Monarch Casino & Resort (MCRI) 10-K 14 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2013	Mar. 05, 2014	Jun. 30, 2013
Document and Entity Information	'	'	'
Entity Registrant Name	'MONARCH CASINO & RESORT INC	'	'
Entity Central Index Key	'0000907242	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Accelerated Filer	'	'
Entity Public Float	'	'	$277.90
Entity Common Stock, Shares Outstanding	'	16,482,768	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues	'	'	'
Casino	$149,916,387	$128,831,102	$92,419,924
Food and beverage	49,641,785	45,966,170	41,778,046
Hotel	22,679,390	20,199,517	21,438,854
Other	9,679,876	8,994,127	8,025,571
Gross revenues	231,917,438	203,990,916	163,662,395
Less promotional allowances	-43,168,088	-40,688,498	-29,133,016
Net revenues	188,749,350	163,302,418	134,529,379
Operating expenses	'	'	'
Casino	59,646,120	53,331,077	39,345,393
Food and beverage	20,077,139	18,486,648	18,705,566
Hotel	6,240,679	5,578,298	5,824,382
Other	3,260,414	3,001,515	2,891,231
Selling, general and administrative	52,431,832	48,115,597	40,120,279
Depreciation and amortization	16,637,932	16,650,604	13,379,538
Building demolition expense	'	'	3,519,148
Acquisition expenses	'	2,155,521	973,607
Total operating expenses	158,294,116	147,319,260	124,759,144
Income from operations	30,455,234	15,983,158	9,770,235
Other expenses	'	'	'
Interest expense	-1,860,367	-2,023,957	-914,308
Total other expenses	-1,860,367	-2,023,957	-914,308
Income before income taxes	28,594,867	13,959,201	8,855,927
Provision for income taxes	-10,634,045	-5,048,353	-3,180,073
Net income	$17,960,822	$8,910,848	$5,675,854
Net income	'	'	'
Basic (in dollars per share)	$1.10	$0.55	$0.35
Diluted (in dollars per share)	$1.06	$0.55	$0.35
Weighted average number of common shares and potential common shares outstanding	'	'	'
Basic (in shares)	16,301,824	16,140,078	16,138,158
Diluted (in shares)	16,943,925	16,250,088	16,231,325

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
Current assets	'	'
Cash and cash equivalents	$19,329,540	$19,043,213
Receivables, net	2,628,460	2,456,883
Income taxes receivable	607,771	'
Inventories	2,675,145	2,382,802
Prepaid expenses	2,830,212	2,636,422
Deferred income taxes	5,908,600	5,425,848
Total current assets	33,979,728	31,945,168
Property and equipment	'	'
Land	28,680,347	27,914,847
Land improvements	6,561,729	6,561,729
Buildings	150,828,230	150,843,298
Building improvements	15,896,690	11,681,100
Furniture and equipment	134,424,884	132,946,374
Construction in progress	4,891,372	'
Leasehold improvements	1,346,965	1,346,965
Gross property and equipment	342,630,217	331,294,313
Less accumulated depreciation and amortization	-166,992,754	-152,868,719
Net property and equipment	175,637,463	178,425,594
Other assets	'	'
Goodwill	25,110,810	25,110,810
Intangible assets, net	8,531,219	10,204,691
Deferred income taxes	349,561	1,214,113
Other assets, net	914,461	1,219,579
Total other assets	34,906,051	37,749,193
Total assets	244,523,242	248,119,955
Current liabilities	'	'
Accounts payable	8,665,570	8,061,570
Accrued expenses	18,177,386	17,836,194
Income taxes payable	'	274,401
Total current liabilities	26,842,956	26,172,165
Long-term debt	53,800,000	81,100,000
Total liabilities	80,642,956	107,272,165
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; 16,482,768 outstanding at December 31, 2013 and 16,147,324 at December 31, 2012	190,963	190,963
Additional paid-in capital	30,926,126	34,363,690
Treasury stock, 2,613,532 shares at December 31, 2013 and 2,948,976 at December 31, 2012, at cost	-39,796,808	-48,306,046
Retained earnings	172,560,005	154,599,183
Total stockholders' equity	163,880,286	140,847,790
Total liabilities and stockholder's equity	$244,523,242	$248,119,955

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED BALANCE SHEETS	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	19,096,300	19,096,300
Common stock, shares outstanding	16,482,768	16,147,324
Treasury stock, shares	2,613,532	2,948,976

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Balance at Dec. 31, 2010	$122,581,609	$190,963	$31,558,693	$139,373,616	($48,541,663)
Balance (in shares) at Dec. 31, 2010	'	16,138,158	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'
Excess tax benefit from stock-based compensation	0	'	'	'	'
Stock-based compensation expense	1,619,652	'	1,619,652	'	'
Accounting change for base jackpots	638,865	'	'	638,865	'
Net income	5,675,854	'	'	5,675,854	'
Balance at Dec. 31, 2011	130,515,980	190,963	33,178,345	145,688,335	-48,541,663
Balance (in shares) at Dec. 31, 2011	'	16,138,158	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'
Exercise of stock options, including related tax benefit	52,994	'	-182,623	'	235,617
Exercise of stock options, including related tax benefit (in shares)	'	9,166	'	'	'
Excess tax benefit from stock-based compensation	915	'	'	'	'
Stock-based compensation expense	1,367,968	'	1,367,968	'	'
Net income	8,910,848	'	'	8,910,848	'
Balance at Dec. 31, 2012	140,847,790	190,963	34,363,690	154,599,183	-48,306,046
Balance (in shares) at Dec. 31, 2012	16,147,324	16,147,324	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'
Exercise of stock options	3,438,091	'	-5,071,147	'	8,509,238
Exercise of stock options (in shares)	'	335,444	'	'	'
Excess tax benefit from stock-based compensation	413,238	'	413,238	'	'
Stock-based compensation expense	1,220,345	'	1,220,345	'	'
Net income	17,960,822	'	'	17,960,822	'
Balance at Dec. 31, 2013	$163,880,286	$190,963	$30,926,126	$172,560,005	($39,796,808)
Balance (in shares) at Dec. 31, 2013	16,482,768	16,482,768	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:	'	'	'
Net income	$17,960,822	$8,910,848	$5,675,854
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'
Depreciation and amortization	16,637,932	16,650,604	13,379,538
Amortization of deferred loan costs	305,118	304,471	258,863
Stock-based compensation	1,220,345	1,367,967	1,619,652
Excess tax benefit from stock-based compensation	-413,238	'	'
(Recoveries) provision for bad debts	-230,322	-7,924	84,798
Loss (gain) on sale of assets	175,946	-5,429	3,428,500
Deferred income taxes	795,038	-240,303	-2,377,510
Changes in operating assets and liabilities, excluding the effect of Monarch Black Hawk acquisition:	'	'	'
Receivables	58,745	-31,112	884,605
Inventories	-292,343	-124,693	-281,293
Prepaid expenses	-193,790	453,460	154,459
Accounts payable	604,000	-898,473	-1,523,100
Accrued expenses	341,192	164,302	391,059
Income taxes	-882,172	-494,239	867,842
Net cash provided by operating activities	36,087,273	26,049,479	22,563,267
Cash flows from investing activities:	'	'	'
Proceeds from sale of assets	48,190	13,600	1,500
Acquisition of property and equipment	-12,400,465	-10,328,915	-13,591,843
Net cash paid for the Monarch Black Hawk acquisition	'	-66,746,605	'
Acquisition deposit	'	'	-3,800,000
Net cash used in investing activities	-12,352,275	-77,061,920	-17,390,343
Cash flows from financing activities:	'	'	'
Proceeds from exercise of stock options	3,438,091	52,995	'
Excess tax benefit from stock-based compensation	413,238	'	'
Principal payments on long-term debt	-27,300,000	-21,340,000	-19,100,000
Borrowings under credit facility	'	77,760,000	15,180,000
Loan issuance costs	'	'	-1,470,869
Net cash (used in) provided by financing activities	-23,448,671	56,472,995	-5,390,869
Net increase (decrease) in cash	286,327	5,460,554	-217,945
Cash and cash equivalents at beginning of year	19,043,213	13,582,659	13,800,604
Cash and cash equivalents at end of year	19,329,540	19,043,213	13,582,659
Supplemental disclosure of cash flow information:	'	'	'
Cash paid for interest	1,472,497	1,658,453	532,795
Cash paid for income taxes	10,690,000	6,500,000	3,650,000
Cash paid for federal tax settlement	'	1,119,759	'
Non cash transaction - reduction of jackpot liability	'	'	$638,865

