued by the Reno-based company last week.
Monarch is working on the bottom five floors, expanding the gaming floor, and working on restaurants and public areas. It is now looking at finishing by the fourth quarter of this year at the latest—instead of the third quarter, as had been originally projected.
The company reported that its net income was $9.27 million, up from $9.24 million in 2018, which beat forecasts. The company’s EBITDA rose 3.8 percent from last year and quarterly revenue rose 4.8 percent from the year before.
The report by Co-Chairman and CEO John Farahi said the Black Hawk and the Atlantis posted higher revenues over last year, despite obstacles such as increased health care and payroll.
Farahi told investors, “As the transformation of Monarch Casino Black Hawk wraps up, we believe our positioning for long-term growth has never been stronger.” He added, “We have been able to fund over half of the spending to date on the more than $400 million Black Hawk Casino project from operating cash flow. We expect to drive strong free cash flow growth as business at the new resort and expanded casino ramps up beginning in 2020.”
