MONARCH CASINO & RESORT TEMPORARILY SUSPENDS OPERATIONS AT ATLANTIS CASINO RESORT SPA
March 18 2020 - 11:02AM
Monarch Casino & Resort, Inc. (NASDAQ: MCRI) (“Monarch” or “the
Company”) announced that it has temporarily suspended operations at
Atlantis Casino Resort Spa, pursuant to an order from Nevada
Governor Steve Sisolak. The casino will be closed for a period of
30 days beginning 12:00 a.m. local time on Wednesday, March 18,
2020, and the remainder of the resort will be closed at 12:00 p.m.
on March 18, 2020.
“Our entire team in Reno has been working diligently to actively
address the COVID-19 risk by taking additional precautions
throughout the facility to ensure the health and safety of our
guests and team members,” said John Farahi, Co-Chairman and Chief
Executive Officer of Monarch. “We will remain in active dialog with
federal, state and local officials and look forward to safely
welcoming guests back to the property once the temporary shutdown
ends.”
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 Black
Hawk in Black Hawk, Colorado, approximately 40 miles west of
Denver. For additional information on Monarch, visit Monarch'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; 14 table games; a 250-seat buffet-style restaurant;
a snack bar and a new nine-story parking structure with
approximately 1,350 spaces, plus additional existing valet parking
bringing total parking capacity to 1,500 spaces. Once completed,
the Monarch Casino Black Hawk expansion will nearly double the
casino space and will add a 23-story hotel tower with approximately
500 guest rooms and suites, an upscale spa and pool facility, three
restaurants (bringing the total to four restaurants), additional
bars, and associated support facilities.
Forward-Looking StatementsThis
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, objectives, near- and long-term outlook, opportunities,
expectations, growth prospects, future operations and anticipated
financial results (including pre-opening expenses, cash flow,
liquidity and leverage) with respect to Monarch Casino Black Hawk
and the markets in its region; (ii) the duration of the temporary
closing mandated by government officials and the impact of such
closure or other potential closures on us and our stakeholders; and
(iii) our expectations regarding our future position in, and share
of, the market and the quality of service we provide to our guests.
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:
- adverse impacts of the COVID-19
outbreak on our business, constructions projects, financial
condition and operating results;
- actions by government officials at
the federal, state or local level with respect to steps to be
taken, including, without limitation, temporary shutdowns and
travel restrictions, in connection with the COVID-19 outbreak;
- 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 maintain strong
relationships with our regulators, employees, lenders, suppliers,
customers, insurance carriers, and other stakeholders;
- impact of any uninsured
losses;
- changes in laws, regulations and
orders regarding our business operations;
- 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;
- disruptions in our supply
chain;
- disruptions or shortages in our
labor supply; and
- adverse impact of cancellations
and/or postponements of hotel stays and convention and trade shows
on our business, market position, growth, financial condition and
operating results.
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 FarahiChief Operating
Officer775/825-4700 or dfarahi@monarchcasino.com
Joseph Jaffoni, Richard Land, James LeahyJCIR212/835-8500 or
mcri@jcir.com
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