MCRI on Nasdaq

Atlantis Casino Resort Spa

Hotel and casino in Nevada, United States

The Atlantis Casino Resort Spa (formerly Golden Road Motor Inn, Travelodge, Quality Inn and Clarion) is a hotel and casino located in Reno, Nevada, United States. It is owned and operated by Monarch Casino & Resort, Inc. Its three hotel towers have a combined 824 guest rooms and suites. The casino floor spans 64,814 sq ft.3 Its shares trade on Nasdaq under the symbol MCRI.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1972Founded1

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  • TickerMCRI on Nasdaq1
  • IndustryHotels & Motels1
  • HeadquartersReno, Nevada1
  • Websitewww.atlantiscasino.com
  • Incorporated inNV4
  • Business address3800 S Virginia Street, Executive Offices, Reno, Nv 895024
  • Filer categoryLarge accelerated filer4
Atlantiscasino
Photo: Lvtalon at English Wikipedia, Public domain, via Wikimedia Commons6

The Atlantis Casino Resort Spa (formerly Golden Road Motor Inn, Travelodge, Quality Inn and Clarion) is a hotel and casino located in Reno, Nevada, United States. It is owned and operated by Monarch Casino & Resort, Inc. Its three hotel towers have a combined 824 guest rooms and suites. The casino floor spans 64,814 sq ft. Often known simply as "Atlantis," it is one of Reno's most profitable properties, competing directly with other non-downtown resorts such as Peppermill Hotel Casino and Grand Sierra Resort for customers. Nearly $150 million has been spent on upgrading the facility.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

23.4%Gross margin7
18.6%Net margin7
4.4%Revenue growth, 20257
18.9%Return on equity7
$128.4MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Casino brought in 58% of the revenue Atlantis Casino Resort Spa broke down this way in fiscal 2025.

  1. Casino$313.8M758%up 7% from 2024
  2. Food and Beverage$130.2M724%up 2% from 2024
  3. Occupancy$76.2M714%down 0% from 2024
  4. Hotel, Other$24.9M75%up 2% from 2024
Products and services by year
Products and services202320242025
Casino$282.3M$293.8M$313.8M
Food and Beverage$126.6M$127.5M$130.2M
Occupancy$71.0M$76.4M$76.2M
Hotel, Other$21.6M$24.5M$24.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin20¢$109.4M
  • Other costs56¢$306.3M
  • Income tax5¢$28.0M
  • Profit19¢$101.4M

Out of $545.1M in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending22¢$36.3M
  • Dividends paid13¢$21.9M
  • Share buybacks44¢$72.7M
  • Kept or used elsewhere21¢$33.8M

Out of $164.7M of cash from operations.7

Financial statements

Revenue8910117$545.1M in 2025+119% since 2019
0$200.0M$400.0M$600.0M2019: $249.2M$249.2M20192020: $184.4M$184.4M2020−26%2021: $395.4M$395.4M2021+114%2022: $477.9M$477.9M2022+21%2023: $501.5M$501.5M2023+5%2024: $522.2M$522.2M2024+4%2025: $545.1M$545.1M2025+4%
Gross profit12910117$127.5M in 2025+222% since 2019
0$50.0M$100.0M$150.0M2019: $39.6M$39.6M20192020: $15.3M$15.3M2020−61%2021: $89.9M$89.9M2021+489%2022: $111.4M$111.4M2022+24%2023: $110.2M$110.2M2023−1%2024: $92.5M$92.5M2024−16%2025: $127.5M$127.5M2025+38%
Net income12910117$101.4M in 2025+219% since 2019
0$50.0M$100.0M$150.0M2019: $31.8M$31.8M20192020: $23.7M$23.7M2020−26%2021: $68.5M$68.5M2021+189%2022: $87.5M$87.5M2022+28%2023: $82.4M$82.4M2023−6%2024: $72.8M$72.8M2024−12%2025: $101.4M$101.4M2025+39%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Net revenues$545.1M$522.2M$501.5M
Selling, general and administrative$109.4M$108.3M$105.8M
Depreciation and amortization$54.0M$51.4M$47.3M
Other operating items, net$9.2M$28.7M$5.9M
Total operating expenses$417.6M$429.7M$391.3M
Income from operations$127.5M$92.5M$110.2M
Interest income (expense), net$1.9M-$104.0K-$1.6M
Income before income taxes$129.4M$92.4M$108.5M
Income tax expense-$28.0M-$19.6M-$26.1M
Net income$101.4M$72.8M$82.4M
Basic (in dollars per share)$5.55$3.91$4.28
Diluted (in dollars per share)$5.43$3.84$4.20
Basic (in shares)18.3M shares18.6M shares19.2M shares
Diluted (in shares)18.7M shares19.0M shares19.6M shares

