Monarch Casino & Resort Announces Management Changes
COO David Farahi leaves company to pursue business interests
Outside the gaming and hospitality industry
20-year veteran of the gaming and hospitality industry, Michelle Shriver,
Appointed Corporate Vice President of Operations
RENO, Nevada, Aug. 24, 2021 (GLOBE NEWSWIRE) – Monarch Casino & Resort, Inc. (NASDAQ: MCRI) (“Monarch” or the “Company”) today announced that Chief Operating Officer David Farahi to leave the Company, effective September 3, 2021, to pursue business interests outside the gaming and hospitality industry. Monarch also announced that Michelle Shriver has joined the company as vice president of operations. In this role, she will have primary responsibility for the operation of the new Monarch Casino Resort Spa Black Hawk and will reside in Denver, Colorado. Michelle has been a consultant for the Company since April 2021.
“On behalf of the Board of Directors and our entire team, I would like to thank David for his 14 years of significant contributions to Monarch, including nine years as Chief Operating Officer,” said John Farahi, Co-President and Chief from the management of Monarch Casino & Recours. “We appreciate David’s commitment and tireless efforts in managing operations during the construction and expansion of our resort in Black Hawk, Colorado, while leading our Reno operations. David was also instrumental in passing Amendment 77 in November 2020, which paved the way for unlimited betting and a variety of new games for Colorado casinos.
David Farahi commented: “I would like to thank the Co-Chairs and Board of Directors of Monarch for the opportunity to serve as COO over the past nine years; it has been a huge privilege. I am incredibly proud of what our entire team has accomplished together and have every confidence in Monarch’s continued success.
John Farahi added, “Michelle has approximately 20 years of experience in the video game and hospitality industry. She has extensive experience in developing a business strategy to maximize revenue and become a market leader. As a member of the Ameristar Casinos management team, she was responsible for the operations of their eight regional casinos. Michelle has also overseen a significant expansion of Ameristar Casino Black Hawk and is very knowledgeable about the Denver area market.
Craig Pleva will continue to lead the experienced and loyal Black Hawk management team as Managing Director. He has been with the company for over 16 years and has served as Managing Director of Black Hawk since July 2014. Prior to moving to Denver, Craig gained significant marketing and operations experience at our Atlantis Casino Resort Spa in Reno. . We are delighted that Craig and Michelle are working together to continue implementing our overall operational strategies at our newly expanded Black Hawk Resort. ”
John Farahi continued, “Going forward, Monarch is well positioned to seize growth opportunities, having built a talented and experienced management team. Our track record is among the best in the industry and our operating history gives us confidence in our ability to execute our strategic plan. “
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “plan”, “anticipate”, “believe “,” Expect “,” seem “,” look “,” look ahead “,” position “,” consider “,” the future “,” will “,” confident “and similar references to periods futures. Examples of forward-looking statements include, among others, statements we make regarding our operating and development strategies and expected management efforts. Actual results and future events and conditions may differ materially from those described in forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results to differ materially from the estimates or projections contained in forward-looking statements include, but are not limited to:
- the continued negative impacts of the COVID-19 epidemic and any variant thereof (“COVID-19”) on our business, construction projects, financial condition and results of operations;
- continued actions of government officials at the federal, state and / or local level with respect to appropriate action, including, but not limited to, temporary or extended closures, travel restrictions, social distancing, and on-site accommodation orders, in connection with the Covid19 epidemic;
- any potential decrease in customer visits as a result of pent-up demand caused by COVID-19;
- any negative impact on the U.S. economy that may result from recurring federal stimulus efforts to deal with COVID-19-related closures and layoffs, such as inflation;
- our ability to manage customer safety issues caused by COVID-19;
- our ability to effectively manage and control expenses during temporary or extended downtime;
- the impact of temporary or extended closures on our ability to maintain compliance with the terms and conditions of our credit facilities and other material contracts;
- the impacts of inflationary pressures on our operating costs and expenses, as well as our ability to pass cost increases on to our customers;
- changes in laws requiring increases in minimum wages and employee benefits;
- changes in laws and regulations allowing extended forms of gambling and other forms of gambling 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 for increased state and federal taxes to deal with the budgetary and other impacts of the COVID-19 pandemic;
- the potential for increased regulatory and other burdens to deal with the direct and indirect impacts of the COVID-19 pandemic;
- customer acceptance of our expanded facilities upon completion and the resulting impact on our market position, growth and financial results; and
- competition in our target markets.
Additional information regarding potential factors that could adversely affect all forward-looking statements, including the Company’s financial results, is included in our documents filed with the Securities and Exchange Commission, including our most recent annual report on the form 10-K and Quarterly Reports on Form 10-Q, which are available on our website at www.monarchcasino.com.
About Monarch Casino & Resort, Inc.
Monarch Casino & Resort, Inc., through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel / casino in Reno, Nevada, and the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado, in approximately 40 miles west of Denver. For more information about Monarch, visit the company’s website at www.monarchcasino.com.
The Atlantis has approximately 61,000 square feet of casino space; 818 rooms and suites; eight food outlets; two gourmet cafes and pastry bars; a 30,000 square foot spa and health salon with a year-round closed pool; two retail outlets offering traditional clothing and gift shop items; an 8,000 square foot family entertainment center; and approximately 52,000 square feet of banquet, convention and meeting space. The casino has approximately 1,400 slot and video poker machines; approximately 37 table games, including blackjack, craps, roulette and others; a running and sports book; a 24-hour live keno lounge; and a poker room.
The Monarch Casino Resort Spa Black Hawk, once its historic building renovations are completed in 2021, will include approximately 60,000 square feet of casino space; approximately 1,200 slot machines; about 30 table games; a poker room and a keno counter. The resort also includes 10 bars and lounges, as well as three new dining options, including a 24-hour full-service restaurant, buffet-style restaurant, and the Monarch Chophouse (a gourmet steakhouse). A sports lounge bar and specialty restaurant are slated to open later in 2021. The resort offers 516 guest rooms and suites, a banquet and meeting room, a retail store, a concierge lounge and spa, and a top swimming pool. range located at the top floor of the tower. The complex is connected to a nine-storey parking structure with approximately 1,350 parking spaces and additional valet parking, with a total capacity of approximately 1,500 spaces.
Joseph Jaffoni, Richard Land, James Leahy
212 / 835-8500 or [email protected]