Monarch Casino and Resort is going through some high-level changes as it continues to fine-tune its position in the US gaming industry. This fall, COO David Farahi is leaving after 14 years of service and Michelle Shriver will be the new corporate vice president of operations at Monarch Casino Resort Spa Black Hawk.
David Farahi Is Leaving Monarch Casino & Resort Inc.
Monarch Casino & Resort, Inc. will see some management changes this fall. Its COO, David Farahi, is leaving on September 3. Farahi has worked for Monarch for fourteen years and served for nine years as its COO.
Analyst Barry Jonas of Truist Securities stated that it was surprising to hear of Farahi’s departure. He wrote in a statement, “We think (David Farahi) is one of the smartest operators in the industry, has been the public face of MCRI with investors for some time.” He also said that there are no near-risks for the company due to Farahi’s strong management, and it is very well-situated in Reno and Black Hawk, despite the rise of COVID-19 cases.
Monarch Casino & Resort Co-Chairman and CEO John Farahi, and David Farahi’s father, said that on behalf of the board and the entire team, the company appreciated his commitment and effort in management during the construction and expansion in Black Hawk Colorado while also managing Reno’s operations.
In his statement, David Farahi said that he is grateful for the opportunity to have served as CEO for the past nine years. He’s proud of what the company has accomplished, and added that he is confident in Monarch’s future success.
Michelle Shiver steps in as CVP at Monarch Casino in Colorado
Michelle Shriver will become the new corporate vice president of operations at Monarch Casino Resort Spa Black Hawk, CO. She has been a consultant for the company since April 2021, and she will take over the primary responsibility for the property.
Shriver has 20 years of experience in the gaming and hospitality industry. With her extensive knowledge and skills, she can develop a corporate strategy to maximize revenue and help the company become a leader in the market.
Previously, she was executive vice president of Ameristar Casinos, from 1996 to 2014, where she managed the operations of eight casino resorts. In the past, she has also owned smoothie cafes in Colorado. She also worked as a content strategist, copywriter, gaming and marketing consultant for a hospitality recruiting company.
Craig Pleva, who has been with the company for sixteen years, will continue to be Black Hawk’s general manager.
Monarch Reports All-Time High for Q22021
In July, Farahi commented on the company’s Q2 financial results and highlighted that there are continued market share gains in both Reno and Black Hawk.
The company recorded net revenue of $97.7 million and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $35.2 million for Q22021 reaching an all-time high. Each of the company’s properties reported a record net revenue and adjusted EBITDA.
However, Farahi also said that constraints in the labor market continue to be a big challenge for the company.