Compare Atlantis Casino Resort Spa with another company

Corporate structure

Atlantis Casino Resort Spa sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Atlantis Casino Resort Spa

  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Atlantis Casino Resort Spa, latest Mar 27, 2026 (2 filings since Feb 13, 2024)
  • DAVENPORT & Co LLC Filed SCHEDULE 13G/A on Atlantis Casino Resort Spa, latest Mar 5, 2026 (3 filings since Feb 1, 2023)
  • BlackRock Filed SCHEDULE 13G/A on Atlantis Casino Resort Spa, latest Apr 29, 2025 (6 filings since Jan 26, 2022)
  • Janus Henderson Group Ltd. Filed SC 13G/A on Atlantis Casino Resort Spa, latest Feb 9, 2023 (2 filings since Feb 11, 2022)
  • JPMorgan Chase Filed SC 13G/A on Atlantis Casino Resort Spa, latest Jan 5, 2022
  • Atlantis Casino Resort Spa Reno, Nevada

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Atlantis Casino Resort Spa reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$959.9M7 Dec 31, 2025$930.3M7 Dec 31, 2024+3.2%
Accumulated depreciation$403.2M7 Dec 31, 2025$355.0M7 Dec 31, 2024+13.6%
Property and equipment, net$556.7M7 Dec 31, 2025$575.3M7 Dec 31, 2024−3.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$25.1M7 Dec 31, 2025$25.1M7 Dec 31, 20240%
Finite-lived intangibles, net$680.0K7 Dec 31, 2025$345.0K11 Dec 31, 2024+97.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$9.1M7 Dec 31, 2025$9.3M7 Dec 31, 2024−2.2%

Properties, in its own words

As of December 31, 2025, our properties consist of:

Reno, Nevada Properties:

The rest of Item 2

(a)An approximately 13-acre site on which the Atlantis is situated, including the hotel towers, casino, restaurant facilities and surrounding parking.

(b)An approximately 16-acre site, adjacent to the Atlantis and connected to the Atlantis by the Sky Terrace, which includes approximately 11 acres of paved parking used for customer, employee and valet parking. The remainder of the site is undeveloped. This site is compliant with all casino zoning requirements and is suitable and available for future expansion of the Atlantis facilities, parking, or complementary resort casino and/or entertainment amenities. We have not determined the ultimate use of this site.

(c)An approximately 2.6-acre site across Virginia Street from the Atlantis which is utilized as administrative offices (“the Administrative Site”) for Atlantis staff.

(d)An approximately 5.3-acre site with a 14,376 square foot building across Coliseum Way from the Atlantis. The building is currently rented and the land is unused.

(e)Approximate 2.3-acre, 0.45-acre and 0.23-acre sites adjacent to the Administrative Site which are currently unused.

(f)Leased land consisting of approximately 37,400 square-feet adjacent to the Atlantis serving as a driveway entrance to the Atlantis. For a further description of the lease terms, see Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Notes 5 and 12.

(g)Leased land consisting of approximately 4.2 acres adjacent to the Atlantis serving as a surface parking lot for the Atlantis. For a further description of the lease terms, see Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Notes 5 and 12.

Black Hawk, Colorado Properties:

(a) · An approximate 3.4-acre site on which the Monarch Black Hawk is situated including the hotel tower, casino, conference facilities, resort facilities, restaurant facilities and surrounding parking.

(b) · An approximate 9.0-acre parcel of land with an industrial building, located between Denver and Monarch Casino Resort Spa Black Hawk, in Clear Creek County, Colorado, which is used as a warehouse.

Except for the 37,400 square feet and 4.2-acre parcels of real property adjacent to the Atlantis which are referenced above, we own all of our properties.

Item 2 of the 10-K filed Feb 24, 2026.16

The story

Golden Road Motor Inn (1972–1979)

Prior to 1972, the present-day Atlantis was home to the Golden Road Motor Inn, a 142-room motel. In that year, the property was purchased by the Farahi family. The purchase included with it a restaurant on the site known as the Copper Kettle.

Travelodge (1979–1986)

Shortly after the purchase, a franchise agreement was signed with Travelodge.

