-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
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<SEC-DOCUMENT>0000950131-99-001088.txt : 19990225
<SEC-HEADER>0000950131-99-001088.hdr.sgml : 19990225
ACCESSION NUMBER:		0000950131-99-001088
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19990224
GROUP MEMBERS:		ACORN INVESTMENT TRUST
GROUP MEMBERS:		WANGER ASSET MANAGEMENT LP
GROUP MEMBERS:		WANGER ASSET MANAGEMENT, LTD.

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MONARCH CASINO & RESORT INC
		CENTRAL INDEX KEY:			0000907242
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				880300760
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		
		SEC FILE NUMBER:	005-49845
		FILM NUMBER:		99548814

	BUSINESS ADDRESS:	
		STREET 1:		1175 W MOANA LANE
		STREET 2:		STE 200
		CITY:			RENO
		STATE:			NV
		ZIP:			89509
		BUSINESS PHONE:		7028253355

	MAIL ADDRESS:	
		STREET 1:		1175 W MOANA LANE
		STREET 2:		STE 200
		CITY:			RENO
		STATE:			NV
		ZIP:			89509

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WANGER ASSET MANAGEMENT LP
		CENTRAL INDEX KEY:			0000908733
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				363820584
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		227 W MONROE STREET
		STREET 2:		SUITE 3000
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3126349230

	MAIL ADDRESS:	
		STREET 1:		227 W MONROE ST
		STREET 2:		STE 3000
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WANGER ASSET MANAGEMENT  LP
		DATE OF NAME CHANGE:	19960619
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<DESCRIPTION>SCHEDULE 13G/A
<TEXT>

<PAGE>
 
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G

                   Under the Securities Exchange Act of 1934
                               (Amendment No. 5)*

                         MONARCH CASINO & RESORT, INC.
- --------------------------------------------------------------------------------
                                (Name of Issuer)


                                  COMMON STOCK
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                   609027107
                    ----------------------------------------
                                 (CUSIP Number)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


SEC 1745 (2/92)                Page 1 of 8 pages
<PAGE>
 
    CUSIP No.    609027107            13G                         Page 2 of 8
                 ---------

- ------------------------------------------------------------------------------
1   NAME OF REPORTING PERSON
    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
    Wanger Asset Management, L.P.  36-3820584
- ------------------------------------------------------------------------------
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

    Not Applicable                                                (a)  [ ]
                                                                  (b)  [ ]
- ------------------------------------------------------------------------------
3   SEC USE ONLY


- ------------------------------------------------------------------------------
4   CITIZENSHIP OR PLACE OF ORGANIZATION

    Delaware
- ------------------------------------------------------------------------------
          NUMBER OF               5    SOLE VOTING POWER

           SHARES                      None
                                  --------------------------------------------
         BENEFICIALLY             6    SHARED VOTING POWER

           OWNED BY                    760,200
                                  --------------------------------------------
             EACH                 7    SOLE DISPOSITIVE POWER

          REPORTING                    None
                                  --------------------------------------------
            PERSON                8    SHARED DISPOSITIVE POWER

             WITH                      760,200
- ------------------------------------------------------------------------------
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

    760,200
- ------------------------------------------------------------------------------
10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

    Not Applicable                                                     [ ]
- ------------------------------------------------------------------------------
11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

    8.06%
- ------------------------------------------------------------------------------
12  TYPE OF REPORTING PERSON*

    IA
- ------------------------------------------------------------------------------
                     * SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
 
    CUSIP No.    609027107             13G                         Page 3 of 8
                 ---------

- ------------------------------------------------------------------------------
1   NAME OF REPORTING PERSON
    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
    Wanger Asset Management, Ltd.
- ------------------------------------------------------------------------------
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

    Not Applicable                                                (a)  [ ]
                                                                  (b)  [ ]
- ------------------------------------------------------------------------------
3   SEC USE ONLY


- ------------------------------------------------------------------------------
4   CITIZENSHIP OR PLACE OF ORGANIZATION

    Delaware
- ------------------------------------------------------------------------------
          NUMBER OF               5    SOLE VOTING POWER

           SHARES                      None
                                  --------------------------------------------
         BENEFICIALLY             6    SHARED VOTING POWER

           OWNED BY                    760,200
                                  --------------------------------------------
             EACH                 7    SOLE DISPOSITIVE POWER

          REPORTING                    None
                                  --------------------------------------------
            PERSON                8    SHARED DISPOSITIVE POWER

             WITH                      760,200
- ------------------------------------------------------------------------------
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

    760,200
- ------------------------------------------------------------------------------
10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

    Not Applicable                                                     [ ]
- ------------------------------------------------------------------------------
11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

    8.06%
- ------------------------------------------------------------------------------
12  TYPE OF REPORTING PERSON*

    CO
- ------------------------------------------------------------------------------
                     * SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
 
    CUSIP No.    609027107             13G                         Page 4 of 8
                 ---------

- ------------------------------------------------------------------------------
1   NAME OF REPORTING PERSON
    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
    Acorn Investment Trust
- ------------------------------------------------------------------------------
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

    Not Applicable                                                (a)  [ ]
                                                                  (b)  [ ]
- ------------------------------------------------------------------------------
3   SEC USE ONLY


