-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000935836-02-000118.txt : 20020414
<SEC-HEADER>0000935836-02-000118.hdr.sgml : 20020414
ACCESSION NUMBER:		0000935836-02-000118
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20020214
GROUP MEMBERS:		WC CAPITAL MANAGEMENT, LLC
GROUP MEMBERS:		WILLOW CREEK CAPITAL MANAGEMENT

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
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-44388
		FILM NUMBER:		02546790

	BUSINESS ADDRESS:	
		STREET 1:		1175 W MOANA LANE
		STREET 2:		STE 200
		CITY:			RENO
		STATE:			NV
		ZIP:			89509
		BUSINESS PHONE:		7758253355

	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:			WILLOW CREEK CAPITAL MANAGEMENT
		CENTRAL INDEX KEY:			0001066922
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		17 E SIR FRANCIS DRAKE BLVD
		STREET 2:		STE 100
		CITY:			LARKSPUR
		STATE:			CA
		ZIP:			94939
		BUSINESS PHONE:		4154648100

	MAIL ADDRESS:	
		STREET 1:		17 E SIR FRANCIS DRAKE BLVD
		STREET 2:		STE 100
		CITY:			LARKSPUR
		STATE:			CA
		ZIP:			94939
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>monarch13g.htm
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<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=7 WIDTH=631>
<TR><TD WIDTH="14%" VALIGN="TOP">
<P>SEC 1745</TD>
<TD WIDTH="86%" VALIGN="TOP">
<B><P>Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.</B></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=631>
<TR><TD WIDTH="73%" VALIGN="TOP">
<P ALIGN="CENTER"><B>UNITED STATES</P>
<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">Washington, D.C. 20549</B></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="CENTER">OMB APPROVAL&#9;</P>
<P>OMB Number:&#9;3235-0145</P>
<P>Expires:&#9; October 31, 2002</P>
</U><P>Estimated average burden</P>
<P>hours per response . . . .14.9</FONT></TD>
</TR>
</TABLE>

<B><P ALIGN="CENTER">SCHEDULE 13G<BR>
<BR>
Under the Securities Exchange Act of 1934<BR>
(Amendment No. ___________)</P>
</B><P>&nbsp;</P>
<B><P ALIGN="CENTER">Monarch Casino &amp; Resort, Inc.</P>
</B><U><P>&#9;</P>
</U><P ALIGN="CENTER">(Name of Issuer)</P>
<P>&nbsp;</P>
<B><P ALIGN="CENTER">Common Stock</P>
</B><U><P>&#9;</P>
</U><P ALIGN="CENTER">(Title of Class of Securities)</P>
<P>&nbsp;</P>
<B><P ALIGN="CENTER">609027107</P>
</B><U><P>&#9;</P>
</U><P ALIGN="CENTER">(CUSIP Number)</P>
<P>&nbsp;</P>
<B><P ALIGN="CENTER">December 31, 2001</P>
</B><U><P>&#9;</P>
</U><P ALIGN="CENTER">(Date of Event Which Requires Filing of this Statement)</P>
<P>Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</P>
<P>[<B>X</B>]&#9;Rule 13d-1(b)</P>
<P>[<B>X</B>]&#9;Rule 13d-1(c)</P>
<P>[ ]&#9;Rule 13d-1(d)</P>
<P>&nbsp;</P>
<P>* 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 the disclosures provided in a prior cover page.</P>
<P>The information required in 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).</P>
<P>&nbsp;</P>
<U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>1.&#9;Names of Reporting Persons.<BR>
I.R.S. Identification Nos. of above persons (entities only).<BR>
<BR>
<B>Aaron H. Braun</P></DIR>
</DIR>
</DIR>
</DIR>

</B><U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>2.&#9;Check the Appropriate Box if a Member of a Group (See Instructions)<BR>
<BR>
(a)&#9;__X__<BR>
<BR>
(b)&#9;______</P></DIR>
</DIR>
</DIR>
</DIR>

<U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>3.&#9;SEC Use Only <U>&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;</P></DIR>
</DIR>
</DIR>
</DIR>

