Seeking Alpha

With the proliferation of gaming across the U.S. and the rise of Macau as the number one gaming destination in the world, there's no denying the potential in the casino space. But one area that is sure to not be the next "hot" gaming market is Reno, Nevada. Heck, it's not even in the right part of Nevada. But that hasn't stopped investors from falling all over themselves for Monarch Casino & Resort (MCRI). Shares have had quite a ride this year, rising over 81% YTD. However, shares now appear to be in overbought and overvalued territory.

An obscure casino market operator

Monarch owns the Atlantis Casino Resort & Spa in Reno, Nevada and the Monarch Black...

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