Phase I of Monarch Casino Resort Spa Black Hawk Expansion to Debut November 19
November 16 2020 - 5:15PM
Monarch Casino & Resort, Inc. (NASDAQ: MCRI) (“Monarch” or “the
Company”) announced today that it has received a Temporary
Certificate of Occupancy (TCO) from the City of Black Hawk for
floors 1-13 of its new 23-story hotel tower. The first phase of the
expansion will open to the public on Thursday, November 19, 2020 at
9:00 a.m. MT.
The Phase I opening consists of an expanded
casino, three restaurants, approximately 250 luxury hotel rooms and
suites, convention space and other amenities.
The Company expects to open the balance of the
expansion project (floors 14-23) later this year. The balance will
include additional rooms and suites (bringing the total to 516), a
concierge lounge, and a world-class spa and pool facility on the
tower’s top floor.
On November 3, 2020 Colorado voters approved
Amendment 77 to the Colorado Constitution, which allows the city of
Black Hawk to remove or increase the $100 single bet limit and
approve new games such as Baccarat and Pai-Gow Tiles. Concurrently,
citizens of Black Hawk voted favorably to give authority to the
City Council of Black Hawk to remove or increase the bet limit and
approve new games. These new regulations could take effect as early
as May 1, 2021.
John Farahi, Co-Chairman and Chief Executive
Officer of Monarch, commented: “We are confident that our product
will meet the expectations of the market’s upper segment.”
About Monarch Casino & Resort,
Inc. Monarch Casino & Resort, Inc., through its
subsidiaries, owns and operates the Atlantis Casino Resort Spa, a
hotel/casino facility in Reno, Nevada, and the Monarch Casino
Resort Spa Black Hawk in Black Hawk, Colorado, approximately 40
miles west of Denver. For additional information on Monarch, visit
the Company’s website at www.monarchcasino.com.
The Atlantis features approximately 61,000
square feet of casino space; 824 guest rooms; eight food outlets;
two espresso and pastry bars; a 30,000 square foot health spa and
salon with an enclosed year-round pool; two retail outlets offering
clothing and traditional gift shop merchandise; an 8,000
square-foot family entertainment center; and approximately 52,000
square feet of banquet, convention and meeting room space. The
casino features approximately 1,450 slot and video poker machines;
approximately 38 table games, including blackjack, craps, roulette,
and others; a race and sports book; a 24-hour live keno lounge; and
a poker room.
The Monarch Casino Black Hawk features
approximately 30,000 square feet of casino space; approximately 740
slot machines; 12 table games; a 250-seat buffet-style restaurant;
a snack bar and a nine-story parking structure with approximately
1,350 spaces, plus additional existing valet parking bringing total
parking capacity to 1,500 spaces. Upon completion of the expansion
project, the Monarch Casino Resort Spa Black Hawk will feature
approximately 60,000 square feet of casino space; approximately
1,250 slot machines; approximately 40 table games including
blackjack, craps, and others; 516 guest rooms and suites; three
additional restaurants (increasing the total to four) and
additional bars; an upscale spa and pool facility; banquet and
meeting room space; and a nine-story parking structure and
additional valet parking with total parking capacity of 1,500
spaces.