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2013

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

'

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

'

NOTE 1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Monarch Casino & Resort, Inc., was incorporated in 1993 and through its wholly-owned subsidiary, Golden Road Motor Inn, Inc. (“Golden Road”), owns and operates the Atlantis Casino Resort Spa, a hotel/casino facility in Reno, Nevada (the “Atlantis”).  Monarch’s wholly owned subsidiaries, High Desert Sunshine, Inc. (“High Desert”) and Golden North, Inc. (“Golden North”), each own separate parcels of land located proximate to the Atlantis.  Monarch’s wholly owned subsidiary Monarch Growth Inc. (“Monarch Growth”), formed in 2011, acquired Riviera Black Hawk, Inc., owner of the Riviera Black Hawk Casino (collectively “Monarch Black Hawk” or “Black Hawk”) on April 26, 2012. Riviera Black Hawk Casino was renamed Monarch Casino Black Hawk in October 2013.  Monarch Growth also owns a parcel of land in Black Hawk, Colorado contiguous to the Monarch Black Hawk Casino. The Company has included the results of Black Hawk in its consolidated financial statements since the date of acquisition.

Monarch’s wholly owned subsidiary Monarch Interactive, Inc. (“Monarch Interactive”) was formed on January 4, 2012 and received approval from the Nevada Gaming Commission on August 23, 2012, which approval was extended three times, each for an additional six month period, pending commencement of operations, for a license as an operator of interactive gaming.  Before the license can be issued, a number of conditions must be met and before operations can commence, the Company must enter into contracts with a licensed interactive gaming service provider with an approved system.  None of these conditions have occurred, and Monarch Interactive is not currently engaged in any operating activities.  In Nevada, legal interactive gaming is currently limited to intrastate poker.

The consolidated financial statements include the accounts of Monarch and its subsidiaries.  Intercompany balances and transactions are eliminated.  Reference to the number of square feet or acreage are unaudited and considered outside the scope of our independent registered public accounting firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board.

Unless otherwise indicated, “Monarch,” “Company,” “we,” “our” and “us” refer to Monarch Casino & Resort, Inc. and its subsidiaries.

Use of Estimates

In preparing financial statements in conformity with U.S. generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the year.  Actual results could differ from those estimates.

Correction of Immaterial Error and Reclassification

During the second quarter of 2013, the Company identified that immaterial amounts of promotional items provided to its patrons including free play and cash back awards to casino patrons were improperly recorded as selling, general and administrative expenses instead of being recorded as a direct offset to revenue. In accordance with ASC 605-50, Revenue Recognition, free play and cash vouchers should be recorded as an offset to revenues instead of being reported as an expense. This change also resulted in immaterial reclassifications among casino, food and beverage, hotel and other operating expense categories.  The following table compares previously reported net revenues and operating expenses to as adjusted amounts, reflecting the reclassification of immaterial promotional amounts in conformity with generally accepted accounting principles:

Amount in thousands

Three months ended

Twelve months ended

Twelve months ended

March 31, 2013 (unaudited)

December 31, 2012

December 31, 2011

Previously

Correction

As

Previously

Correction

As

Previously

Correction

As

reported

adjusted

reported

adjusted

reported

adjusted

Net Revenues

$

47,644

$

(2,039

)

$

45,605

$

170,357

$

(7,055

)

$

163,302

$

140,632

$

(6,103

)

$

134,529

Operating Expenses

40,459

(2,039

)

38,420

154,374

(7,055

)

147,319

130,862

(6,103

)

124,759

The reclassifications had no effect on previously reported, net income, income from operations, consolidated Adjusted EBITDA or cash flows of the Company. Additionally, the Company reclassified approximately $1.0 million in stock-based compensation expense from the Atlantis Adjusted EBITDA segment to the Corporate and other segment for the twelve months ended December 31, 2012. This reclassification had no effect on Consolidated Adjusted EBITDA. The Company has evaluated the change in presentation on prior period financial statements taking into account the requirements of the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (SAB 108). In accordance with the relevant guidance, we evaluated the materiality of the error from a qualitative and quantitative perspective. Based on such evaluation, we concluded that correcting the error did not have a material impact on any individual prior period financial statement or affect the trend of financial results. As provided by SAB 108, the portion of the immaterial error and reclassification that impacts previously reported net revenues and operating expenses for the three month ended March 31, 2013, and the annual and quarterly periods for the years ended December 31, 2012 and 2011 will not require the previously filed annual reports on Form 10-K or quarterly reports on Form 10-Q to be amended and the correction is permitted to be made the next time we file our prior period financial statements.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, as well as investments purchased with an original maturity of 90 days or less.

Allowance for Doubtful Accounts

The Company extends short-term credit to its gaming customers. Such credit is non-interest bearing and is due on demand.  In addition, the Company also has receivables due from hotel guests which are primarily secured with a credit card at the time a customer checks in.  An allowance for doubtful accounts is set up for all Company receivables based upon the Company’s historical collection and write-off experience, unless situations warrant a specific identification of a necessary reserve related to certain receivables.  The Company charges off its uncollectible receivables once all efforts have been made to collect such receivables. The book value of receivables approximates fair value due to the short-term nature of the receivables. In December 2013, the Company recorded an adjustment to its reserve for casino accounts receivable based on the results of historical collection patterns and current collection trends. For the year ended December 31, 2013, this adjustment benefitted income from operations by $0.3 million and net income by $0.2 million (or $0.01 per share on a fully diluted basis).

Casino Jackpots

The Company does not accrue a liability for base jackpots because it has the ability to avoid such payment as gaming devices can legally be removed from the gaming floor without payment of the base amount. When the Company is unable to avoid payment of a jackpot such as the incremental jackpot amounts of progressive-type slot machines, due to legal requirements, the jackpot is accrued as the obligation becomes unavoidable. This liability is accrued over the time period in which the incremental progressive jackpot amount is generated commensurate with a corresponding reduction in casino revenue.

