{"id":281931,"date":"2023-07-20T14:18:16","date_gmt":"2023-07-20T19:18:16","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=281931"},"modified":"2023-07-21T09:56:42","modified_gmt":"2023-07-21T14:56:42","slug":"monarch-casino-searching-for-acquisitions-says-ceo","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/","title":{"rendered":"Monarch Casino & Resort Mulling Acquisition Opportunities"},"content":{"rendered":"

Monarch Casino & Resort (NASDAQ: MCRI) is considering opportunities to add to its two-property portfolio via acquisition.<\/p>\n

\"Monarch
Monarch’s Atlantis Reno, seen above. The company is looking for acquisition opportunities. (Image: The Nevada Independent<\/em>)<\/figcaption><\/figure>\n

Cochairman and CEO John Farahi commented to that effect in the company\u2019s second-quarter earnings press release, published on Wednesday after the close of U.S. markets. Reno-based Monarch currently owns the Atlantis in its home city and its eponymous venue in the fast-growing Black Hawk, Colo<\/a>. market.<\/p>\n

We continue to evaluate potential acquisition opportunities where we can employ our developmental and operational expertise in a financially prudent manner,\u201d<\/strong> said Farahi in the statement.<\/p><\/blockquote>\n

Farahi didn\u2019t elaborate on specific regions where Monarch is considering entering, nor did he say whether or not the company has held talks with potential sellers.<\/p>\n

Monarch Could Be Buyer \u2026 or Seller<\/h2>\n

Monarch Casino closed the second quarter with $35.1 million in cash on hand. That\u2019s a decent tally for a company with a market capitalization of $1.41 billion, but one that also implies the operator would likely need to issue debt or equity to affect an acquisition.<\/p>\n

\n

As for the prospects of Monarch striking a deal over the near term, anything is possible. However, management is believed to be highly selective<\/a>, which is to investors\u2019 benefit, and the current high-interest rate environment doesn\u2019t lend itself to debt-fueled mergers and acquisition activity.<\/p>\n<\/div>\n

\u201cManagement’s stringent requirements makes executing an acquisition tricky in the present M&A environment, though not impossible, while MCRI’s balance sheet flexibility could afford unique buying opportunities in a hypothetical downturn,\u201d wrote Stifel analyst Jeffrey Stantial in a note to clients.<\/p>\n

Stantial added that Monarch could be a takeover target, owing to \u201cquality assets and unclear long-term succession plans.\u201d He rates the stock a \u201cbuy\u201d with a $91 price target, implying upside of 30.5% from current levels.<\/p>\n

Where Monarch Could Look for Deals<\/h2>\n

Assuming Monarch doesn\u2019t want to add a property in the markets in which it already operates, the field of prospective regions thins when considering the company probably isn\u2019t a contender for a Las Vegas Strip asset.<\/p>\n

Management is likely to continue to \u201ctarget an underinvested asset in a quality market (stable supply; reasonable tax rate; local economic growth drivers). These opportunities are more limited and barring macroeconomic headwinds evoking incremental opportunities,\u201d observed Stantial.<\/p>\n

\n

In terms of favorable tax trades and growing local economies, Northern Nevada and Colorado\u2019s three gaming markets of Black Hawk, Central City, and Cripple Creek fit the bill. Those areas also benefit from being in states with rising populations, a pivotal trait for regional casino operators.<\/p>\n<\/div>\n

Conversely, other large gaming states, such as Illinois and Louisiana, are shedding population. However, Louisiana has the benefit of neighboring Texas, which doesn\u2019t permit casino gaming.<\/p>\n","protected":false},"excerpt":{"rendered":"

Monarch Casino & Resort (NASDAQ: MCRI) is considering opportunities to add to its two-property portfolio via acquisition. Cochairman and CEO John Farahi commented to that effect in the company\u2019s second-quarter earnings press release, published on Wednesday after the close of U.S. markets. Reno-based Monarch currently owns the Atlantis in its home city and its eponymous […]<\/p>\n","protected":false},"author":46,"featured_media":210289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,1],"tags":[81903,81966,81967],"acf":[],"yoast_head":"\nMonarch Casino Searching For Acquisitions, Says CEO<\/title>\n<meta name=\"description\" content=\"Monarch Casino & Resort on the prowl for acquisitions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monarch Casino Searching For Acquisitions, Says CEO\" \/>\n<meta property=\"og:description\" content=\"Monarch Casino & Resort on the prowl for acquisitions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-20T19:18:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-21T14:56:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/atl2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/\",\"url\":\"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/\",\"name\":\"Monarch Casino Searching For Acquisitions, Says CEO\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/atl2.jpg\",\"datePublished\":\"2023-07-20T19:18:16+00:00\",\"dateModified\":\"2023-07-21T14:56:42+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Monarch Casino & Resort on the prowl for acquisitions.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/atl2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/atl2.jpg\",\"width\":2000,\"height\":1200,\"caption\":\"Monarch Casino's Atlantis Reno. The stock and Boyd Gaming were downgraded amid concerns of softness in regional gaming markets. (Image: The Nevada Independent)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Monarch Casino & Resort Mulling Acquisition Opportunities\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Monarch Casino Searching For Acquisitions, Says CEO","description":"Monarch Casino & Resort on the prowl for acquisitions.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/","og_locale":"en_US","og_type":"article","og_title":"Monarch Casino Searching For Acquisitions, Says CEO","og_description":"Monarch Casino & Resort on the prowl for acquisitions.","og_url":"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2023-07-20T19:18:16+00:00","article_modified_time":"2023-07-21T14:56:42+00:00","og_image":[{"width":2000,"height":1200,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/atl2.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/","url":"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/","name":"Monarch Casino Searching For Acquisitions, Says CEO","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/atl2.jpg","datePublished":"2023-07-20T19:18:16+00:00","dateModified":"2023-07-21T14:56:42+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Monarch Casino & Resort on the prowl for acquisitions.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/atl2.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/atl2.jpg","width":2000,"height":1200,"caption":"Monarch Casino's Atlantis Reno. The stock and Boyd Gaming were downgraded amid concerns of softness in regional gaming markets. (Image: The Nevada Independent)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/monarch-casino-searching-for-acquisitions-says-ceo\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Monarch Casino & Resort Mulling Acquisition Opportunities"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/281931"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=281931"}],"version-history":[{"count":3,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/281931\/revisions"}],"predecessor-version":[{"id":281965,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/281931\/revisions\/281965"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/210289"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=281931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=281931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=281931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}