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<SEC-DOCUMENT>0000907242-07-000014.txt : 20070427
<SEC-HEADER>0000907242-07-000014.hdr.sgml : 20070427
<ACCEPTANCE-DATETIME>20070426195847
ACCESSION NUMBER:		0000907242-07-000014
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070425
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20070427
DATE AS OF CHANGE:		20070426

FILER:

	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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22088
		FILM NUMBER:		07792956

	BUSINESS ADDRESS:	
		STREET 1:		3800 S VIRGINIA STREET
		STREET 2:		EXECUTIVE OFFICES
		CITY:			RENO
		STATE:			NV
		ZIP:			89502
		BUSINESS PHONE:		775-335-4600

	MAIL ADDRESS:	
		STREET 1:		3800 S VIRGINIA STREET
		STREET 2:		EXECUTIVE OFFICES
		CITY:			RENO
		STATE:			NV
		ZIP:			89502
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>monarchcasinoq12007earnings.htm
<DESCRIPTION>MONARCH CASINO AND RESORT Q1 2007 EARNINGS RESULTS
<TEXT>
<html>
  <head>
    <title>
      Monarch Casino and Resort Q1 2007 Earnings Results
</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Section 13 OR 15(d) of The Securities Exchange Act of
      1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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    <div>
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          <tr>
            <td align="left" valign="top" width="52%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
                of Report (Date of earliest event reported):</font></div>
            </td>
            <td valign="top" width="31%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April
                25, 2007</font></div>
            </td>
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          <tr>
            <td align="left" colspan="2" valign="top" width="82%">&#160;</td>
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          <tr>
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                Casino &amp; Resort, Inc.</font></div>
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          <tr>
            <td colspan="2" valign="top" width="82%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
                name of registrant as specified in its
                charter)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                or other jurisdiction</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                Employer</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
                incorporation)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">File
                Number)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                No.)</font></div>
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          <tr>
            <td colspan="2" valign="top" width="60%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3800
                South Virginia Street, Reno, Nevada</font></div>
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            <td colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                of principal executive offices)</font></div>
            </td>
            <td valign="top" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                Code)</font></div>
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            <td align="left" valign="top" width="52%">&#160;</td>
            <td colspan="2" valign="top" width="31%">&#160;</td>
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          <tr>
            <td align="left" valign="top" width="52%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
                telephone number, including area code:</font></div>
            </td>
            <td colspan="2" valign="top" width="31%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(775)
                335-4600</font></div>
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          <tr>
            <td colspan="3" valign="top" width="82%">&#160;</td>
          </tr>
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            <td colspan="3" valign="top" width="82%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
                applicable.</font></div>
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          </tr>
          <tr>
            <td colspan="3" valign="top" width="82%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
                name or former address, if changed since last
                report.)</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]
      Written communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act
      (17 CFR 240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      2.02 Results of Operations and Financial Condition </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MONARCH
      CASINO REPORTS </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>RECORD
      BREAKING FIRST- QUARTER RESULTS</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                revenue of $37.8 million</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
                from operations of $8.2 million</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EBITDA</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                of
                $10.3 million </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted
                EPS of 28 cents</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RENO,
      NV
      - April 25, 2007 - Monarch Casino &amp; Resort, Inc. (NASDAQ: MCRI) (the
      "Company"), owner of the Atlantis Casino Resort Spa in Reno, Nevada</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>,</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      today
      announced record first-quarter results for net revenue, income from operations,
      EBITDA</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      and
      diluted EPS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">T</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">he
      Company reported record net revenue for a first-quarter of $37.8 million, a
      6.1%
      increase over the first quarter of 2006, and announced that the gross revenue
      generated by each of its revenue centers was also the highest ever reported
      for
      a first quarter. Specifically, casino, food and beverage and hotel operations
      each drove gross revenue increases over the same quarter of the prior year
      of
      4.9%, 7.8% and 13.2%, respectively. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company announced quarterly income from operations of $8.2 million,
      EBITDA</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
      $10.3
      million and diluted EPS of 28 cents, each of which were also the highest ever
      reported for a first quarter. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company reported a $689 thousand, or 6.4%, increase in selling, general and
      administrative expenses over the same quarter of the prior year. The primary
      drivers of this increase were increased marketing and promotional expense and
      increased payroll costs.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company announced that it remained debt-free during the quarter and increased
      its cash balance to $44.2 million as of March 31, 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Monarch&#8217;s
      CEO and Co-Chairman John Farahi commented on the Company&#8217;s performance:
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;These
      results represent another in a series of record breaking quarters for our team.