Inventories

Inventories, consisting primarily of food, beverages, and retail merchandise, are stated at the lower of cost or market.  Cost is determined on a first-in, first-out basis.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization.  Property and equipment is depreciated principally on a straight line basis over the estimated useful lives as follows:

Land improvements

15-40 years

Buildings

30-40 years

Building improvements

5-40 years

Furniture

5-10 years

Equipment

3-20 years

The Company evaluates property and equipment and other long-lived assets for impairment in accordance with the guidance for accounting for the impairment or disposal of long-lived assets. For assets to be disposed of, the Company recognizes the asset to be sold at the lower of carrying value or fair value less costs of disposal. Fair value for assets to be disposed of is generally estimated based on comparable asset sales, solicited offers or a discounted cash flow model. For assets to be held and used, the Company reviews fixed assets for impairment whenever indicators of impairment exist. If an indicator of impairment exists, we compare the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment is measured based on fair value compared to carrying value, with fair value typically based on a discounted cash flow model or market comparables, when available. For the years ended December 31, 2013, 2012 and 2011, there were no impairment charges.

Goodwill

The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles-Goodwill and Other (“ASC Topic 350”). ASU No. 2011-08, Intangibles- Goodwill and Other (Topic 350): Testing Goodwill for Impairment (ASU 2011-08) gives companies the option to perform a qualitative assessment that may allow them to skip the annual two-step test as appropriate. The Company tests its goodwill for impairment annually during the fourth quarter of each year, or whenever events or circumstances make it more likely than not that impairment may have occurred. Impairment testing for goodwill is performed at the reporting unit level, and each of the Company’s casino properties is considered to be a reporting unit. We perform qualitative analysis to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount by assessing the relevant events and circumstances. If that is the case, the company utilizes two-step testing process. In the first step, the estimated fair value of each reporting unit is compared with its carrying amount, including goodwill. If the carrying value of the reporting unit exceeds its estimated fair value, then the goodwill of the reporting unit is considered to be impaired, and impairment is measured in the second step of the process.  In the second step, the Company estimates the implied fair value of the reporting unit’s goodwill by allocating the estimated fair value of the reporting unit to the assets and liabilities of the reporting unit, as if the reporting unit had been acquired in a business combination. If the carrying value of the reporting unit’s goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess.

Goodwill consists of the excess of the acquisition cost over the fair value of the net assets acquired in business combinations. As of December 31, 2013, we had goodwill totaling $25.1 million related to the purchase of Black Hawk, Inc. (see NOTES 3 and 11).

Business Combinations

The acquisition method of accounting for business combinations requires us to use significant estimates and assumptions, including fair value estimates, as of the business combination date and to refine those estimates as necessary during the measurement period (defined as the period, not to exceed one year, in which we may adjust the provisional amounts recognized for a business combination) in a manner that is generally similar to the previous purchase method of accounting.

Under the acquisition method of accounting, we recognize separately from goodwill the identifiable assets acquired, the liabilities assumed, and any noncontrolling interests in an acquiree, generally at the acquisition date fair value. We measure goodwill as of the acquisition date as the excess of consideration transferred, which we also measure at fair value, over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. Costs that we incur to complete the business combination such as investment banking, legal and other professional fees are not considered part of consideration and we charge them to acquisition expense as they are incurred.

Should the initial accounting for a business combination be incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and we record those adjustments to our financial statements. We apply those measurement period adjustments that we determine to be significant retrospectively to comparative information in our financial statements, including adjustments to depreciation and amortization expense.

Under the acquisition method of accounting for business combinations, if we identify changes to acquired deferred tax asset valuation allowances or liabilities related to uncertain tax positions during the measurement period and they relate to new information obtained about facts and circumstances that existed as of the acquisition date, those changes are considered a measurement period adjustment and we record the offset to goodwill. We record all other changes to deferred tax asset valuation allowances and liabilities related to uncertain tax positions in current period income tax expense.

Finite-Lived Intangible Assets

The Company’s finite-lived intangible assets include assets related to its customer relationships which are amortized over its estimated useful life using the straight-line method. The Company periodically evaluates the remaining useful lives of its finite-lived intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization.

The customer relationship intangible asset represents the value associated with Monarch Black Hawk Casino’s rated casino guests. The initial fair value of the customer relationship intangible asset was estimated based on the projected net cash flows associated with these casino guests. The recoverability of the Company’s customer relationship intangible asset could be affected by, among other things, increased competition within the gaming industry, a downturn in the economy, declines in customer spending which would impact the expected future cash flows associated with the rated casino guests, declines in the number of visitations which could impact the expected attrition rate of the rated casino guests, and erosion of operating margins associated with rated casino guests. Should events or changes in circumstances cause the carrying value of the customer relationship intangible asset to exceed its estimated fair value, an impairment charge in the amount of the excess would be recognized. As of December 31, 2013, the customer relationships net intangible asset balance was $8.5 million. The trade name, related to the Riviera Black Hawk name was fully amortized by October 2013 when Riviera Black Hawk was renamed Monarch Casino Black Hawk.

Fair Value Measurement

ASC 820 establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for various valuation techniques e.g. market value, income approach and cost approach.  The levels of the hierarchy are described below:

·                  Level 1:  Observable inputs such as quoted prices in active markets for identical assets or liabilities;

·                  Level 2:  Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

·                  Level 3:  Unobservable inputs that reflect the reporting entity’s own assumptions.

The fair value measurements relating to the acquired assets of Monarch Black Hawk Casino was determined using inputs within Level 2 and Level 3 of ASC 820’s hierarchy.

Segment Reporting

We have defined two reportable segments based on factors such as how we manage our operations and how our chief operating decision maker views results. We define the chief operating decision maker as our Chief Executive Officer, Chief Operating Officer and our Chief Financial Officer. Our chief operating decision maker organizes and manages our business primarily on the basis of Adjusted EBITDA (see NOTE 12).

We include expenses such as corporate selling, general and administrative expense, which is not allocated to specific segments, in corporate and other expense.

Self-insurance Reserves

We are currently self-insured up to certain stop loss amounts for Atlantis workers’ compensation and certain medical benefit costs provided to all of our employees.  As required by the state of Colorado, we are fully-insured for Black Hawk workers’ compensation costs.  The Company reviews self-insurance reserves at least quarterly. The reserve is determined by reviewing the actual expenditures for the previous twelve-month period and reports prepared by the third party plan administrator for any significant unpaid claims.  The reserve is an amount estimated to pay both reported and unreported claims as of the balance sheet date, which management believes is adequate.

Capitalized Interest

The Company capitalizes interest costs associated with debt incurred in connection with major construction projects.  When no debt is specifically identified as being incurred in connection with a construction project, the Company capitalizes interest on amounts expended on the project at the Company’s average borrowing cost.  Interest capitalization is ceased when the project is substantially complete.  The Company did not capitalize interest during the years ended December 31, 2013, 2012 and 2011.

Casino Revenues

Casino revenues represent the net win from gaming activity, which is the difference between wins and losses.  Additionally, net win is reduced by a provision for anticipated payouts on slot participation fees, progressive jackpots and any pre-arranged marker discounts.

Promotional Allowances

The Company’s frequent player program allows members, through the frequency of their play at the Company’s casino, to earn and accumulate points which may be redeemed for a variety of goods and services.  Points may be applied toward room stays at the hotel, food and beverage consumption at the food outlets, gift shop items as well as goods and services at the spa and beauty salon and for cash at our Black Hawk property. Points earned may also be applied toward off-property events such as concerts, shows and sporting events.

