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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001102624-10-000152.txt : 20100422
<SEC-HEADER>0001102624-10-000152.hdr.sgml : 20100422
<ACCEPTANCE-DATETIME>20100422104150
ACCESSION NUMBER:		0001102624-10-000152
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100421
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100422
DATE AS OF CHANGE:		20100422

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:		10763511

	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>monarch8k.htm
<DESCRIPTION>MONARCH CASINO AND RESORT, INC. 8-K
<TEXT>
<table cellpadding="3" border="0" cellspacing="0" width="100%">
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</td></tr>
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<center>
<table border=0 cellpadding=3 cellspacing=0>
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<B>UNITED STATES</B><br>
<B>SECURITIES AND EXCHANGE COMMISSION</B><br>
Washington, D.C. 20549<p>
<hr size=1>
<p><b>FORM 8-K<p>
CURRENT REPORT
<p>
Pursuant to Section 13 or 15(d) of the<br>Securities Exchange Act of 1934
</td>
</tr>
</table>
<p>
<b>
<table border=0 cellpadding=0 cellspacing=0>
<tr><td colspan=5 align=center>
<b>Date of Report: April     21, 2010</b><br>
(Date of earliest event reported)<br><br>
</td></tr>
<tr><td colspan=5 align=center>
<b>Monarch Casino and Resort, Inc.</b><br>
(Exact name of registrant as specified in its charter)
</td></tr>
<tr><td colspan=5><br></td></tr>
<tr>
<td align=center colspan=2 width="40%" valign="top">
<b>NV</b><br>
(State or other jurisdiction <br>of incorporation)
</td>
<td align=center width="20%" valign="top">
<b>0-22088</b><br>
(Commission File Number)
</td>
<td align=center colspan=2 width="40%" valign="top">
<b>88-0300760</b><br>
(IRS Employer <br>Identification Number)
</td>
</tr>
<tr><td colspan=5><br></td></tr>
<tr>
<td align="center" colspan=2>
<b>3800 S. Virginia Street</b><br>
(Address of principal executive offices)
</td>
<td>&nbsp;</td>
<td align="center" colspan=2>
<b>89502</b><br>
(Zip Code)
</td>
</tr>
<tr><td colspan=5 align=center><br>
<b>775-335-4600</b><br>(Registrant's telephone number, including area code)
</td></tr>
<tr><td colspan=5><br></td></tr>
<tr><td colspan=5 align=center>
<b>Not Applicable</b><br>(Former Name or Former Address, if changed since last report)<br>
</td></tr>
</table>
</center>
<br><br>
</b>
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:<br>
<dl>
 <dd><font face="wingdings">o</font> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
 <dd><font face="wingdings">o</font> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
 <dd><font face="wingdings">o</font> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

  <br>
 <dd><font face="wingdings">o</font> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  <br>
</dl>
<hr size=1>
<table width=100%>
<tr><td width="100%">
<b>Item 2.02. Results of Operations and Financial Condition</b></b><br>
<br>
On April 21, 2010, Monarch Casino &amp; Resort, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2010.  A copy of the press release is attached to this Current Report as Exhibit 99.1.
<p>
<b>Item 9.01. Financial Statements and Exhibits</b></b><br />
<br>

<p>
<b>(a) Financial statements:</b><br>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  None<br>
<b>(b) Pro forma financial information:</b><br>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  None<br>
<b>(c) Shell company transactions:</b><br>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  None<br>
<b>(d) Exhibits</b><br>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  99.1 &nbsp; &nbsp; &nbsp; <a href="monarchcasinoandres.htm">Press Release of Monarch Casino and Resort, Inc. dated April     21, 2010</a></b>
<br>
<p>
<hr size=1>
<b><center>SIGNATURE</center></b>
<p>
&nbsp; &nbsp; &nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
              signed on its behalf by the undersigned hereunto duly authorized.<p>
</td></tr>
</table>
<br>
<table border="0" width="100%">
<tr>
<td width="50%" valign=top>
Dated: April     21, 2010<br>
</td>
<td>
<b>MONARCH CASINO AND RESORT, INC.</b>
<p>
By: <u>&nbsp;/s/ Ronald Rowan &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </u> <br>
&nbsp; &nbsp; &nbsp;Ronald Rowan<br>
&nbsp; &nbsp; &nbsp;<i>Chief Financial Officer</i><br>
</td></tr>
</table>
<hr>
<center>
<table border=0 width="100%">
<tr><td colspan=2>
<center><b>Exhibit Index</b></center>
</td>
</tr>
<tr>
<td width=50% align=center><b><u>Exhibit No.</u></b></td>
<td width=50% align=center><b><u>Description</u></b></td>
</tr>
<tr>
<td align=center>99.1</td>
<td align=center>Press Release of Monarch Casino and Resort, Inc. dated April     21, 2010</td>
</tr>
</table>
</center>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>monarchcasinoandres.htm
<DESCRIPTION>MONARCH CASINO AND RESORT, INC. PRESS RELEASE
<TEXT>