      We are very pleased. This sustained, strong performance is a tribute to our
      team&#8217;s efforts and ability to deliver a high-quality experience to our guests.&#8221;
Mr. Farahi added, &#8220;We remain on-track to break ground on our previously
      announced expansion in the second quarter and expect construction to be
      completed in the second quarter of 2008.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Monarch
      Casino &amp; Resort, Inc., through its wholly-owned subsidiary, owns and
      operates the tropically-themed Atlantis Casino Resort Spa in Reno, Nevada.
      The
      Atlantis is the closest hotel-casino to, and is directly across the street
      from,
      the Reno-Sparks Convention Center. The Atlantis features a Sky Terrace, a unique
      structure rising approximately 55 feet above street level and spanning 160
      feet
      across Virginia Street with no intermediate support pillars. The Sky Terrace
      connects the Atlantis to a 16-acre parcel of land owned by the Company, that
      is
      compliant with all casino zoning requirements and is suitable and available
      for
      future expansion and growth. Currently, the Company uses it as additional paved
      parking for the Atlantis. The existing Atlantis site offers almost 1,000 guest
      rooms in three contiguous high-rise hotel towers and a motor lodge. The Atlantis
      features approximately 51,000 square feet of high-energy casino space with
      38
      table games and approximately 1,450 slot and video poker machines, a sports
      book, Keno and a poker room, and offers a variety of dining choices in the
      form
      of nine high-quality food outlets.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      press release contains forward-looking statements within the meaning of Section
      21E of the Securities Exchange Act of 1934 which are subject to change,
      including, but not limited to, comments relating to (i) future operating
      performance and (ii) future expansion plans. The actual results may differ
      materially from those described in any forward-looking statements. Additional
      information concerning potential factors that could affect the Company&#8217;s
      financial results is included in the Company&#8217;s Securities and Exchange
      Commission filings, which are available on the Company's web site.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Contacts:</em></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Ron
      Rowan, CFO at (775) 825-4700 or rrowan@monarchcasino.com</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>John
      Farahi, CEO at (775) 825-4700 or JohnFarahi@monarchcasino.com</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>For
      additional information visit Monarch's web site at
      monarchcasino.com.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)
      "EBITDA" consists of net income plus provision for income taxes, interest
      expense, depreciation and amortization less interest income. EBITDA should
      not
      be construed as an alternative to operating income (as determined in accordance
      with generally accepted accounting principles) as an indicator of the Company's
      operating performance, as an alternative to cash flows from operating activities
      (as determined in accordance with generally accepted accounting principles)
      or
      as a measure of liquidity. This item enables comparison of the Company's
      performance with the performance of other companies that report EBITDA, although
      some companies do not calculate this measure in the same manner and therefore,
      the measure as presented may not be comparable to similarly titled measures
      presented by other companies.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Monarch
      Casino &amp; Resort, Inc.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
      Consolidated Statements of Income</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">&#160;</td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td colspan="6" valign="bottom" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Three
                Months Ended</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">&#160;</td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td colspan="6" valign="bottom" width="37%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                31,</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">&#160;</td>
            <td valign="bottom" width="7%">&#160;</td>
            <td colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2007</font></div>
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            <td colspan="2" valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2006</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">&#160;</td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(UNAUDITED)</font></div>
            </td>
            <td align="left" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(UNAUDITED)</font></div>
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          </tr>
          <tr>
            <td align="left" colspan="5" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenues</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="17%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="17%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Casino</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$25,298,272
                </font></div>
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            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$24,124,047
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Food
                and beverage</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,504,215
                </font></div>
            </td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,744,817
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Hotel</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,827,967
                </font></div>
            </td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,033,935
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,188,623
                </font></div>
            </td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,090,050
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
                revenues</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">43,819,077
                </font></div>
            </td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,992,849
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="5" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Less
                promotional allowances</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6,037,486)</font></div>
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            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5,387,714)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                revenues</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37,781,591
                </font></div>
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            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35,605,135
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="5" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
                expenses</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Casino</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,469,337
                </font></div>
            </td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,012,162
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Food
                and beverage</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
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            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Hotel</font></div>
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            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,103,723
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            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other</font></div>
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            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">363,620
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            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">314,454
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            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Selling,
                general and administrative</font></div>
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            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,530,773
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            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,841,486
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          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gaming
                development costs</font></div>
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            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30
                </font></div>
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            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">43,765
                </font></div>
            </td>
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          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
                and amortization</font></div>
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            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,075,446
                </font></div>
            </td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,146,758
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            </td>
          </tr>
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            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                operating expenses</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29,551,263
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            </td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28,253,119