The retail value of hotel, food and beverage services provided to customers without charge is included in gross revenue and deducted as promotional allowances. The estimated departmental costs of providing such promotional allowances are included in casino operating expenses and are as follows:

Years ended December 31,

2013

2012

2011

Food and beverage

$

21,712,938

$

20,464,456

$

16,244,303

Hotel

2,622,010

2,850,105

2,328,566

Other

1,777,333

1,856,992

1,696,485

$

26,112,281

$

25,171,553

$

20,269,354

Advertising Costs

All advertising costs are expensed as incurred.  Advertising expense, which is included in selling, general and administrative expense, was $5,200,634, $4,675,771 and $4,083,700 for the years ended December 31, 2013, 2012 and 2011, respectively.

Income Taxes

Income taxes are recorded in accordance with the liability method pursuant to authoritative guidance.  Under the asset and liability approach for financial accounting and reporting for income taxes, the following basic principles are applied in accounting for income taxes at the date of the financial statements: (a) a current liability or asset is recognized for the estimated taxes payable or refundable on taxes for the current year; (b) a deferred income tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards; (c) the measurement of current and deferred tax liabilities and assets is based on the provisions of the enacted tax law; the effects of future changes in tax laws or rates are not anticipated; and (d) the measurement of deferred income taxes is reduced, if necessary, by the amount of any tax benefits that, based upon available evidence, are not expected to be realized.

Under the accounting guidance, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50.0% likelihood of being realized upon ultimate settlement.  It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods and disclosure.  The liability for unrecognized tax benefits is included in current and noncurrent tax liabilities, based on when expected to be recognized, within the consolidated balance sheets at December 31, 2013 and 2012.

Stock-based Compensation

The Company accounts for stock-based compensation in accordance with the authoritative guidance requiring that compensation cost relating to stock-based payment transactions be recognized in the Company’s consolidated statements of income.  The cost is measured at the grant date, based on the calculated fair value of the award using the Black-Scholes option pricing model for stock options, and based on the closing share price of the Company’s stock on the grant date for restricted stock awards. The cost is recognized as an expense over the employee’s requisite service period (the vesting period of the equity award). The Company’s stock-based employee compensation plan is more fully discussed in (see NOTE 9).

Earnings Per Share

Basic earnings per share are computed by dividing reported net earnings by the weighted-average number of common shares outstanding during the period.  Diluted earnings per share reflect the additional dilution for all potentially dilutive securities such as stock options.

The following is a reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations:

Shares in thousands

Years ended December 31,

2013

2012

2011

Shares

Per Share

Shares

Per Share

Shares

Per Share

Amount

Amount

Amount

Basic

16,302

$

1.1

16,140

$

0.55

16,138

$

0.35

Effect of dilutive stock options

642

(0.04

)

110

—

93

—

Diluted

16,944

$

1.06

16,250

$

0.55

16,231

$

0.35

The following options were not included in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of the common shares and their inclusion would be antidilutive:

Years ended December 31,

2013

2012

2011

Options to purchase shares of common stock (in thousands)

418,071

1,518

1,720

Exercise prices

$21.65-$29.00

$11.00-$29.00

$10.43-$29.00

Expiration dates (month/year)

05/16-10/23

10/14-2/22

10/14-12/21

Fair Value of Financial Instruments

The estimated fair value of the Company’s financial instruments has been determined by the Company, using available market information and valuation methodologies.  However, considerable judgment is required to develop the estimates of fair value; thus, the estimates provided herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

The carrying amounts of cash, account receivables, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments.  Additionally, the carrying value of our long-term debt approximates fair value due to the variable nature of applicable interest rates and relative short-term maturity.

Concentrations of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of bank deposits and trade receivables. The Company maintains its surplus cash in bank accounts which, at times, may exceed federally insured limits.  The Company has not experienced any losses in such accounts.

Concentrations of credit risk with respect to trade receivables are limited due to the large number of customers comprising the Company’s customer base.  The Company believes it is not exposed to any significant credit risk on cash and accounts receivable.  Accounts are written off when management determines that an account is uncollectible. Recoveries of accounts previously written off are recorded when received. An allowance for doubtful accounts is determined to reduce the Company’s receivables to their carrying value, which approximates fair value. The allowance is estimated based on historical collection experience, specific review of individual customer accounts, and current economic and business conditions.  Historically, the Company has not incurred any significant credit-related losses.

Certain Risks and Uncertainties

The Company’s operations are dependent on its continued licensing by the Nevada and Colorado gaming regulatory bodies.  The loss of a license could have a material adverse effect on future results of operations.

The Company is dependent on the northern Nevada and Denver, Colorado markets for a significant number of its patrons and revenues. If economic conditions in these areas deteriorate or additional gaming licenses are awarded, the Company’s results of operations could be adversely affected.

The Company is dependent on the U.S. economy in general, and any deterioration in the national economic, energy, credit and capital markets could have a material adverse effect on future results of operations.

The Company is dependent upon a stable gaming and admission tax structure in the locations in which it operates. Any change in the tax structure could have a material adverse effect on future results of operations.

Impact of Recently Issued Accounting Standards

In December 2011, the Financial Accounting Standards Board (“FASB”) issued amendments to enhance disclosures about offsetting and related arrangements. This information will enable the users of the financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial and derivative instruments. The Company adopted this standard on January 1, 2013 which did not have a material effect on our consolidated financial statements.

In July 2013, the FASB issued an accounting standards update that amends the presentation requirements of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists.  The update would require an unrecognized tax benefit, or a portion of an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward in most cases.  The standard update is effective for our 2014 financial statements.  We are currently evaluating the impact, if any, of adopting this statement on our consolidated financial statements.

A variety of proposed or otherwise potential accounting standards are currently under review and study by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, the implementation of any such proposed or revised standards would have on the Company’s consolidated financial statements.

ACCOUNTS_RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
	Dec. 31, 2013
ACCOUNTS RECEIVABLE	'
ACCOUNTS RECEIVABLE	'
	NOTE 2.  ACCOUNTS RECEIVABLE
	Accounts receivable consist of the following:
		December 31,
		2013			2012
	Casino	$	2,205,596		$	2,221,970
	Hotel	434,821			563,651
	Other	359,034			399,984
		2,999,451			3,185,605
	Less allowance for doubtful accounts	(370,991		)	(728,722		)
		$	2,628,460		$	2,456,883
	The Company recorded bad debt expense of $0, $0 and $84,798 in 2013, 2012 and 2011, respectively.  The Company calculates an allowance for doubtful accounts by applying a percentage, estimated by management based on historical aging experience, to the accounts receivable balance.

