Winter snowfalls causes revenue decline for Atlantis Casino

Apr 25, 2011 7:31 PM

Winter snowfalls during seven of the 13 weekends in the first quarter caused a decline in profit at the Atlantis Casino Resort Spa in Reno, Nevada, a property owned by Monarch Casino & Resort Inc. (MCRI).

The company said revenue fell 3.2 percent to $33.2 million from last year’s $34.3 million and the net income was $1.5 million, or $0.10 per share, down from $2.4 million or $0.15 per share.

With weekend driving conditions so poor, the company said it increased promotions, thus raising the casino operating expense by 1.6 percent.

During the quarter, the company paid down its debt by $6.6 million, reducing the balance of the credit facility to $22 million.