Monarch Casino & Resort skids on Q1 results, outlook remains bleak
Shares of Monarch Casino & Resort, Inc. (Nasdaq:MCRI) are veering lower this morning after the owner of the Atlantis Casino Resort Spa in Reno, reported first-quarter results that declined from a year ago and missed analysts’ estimates. The company attributed lackluster results to a challenging macroeconomic operating environment, a disruption from construction related to an expansion project and aggressive marketing programs by competitors.
Monarch Casino further noted that it anticipates downward pressure on profits will continue as long as the macroeconomic environment remains difficult and the construction disruption persists.
Shares plummeted 23%, or $4.03, to $13.32 at 10:26 a.m. For detailed price information and recent news stories about Monarch Casino & Resort, click MCRI.