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            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
                from operations</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,230,328
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            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,352,016
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            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">&#160;</td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="5" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                income (expense)</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
                income</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">343,884
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            </td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">526
                </font></div>
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          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
                expense</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(149,100)</font></div>
            </td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(59,444)</font></div>
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          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                other income (expense)</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">194,784
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            </td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(58,918)</font></div>
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          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
                before income taxes</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,425,112
                </font></div>
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            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,293,098
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            </td>
          </tr>
          <tr>
            <td align="left" colspan="5" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provision
                for income taxes</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,930,000)
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            </td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,525,000)
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            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                income</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                5,495,112 </font></div>
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            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                4,768,098 </font></div>
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          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">&#160;</td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="5" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
                per share of common stock</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="3" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                income</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                0.29 </font></div>
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            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
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                0.25 </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted</font></div>
            </td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                0.28 </font></div>
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            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                0.25 </font></div>
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          </tr>
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            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">&#160;</td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="17%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="17%">&#160;</td>
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            <td align="left" colspan="5" valign="bottom" width="35%">
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                outstanding</font></div>
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            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="17%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="17%">&#160;</td>
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            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">
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            <td align="left" valign="bottom" width="7%">&#160;</td>
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            <td align="left" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,885,595</font></div>
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            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">
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            <td align="left" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="17%">
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          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">&#160;</td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="17%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="17%">&#160;</td>
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          <tr>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="3%">&#160;</td>
            <td align="left" valign="bottom" width="30%">&#160;</td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="17%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="17%">&#160;</td>
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            <td colspan="12" valign="bottom" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>MONARCH
                CASINO &amp; RESORT, INC.</strong></font></div>
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          <tr>
            <td colspan="12" valign="bottom" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CONDENSED
                CONSOLIDATED BALANCE SHEETS</strong></font></div>
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          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="4" valign="middle" width="41%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="16%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" valign="middle" width="16%">&#160;</td>
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          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="4" valign="middle" width="41%">&#160;</td>
            <td colspan="2" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                31,</font></div>
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            <td align="left" colspan="2" valign="middle" width="2%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December
                31,</font></div>
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            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="4" valign="middle" width="41%">&#160;</td>
            <td colspan="2" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2007</font></div>
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            <td colspan="2" valign="middle" width="2%">&#160;</td>
            <td valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2006</font></div>
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          <tr>
            <td colspan="7" valign="middle" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ASSETS</font></div>
            </td>
            <td colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(UNAUDITED)</font></div>
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            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td valign="middle" width="16%">&#160;</td>
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          <tr>
            <td align="left" colspan="7" valign="middle" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
                assets</font></div>
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            <td align="left" colspan="2" valign="middle" width="16%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" valign="middle" width="16%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                44,191,405 </font></div>
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            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                36,985,187 </font></div>
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          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Receivables,
                net</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,182,040
                </font></div>
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            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,268,970
                </font></div>
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          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Inventories</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,409,531
                </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,471,667
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          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prepaid
                expenses</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,017,152
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            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,833,126
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          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
                income taxes</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,139,985
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            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">965,025
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          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="4" valign="middle" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                current assets</font></div>
