<SEC-DOCUMENT>0001102624-11-000202.txt : 20110421
<SEC-HEADER>0001102624-11-000202.hdr.sgml : 20110421
<ACCEPTANCE-DATETIME>20110420200541
ACCESSION NUMBER:		0001102624-11-000202
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110420
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110421
DATE AS OF CHANGE:		20110420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MONARCH CASINO & RESORT INC
		CENTRAL INDEX KEY:			0000907242
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		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:		11771799

	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>monarchcasinoandres.htm
<DESCRIPTION>MONARCH CASINO AND RESORT, INC. 8-K
<TEXT>

<p></p>
<b>Monarch Casino Reports 2011 First Quarter Results </b>
<p>RENO, NV -- (Marketwire - April     20, 2011) -  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, 2011.
</p>
<p>
The Company reported net revenue of $33.3 million, $1.1 million, or 3.2%,
lower than the $34.4 million reported for the comparative quarter in 2010.
The Company announced quarterly income from operations of $2.7 million
which represents a decrease of 37.0% compared to the prior year's first
quarter.  Adjusted EBITDA(1) of $6.5 million was $1.5 million or 18.8%
lower than the $8.0 million reported in the first quarter of the prior
year.  Revenue generated in the casino, hotel and other operating
departments decreased by 3.9%, 3.4% and 4.1%, respectively, while revenue
generated from the food and beverage department increased by 1.1%.
</p>
<p>
The Company reported that this winter's considerable snowfall in the Sierra
Nevada mountain range had a material, adverse impact on the Company's first
quarter results.  The approximate sixty-one feet of snowfall in the Sierras
is reportedly the second highest snowfall on record for the region.  The
principal highways from central and northern California, the Company's
primary feeder markets, were adversely affected by snow storms, or the
threat of snow storms, on seven of the thirteen weekends in the current
year's first quarter.  In the prior year's first quarter, only three
weekends were negatively impacted by weather.
</p>
<p>
Casino operating expense increased by approximately $148 thousand, or 1.6%,
over the prior year's first quarter primarily due to an increase in the
amount of complimentary food, beverages and other services provided to
casino patrons ("Complimentaries").  As a percentage of casino revenue,
casino operating expense increased to 40.8% as compared to 38.6% in the
prior year's first quarter, primarily due to the higher Complimentaries
combined with lower casino revenue.
</p>
<p>
Food and beverage operating expense as a percentage of food and beverage
revenue increased to 46.5% for the first quarter as compared to 43.7% in
the first quarter of the prior year primarily due to higher commodity
costs.  Hotel operating expense as a percentage of hotel revenue increased
to 28.6% from 27.7% in prior year's first quarter due to the lower hotel
revenue.  Other operating expense increased approximately $94 thousand over
prior year's first quarter primarily due to the purchase of small equipment
and related operating supplies for the spa and salon.  Selling, general and
administrative expense decreased approximately $151 thousand, or 1.4%, from
$11.1 million in the first quarter of the prior year to $10.9 million in
the current year's first quarter.
</p>
<p>
During the quarter, the Company paid down the balance outstanding under its
credit facility by $6.6 million, which decreased the outstanding balance of
the credit facility from $28.6 million at December 31, 2010 to $22.0
million at March 31, 2011.  Decreased borrowing levels, combined with lower
interest rates, drove interest expense down from $458 thousand in the prior
year's first quarter to $289 thousand in the quarter ended March 31, 2011.
</p>
<p>
Monarch's CEO and Co-Chairman John Farahi commented on the Company's
performance:  "This winter has been particularly challenging.  While we
continued to increase our market share, we could not overcome the impact
that the numerous snow storms in the region had on the market as a whole.
Mountain snowstorms in the first quarter of 2011 restricted visitors
driving from our primary California feeder markets resulting in lower net
revenue and profitability compared to the first quarter of 2010."
</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; 824 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 race and 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>
For additional information visit Monarch's web site at MonarchCasino.com.
</p>
<p>
<pre>
                      Monarch Casino &amp; Resort, Inc.
                Condensed Consolidated Statements of Income
                                (Unaudited)

                                                    Three Months Ended
                                                        March 31,
                                                --------------------------
                                                    2011          2010
                                                ------------  ------------
Revenues
  Casino                                        $ 23,212,686  $ 24,154,140
  Food and beverage                               10,092,738     9,983,603
  Hotel                                            5,004,041     5,178,067
  Other                                            1,899,262     1,979,694
                                                ------------  ------------
    Gross revenues                                40,208,727    41,295,504
Less promotional allowances                       (6,922,911)   (6,943,952)
                                                ------------  ------------
    Net revenues                                  33,285,816    34,351,552
                                                ------------  ------------
Operating expenses
  Casino                                           9,476,307     9,328,341
  Food and beverage                                4,688,557     4,364,454
  Hotel                                            1,428,953     1,433,139
  Other                                              733,946       640,111
  Selling, general and administrative             10,907,228    11,058,601
  Depreciation and amortization                    3,394,386     3,311,336
                                                ------------  ------------
    Total operating expenses                      30,629,377    30,135,982
                                                ------------  ------------
    Income from operations                         2,656,439     4,215,570
                                                ------------  ------------
Other expenses
  Interest expense                                  (288,522)     (458,424)
                                                ------------  ------------
    Total other expense                             (288,522)     (458,424)
                                                ------------  ------------
    Income before income taxes                     2,367,917     3,757,146
Provision for income taxes                          (828,771)   (1,315,000)
                                                ------------  ------------
    Net income                                  $  1,539,146  $  2,442,146
                                                ============  ============

