RENO, Nev. - Monarch Casino & Resort Inc., the owner of the Atlantis Casino Resort Spa in Reno, Nev., said Wednesday its net profit in the third quarter fell 50 percent as revenue sank and promotional giveaways crept higher.

Net profit fell to $4 million, or 25 cents per share, from $8 million, or 41 cents per share, in the year-ago quarter. Net revenue dropped 11 percent to $38.8 million from $43.6 million.

Analysts surveyed by Thomson Reuters expected earnings per share of 21 cents and revenue of $38.5 million.

Casino operating expenses grew 8.2 percent to $10 million, due largely to the giveaway of free food, drinks and other services to patrons.

Chief Executive John Farahi cited the weak economy in Northern Nevada for revenue shrinkage while profits were hurt by “aggressive marketing and discount programs initiated by our competitors.”

Shares of Monarch Casino slipped 10 cents to close at $6.70.