Quality Inn (1986–1991)

In the late 1980s, a deal was struck with Choice Hotels. As a result, the hotel was renamed Quality Inn and the restaurant became the Purple Parrot.

Clarion (1991–1996)

In 1991, the hotel was renamed again; under the Choice Hotels lease agreement, they branded the hotel as a Clarion and through the Farahis, constructed a 12-story hotel tower that opened in 1991. The Farahis pledged it would be the first of many expansions to come. Clarion Reno had a tropical theme and when the first tower was built it added more casino and restaurant space.

In 1993, Monarch Casino & Resort, Inc, the Farahis' corporate firm, took over financial responsibility for the Clarion. With this came a public offering on the New York Stock Exchange. With the additional capital from the public offering, Clarion began its second major expansion, which included a second 18-story hotel tower with an additional 400+ rooms, more gaming space and another restaurant, a buffet.

Atlantis (1996–present)

Desiring to have an independent identity, in 1996, the Monarch Casino & Resort, Inc. Board of Directors made the decision to rename the resort Atlantis. With the new name came plans for yet another expansion. The phase III expansion included a third 27-story hotel tower with close to 650 rooms, an expanded casino, three new restaurants, and the addition of a 40,000 sq ft (3,700 m2) entertainment facility. Additionally, the expansion plans called for a "sky terrace" over Virginia Street that would be anchored by two Greco-Roman columns topped with flame shows that would be hourly. Ground was broken in June 1998, with completion just over a year later, in July 1999. The Sky Terrace opened first, before the new hotel tower and casino expansion. The latest expansion cost $60 million to construct, the most expensive and largest to date in the resort's history, and it redefined the resort entirely.

In 2002, Atlantis remodeled its original tower, built back in 1990, and renamed it the "Royal Dolphin Tower." Its rooms were furnished with mahogany accents and warm color tones. There was an extra per night charge for these rooms. The second tower, built in 1994, was remodeled in 2004 with similar furnishings. In 2005 the tower was renamed "Atrium Tower", because of the lobby atrium behind its signature glass elevators.

Since July 2021, the first two towers' (Royal Dolphin, Atrium) rooms are now sold as "Atlantis Tower" and offer the lowest rack rates. The "Luxury" tower rooms are located on floors 3-20 of the newest of the towers. Atlantis has two floors of exclusive VIP suites, which sit on the 26th and 27th floors of Atlantis' third tower and are not available to regular guests unless booked through a party. Atlantis is home to the region's only Concierge Tower, with a concierge lounge on the 25th floor. Atlantis kept in operation its two-story Motor Lodge rooms that was part of the original Golden Road/Travelodge/Quality Inn but closed it down on October 16, 2010, and demolished in the weeks following.

Read the full text

In 2003, Atlantis built a 3,000 sq ft (280 m2) spa and added "spa" under "Resort-Casino" below Atlantis' signature logo. That spa was expanded to 30,000 sq ft (2,800 m2) during the most recent expansion that was completed in January 2009. To match its new "Spa Atlantis" the hotel sequestered a set of rooms on the 3rd floor to be designated as "Spa Rooms" with yoga mats, soothing color tones, yoga channel and specialized bath products.

All rooms in Atlantis' Concierge/Luxury Tower have been completely remodeled; rooms in the Atlantis tower(s) are being updated with modern technology to match the newly remodeled Luxury/Concierge Towers.

From Wikipedia’s article on Atlantis Casino Resort Spa, shared under CC BY-SA 4.0.5

Leadership

Who has led Atlantis Casino Resort Spa, and when. Pick a name to see everywhere that person has worked.

Chief operating officer

  1. David-Jacques Farahi2012–2021
19801990200020102020
Board members and other officers (10)

Timeline

  1. Jul 21, 20268-K Results of operations; Other events30
  2. May 29, 20268-K Shareholder vote31
  3. Apr 22, 20268-K Results of operations; Other events32
  4. Feb 4, 20268-K Results of operations; Other events33
  5. Dec 19, 20258-K Executive or director change34
  6. Oct 22, 20258-K Results of operations; Other events35
  7. Jul 16, 20258-K Results of operations; Other events36
  8. Jun 10, 20258-K Shareholder vote37
  9. Apr 22, 20258-K Results of operations; Other events38
  10. Mar 3, 20258-K Other events39
  11. Feb 18, 20258-K Other events40
  12. Feb 11, 20258-K Results of operations; Other events41
  13. Mar 5, 2019New chief executive David-Jacques Farahi becomes CEO17
  14. Feb 14, 2007New chief executive John Farahi becomes CEO18
  15. Aug 10, 1993Went public Listed on NASDAQ1
  16. 1972Founded Founded1

