March Casino & Resort

What March Casino & Resort does

Monarch Casino & Resort, Inc. (NASDAQ: MCRI) is a publicly traded gaming and hospitality operator founded in 1972 and headquartered in Reno, Nevada. The company operates two integrated casino resort properties: Atlantis Casino Resort Spa in Reno, Nevada (817 guest rooms, approximately 61,000 square feet of casino space, AAA Four Diamond designation) and Monarch Casino Resort Spa in Black Hawk, Colorado (516 rooms and suites, approximately 60,000 square feet of casino space). Both properties offer slot machines, table games, poker, sports books, hotel accommodations, multiple food and beverage outlets, spa services, and banquet and convention space. The company has explicitly ruled out igaming operations and focuses entirely on land-based regional gaming and hospitality, targeting mid-to-upper-tier regional guests in Northern Nevada and the Denver/Boulder metro corridor.

The company's revenue is generated through four streams — casino operations, food and beverage, hotel accommodations, and ancillary services (retail, entertainment, spa) — all priced at market rates based on property positioning. Casino revenue represents the largest stream at approximately $81.2 million in Q4 2025. Monarch distributes exclusively through its two physical resort properties in a direct-to-consumer model with no online or third-party channel exposure. Marketing is conducted via an integrated mix of television, digital, social media, outdoor, and on-property channels, with the 2025 'Once Is All It Takes' brand campaign winning multiple Hermes Creative Awards and Viddy Awards.

FY2025 net revenue was $545.1 million (up 4.4% year-over-year), with Q1 2026 revenue of $136.6 million (up 8.9% year-over-year). The company reported FY2025 net income of $101.4 million (+39.3% year-over-year), Adjusted EBITDA of $199.1 million (+10.4% year-over-year), and a record 36.5% Adjusted EBITDA margin. Monarch maintains no long-term debt, $120.1 million in cash, and a $100 million Wells Fargo credit facility. The company is family-controlled, led by CEO and Co-Chairman John Farahi (son of founder David Farahi) and Co-Chairman and President Bob Farahi, with institutional ownership of approximately 62.37%.

Name

March Casino & Resort

Legal name

Monarch Casino & Resort, Inc.

Website

https://monarchcasino.com

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Monarch Casino & Resort (NASDAQ: MCRI) operates two integrated casino resort properties — Atlantis in Reno, Nevada and Monarch Black Hawk in Colorado — serving mid-to-upper-tier regional gaming and hospitality guests with no igaming exposure.

Ownership category

akta.pro rank

Product category

Casino & Resort Hospitality

NAICS

Casino Hotels (721120), Casino Hotels (72112)

SIC

Services-Amusement & Recreation Services (7900)

akta.pro primary industry

Luxury Casino Resorts (THAGACAJ)

akta.pro secondary industries

Integrated Casino Resorts (THAGAJAA), Integrated Casino Resorts (Casino + Hotel/Entertainment) (MPAEAAAA), Destination Casino Hotels (THAGAJAC)

Keywords

• Casino resort operations
• Gaming hospitality services
• Hotel accommodations
• Fine dining venues
• Spa wellness facilities

Headquarters

HQ city

Black Hawk

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Casino Revenue: Gaming revenue from slot machines, table games, poker, keno, and sports book operations at both Atlantis and Monarch Black Hawk properties. Casino revenue represents the largest revenue stream at approximately $81.2 million for Q4 2025.
2. Food and Beverage: Revenue from eight food outlets at Atlantis including Atlantis Steakhouse (Forbes Four-Star), Bistro Napa, and multiple dining options at Monarch Black Hawk including Monarch Chophouse, Bistro Mariposa, and 24-hour restaurant. Includes banquet and meeting room catering services.
3. Hotel: Accommodation revenue from 817 guest rooms and suites at Atlantis and 516 rooms at Monarch Black Hawk. Includes convention and group business. Hotel revenue benefits from completed $100 million room renovation at Atlantis.
4. Other Revenue: Other operating revenue including retail, entertainment, spa services, and other ancillary offerings at both properties. Contributed approximately $6.8 million in Q4 2025.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Monarch Casino & Resort operates two integrated casino resort properties—Atlantis Casino Resort Spa in Reno, Nevada and Monarch Casino Resort Spa in Black Hawk, Colorado. The properties offer slot machines, table games, poker, sports book and keno, alongside hotel rooms and suites, multiple food and beverage outlets, spa services, and convention and meeting facilities. The company is publicly traded on NASDAQ under MCRI and has explicitly ruled out igaming, focusing entirely on land-based gaming and hospitality.

Product overview

Monarch Casino & Resort operates two core casino resort properties: Atlantis Casino Resort Spa in Reno, Nevada and Monarch Casino Resort Spa in Black Hawk, Colorado. The company offers integrated gaming and hospitality services including casino floors with slot machines and table games, hotel accommodations, multiple dining venues (steakhouses, buffets, and specialty restaurants), spa and wellness facilities, and convention/meeting spaces. Both properties feature gaming floors, hotel rooms and suites, food and beverage outlets, and spa services, with the Atlantis property additionally featuring a Forbes Four-Star restaurant and spa. The company also operates a charitable giving program through slot machine change donation kiosks.

