The expansion project at Monarch Casino & Resort’s Colorado property is almost completing. Hence, Chief Operating Officer David Farahi will be able to leave the Reno-based company. He can then pursue business opportunities outside of the gaming industry.
Given the structure of Monarch, which Nasdaq trades publicly and the founding Farahi family runs, the announcement caused shock. John Farahi and his brother Bob Farahi serve as co-chairmen of the company, with John also serving as CEO. David Farahi, John Farahi’s son, has announced that he will leave the company on September 3.
In a research note published Wednesday morning, Truist Securities gaming analyst Barry Jonas stated that David Farahi, 40, has been the public face that Monarch investors have come to know. The company owns and operates the Atlantis Casino Resort in Reno and the Monarch Black Hawk Casino Resort in Black Hawk, about 40 miles west of Denver.