Calendar

Coming up

  1. Oct 27, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $1.69 a share, on Oct 21, 2025.42

When it reported results

  1. Jul 21, 2026Reported quarterly or annual results30
  2. Apr 22, 2026Reported quarterly or annual results32
  3. Feb 4, 2026Reported quarterly or annual results33
  4. Oct 22, 2025Reported quarterly or annual results35
  5. Jul 16, 2025Reported quarterly or annual results36
  6. Apr 22, 2025Reported quarterly or annual results38
  7. Feb 11, 2025Reported quarterly or annual results41
  8. Oct 23, 2024Reported quarterly or annual results43

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

184 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 31 major events, 80 insider forms, 14 large holders, 39 other. The latest 20:

  1. Sep 21, 20264 PRIMARY DOCUMENT EDGAR
  2. Sep 16, 2026144 EDGAR
  3. Jul 28, 202610-Q EDGAR
  4. Jul 21, 20268-K EDGAR
  5. Jul 7, 20264 PRIMARY DOCUMENT EDGAR
  6. Jul 6, 20264 PRIMARY DOCUMENT EDGAR
  7. Jul 6, 20264 PRIMARY DOCUMENT EDGAR
  8. Jul 2, 20264 PRIMARY DOCUMENT EDGAR
  9. May 29, 20268-K EDGAR
  10. May 29, 20264 PRIMARY DOCUMENT EDGAR
  11. May 28, 2026144 EDGAR
  12. Apr 30, 202610-Q EDGAR
  13. Apr 30, 20264 PRIMARY DOCUMENT EDGAR
  14. Apr 24, 20264 PRIMARY DOCUMENT EDGAR
  15. Apr 22, 20268-K EDGAR
  16. Apr 13, 2026DEFA14A EDGAR
  17. Apr 13, 2026DEF 14A EDGAR
  18. Mar 27, 2026SCHEDULE 13G/A EDGAR
  19. Mar 25, 20264 PRIMARY DOCUMENT EDGAR
  20. Mar 16, 2026144 EDGAR

The 184 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

23 open-market trades by officers, directors and large owners since October 2021: 0 buys and 23 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 17, 2026FARAHI JOHNCEOSale5,000$124.00$620.0KForm 4
May 28, 2026FARAHI JOHNCEOSale5,000$120.84$604.2KForm 4
Mar 16, 2026FARAHI JOHNCEOSale2,000$99.00$198.0KForm 4
Mar 10, 2026FARAHI JOHNCEOSale1,000$97.43$97.4KForm 4
Dec 17, 2025FARAHI JOHNCEOSale1,000$100.63$100.6KForm 4
Aug 26, 2025FARAHI JOHNCEOSale5,000$103.77$518.9KForm 4
Jul 22, 2025SULLIVAN CRAIG FDirectorSale12,200$105.55$1.3MForm 4
Jul 22, 2025FARAHI JOHNCEOSale2,000$105.78$211.6KForm 4
Jan 3, 2025FARAHI JOHNCEOSale1,000$77.70$77.7KForm 4
Oct 15, 2024FARAHI JOHNCEOSale2,000$76.50$153.0KForm 4
Jun 21, 2024FARAHI JOHNCEOSale2,000$68.00$136.0KForm 4
Dec 26, 2023FARAHI JOHNCEOSale1,000$69.00$69.0KForm 4
Dec 15, 2023FARAHI JOHNCEOSale2,000$68.51$137.0KForm 4
Sep 14, 2023FARAHI BOBPresidentSale24,704$66.67$1.6MForm 4
Sep 1, 2023FARAHI BOBPresidentSale9,495$67.91$644.8KForm 4
Aug 31, 2023FARAHI BOBPresidentSale1,722$67.85$116.8KForm 4
Aug 30, 2023FARAHI BOBPresidentSale905$68.09$61.6KForm 4
May 19, 2023FARAHI BOBPresidentSale16,231$67.62$1.1MForm 4
May 9, 2023FARAHI BOBPresidentSale15,036$67.45$1.0MForm 4
May 8, 2023FARAHI BOBPresidentSale3,509$67.05$235.3KForm 4

