MONARCH CASINO & RESORT Business Summary

Monarch Casino & Resort, Inc. (MCRI) operates as a premier developer and operator of integrated resort and gaming destinations, primarily generating revenue through its casino, food and beverage, hotel, and spa segments. The company’s business model is anchored by two flagship properties: the Atlantis Casino Resort Spa in Reno, Nevada, and the Monarch Casino Resort Spa in Black Hawk, Colorado. Revenue is predominantly driven by gaming operations—including slot machines, table games, and sports betting—complemented by high-margin hospitality services such as luxury lodging and fine dining. As of early 2026, the company continues to focus on high-end regional markets, leveraging record 2025 financial results and recent large-scale capital reinvestments to capture mid-to-upper-tier clientele. MCRI competes directly with regional and national gaming giants such as Boyd Gaming, Caesars Entertainment, Full House Resorts, and Golden Entertainment. Within this landscape, Monarch distinguishes itself as a luxury-focused regional specialist, maintaining a dominant market share in the Black Hawk corridor and a top-tier reputation in the Reno-Sparks area. The company is led by its founding family, which has maintained strategic control since the acquisition of the original Golden Door Motel in 1972. John Farahi serves as Co-Chairman and Chief Executive Officer, while Bob Farahi holds the roles of Co-Chairman and President; both have guided the firm since its 1993 initial public offering. The executive team is supported by key leaders including Darlyne Sullivan, Chief Product and Service Officer, and Lou Dorn, Chief Legal Officer. The Board of Directors features a blend of family legacy and independent oversight, including notable members such as Hope Taitz (CEO of ELY Capital), Paul Andrews (President of the National Western Stock Show), and Craig F. Sullivan. Institutional confidence remains high, with significant ownership stakes held by the Farahi family alongside major investment firms, reflecting a stable leadership structure that prioritizes long-term organic growth and operational efficiency.