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            <td align="right" colspan="2" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">52,940,113
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            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">45,523,975
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          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="4" valign="middle" width="41%">&#160;</td>
            <td align="right" colspan="2" valign="middle" width="16%">&#160;</td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="7" valign="middle" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Property
                and equipment</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">&#160;</td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Land</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,339,530
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            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,339,530
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          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Land
                improvements</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,166,107
                </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,166,107
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            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Buildings</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">78,955,538
                </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">78,955,538
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            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Building
                improvements</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,435,062
                </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,435,062
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            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Furniture
                &amp; equipment</font></div>
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            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">74,936,335
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            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">72,708,061
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            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Leasehold
                improvements</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,346,965
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            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,346,965
                </font></div>
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          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="4" valign="middle" width="41%">&#160;</td>
            <td align="right" colspan="2" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">179,179,537
                </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">176,951,263
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Less
                accumulated depreciation and amortization</font></div>
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            <td align="right" colspan="2" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(86,401,024)</font></div>
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            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(84,325,578)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="4" valign="middle" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                property and equipment</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">92,778,513
                </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">92,625,685
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="7" valign="middle" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                assets, net</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">89,648
                </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">231,247
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                assets</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                145,808,274 </font></div>
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            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                138,380,907 </font></div>
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          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="4" valign="middle" width="41%">&#160;</td>
            <td align="right" colspan="2" valign="middle" width="16%">&#160;</td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">&#160;</td>
          </tr>
          <tr>
            <td colspan="7" valign="middle" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">LIABILITIES
                AND STOCKHOLDERS' EQUITY</font></div>
            </td>
            <td align="left" colspan="2" valign="middle" width="16%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" valign="middle" width="16%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="7" valign="middle" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
                liabilities</font></div>
            </td>
            <td align="left" colspan="2" valign="middle" width="16%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" valign="middle" width="16%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
                payable </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                8,051,155 </font></div>
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            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                8,590,669 </font></div>
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          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accrued
                expenses</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,562,964
                </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,878,851
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Federal
                income taxes payable</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,187,051
                </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,457
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="4" valign="middle" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                current liabilities</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,801,170
                </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,485,977
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="4" valign="middle" width="41%">&#160;</td>
            <td align="right" colspan="2" valign="middle" width="16%">&#160;</td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="7" valign="middle" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
                income taxes</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,047,614
                </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,248,614
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="4" valign="middle" width="41%">&#160;</td>
            <td align="right" colspan="2" valign="middle" width="16%">&#160;</td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="7" valign="middle" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stockholders'
                equity</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">&#160;</td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">authorized;
                none issued</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
                </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                stock, $.01 par value, 30,000,000 shares</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">&#160;</td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">authorized;
                19,072,550 shares issued;</font></div>
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            <td align="right" colspan="2" valign="middle" width="16%">&#160;</td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,086,434
                outstanding at 3/31/07</font></div>
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            <td align="right" colspan="2" valign="middle" width="16%">&#160;</td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,065,968
                outstanding at 12/31/06</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">190,864
                </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">190,726
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
                paid-in capital</font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,998,824
                </font></div>
            </td>
            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,205,045
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="bottom" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Treasury
                stock, 0 shares at 3/31/07</font></div>
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            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="bottom" width="43%">
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                shares at 12/31/06, at cost</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
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            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(24,145)</font></div>
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            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Retained
                earnings </font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">97,769,802
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            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">92,274,690
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            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="4" valign="middle" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                stockholders' equity</font></div>