GOODWILL_AND_INTANGIBLE_ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2013
GOODWILL AND INTANGIBLE ASSETS	'
GOODWILL AND INTANGIBLE ASSETS	'
	NOTE 3. GOODWILL AND INTANGIBLE ASSETS
	Goodwill of $25.1 million at December 31, 2013 represents the excess of total acquisition costs over the fair market value of net assets acquired and liabilities assumed in a business combination.  To assist in the Company’s determination of the purchase price allocation for the Monarch Black Hawk Casino, the Company engaged a third-party valuation firm regarding the assets acquired and liabilities assumed in its acquisition (see NOTE 11).
	Intangible assets consist of the following at December 31, (in thousands except years):
		2013			2012
	Customer list	$	10,490		$	10,490
	Trade name	1,590			1,590
	Total Intangible assets	12,080			12,080
	Less accumulated amortization:
	Customer list	(1,959		)	(828		)
	Trade name	(1,590		)	(1,047		)
	Total accumulated amortization	(3,549		)	(1,875		)
	Intangible assets, net	$	8,531		$	10,205
	Weighted-average life in years	7.3			8.4
	Amortization expense of $1.7 million and $1.9 million was recognized for the years ended December 31, 2013 and 2012, respectively. Estimated amortization expense for the years ending December 31, 2014 through 2018 and thereafter is as follows:
	(amounts in thousands)
	2014	$	1,165
	2015	1,165
	2016	1,165
	2017	1,165
	2018	1,165
	Thereafter	2,706
	Total	$	8,531
	In connection with business combination accounting, the Company recognized $1.6 million in a trade name related to the Riviera name. The trade name intangible asset was fully amortized by October 2013 at which time the Company renamed Riviera Black Hawk Casino to Monarch Casino Black Hawk. Customer lists were valued at $10.5 million, representing the value associated with the future potential customer revenue production and are being amortized on a straight-line basis over nine years.
	Intangible assets were valued using the income approach. The Multi-Period Excess Earning Method (“MPEEM”) was used to value the customer list by capitalizing the future cash flows attributable to the customers based upon their expected future mortality dispersion function. The expected revenue from the existing client was estimated by applying a 24.0% attrition rate. To calculate excess earnings attributable to the customer list, the required return on other contributory assets such as tangible assets and identified intangible assets were deducted to estimate income associated with the customer list. The future excess earnings were discounted to the present value by a risk-adjusted discount rate of 12.0%, in order to determine the fair value of the customer list.
	The Relief-from-Royalty Method was used to determine the fair value of the trade name. Considering comparable companies and the Company’s operation, a 1.0% royalty rate was applied in order to calculate the expected revenue attributable to the trade name.  The future cash flows were discounted to the present value by a risk-adjusted discount rate of 11.0% in order to determine the fair value of the trade name.
	All goodwill and intangible assets relate to our Black Hawk reporting segment.  Upon completion of the preliminary purchase price allocation for the Company’s acquisition of Black Hawk, the Company decreased goodwill by $1.4 million related primarily to modification to the value of certain deferred tax assets in 2012.  No changes were made to the carrying amount of goodwill during 2013.  The allocation of the purchase price of Black Hawk is described in NOTE 11 and our reportable segments are described in NOTE 12.

ACCRUED_EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2013
ACCRUED EXPENSES	'
ACCRUED EXPENSES	'
	NOTE 4.  ACCRUED EXPENSES
	Accrued expenses consist of the following:
		December 31,
		2013		2012
	Accrued salaries, wages and related benefits	$	6,095,989	$	5,248,422
	Progressive slot machine and other gaming accruals	6,412,816		6,313,125
	Accrued gaming taxes	2,046,143		2,150,116
	Accrued interest	56,630		9,355
	Other accrued liabilities	3,565,808		4,115,176
		$	18,177,386	$	17,836,194

LEASE_COMMITMENTS

LEASE COMMITMENTS	12 Months Ended
	Dec. 31, 2013
LEASE COMMITMENTS	'
LEASE COMMITMENTS	'
	NOTE 5.  LEASE COMMITMENTS
	The Atlantis shares a driveway access with the Shopping Center adjacent to the Atlantis which is controlled by an entity whose owners include our controlling stockholders.  We also leased an approximately 37,000 square-foot section of the Shopping Center for a minimum lease term of 15 years at an annual rent of $340,000, subject to increase upon renewal after each five year period based on the Consumer Price Index. We also use part of the common area of the Shopping Center and pay our proportional share of the common area expense of the Shopping Center. We have the option to renew the lease for three individual five-year terms and, at the end of the extension periods, we have the option to purchase the leased section of the Shopping Center at a price to be determined based on an appraisal. The leased space is being used by us for pedestrian and vehicle access to the Atlantis, and we may use a portion of the parking spaces at the Shopping Center. The total cost of the project was $2.0 million of which $1.35 million was paid by the Company. The cost of the driveway is being depreciated over the initial 15-year lease term; some components of the driveway are being depreciated over a shorter period of time.
	The Company accounts for its rental expense using the straight-line method over the original lease term. Rental increases based on the change in the CPI are contingent and accounted for prospectively.
	Following is a summary of future minimum payments under operating leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2013:
		Operating
		Leases
	Year ending December 31,
	2014	$	377,000
	2015	370,000
	2016	370,000
	2017	370,000
	2018	370,000
	Thereafter	277,500
	Total minimum lease payments	$	2,134,500
	Rental expense for operating leases amounted to $907,100, $857,400 and $730,400 in 2013, 2012 and 2011, respectively, as reported in selling, general and administrative expenses in the consolidated statements of income.

LONGTERM_DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2013
LONG-TERM DEBT.	'
LONG-TERM DEBT	'
	NOTE 6.  LONG-TERM DEBT
	On November 15, 2011, we amended and restated our $60.0 million credit facility with a new facility (the “Credit Facility”).  We utilized the Credit Facility to finance the acquisition of Black Hawk and the Credit Facility is available to be used for working capital needs, general corporate purposes and for ongoing capital expenditure requirements.
	The maturity date of the Credit Facility is November 15, 2016.  Borrowings are secured by liens on substantially all of the Company’s real and personal property.
	The Credit Facility contains customary covenants for a facility of this nature, including, but not limited to, covenants requiring the preservation and maintenance of the Company’s assets and covenants restricting our ability to merge, transfer ownership of Monarch, incur additional indebtedness, encumber assets and make certain investments.  The Credit Facility contains covenants requiring that the Company maintain certain financial ratios and achieves a minimum level of Earnings-Before-Interest-Taxes-Depreciation and Amortization and other non-cash charges (Adjusted EBITDA) on a trailing four-quarter basis.  It also contains provisions that restrict cash transfers between Monarch and its affiliates and contains provisions requiring the achievement of certain financial ratios before the Company can repurchase common stock or pay dividends. Management does not consider the covenants to restrict normal functioning of day-to-day operations.
	In addition to other customary covenants for a facility of this nature, as of December 31, 2013, we are required to maintain a leverage ratio, defined as consolidated debt divided by EBITDA, of no more than 3.0:1 and a fixed charge coverage ratio (EBITDA divided by fixed charges, as defined) of at least 1.15:1.  As of December 31, 2013, the Company’s leverage ratio and fixed charge coverage ratios were 1.1:1 and 17.0:1, respectively.
	The Credit Facility is structured to reduce the maximum principal available by $1.5 million each quarter beginning June 30, 2013.  As of December 31, 2013, the maximum principal available was $95.5 million.  We may permanently reduce the maximum principal available at any time so long as the amount of such reduction is at least $0.5 million and a multiple of $50,000.  Maturities of our borrowings for each of the next three years and thereafter as of December 31, 2013 are as follows:
	Amounts in millions
	Year	Maturities
	2014	$	—
	2015	—
	2016	53.8
	Thereafter	—
		$	53.8
	At December 31, 2013, our leverage ratio was such that pricing for borrowings under the Credit Facility was LIBOR plus 1.5%.  At December 31, 2013 the one-month LIBOR interest rate was 0.17%.  The carrying value of the debt outstanding under the Credit Facility approximates fair value because the interest fluctuates with the lender’s prime rate or other market rates of interest.
	We believe that our existing cash balances, cash flow from operations and borrowings available under the Credit Facility will provide us with sufficient resources to fund our operations, meet our debt obligations, and fulfill our capital expenditure plans over the next twelve months; however, our operations are subject to financial, economic, competitive, regulatory, and other factors, many of which are beyond our control. If we are unable to generate sufficient cash flow, we could be required to adopt one or more alternatives, such as reducing, delaying or eliminating planned capital expenditures, selling assets, restructuring debt or obtaining additional equity capital.