Forward-Looking Statements This press release
contains forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended, including,
but not limited to, statements relating to (i) our plans, costs,
financing, and additional expenses and revenue opportunities as a
result of project and budget modifications, construction,
completion and opening timelines of upgraded, redesigned and/or
expanded facilities at Monarch Casino Black Hawk (including the
timing of the opening of the expanded Monarch Casino Resort Spa
Black Hawk and ramp up of operations); (ii) our expectations
regarding our guests' acceptance of the expanded casino, new hotel
and enhanced amenities at Monarch Casino Black Hawk; (iii) our
expectations regarding our future position in, and share of, the
market and the quality of service we provide to our guests; (iv)
our expectations regarding the consequences of passage of Amendment
77 to the Colorado Constitution and the actions of the Black Hawk
City Council in respect thereof on gaming revenue at Monarch Black
Hawk; (v) our expectations regarding the impact of COVID-19 and the
return to normalized operations; and (vi) our beliefs regarding the
effectiveness of the actions we've taken with respect to COVID-19
and the quality of our properties as key factors in Monarch's
long-term success. Actual results and future events and conditions
may differ materially from those described in any forward-looking
statements. Important factors that could cause actual results to
differ materially from estimates or projections contained in the
forward-looking statements include, without limitation:
- continuing adverse impacts of the
COVID-19 outbreak on our business, construction projects, financial
condition and operating results;
- continuing actions by government
officials at the federal, state and/or local level with respect to
steps to be taken, including, without limitation, temporary or
extended shutdowns, travel restrictions, social distancing and
shelter-in-place orders, in connection with the COVID-19
outbreak;
- our ability to manage guest safety
concerns caused by COVID-19;
- our ability to effectively manage
and control expenses during temporary or extended shutdown
periods;
- impact of temporary or extended
shutdowns on our ability to maintain compliance with the terms and
conditions of our credit facilities and other material
contracts;
- our ability to negotiate relief
options and necessary amendments to our Amended Credit
Facility;
- access to available and reasonable
financing on a timely basis
- our ability to maintain strong
working relationships with our regulators, employees, lenders,
suppliers, insurance carriers, customers, and other
stakeholders;
- impact of any uninsured
losses;
- changes in guest visitation or
spending patterns due to health or other concerns;
- construction factors, including
delays, disruptions, availability of labor and materials, increased
costs of labor and materials, contractor disagreements, zoning
issues, environmental restrictions, soil and water conditions,
weather and other hazards, site access matters, building permit
issues and other regulatory approvals or issues;
- ongoing disagreements over costs of
and responsibility for delays and other construction related
matters with our Monarch Casino Black Hawk general contractor, PCL
Construction Services, Inc., including, as previously reported, the
litigation against us by such contractor;
- our filing of affirmative defenses
and extensive counterclaims against the Monarch Casino Black Hawk
contractor, PCL Construction Services, Inc., in the above-mentioned
litigation;
- our potential need to post bonds or
other forms of surety to support our legal remedies;
- risks related to development and
construction activities (including disputes with and defaults by
contractors and subcontractors; construction, equipment or staffing
problems and delays; shortages of materials or skilled labor;
environmental, health and safety issues; weather and other hazards,
site access matters, and unanticipated cost increases);
- our ability to generate sufficient
operating cash flow to help finance our expansion plans and
subsequent debt reduction;
- changes in laws mandating increases
in minimum wages and employee benefits;
- changes in laws and regulations
permitting expanded and other forms of gaming in our key
markets;
- the effects of local and national
economic, credit and capital market conditions on the economy in
general and on the gaming industry and our business in
particular;
- the effects of labor shortages on
our market position, growth and financial results;
- the potential of increases in state
and federal taxation to address budgetary and other impacts of the
COVID-19 pandemic;
- the potential of increased
regulatory and other burdens to address the direct and indirect
impacts of COVID-19 pandemic;
- guest acceptance of our expanded
facilities once completed and the resulting impact on our market
position, growth and financial results; and
- competition in our target market
areas.
Additional information concerning potential
factors that could adversely affect all forward-looking statements,
including the Company's financial results, is included in our
Securities and Exchange Commission filings, including our most
recent annual report on Form 10-K and quarterly reports on Form
10-Q, which are available on our website at
www.monarchcasino.com.
Contact: David Farahi Chief Operating Officer
775/825-4700 or dfarahi@monarchcasino.com
Joseph Jaffoni, Richard Land, James Leahy JCIR
212/835-8500 or mcri@jcir.com
Monarch Casino and Resort (NASDAQ:MCRI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Monarch Casino and Resort (NASDAQ:MCRI)
Historical Stock Chart
From Apr 2023 to Apr 2024