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            <td align="right" colspan="2" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">121,959,490
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            <td align="right" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">115,646,316
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            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="6" valign="middle" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                liability and stockholder's equity</font></div>
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            <td align="right" colspan="2" valign="middle" width="16%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                145,808,274 </font></div>
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            <td align="right" valign="middle" width="16%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                138,380,907 </font></div>
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            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" colspan="4" valign="middle" width="41%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="16%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="2%">&#160;</td>
            <td align="left" valign="middle" width="16%">&#160;</td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Monarch
      Casino &amp; Resort, Inc.</strong></font></div>
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      of Net Income to EBITDA (1)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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          <tr>
            <td align="left" colspan="4" valign="bottom" width="23%">&#160;</td>
            <td colspan="6" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Three
                Months Ended</font></div>
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            <td align="left" rowspan="2" valign="bottom" width="2%">&#160;</td>
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          <tr>
            <td align="left" colspan="4" valign="bottom" width="23%">&#160;</td>
            <td colspan="6" valign="bottom" width="32%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
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            <td align="left" colspan="4" valign="bottom" width="23%">&#160;</td>
            <td colspan="2" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2007</font></div>
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            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="3" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2006</font></div>
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            <td align="left" colspan="4" valign="bottom" width="23%">&#160;</td>
            <td colspan="2" valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(UNAUDITED)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(UNAUDITED)</font></div>
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            <td colspan="2" valign="bottom" width="12%">&#160;</td>
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            <td align="left" colspan="4" valign="bottom" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                Income</font></div>
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            <td align="right" colspan="2" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                5,495,112 </font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                4,768,098 </font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%">&#160;</td>
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            <td align="left" colspan="4" valign="bottom" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Adjustments</font></div>
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            <td align="right" colspan="2" valign="bottom" width="15%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="15%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%">&#160;</td>
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          <tr>
            <td align="left" colspan="4" valign="bottom" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provision
                for income taxes</font></div>
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            <td align="right" colspan="2" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,930,000
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,525,000
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%">&#160;</td>
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          <tr>
            <td align="left" colspan="4" valign="bottom" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
                expense</font></div>
            </td>
            <td align="right" colspan="2" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">149,100
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">59,444
                </font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="4" valign="bottom" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
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            <td align="right" colspan="2" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,075,446
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,146,758
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%">&#160;</td>
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          <tr>
            <td align="left" colspan="4" valign="bottom" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
                income</font></div>
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            <td align="right" colspan="2" valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(343,884)</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(526)</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="4" valign="bottom" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EBITDA</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
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            <td align="right" colspan="2" valign="bottom" width="15%" style="border-bottom: black double;">
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                10,305,774</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="15%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="4" valign="bottom" width="23%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="15%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="left" colspan="3" valign="bottom" width="15%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="12%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="left" valign="bottom" width="21%">&#160;</td>
            <td colspan="5" valign="bottom" width="29%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="left" valign="bottom" width="21%">&#160;</td>
            <td colspan="2" valign="bottom" width="13%">&#160;</td>
            <td colspan="3" valign="bottom" width="16%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="3" valign="bottom" width="13%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="left" valign="bottom" width="21%">&#160;</td>
            <td colspan="2" valign="bottom" width="13%">&#160;</td>
            <td colspan="3" valign="bottom" width="16%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="3" valign="bottom" width="13%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="3" valign="bottom" width="21%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="13%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="16%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="13%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="3" valign="bottom" width="21%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="13%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="16%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="13%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="23%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="13%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="16%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="13%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="23%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="13%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="16%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="13%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="23%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="13%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="16%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="13%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="23%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="13%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="16%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="13%">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="3" valign="bottom" width="21%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="13%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="16%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="3" valign="bottom" width="13%">&#160;</td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)
      "EBITDA" consists of net income plus provision for income taxes, interest
      expense, depreciation and amortization less interest income. EBITDA should
      not
      be construed as an alternative to operating income (as determined in accordance
      with generally accepted accounting principles) as an indicator of the Company's
      operating performance, as an alternative to cash flows from operating activities
      (as determined in accordance with generally accepted accounting principles)
      or
      as a measure of liquidity. This item enables comparison of the Company's
      performance with the performance of other companies that report EBITDA, although
      some companies do not calculate this measure in the same manner and therefore,
      the measure as presented may not be comparable to similarly titled measures
      presented by other companies.</font></div>
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