TAXES

TAXES	12 Months Ended
	Dec. 31, 2013
TAXES	'
TAXES	'
	NOTE 7. TAXES
	Income Taxes
	The Company’s income tax provision (benefit) consists of the following:
		Years ended December 31,
		2013			2012			2011
	Federal	$	9,640,020		$	4,611,978		$	4,683,711
	State	1,375,825			196,073			—
	Current tax provision	11,015,845			4,808,051			4,683,711
	Federal	107,917			208,812			(1,503,638		)
	State	(489,717		)	31,490			—
	Deferred tax expense (benefit)	(381,800		)	240,302			(1,503,638		)
	Total tax provision	$	10,634,045		$	5,048,353		$	3,180,073
	The income tax provision differs from that computed at the federal statutory rate as follows:
		Years ended December 31,
		2013		2012		2011
	Federal tax at the statutory rate	35	%	35	%	35	%
	State tax (net of federal benefit)	1.33	%	0.98	%	—
	Permanent items	0.45	%	3.03	%	0.96	%
	Tax credits	(0.77	)%	(1.44	)%	(2.24	)%
	Adjustment to base jackpot liability	—		—		2.09	%
	Other	1.18	%	(1.41	)%	0.1	%
		37.19	%	36.16	%	35.91	%
	The Company recorded $413,238, $915, and $0 as an increase to contributed capital from certain tax benefits for employee stock-based compensation for the years ended December 31, 2013, 2012 and 2011, respectively.
	The components of the deferred income tax assets and liabilities at December 31, 2013 and 2012, as presented in the consolidated balance sheets, are as follows:
		2013			2012
	DEFERRED TAX ASSETS
	Stock-based compensation	$	4,621,386		$	4,595,100
	Compensation and benefits	759,519			700,194
	Bad debt reserves	133,707			255,053
	Accrued expenses	1,127,100			1,372,645
	Fixed assets and depreciation	—			50,428
	Base stock	235			787
	NOLs & credit carry-forwards	4,103,032			5,207,805
	Deferred income tax asset	$	10,744,979		$	12,182,012
	DEFERRED TAX LIABILITIES
	Fixed assets and depreciation	$	(105,714	)	$	—
	Intangibles and amortization	(3,069,907		)	(4,044,119		)
	Prepaid expenses	(906,944		)	(922,736		)
	Real estate taxes	(285,497		)	(285,038		)
	Federal deduction on deferred state taxes	(118,756		)	(290,158		)
	Deferred income tax liability	$	(4,486,818	)	$	(5,542,051	)
	NET DEFERRED INCOME TAX ASSET	$	6,258,161		$	6,639,961
	As of December 31, 2013 the Company had $9,883,701 of federal net operating loss (“NOL”) carryforwards, general business credit (“GBC”) carryforwards of $370,073 and $26,479,345 of state NOL carryforwards, acquired as part of the Monarch Black Hawk (formerly Rivera Black Hawk) acquisition.  The federal NOL carryforwards expire in 2020 through 2031.  The federal GBC carryforwards expire in 2022 through 2031. The state NOL carryforwards expire in 2022 through 2032.
	The acquired federal and state NOL and federal GBC carryforwards are subject to Internal Revenue Code change of ownership limitations.  Accordingly, future utilization of the carryforwards is subject to an annual base limitation of $1,250,000 that can be applied against future taxable income.
	Tax years 2009 forward are subject to examination by the Internal Revenue Service (the “IRS”). During the third quarter of 2012, the Company settled an IRS examination of its 2006 through 2008 income tax returns, paying $1.1 million.
	Accounting standards require that tax positions be assessed for recognition using a two-step process. A tax position is recognized if it meets a “more likely than not” threshold, and is measured at the largest amount of benefit that is greater than 50 percent likely of being realized. Uncertain tax positions must be reviewed at each balance sheet date. Liabilities recorded as a result of this analysis must generally be recorded separately from any current or deferred income tax accounts.  The Company’s policy regarding interest and penalties associated with uncertain tax positions is to classify such amounts as income tax expense.
	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
		2013			2012			2011
	Balance — Beginning of year	$	—		$	1,501,206		$	1,501,206
	Additions based on tax positions of the current year	—			—			—
	Additions based on tax positions of prior years	—			—			—
	Reductions for settlements	—			(1,501,206		)	—
	Decreases due to lapses in statutes of limitations	—			—			—
	Balance — End of year	$	—		$	—		$	1,501,206
	As of December 31, 2011, the Company recorded a liability related to uncertain tax positions of $1,501,206.  With the conclusion of the IRS examination of the Company’s 2006 through 2008 income tax returns, this liability was eliminated as of December 31, 2012.  No uncertain tax positions were recorded as of December 31, 2013.  No change in uncertain tax positions is anticipated over the next twelve months.
	The Company accrued interest related to unrecognized tax benefits of $335,659 as of December 31, 2011 of which $165,871 related to 2011.  When the IRS examination was completed, over-accrued interest of $133,348 was reversed, resulting in tax benefit of $86,676 in 2012. No interest or expense for uncertain tax positions was recorded in 2013.
	Sales and Use Tax on Complimentary Meals
	On March 27, 2008, the Nevada Supreme Court issued a decision in Sparks Nugget, Inc. vs. The State of Nevada Department of Taxation (the “Department”), holding that food purchased for subsequent use in the provision of complimentary and/or employee meals were exempt from use tax. As a result of this decision, refund claims were filed for use taxes paid over the period April 1997 through March 2000 and the period February 2005 through June 2008, on food purchased for subsequent use in complimentary and employee meals at our Nevada casino property. We requested refunds totaling approximately $1.6 million, excluding interest (“the Refunds”).  We have not recognized any of these refund amounts.
	In February 2012, the Department issued a policy directive, requesting that affected taxpayers begin collecting and remitting sales tax on complimentary meals and employee meals effective February 2012 and on June 25, 2012, the Nevada Tax Commission adopted regulations providing for a similar requirement.  Subject to these regulations we accrued $0.6 million through June 2013 related to this directive.
	The Department policy directive was challenged by several affected parties and in June 2013, the Nevada Tax Commission issued a ruling that complimentary and employee meals were no longer subject to sales taxation.  Associated with the ruling, the Nevada hotel-casino industry, including the Company, agreed to forego and cause to be withdrawn certain pending use tax refund requests.  Pursuant to that agreement, we withdrew our request for the $1.6 million Refunds. As a result of the ruling, we reversed the accumulated sales tax expense accrual totaling $0.6 million in the second quarter of 2013.