Differentiator

Problem solved

Functional benefit

Products and services

• Atlantis Casino Resort Spa AAA Four Diamond full-service casino resort in Reno, Nevada with 817 guest rooms, approximately 61,000 square feet of casino space, eight food and beverage outlets, Spa Atlantis (Forbes Four-Star), and approximately 52,000 square feet of banquet and meeting space. Ranked #1 Reno resort on TripAdvisor for 11 consecutive years and #1 Reno hotel by U.S. News & World Report.
• Monarch Casino Resort Spa Black Hawk Luxury casino resort in Black Hawk, Colorado with 516 guest rooms and suites, approximately 60,000 square feet of casino space, four dining venues, rooftop spa and pool, banquet facilities, and concierge lounge. Located at the entrance to historic Black Hawk via Highway 119, about 45 minutes west of Denver.
• Atlantis Gaming Floor Approximately 61,000 square feet of casino gaming at Atlantis featuring roughly 1,200 slot and video poker machines, 30 table games including blackjack, craps, and roulette, a race and sports book, 24-hour live keno lounge, and poker room.
• Monarch Gaming Floor Approximately 60,000 square feet of casino gaming at Monarch Black Hawk with over 1,000 slot machines (including Exclusive Premiere slots), 37 table games, a live poker room, keno, a sports book, and dedicated high-limit areas for slots and table games.
• Atlantis Steakhouse Reno's only Forbes Four-Star restaurant, offering a premium steakhouse dining experience at Atlantis Casino Resort Spa. Awarded Wine Spectator Best of Award of Excellence and recognized for 3 consecutive Forbes Four-Star years.
• Spa Atlantis Reno's only Forbes Travel Guide Four-Star spa, offering world-class wellness and spa services at Atlantis Casino Resort Spa, recognized with the Forbes Four-Star designation for 11 consecutive years.
• Monarch Chophouse Signature steakhouse at Monarch Black Hawk offering fine dining and awarded the Wine Spectator Best of Award of Excellence.
• Bistro Mariposa Elevated Latin/Southwest cuisine restaurant at Monarch Black Hawk, awarded the Wine Spectator Best of Award of Excellence.
• Slot Machine Change Donation Program Guest-facing charitable giving program enabled at slot redemption kiosks, allowing guests to round down their slot ticket cashouts and donate the remaining change to selected nonprofit organizations. Available at both Atlantis Casino Resort Spa and Monarch Casino Resort Spa Black Hawk.

Quantifiable outcome

• Revenue growth of 8.9% year-over-year to $136.6 million in Q1 2026
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature1 record

Partnerships

One partnership is on record.

• Association of Marketing and Communication Professionals (AMCP)minorOthersAMCP administers the Hermes Creative Awards and Viddy Awards for which Atlantis won multiple platinum and gold awards for its 'Once Is All It Takes' brand campaign. AMCP is the governing body that evaluates and recognizes excellence in marketing and communications.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Full House Resorts: Small publicly traded regional casino operator running destination and regional casino-resort properties across multiple U.S. states. Directly comparable scale, regional-casino operating model, and growth-by-acquisition trajectory to Monarch.
• Golden Entertainment: Small-cap publicly traded gaming operator with a mix of casino resorts, taverns, and distributed gaming across Nevada and Maryland. Closest size and structure match to Monarch's two-property integrated resort focus, with comparable regional/conventional GGR mix.
• Century Casinos: Small-cap publicly traded casino operator with mid-size regional casinos in the U.S. plus international operations. Comparable footprint size and small-operator capital structure make it a relevant peer for Monarch's regional luxury-casino thesis.

Broad incumbents

• Red Rock Resorts: Station Casinos' parent, a multi-property Las Vegas locals operator with a higher-end regional casino-resort portfolio. Comparable integrated-resort economics and regional-casino exposure, though notably larger and concentrated in Las Vegas.
• Penn Entertainment: One of the largest U.S. regional gaming operators with dozens of casino properties nationwide. Broadly comparable regional gaming business model to Monarch, though substantially larger scale and a meaningful interactive/online segment.
• Bally's Corporation: Multi-property U.S. and international gaming operator with regional casino-resort and online exposure. Comparable regional land-based casino mix to Monarch, though with a much broader and more levered portfolio.
• Churchill Downs Incorporated: Multi-segment gaming, racing, and online operator with a large portfolio of regional casino-resort, HRM, and racing properties. Useful comparator for Monarch's regional casino-resort operating metrics and asset-quality narrative.
• Caesars Entertainment: One of the largest U.S. integrated resort operators with casino-resort properties across Las Vegas, regional markets, and digital. An industry bellwether and reference benchmark for regional-casino margins and capital structures.
• Boyd Gaming Corporation: Multi-property regional gaming operator with casino-resort and locals properties across the U.S. Larger and more diversified than Monarch, but operates similar regional integrated-resort assets and serves comparable drive-to customer segments.

Others

• Isle of Capri Casinos (acquired by Eldorado 2020): Was a comparable small-cap regional casino operator prior to its acquisition by Eldorado Resorts (now Caesars). Useful historical comp for Monarch's small-cap regional gaming valuation, capital allocation, and consolidation profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/AtlantisReno
• Facebookfacebook.com/AtlantisCasinoResortSpa
• Instagraminstagram.com/AtlantisReno

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about March Casino & Resort