Monarch Casino & Resort owns and operates two regional casino resort properties: Atlantis Casino Resort Spa in Reno, Nevada, and Monarch Casino Resort Spa Black Hawk in Colorado. Atlantis features roughly 61,000 sq ft of casino space, 817 hotel rooms, eight restaurants, a spa, and convention space, and is the only hotel-casino with a direct skywalk connection to the Reno-Sparks Convention Center. The Black Hawk property features roughly 60,000 sq ft of casino space, 516 hotel rooms, four restaurants, and a spa, and sits at the entrance to Black Hawk — the first casino visitors encounter when driving in from Denver. Both properties target middle to upper-middle income guests and position themselves as premium, full-amenity resorts. Casino gaming is the primary revenue driver at both properties, with hotel, food and beverage, and spa operations serving mainly to attract guests and extend their time on the casino floor rather than as standalone profit centers. Monarch targets leisure travelers, convention attendees, and locals at Atlantis, and Denver metro visitors at Black Hawk. Monarch uses a cross-property loyalty program, Monarch Rewards, to track spend and direct marketing and complimentary offers toward high-value gaming customers. The business is capital-intensive, with annual capex focused on hotel room renovations and gaming equipment upgrades.