Monarch Casino & Resort, Inc. (NASDAQ: MCRI) broke ground yesterday on its hotel tower and casino expansion at Monarch Casino Black Hawk, the cornerstone project of the ongoing transformation of Monarch Casino Black Hawk into a full scale casino resort spa destination. Company representatives and local officials in attendance at today's event included: John Farahi, Co-Chairman and Chief Executive Officer of Monarch; Bob Farahi, Co-Chairman and President of Monarch; David Farahi, Chief Operating Officer of Monarch; David Spellman, Mayor of the City of Black Hawk; City Manager Jack Lewis; and members of the Black Hawk City Council.
The new hotel tower and casino expansion will nearly double the approximately 30,000 existing square feet of casino space and add a 23-story hotel tower with approximately 500 guest rooms and suites, an upscale spa and pool facility, a total of four restaurants, and several new bars. The new facilities will open in phases as stages of construction are completed. Monarch already has completed a full interior renovation of the existing facility and constructed a premier parking structure with approximately 1,350 parking spaces spread across nine floors which, when coupled with existing valet parking spaces, creates parking for 1,500 vehicles. (Click here for video that highlights the demolition of the old garage on December 21, 2016.)
"We have been positioning ourselves to reach this exciting milestone and undertake construction of the new hotel tower since we acquired the property in 2012. When all of the new facilities and amenities are opened to the public, which we anticipate will occur in the second quarter of 2019, visitors to Monarch Casino Black Hawk will experience the region's most elegant destination casino resort spa," said Mr. Farahi. "The ongoing success of Monarch Casino Black Hawk during our construction and renovation demonstrates our ability to maintain product quality and superior guest service throughout this transformational period. As we undertake our next phase of construction, the Monarch Casino Black Hawk team will continue serving our guests in the friendly and professional manner they have come to expect.
"Our recently upgraded existing facility and new parking structure will integrate seamlessly with the future hotel tower and casino expansion. We believe our favorable location at the entrance to town on Black Hawk's main artery is advantageous and that we will continue to benefit from the Denver metropolitan region's strong economic growth. We expect the fully completed Monarch Casino Black Hawk to set a new standard in the city for gracious guest service and upscale amenities and are excited by the promise that the future holds."