BENEFIT_PLANS

BENEFIT PLANS	12 Months Ended
	Dec. 31, 2013
BENEFIT PLANS	'
BENEFIT PLANS	'
	NOTE 8.  BENEFIT PLANS
	Savings Plan - Effective November 1, 1995, the Company adopted a savings plan, which qualifies under Section 401(k) of the Internal Revenue Code.  Under the plan, participating employees may defer up to 100% of their pre-tax compensation, but not more than statutory limits.  The Company’s matching contributions were approximately $282,994, $241,550 and $221,582 for years ended December 31, 2013, 2012 and 2011, respectively.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2013
STOCK-BASED COMPENSATION	'
STOCK-BASED COMPENSATION	'
	NOTE 9. STOCK-BASED COMPENSATION
	The Company’s three stock option plans, consisting of the Directors’ Stock Option Plan, the Executive Long-term Incentive Plan and the Employee Stock Option Plan (the “Plans”), which collectively provide for the granting of options to purchase up to 3,250,000 common shares. The exercise price of stock options granted under the Plans is established by the respective plan committees, but the exercise price may not be less than the market price of the Company’s common stock on the date the option is granted. The Company stock options typically vest on a graded schedule, typically in equal, one-third increments, although the respective stock option committees have the discretion to impose different vesting periods or modify existing vesting periods. Options expire ten years from the grant date. By their amended terms, the Plans will expire in June 2014 after which no options may be granted unless the Plans are amended or replaced.  Such amendment or replacement requires the approval of a majority of the Company’s stockholders.
	A summary of the stock option activity as of and for the year ended December 31, 2013 is presented below:
				Weighted Average
	Options	Shares		Exercise			Remaining		Aggregate
				Price			Contractual		Intrinsic
							Term		Value
	Outstanding at beginning of period	3,134,320		$	11.29		—		—
	Granted	367,698		18.53			—		—
	Exercised	(335,444	)	10.25			—		—
	Forfeited	(280,000	)	8.95			—		—
	Expired	—		—			—		—
	Outstanding at end of period	2,886,574		$	12.51		6.1 yrs.		$	23,421,823
	Exercisable at end of period	1,683,504		$	13.05		4.4 yrs.		$	13,095,301
	A summary of the status of the Company’s nonvested shares as of, and for the year ended, December 31, 2013 is presented below:
	Nonvested Shares	Shares		Weighted-Average
				Grant Date Fair
				Value
	Nonvested at January 1, 2013	1,497,739		$	9.49
	Granted	367,698		5.38
	Vested	(382,367	)	2.94
	Forfeited	(280,000	)	8.95
	Nonvested at December 31, 2013	1,203,070		$	12.51
	Expense Measurement and Recognition:
	The Company recognizes stock-based compensation for all current award grants and for the unvested portion of previous award grants based on grant date fair values. Unrecognized costs related to all stock-based awards outstanding at December 31, 2013 totaled approximately $1.3 million and is expected to be recognized over a weighted average period of 2.7 years.
	The Company uses historical data and projections to estimate expected employee, executive and director behaviors related to option exercises and forfeitures.
	The Company estimates the fair value of each stock option award on the grant date using the Black-Scholes valuation model incorporating the assumptions noted in the following table. Option valuation models require the input of highly subjective assumptions, and changes in assumptions used can materially affect the fair value estimate.  Option valuation assumptions for options granted during each year were as follows:
		Years ended December 31,
		2013			2012			2011
	Expected volatility	37.03		%	56.1		%	56.1		%
	Expected dividends	—			—			—
	Expected life (in years)
	Directors’ Plan	3.32			9.5			9.5
	Executive Plan	4.48			3.1			3.1
	Employee Plan	3.32			3.1			3.1
	Weighted average risk free rate	0.85		%	0.4		%	0.7		%
	Weighted average grant date fair value per share of options granted	$	5.38		$	3.43		$	3.89
	Total fair value of shares vested	$	1,122,577		$	1,918,460		$	1,190,274
	Total intrinsic value of options exercised	$	2,736,529		$	41,240		—
	Cash received for all stock option exercises	$	3,438,091		$	52,995		—
	Tax benefit realized from stock awards exercised	$	957,785		$	13,816		—
	The risk-free interest rate is based on the U.S. treasury security rate in effect as of the date of grant. The expected lives of options are based on historical data of the Company.  The Company has determined that an implied volatility is more reflective of market conditions and a better indicator of expected volatility.
	Reported stock-based compensation expense was classified as follows:
		For the years ended December 31,
		2013			2012			2011
	Casino	$	19,769		$	65,018		$	80,530
	Food and beverage	33,355			80,520			70,633
	Hotel	3,441			20,273			17,028
	Selling, general and administrative	1,163,780			1,202,156			1,451,461
	Total stock-based compensation, before taxes	1,220,345			1,367,967			1,619,652
	Tax benefit	(427,121		)	(478,788		)	(581,601		)
	Total stock-based compensation, net of tax	$	793,224		$	889,179		$	1,038,051

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2013
COMMITMENTS AND CONTINGENCIES	'
COMMITMENTS AND CONTINGENCIES	'
	NOTE 10.  COMMITMENTS AND CONTINGENCIES
	Self Insurance: The Company is self-insured for health care claims for eligible active employees. Benefit plan administrators assist the Company in determining its liability for self-insured claims, and such claims are not discounted. Both plans limit the Company’s maximum liability. The maximum annual liability per insured is $425,000 which is a combination of the first $250,000 of claims plus 10% of claims between $250,000 and $2 million.
	The Company is also self-insured for Atlantis workers’ compensation.  The maximum liability for workers’ compensation under the Atlantis stop-loss agreement is $500,000 per claim. The Company is fully-insured for Black Hawk workers compensation claims.
	We are party to other claims that arise in the normal course of business.  Management believes that the outcomes of such claims will not have a material adverse impact on our financial condition, cash flows or results of operations.

RIVIERA_BLACK_HAWK_ACQUISITION

RIVIERA BLACK HAWK ACQUISITION	12 Months Ended
	Dec. 31, 2013
RIVIERA BLACK HAWK ACQUISITION	'
RIVIERA BLACK HAWK ACQUISITION	'
	NOTE 11.  RIVIERA BLACK HAWK ACQUISITION
	On September 29, 2011, Monarch entered into a definitive Stock Purchase Agreement (the “Agreement”) with Riviera Operating Corporation, a Nevada corporation, Riviera Holdings Corporation, a Nevada corporation (collectively the “Seller” and together with Monarch, the “Parties”) and Riviera Black Hawk, Inc., a Colorado corporation (“Riviera Black Hawk”).  Pursuant to the Agreement, the Seller agreed to sell all of the issued and outstanding shares of common stock of Riviera Black Hawk to Monarch.  As required by the Agreement, the Company paid a $3.8 million deposit (the “Deposit”) against the $76 million purchase price (the “Purchase Price”).
	On April 26, 2012 (the “Closing”) Monarch completed the acquisition of Riviera Black Hawk.  Monarch paid $72.2 million, the difference between the Purchase Price and the Deposit, subject to certain post-Closing working capital adjustments.  At Closing, Seller paid substantially all of Riviera Black Hawk’s indebtedness and left Monarch $2.1 million of net working capital.  In order to fund the Purchase Price and related transaction costs, Monarch borrowed $72.3 million under the Credit Facility (see NOTE 6).  $2.28 million of the Purchase Price was escrowed for one year to secure the Seller’s indemnification obligations under the Purchase Agreement.
	The acquisition was treated as a purchase transaction. Accordingly, the purchase price was allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. In establishing its purchase price allocation, the Company obtained a third-party valuation of the assets acquired and liabilities assumed, and assigned the following values based upon the Company’s consideration of the third-party valuation:
	Amounts in thousands
	Cash consideration	$	75,885
	Liabilities assumed by the Company	3,505
	Working capital adjustment	604
	Total consideration	$	79,994
	The allocation of the purchase price was as follows (in thousands):
	Tangible Assets:
	Current assets	$	6,241
	Land	8,700
	Site improvements	30
	Building improvements	15,200
	Furniture and equipment	5,737
	Total tangible assets	35,908
	Intangible Assets:
	Customer list	10,490
	Trade name	1,590
	Goodwill	25,110
	Total intangible assets	37,190
	Deferred tax asset	6,896
	Total assets	$	79,994
	The Company recognized $2.2 million and $1.0 million of acquisition related expenses for the year ended December 30, 2012 and 2011, respectively. The Company had no acquisition related expenses in 2013.
	The amounts of net revenue and operating income of Monarch Black Hawk Casino included in the Company’s consolidated statement of income, subsequent to the Closing, after elimination of intercompany transactions, for the year ended December 31, 2012 are as follows:
	Amounts in thousands
	Net revenues	$	29,678
	Income from operations	$	6,350
	The unaudited pro forma consolidated results of operations, as if the acquisition of Riviera Black Hawk had occurred on January 1, 2011 and 2012, are as follows:
	Amounts in thousands except per share amounts
		Twelve Months Ended
		December 31,
		2012		2011
	Pro forma (unaudited):
	Net revenues	$	183,043	$	180,185
	Income from operations	$	17,516	$	15,919
	Net income	$	9,542	$	8,499
	Basic earnings per share	$	0.59	$	0.53
	Diluted earnings per share	$	0.59	$	0.52