- ------------------------------------------------------------------------------
4   CITIZENSHIP OR PLACE OF ORGANIZATION

    Massachusetts
- ------------------------------------------------------------------------------
          NUMBER OF               5    SOLE VOTING POWER

           SHARES                      None
                                  --------------------------------------------
         BENEFICIALLY             6    SHARED VOTING POWER

           OWNED BY                    535,000
                                  --------------------------------------------
             EACH                 7    SOLE DISPOSITIVE POWER

          REPORTING                    None
                                  --------------------------------------------
            PERSON                8    SHARED DISPOSITIVE POWER

             WITH                      535,000
- ------------------------------------------------------------------------------
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

    535,000
- ------------------------------------------------------------------------------
10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

    Not Applicable                                                     [ ]
- ------------------------------------------------------------------------------
11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

    5.67%
- ------------------------------------------------------------------------------
12  TYPE OF REPORTING PERSON*

    IV
- ------------------------------------------------------------------------------
                     * SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
 
Item 1(a)      Name of Issuer:

                    Monarch Casino & Resort, Inc.


Item 1(b)      Address of Issuer's Principal Executive Offices:

                    1175 W. Moana Lane, Suite 200
                    Reno, Nevada  89509


Item 2(a)      Name of Person Filing:

                    Wanger Asset Management, L.P. ("WAM");
                    Wanger Asset Management Ltd., the general partner of WAM
                    ("WAM LTD.");
                    Acorn Investment Trust ("Acorn").


Item 2(b)      Address of Principal Business Office:

                    WAM, WAM LTD. and Acorn are all located at:
                    227 West Monroe Street, Suite 3000
                    Chicago, Illinois 60606


Item 2(c)      Citizenship:

                    WAM is a Delaware limited partnership.
                    WAM LTD. is a Delaware corporation.
                    Acorn is a Massachusetts business trust.


Item 2(d)      Title of Class of Securities:

                    Common Stock


Item 2(e)      CUSIP Number:

                    609027107


Item 3         Type of Person:

                    (d) Acorn is an Investment Company registered under section
                    8 of the Investment Company Act of 1940.

                    (e) WAM is an Investment Adviser registered under section
                    203 of the Investment Advisers Act of 1940; WAM LTD. is the
                    General Partner of the Investment Adviser.


                               Page 5 of 8 pages
<PAGE>
 
Item 4         Ownership (at December 31, 1998):
                                            --

                    (a)    Amount owned "beneficially" within the meaning of
                           rule 13d-3:

                           760,200 shares

                    (b)    Percent of class:

                           8.06%

                    (c) Number of shares as to which such person has:

                                 (i)   sole power to vote or to direct the vote:
                                       none

                                (ii)   shared power to vote or to direct the
                                       vote: 760,200

                               (iii)   sole power to dispose or to direct the
                                       disposition of: none

                                (iv)   shared power to dispose or to direct
                                       disposition of: 760,200


Item 5         Ownership of Five Percent or Less of a Class:

                    Not Applicable


Item 6         Ownership of More than Five Percent on Behalf of Another Person:

                    The shares reported herein have been acquired on behalf of
                    discretionary clients of WAM, including Acorn. Persons other
                    than WAM and WAM LTD. are entitled to receive all dividends
                    from, and proceeds from the sale of, those shares. Acorn is
                    the only such person known to be entitled to receive all
                    dividends from, and all proceeds from the sale of, shares
                    reported herein to the extent more than 5% of the class.


Item 7         Identification and Classification of the Subsidiary Which
               Acquired the Security Being Reported on by the Parent Holding
               Company:

                    Not Applicable


Item 8         Identification and Classification of Members of the Group:

                    Not Applicable


Item 9         Notice of Dissolution of Group:

                    Not Applicable


                               Page 6 of 8 pages
<PAGE>
 
Item 10        Certification:

                          By signing below I certify that, to the best of my
                    knowledge and belief, the securities referred to above were
                    acquired in the ordinary course of business and were not
                    acquired for the purpose of and do not have the effect of
                    changing or influencing the control of the issuer of such
                    securities and were not acquired in connection with or as a
                    participant in any transaction having such purpose or
                    effect.


                               Page 7 of 8 pages
<PAGE>
 
                                   Signature

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.


Date:  February 23, 1999


                    The undersigned corporation, on the date above written,
                    agrees and consents to the joint filing on its behalf of
                    this Schedule 13G in connection with its beneficial
                    ownership of the security reported herein.


                                       WANGER ASSET MANAGEMENT, LTD.
                                         for itself and as general partner of
                                         WANGER ASSET MANAGEMENT, L.P.



                                       By:  /s/ Bruce H. Lauer
                                            ------------------------------------
                                                Bruce H. Lauer
                                                Vice President


                    The undersigned, on the date above written, agrees and
                    consents to the joint filing on its behalf of this Schedule
                    13G in connection with its beneficial ownership of the
                    security reported herein.


                                       ACORN INVESTMENT TRUST




                                       By:  /s/ Bruce H. Lauer
                                            ------------------------------------
                                                Bruce H. Lauer
                                                Vice President and Treasurer


                               Page 8 of 8 pages
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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