The Atlantis Casino Resort in Reno has developed from the run-down Golden Door Motel acquired in 1972 to the tropical-themed 900-room resort of today. Yesterday the company, Monarch Casino & Resort, Inc., announced an all-time record for its third quarter ended 30 September 2005, driven by net revenue and improved operating margins. The EBITDA figure of US$13.3 million is 22.2% up on the 2004 result for the same period, and net income was a record US$7.1 million, up 27.6%.
Company CEO and Co-Chairman John Farahi, whose father David had the foresight to purchase and develop the original motel property, stated, "I believe our record results stem from a confluence of favorable factors. The vitality of our market manifested by the area's strong economy and continuing population growth combined with our great location and product drives these remarkable numbers. Our management team has done a superb job taking advantage of these opportunities."
Reno, once known as the entertainment capital of the nation and the place to visit for a quick divorce, nowadays could be said to be in the shadow of its big sister Las Vegas. Downtown’s Truckee River corridor of glittering casinos with glittering star performers lost its sparkle and by 1995 Reno was no longer a dynamic playground for tourists. Now calling itself the Biggest Little City in the World, Reno has seen both its population and economy grow and is still at the forefront of entertainment, hosting an annual arts event in July that has become one of America’s most comprehensive festivals for visual and performing arts. The city is also a world-class tourist destination, just 45 minutes from Lake Tahoe and top ski resorts.
The Atlantis Casino Resort is the closest hotel to the Reno-Sparks Convention Center and has 51,000 sq ft of gaming floor. The company owns the 16-acre adjoining site, at present in use as additional parking but compliant with casino zoning requirements for future expansion of the Atlantis. As John Farrer commented, "Our improving balance sheet also opens the possibilities for new growth opportunities for Monarch which includes current planning for the next phase of our expansion at Atlantis." (E-10.26.05)
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