<P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>4.&#9;Citizenship or Place of Organization &#9;<B>U.S.A.</P></DIR>
</DIR>
</DIR>
</DIR>
</B>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="20%" VALIGN="TOP" ROWSPAN=4 HEIGHT=32>
<P>Number of</P>
<P>Shares</P>
<P>Beneficially</P>
<P>Owned by</P>
<P>Each Reporting</P>
<P>Person With</TD>
<TD WIDTH="80%" VALIGN="TOP" HEIGHT=32>
<P>5.&#9;Sole Voting Power&#9;&#9;<B>_____</B></TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP" HEIGHT=33>
<P>6.&#9;Shared Voting Power&#9;&#9;<B>536,900</B></TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP" HEIGHT=32>
<P>7.&#9;Sole Dispositive Power&#9;&#9;<B>_____</B></TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP" HEIGHT=33>
<P>8.&#9;Shared Dispositive Power&#9;<B>536,900</B></TD>
</TR>
</TABLE>
<DIR>
<DIR>
<DIR>
<DIR>

<P>9.&#9;Aggregate Amount Beneficially Owned by Each Reporting Person&#9;<B>536,900</P></DIR>
</DIR>
</DIR>
</DIR>

</B><U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>10.&#9;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See<BR>
Instructions)&#9;<B>______</P></DIR>
</DIR>
</DIR>
</DIR>

</B><U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>11.&#9;Percent of Class Represented by Amount in Row (9)&#9;<B>5.69</B>%</P></DIR>
</DIR>
</DIR>
</DIR>

<U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>12.&#9;Type of Reporting Person (See Instructions)</P></DIR>
</DIR>
</DIR>
</DIR>

<U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

<P>&#9;IN&#9;</P>
<P>&#9;&#9;</P>
<P>&#9;&#9;</P>
</U><P>&nbsp;</P></DIR>
</DIR>
</DIR>
</DIR>

<U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>1.&#9;Names of Reporting Persons.<BR>
I.R.S. Identification Nos. of above persons (entities only).<BR>
<BR>
<B>Willow Creek Capital Management</P></DIR>
</DIR>
</DIR>
</DIR>

</B><U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>2.&#9;Check the Appropriate Box if a Member of a Group (See Instructions)<BR>
<BR>
(a)&#9;__X__<BR>
<BR>
(b)&#9;______</P></DIR>
</DIR>
</DIR>
</DIR>

<U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>3.&#9;SEC Use Only <U>&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;</P></DIR>
</DIR>
</DIR>
</DIR>

<P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>4.&#9;Citizenship or Place of Organization &#9;<B>California</P></DIR>
</DIR>
</DIR>
</DIR>
</B>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="20%" VALIGN="TOP" ROWSPAN=4 HEIGHT=32>
<P>Number of</P>
<P>Shares</P>
<P>Beneficially</P>
<P>Owned by</P>
<P>Each Reporting</P>
<P>Person With</TD>
<TD WIDTH="80%" VALIGN="TOP" HEIGHT=32>
<P>5.&#9;Sole Voting Power&#9;&#9;<B>_____</B></TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP" HEIGHT=33>
<P>6.&#9;Shared Voting Power&#9;&#9;<B>536,900</B></TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP" HEIGHT=32>
<P>7.&#9;Sole Dispositive Power&#9;&#9;<B>_____</B></TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP" HEIGHT=33>
<P>8.&#9;Shared Dispositive Power&#9;<B>536,900</B></TD>
</TR>
</TABLE>
<DIR>
<DIR>
<DIR>
<DIR>

<P>9.&#9;Aggregate Amount Beneficially Owned by Each Reporting Person&#9;<B>536,900</P></DIR>
</DIR>
</DIR>
</DIR>

</B><U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>10.&#9;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See<BR>
Instructions)&#9;<B>______</P></DIR>
</DIR>
</DIR>
</DIR>

</B><U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>11.&#9;Percent of Class Represented by Amount in Row (9)&#9;<B>5.69</B>%</P></DIR>
</DIR>
</DIR>
</DIR>

<U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>12.&#9;Type of Reporting Person (See Instructions)</P></DIR>
</DIR>
</DIR>
</DIR>