Earnings per share of common stock
  Net income
    Basic                                       $       0.10  $       0.15
    Diluted                                     $       0.09  $       0.15

Weighted average number of common
  shares and potential common
  shares outstanding
    Basic                                         16,138,158    16,125,388
    Diluted                                       16,222,989    16,151,408




                     Monarch Casino &amp; Resort, Inc.
                  Condensed Consolidated Balance Sheets

                                                March 31,    December 31,
                                              -------------  -------------
                                                  2011           2010
                                              -------------  -------------
    ASSETS                                     (Unaudited)
Current assets
  Cash and cash equivalents                   $  10,255,265  $  13,800,604
  Receivables, net                                2,307,110      3,269,250
  Federal income tax receivable                           -         99,202
  Inventories                                     1,874,639      1,883,816
  Prepaid expenses                                3,042,519      2,553,341
  Deferred income taxes                           1,384,443      1,384,443
                                              -------------  -------------
    Total current assets                         18,863,976     22,990,656
                                              -------------  -------------
Property and equipment
  Land                                           13,172,522     13,172,522
  Land improvements                               3,981,329      3,891,990
  Buildings                                     139,843,299    139,843,299
  Building improvements                          10,766,414     10,766,414
  Furniture and equipment                       114,133,821    112,847,107
  Leasehold improvements                          1,346,965      1,346,965
                                              -------------  -------------
                                                283,244,350    281,868,297
  Less accumulated depreciation and
   amortization                                (128,831,844)  (125,437,458)
                                              -------------  -------------
    Net property and equipment                  154,412,506    156,430,839
Other assets, net                                   247,649        312,043
                                              -------------  -------------
   Total assets                               $ 173,524,131  $ 179,733,538
                                              =============  =============

    LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Borrowings under credit facility            $  22,000,000  $           -
  Accounts payable                                7,696,287     10,216,495
  Accrued expenses                               13,615,684     14,077,344
  Federal income taxes payable                      729,569              -
                                              -------------  -------------
    Total current liabilities                    44,041,540     24,293,839
                                              -------------  -------------
Long-term debt, less current maturities                   -     28,600,000
Deferred income taxes                             3,384,218      3,384,218
Other long term liabilities                         873,872        873,872
                                              -------------  -------------
    Total Liabilities                            48,299,630     57,151,929
                                              -------------  -------------
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;
   16,138,158 outstanding at 3/31/11
   16,138,158 outstanding at 12/31/10               190,963        190,963
  Additional paid-in capital                     32,023,574     31,558,693
  Treasury stock, 2,958,142 shares at 3/31/11
   2,958,142 shares at 12/31/10, at cost        (48,541,663)   (48,541,663)
  Retained earnings                             141,551,627    139,373,616
                                              -------------  -------------
    Total stockholders' equity                  125,224,501    122,581,609
                                              -------------  -------------
    Total liability and stockholder's equity  $ 173,524,131  $ 179,733,538
                                              =============  =============




                      Monarch Casino &amp; Resort, Inc.
                Reconciliation of Net Income to EBITDA(1)
                                (Unaudited)

                                           Three Months Ended
                                                March 31,
                                         -----------------------
                                            2011        2010
                                         ----------- -----------
Net Income                               $ 1,539,146 $ 2,442,146
Adjustments
  Provision for income taxes                 828,771   1,315,000
  Interest expense                           288,522     458,424
  Depreciation and amortization            3,394,386   3,311,336
                                         ----------- -----------
EBITDA                                     6,050,825   7,526,906
Stock based compensation                     464,881     443,957
                                         ----------- -----------
Adjusted EBITDA (1)                      $ 6,515,706 $ 7,970,863
                                         =========== ===========

</pre>
</p>
<p>
<br>
(1)  "Adjusted EBITDA" consists of net income plus provision for income
taxes, stock based compensation expense, other one-time non-cash charges,
interest expense, depreciation and amortization less interest income and
any benefit for income taxes.  Adjusted 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 Adjusted 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
(775) 825-4700
RRowan@MonarchCasino.com</a>

John Farahi
CEO
 (775) 825-4700
JohnFarahi@MonarchCasino.com</a>


</pre>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>monarchcasino8k.htm
<DESCRIPTION>MONARCH CASINO AND RESORT, INC. PRESS RELEASE
<TEXT>
<table cellpadding="3" border="0" cellspacing="0" width="100%">
<tr><td>
</td></tr>
</table>
<center>
<table border=0 cellpadding=3 cellspacing=0>
<tr><td align="center"><br><br>
<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     20, 2011</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 20, 2011, Monarch Casino &amp; Resort, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2011.  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     20, 2011</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     20, 2011<br>
</td>
<td>
<b>MONARCH CASINO AND RESORT, INC.</b>
<p>
By: <u>&nbsp;/s/ Ronald M. Rowan &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </u> <br>
&nbsp; &nbsp; &nbsp;Ronald M. 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     20, 2011</td>
</tr>
</table>
</center>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