All 23 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Secretary and$750.0K$3.6M49
2025and President$250.0K$1.6M49
2025and Corporate Treasurer$225.0K$497.2K49
2024Co-Chairman of the Board,$750.0K$3.7M49
2024Co-Chairman of the Board$250.0K$1.7M49
2024Chief Accounting Officer$194.7K$411.0K49
2023John Farahi,$750.0K$3.2M49
2023Bob Farahi,$250.0K$1.5M49
2023Edwin S. Koenig,$190.0K$351.2K49

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.2,056,674$270.7M0.0%+87,029
American Century Companies Inc558,387$73.5M0.0%+47,950
DAVENPORT & Co LLC522,646$69.1M0.4%−318,486
State Street Corp517,599$68.1M0.0%+32,747
Vanguard Capital Management LLC516,971$68.0M0.0%−34,872
Jpmorgan Chase & Co441,829$58.9M0.0%−63,819
Geode Capital Management, LLC426,381$56.1M0.0%+17,822
Vanguard Portfolio Management LLC414,091$54.5M0.0%+35,765
Fuller & Thaler Asset Management, Inc.340,321$44.8M0.1%+46,311
First Trust Advisors LP249,541$32.8M0.0%+197,983
Morgan Stanley204,160$26.9M0.0%−20,019
Arrowstreet Capital, Limited Partnership200,418$26.4M0.0%−2,440
Alliancebernstein L.P.268,748$25.7M0.0%−5,281
Wellington Management Group Llp188,715$24.8M0.0%+35,536
Aqr Capital Management LLC172,373$22.7M0.0%+6,072
Dimensional Fund Advisors LP167,860$22.1M0.0%−872
Charles Schwab Investment Management Inc155,165$20.4M0.0%−6,281
Goldman Sachs Group Inc148,608$19.6M0.0%+55,326
Clark Capital Management Group, Inc.136,129$17.9M0.1%+57,622
Northern Trust Corp130,095$17.1M0.0%+4,651
Fmr LLC129,036$17.0M0.0%−56,051
Bank of New York Mellon Corp127,485$16.8M0.0%−950
Invesco Ltd.125,814$16.6M0.0%+72,084
Nuveen, LLC123,966$16.3M0.0%+23,908
Tributary Capital Management, LLC123,211$16.2M1.3%−32,941

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Atlantis Casino Resort Spa is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMONARCH CASINO & RESORT INC2
  • CIK0000907242
  • Employer ID (EIN)88-030076016
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company16
  • Incorporated inNevada16
  • Fiscal year endsDecember 312
  • Industry code (SIC)7011 Hotels & Motels2
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
  • Business address3800 S Virginia Street, Executive Offices, Reno, NV 895022
  • Phone775-335-46002
  • Shares outstanding17,749,516 as of Apr 23, 202614
  • Public float$1.2M as of Jun 30, 202516
  • AuditorDeloitte & Touche LLP, Las Vegas, Nevada PCAOB ID 42; it also attests to the company’s internal control over financial reporting16
  • On EDGAR sinceMay 14, 19962
  • Filings940 in all: 4 (379), 8-K (183), 10-Q (92), SC 13G/A (68), DEF 14A (30), 10-K (29), 144 (28), SC 13G (24)2
    All 32 form types

    DEFA14A (19), S-8 (12), 4/A (11), 8-K/A (9), UPLOAD (8), 3 (7), SC 13D/A (7), ARS (6), CORRESP (5), 10-K/A (4), SCHEDULE 13G/A (3), S-8 POS (2), SC TO-C (2), SC TO-I/A (2), 10-K405 (1), 10-Q/A (1), 3/A (1), 424B1 (1), 5 (1), PRE 14A (1), S-3 (1), S-3/A (1), SC 13D (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Feb 24, 2026
    Quarterly report (10-Q) Jul 28, 2026
    Proxy statement (DEF 14A) Apr 13, 2026
    Latest 8-K (8-K) Jul 21, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par value per shareMCRINASDAQ

From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).16

Risk factors and legal proceedings

The risks Atlantis Casino Resort Spa names in Item 1A of its 10-K filed Feb 24, 2026: 1 risk under these headings, as written.16

  • RISKS RELATED TO OUR BUSINESS
  • We are entirely dependent on TWO resorts for all of our cash flow, which subjects us to greater risks than a gaming company with more operating properties
  • RISKS RELATING TO OWNERSHIP OF COMMON STOCK
  • GENERAL RISKS

Legal proceedings

This information is incorporated by reference from Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements, Note 11 of this Form 10-K.

The opening of Item 3, Legal Proceedings.16

Sources

The numbers on this page point here. Each one links to the record it came from.

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