<U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

<P>&#9;IA&#9;</P>
<P>&#9;&#9;</P>
<P>&#9;&#9;</P>
</U><P>&nbsp;</P></DIR>
</DIR>
</DIR>
</DIR>

<U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>1.&#9;Names of Reporting Persons.<BR>
I.R.S. Identification Nos. of above persons (entities only).<BR>
<BR>
<B>WC Capital Management, LLC</P></DIR>
</DIR>
</DIR>
</DIR>

</B><U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>2.&#9;Check the Appropriate Box if a Member of a Group (See Instructions)<BR>
<BR>
(a)&#9;__X__<BR>
<BR>
(b)&#9;______</P></DIR>
</DIR>
</DIR>
</DIR>

<U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>3.&#9;SEC Use Only <U>&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;</P></DIR>
</DIR>
</DIR>
</DIR>

<P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>4.&#9;Citizenship or Place of Organization &#9;<B>U.S.A.</P></DIR>
</DIR>
</DIR>
</DIR>
</B>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="20%" VALIGN="TOP" ROWSPAN=4 HEIGHT=32>
<P>Number of</P>
<P>Shares</P>
<P>Beneficially</P>
<P>Owned by</P>
<P>Each Reporting</P>
<P>Person With</TD>
<TD WIDTH="80%" VALIGN="TOP" HEIGHT=32>
<P>5.&#9;Sole Voting Power&#9;&#9;<B>_____</B></TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP" HEIGHT=33>
<P>6.&#9;Shared Voting Power&#9;&#9;<B>497,951</B></TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP" HEIGHT=32>
<P>7.&#9;Sole Dispositive Power&#9;&#9;<B>_____</B></TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP" HEIGHT=33>
<P>8.&#9;Shared Dispositive Power&#9;<B>497,951</B></TD>
</TR>
</TABLE>
<DIR>
<DIR>
<DIR>
<DIR>

<P>9.&#9;Aggregate Amount Beneficially Owned by Each Reporting Person&#9;<B>497,951</P></DIR>
</DIR>
</DIR>
</DIR>

</B><U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>10.&#9;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See<BR>
Instructions)&#9;<B>______</P></DIR>
</DIR>
</DIR>
</DIR>

</B><U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>11.&#9;Percent of Class Represented by Amount in Row (9)&#9;<B>5.28</B>%</P></DIR>
</DIR>
</DIR>
</DIR>

<U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

</U><P>12.&#9;Type of Reporting Person (See Instructions)</P></DIR>
</DIR>
</DIR>
</DIR>

<U><P>&#9;</P><DIR>
<DIR>
<DIR>
<DIR>

<P>&#9;OO&#9;</P>
<P>&#9;&#9;</P>
<P>&#9;&#9;</P></DIR>
</DIR>
</DIR>
</DIR>

</U><B><P>Item 1.</P><DIR>
<DIR>
<DIR>
<DIR>

</B><P>(a)&#9;Name of Issuer<BR>
<BR>
<B>Monarch Casino &amp; Resort, Inc.<BR>
</B><U>&#9;</P>
</U><P>(b)&#9;Address of Issuer's Principal Executive Offices<BR>
<BR>
<B>1175 W. Moana Lane, Suite 200, Reno, Nevada 89509</B><BR>
<U>&#9;</P></DIR>
</DIR>
</DIR>
</DIR>

</U><B><P>Item 2.</P><DIR>
<DIR>
<DIR>
<DIR>

</B><P>(a)&#9;The names of the persons filing this statement are:<BR>
<BR>
<B>Aaron H. Braun</B><BR>
<B><U>&#9;<BR>
</U>Willow Creek Capital Management<U><BR>
&#9;<BR>
</U>WC Capital Management, LLC<U><BR>
&#9;<BR>
<BR>
&#9;<BR>
<BR>
&#9;<BR>
</B><BR>
</U>(collectively, the "Filers").</P>
<P>(b)&#9;The principal business office of the Filers is located at:<BR>
<BR>
<B>17 East Sir Francis Drake, Blvd., Suite 100, San Rafael, CA 94939</B><BR>
<BR>
<B><U>&#9;<BR>
<BR>
&#9;</P>
</B></U><P>(c)&#9;For citizenship of Filers, see Item 4 of the cover sheet for each Filer.</P>
<P>(d)&#9;This statement relates to shares of common stock of the Issuer (the "Stock").</P>
<P>(e)&#9;The CUSIP number of the Issuer is: <B>609027107</P>
<P>Item 3.&#9;If this statement is filed pursuant to rule 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:</P><DIR>
<DIR>