<p></p>
<b>Monarch Casino Reports 2010 First Quarter Results </b>
<p>RENO, NV -- (Marketwire - April     21, 2010) -  Monarch Casino &amp; Resort, Inc. (NASDAQ: MCRI) (the
"Company"), owner of the Atlantis Casino Resort Spa (the "Atlantis") in
Reno, Nevada, today announced results for the quarter ended March 31, 2010.
</p>
<p>
The Company reported net revenue of $34.4 million which is $1.8 million, or
5.5%, higher than the $32.6 million reported for the comparative quarter in
2009. The Company announced quarterly income from operations of $4.2
million, EBITDA(1) of $7.5 million and diluted EPS of $0.15 which represent
increases of 118.0%, 47.1% and 150.0%, respectively, when compared to the
prior year's first quarter.  Revenue generated in the casino, food and
beverage, hotel and other operating departments increased by 5.9%, 4.1%,
7.5% and 16.8%, respectively.
</p>
<p>
 Casino operating expense increased approximately $376 thousand, or 4.2%,
over the prior year's first quarter primarily due to the cost of increased
complimentary food, beverages and other services provided to casino patrons
("Complimentaries").  As a percentage of casino revenue, casino operating
expense decreased to 38.6% as compared to 39.3% in prior year's first
quarter primarily due to the increase in casino revenue partially offset by
higher Complimentaries.
</p>
<p>
Food and beverage operating expense as a percentage of revenue decreased to
43.7% for the first quarter as compared to 48.3% in the first quarter of
the prior year primarily due to lower payroll and benefits expense combined
with lower food commodity costs.  Hotel operating expense as a percentage
of revenue decreased to 27.7% from the 32.6% in prior year's first quarter
due primarily to the increase in hotel revenue combined with a reduction in
hotel operating expense of $140 thousand, or 8.9%.
</p>
<p>
The Company reported that selling, general and administrative expense
decreased by approximately $557 thousand, or 4.8%, due primarily to
reductions in bad debt, legal and utilities expense, partially offset by
higher marketing expense.
</p>
<p>
During the quarter, the Company paid down the balance outstanding under its
credit facility by $7.5 million which decreased the outstanding balance of
the credit facility from $48.5 million at December 31, 2009 to $41.0
million at March 31, 2010.  Decreased borrowing levels drove interest
expense down from $550 thousand in prior year's first quarter to $458
thousand in the current quarter.
</p>
<p>
Monarch's CEO and Co-Chairman John Farahi commented on the Company's
performance:  "Especially given the head winds of the continuing difficult
economic conditions, we are pleased that during the first quarter of 2010
we grew revenue in each of our operating departments, reduced operating
expenses and grew EBITDA.  I would like to commend our entire team for
achieving these stellar results."
</p>
<p>
 Monarch Casino &amp; Resort, Inc., through its subsidiary, Golden Road Motor
Inn, Inc., owns and operates the Atlantis Casino Resort Spa, a hotel/casino
facility in Reno, Nevada which features approximately 61,000 square feet of
casino space; approximately 1,000 guest rooms; eight food outlets; two
espresso and pastry bars; an approximate 30,000 square foot health spa and
salon with an enclosed year-round pool; two retail outlets offering
clothing and traditional gift shop merchandise; an 8,000 square-foot family
entertainment center; and approximately 52,000 square feet of banquet,
convention and meeting room space. The casino features approximately 1,450
slot and video poker machines; approximately 38 table games, including
blackjack, craps, roulette, and others; a sports book; a 24-hour live keno
lounge and a poker room. The Company and its predecessors have operated a
facility on the Atlantis site since 1972.
</p>
<p>
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, (ii) economic and market conditions, and (iii) the
liquidity requirements of the Company.  Actual results and future events
and conditions may differ materially from those described in any
forward-looking statements.  Additional information concerning potential
factors that could affect the Company's financial results is included in
the Company's Securities and Exchange Commission filings, which are
available on the Company's web site at www.monarchcasino.com.
</p>
<p>
<pre>
                      MONARCH CASINO &amp; RESORT, INC.
              Condensed Consolidated Statements of Income
                              (Unaudited)


                                                    Three Months Ended
                                                        March 31,
                                                --------------------------
                                                    2010          2009
                                                ------------  ------------
Revenues
  Casino                                        $ 24,154,140  $ 22,804,499
  Food and beverage                                9,983,603     9,593,068
  Hotel                                            5,178,067     4,818,839
  Other                                            1,979,694     1,694,353
                                                ------------  ------------
    Gross revenues                                41,295,504    38,910,759
Less promotional allowances                       (6,943,952)   (6,331,575)
                                                ------------  ------------
    Net revenues                                  34,351,552    32,579,184
                                                ------------  ------------