</B><P>(a)&#9;[ ]&#9;Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).</P>
<P>(b)&#9;[ ]&#9;Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).</P>
<P>(c)&#9;[ ]&#9;Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).</P>
<P>(d)&#9;[ ]&#9;Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).</P>
<P>(e)&#9;[ X ]&#9;An investment adviser in accordance with section 240.13d-1(b)(1)(ii)(E). One of the Filers, Willow Creek Capital Management, is a registered investment adviser.</P>
<P>(f)&#9;[ ]&#9;An employee benefit plan or endowment fund in accordance with section 240.13d-1(b)(1)(ii)(F).</P>
<P>(g)&#9;[ X ]&#9;A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G). Aaron H. Braun is the control person of Willow Creek Capital Management.</P>
<P>(h)&#9;[ ]&#9;A savings association as defined in section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).</P>
<P>(i)&#9;[ ]&#9;A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).</P>
<P>(j)&#9;[ ]&#9;Group, in accordance with section 240.13d-1(b)(1)(ii)(J).</P>
<P>&nbsp;</P></DIR>
</DIR>

<B><P>Item 4.&#9;Ownership.</P></DIR>
</DIR>
</DIR>
</DIR>

</B><P>See Items 5-9 and 11 of the cover page for each Filer.</P><DIR>
<DIR>
<DIR>
<DIR>

<B><P>Item 5.&#9;Ownership of Five Percent or Less of a Class</P></DIR>
</DIR>
</DIR>
</DIR>

</B><P>If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ].</P><DIR>
<DIR>
<DIR>
<DIR>

<B><P>Item 6.&#9;Ownership of More than Five Percent on Behalf of Another Person.</P></DIR>
</DIR>
</DIR>
</DIR>

</B><P>Willow Creek Capital Management is a registered investment adviser and is the manger of WC Capital Management, LLC. The clients of Willow Creek Capital Management and WC Capital Management, LLC have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Stock. No individual client's holdings of the Stock are more than five percent of the outstanding Stock.</P><DIR>
<DIR>
<DIR>
<DIR>

<B><P>Item 7.&#9;Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.</P></DIR>
</DIR>
</DIR>
</DIR>

</B><P>Not applicable.</P>
<P>&nbsp;</P><DIR>
<DIR>
<DIR>
<DIR>

<B><P>Item 8.&#9;Identification and Classification of Members of the Group.</P></DIR>
</DIR>
</DIR>
</DIR>

</B><P>Willow Creek Capital Management is a registered investment adviser and the manager of WC Capital Management, LLC. WC Capital Management, LLC is the general partner of investment limited partnerships to which Willow Creek Capital Management is the investment adviser. Mr. Braun is the president and sole shareholder of Willow Creek Capital Management, and a member and the controlling owner of WC Capital Management, LLC.</P><DIR>
<DIR>
<DIR>
<DIR>

<B><P>Item 9.&#9;Notice of Dissolution of Group</P></DIR>
</DIR>
</DIR>
</DIR>

</B><P>Not applicable.</P><DIR>
<DIR>
<DIR>
<DIR>

<B><P>Item 10.&#9;Certification.</P></DIR>
</DIR>

</B><P>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.</P></DIR>
</DIR>

<P ALIGN="CENTER">SIGNATURE</P>
<P>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.</P>
<P>Dated:&#9;February 14, 2002</P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P>Willow Creek Capital Management</P>
<P>&nbsp;</P>
<P>By:&#9;Aaron H. Braun</P>
<P>&#9;President</TD>
<TD WIDTH="50%" VALIGN="TOP">
<P>WC Capital Management, LLC</P>
<P>By:&#9;Willow Creek Capital Management,<BR>
&#9;Manager</P>
<P>&nbsp;</P>
<P>By:&#9;Aaron H. Braun</P>
<P>&#9;President</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>Aaron H. Braun</TD>
<TD WIDTH="50%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
</TABLE>

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