Operating expenses
  Casino                                           9,328,341     8,952,220
  Food and beverage                                4,364,454     4,635,397
  Hotel                                            1,433,139     1,573,243
  Other                                              640,111       684,120
  Selling, general and administrative             11,063,126    11,619,722
  Depreciation and amortization                    3,306,811     3,180,955
                                                ------------  ------------
    Total operating expenses                      30,135,982    30,645,657
                                                ------------  ------------
    Income from operations                         4,215,570     1,933,527
                                                ------------  ------------

Other expense
  Interest income                                          -        35,418
  Interest expense                                  (458,424)     (550,210)
                                                ------------  ------------
    Total other expense                             (458,424)     (514,792)
                                                ------------  ------------
    Income before income taxes                     3,757,146     1,418,735
Provision for income taxes                        (1,315,000)     (496,575)
                                                ------------  ------------
    Net income                                  $  2,442,146  $    922,160
                                                ============  ============

Earnings per share of common stock
  Net income
    Basic                                       $       0.15  $       0.06
    Diluted                                     $       0.15  $       0.06

Weighted average number of common shares
 and potential common shares outstanding
    Basic                                         16,125,388    16,122,048
    Diluted                                       16,151,408    16,148,037





                      MONARCH CASINO &amp; RESORT, INC.
                  Condensed Consolidated Balance Sheets


                                                March 31,    December 31,
                                              -------------  -------------
                                                  2010           2009
                                              -------------  -------------
                                               (Unaudited)
ASSETS
Current assets
  Cash and cash equivalents                   $  10,539,116  $  14,420,323
  Receivables, net                                3,040,612      2,294,703
  Inventories                                     1,548,243      1,706,867
  Prepaid expenses                                3,166,543      2,623,650
  Deferred income taxes                           1,090,063      1,090,063
                                              -------------  -------------
    Total current assets                         19,384,577     22,135,606
                                              -------------  -------------
Property and equipment
  Land                                           13,172,522     13,172,522
  Land improvements                               3,511,484      3,511,484
  Buildings                                     140,522,106    140,522,106
  Building improvements                          10,410,770     10,410,770
  Furniture and equipment                       109,462,469    107,655,784
  Leasehold improvements                          1,346,965      1,346,965
                                              -------------  -------------
                                                278,426,316    276,619,631
  Less accumulated depreciation and
   amortization                                (116,849,481)  (113,538,145)
                                              -------------  -------------
    Net property and equipment                  161,576,835    163,081,486
Other assets, net                                   505,228        569,622
                                              -------------  -------------
  Total assets                                $ 181,466,640  $ 185,786,714
                                              =============  =============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Borrowings under credit facility            $           -  $   1,000,000
  Accounts payable                                7,641,845      8,984,010
  Accrued expenses                               11,627,067     11,056,079
  Federal income taxes payable                    1,111,546         46,546
                                              -------------  -------------
    Total current liabilities                    20,380,458     21,086,635
                                              -------------  -------------
Long-term debt, less current maturities          41,000,000     47,500,000
Deferred income taxes                             4,695,657      4,695,657
                                              -------------  -------------
    Total liabilities                            66,076,115     73,282,292
                                              -------------  -------------

Stockholders' equity
  Preferred stock, $.01 par value, 10,000,000
   shares authorized; none issued                         -              -
  Common stock, $.01 par value, 30,000,000
   shares authorized; 19,096,300 shares issued;
   16,125,388 outstanding at 3/31/10
   16,125,388 outstanding at 12/31/09               190,963        190,963
  Additional paid-in capital                     30,485,040     30,041,083
  Treasury stock, 2,970,912 shares at 3/31/10
   2,970,912 shares at 12/31/09, at cost        (48,864,979)   (48,864,979)
  Retained earnings                             133,579,501    131,137,355
                                              -------------  -------------
    Total stockholders' equity                  115,390,525    112,504,422
                                              -------------  -------------
    Total liabilities and stockholder's
     equity                                   $ 181,466,640  $ 185,786,714
                                              =============  =============





                      MONARCH CASINO &amp; RESORT, INC.
                Reconciliation of Net Income to EBITDA(1)
                               (Unaudited)


                                  Three Months Ended
                                       March 31,
                               ------------------------
                                   2010         2009
                               ------------ -----------
  Net Income                   $  2,442,146 $   922,160
  Adjustments
    Provision for income taxes    1,315,000     496,575
    Interest expense                458,424     550,210
    Depreciation &amp; amortization   3,306,811   3,180,955
    Interest income                       -     (35,418)
                               ------------ -----------
EBITDA(1)                      $  7,522,381 $ 5,114,482
                               ============ ===========
</pre>
</p>
<p>
(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.

</p>
<pre>
Contacts:
Ron Rowan, CFO at (775) 825-4700 or RRowan@monarchcasino.com</a>
John Farahi, CEO at (775) 825-4700 or JohnFarahi@monarchcasino.com</a>

For additional information visit Monarch's web site at monarchcasino.com.


</pre>
</TEXT>
</DOCUMENT>
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