SEGMENT_INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2013
SEGMENT INFORMATION	'
SEGMENT INFORMATION	'
	NOTE 12. SEGMENT INFORMATION
	We have defined two reportable operating segments:  the Atlantis and Monarch Black Hawk.  We use Adjusted EBITDA (as defined below) to compare operating results among our segments and allocate resources. The following table highlights our Adjusted EBITDA and reconciles Adjusted EBITDA to net income for the year ended December 31, 2013, 2012 and 2011.
		Twelve months ended December 31,
		2013			2012			2011
	Net revenues:
	Atlantis	$	141,298,217		$	133,624,332		$	134,529,379
	Monarch Black Hawk (a)	47,451,133			29,678,086			—
	Total net revenue	$	188,749,350		$	163,302,418		$	134,529,379
	Adjusted EBITDA (b)
	Atlantis	$	36,444,691		$	30,109,062		$	33,310,003
	Monarch Black Hawk (a)	16,495,646			9,630,100			—
		52,940,337			39,739,162			33,310,003
	Corporate and other (c)	(4,450,880		)	(3,581,912		)	(4,047,823		)
	Total Adjusted EBITDA	48,489,457			36,157,250			29,262,180
	Expenses:
	Stock-based compensation	(1,220,345		)	(1,367,967		)	(1,619,652		)
	Depreciation and amortization	(16,637,932		)	(16,650,604		)	(13,379,538		)
	Acquisition expenses	—			(2,155,521		)	(973,607		)
	Building demolition expense	—			—			(3,519,148		)
	Loss on asset sale	(175,946		)	—			—
	Interest expense	(1,860,367		)	(2,023,957		)	(914,308		)
	Provision for income taxes	(10,634,045		)	(5,048,353		)	(3,180,073		)
	Net income	$	17,960,822		$	8,910,848		$	5,675,854
		Twelve Months Ended December 31,
		2013			2012			2011
	Capital Expenditures (in thousands):
	Atlantis	$	3,813		$	3,530		$	5,231
	Monarch Black Hawk (a)	8,587			6,799			—
		$	12,400		$	10,329		$	5,231
		Twelve Months Ended December 31,
		2013			2012			2011
	Assets (in thousands):
	Atlantis	$	144,796		$	147,645		$	168,922
	Monarch Black Hawk (a)	94,518			91,192			—
	Corporate and other (d)	5,209			9,283			10,678
	Total assets	$	244,523		$	248,120		$	179,600
	(a)         We acquired Monarch Black Hawk on April 26, 2012.
	(b)         We define Adjusted EBITDA, a non-GAAP measure, for each segment as net income plus provision for income taxes, interest expense, acquisition expenses, management fee income or expense, gain or loss on disposal of assets, depreciation and amortization and stock-based compensation.  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.
	(c)          Corporate and other represents unallocated payroll, professional fees, travel expenses and other general and administrative expenses not directly related to our casino and hotel operations.
	(d)         Corporate assets include assets not directly related to our casino and hotel operations and the assets of our non-operating subsidiaries.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2013
RELATED PARTY TRANSACTIONS	'
RELATED PARTY TRANSACTIONS	'
	NOTE 13.  RELATED PARTY TRANSACTIONS
	The shopping center adjacent to the Atlantis (the “Shopping Center”) is owned by Biggest Little Investments, L.P. (“BLI”) whose general partner is Maxum, L.L.C. (“Maxum”).  John Farahi, Bob Farahi and Ben Farahi each individually own non-controlling interests in BLI and Maxum.  John Farahi is Co-Chairman of the Board, Chief Executive Officer, Secretary and a Director of Monarch.  Bob Farahi is Co-Chairman of the Board, President and a Director of Monarch.
	In addition, we share a driveway with and lease approximately 37,000 square-feet from the Shopping Center for a minimum lease term of 15 years at an annual rent of $340,000 plus common area expenses, subject to increase every year beginning in the 61st month based on the Consumer Price Index. We have the option to renew the lease for three individual five-year terms, and at the end of the extension periods, we have the option to purchase the leased driveway section of the Shopping Center.  For each of the years ended December 31, 2013,  2012 and 2011, the Company paid $340,000 in rent, plus $158,800, $122,500 and $123,700 respectively for operating expenses related to this lease.
	We occasionally lease billboard advertising, storage space or parking lot from affiliates of our controlling stockholders and paid $123,030, $114,280 and $97,120 for the years ended December 31, 2013, 2012 and 2011, respectively.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2013
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	NOTE 14.   SUBSEQUENT EVENTS
	The Company evaluated all subsequent events through the date that the consolidated financial statements were issued. No material subsequent events have occurred since December 31, 2013 that required recognition or disclosure in the consolidated financial statements.

SELECTED_QUARTERLY_FINANCIAL_D

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2013
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	'
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	'
	NOTE 15.  SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
	Certain amounts in the selected quarterly unaudited financial data schedule for 2013 and 2012 have been reclassified to conform to the 2013 year-end presentation. These reclassifications had no effect on the previously reported income from operations, net income or statement of cash flows.
		2013
		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total
	Net revenues	$	45,604,637	$	49,651,094	$	48,989,479	$	44,504,140	$	188,749,350
	Operating expenses	38,419,729		39,482,625		40,050,409		40,341,353		158,294,116
	Income from operations	7,184,908		10,168,469		8,939,070		4,162,787		30,455,234
	Net income	4,261,996		6,120,244		5,519,509		2,059,073		17,960,822
	Income per share of common stock
	Basic	$	0.26	$	0.38	$	0.34	$	0.12	$	1.1
	Diluted	$	0.26	$	0.37	$	0.32	$	0.12	$	1.06
		2012
		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total
	Net revenues	$	32,899,260	$	42,471,150	$	46,028,226	$	41,903,782	$	163,302,418
	Operating expenses	30,046,985		39,086,717		39,150,464		39,035,094		147,319,260
	Income from operations	2,852,275		3,384,433		6,877,762		2,868,688		15,983,158
	Net income	1,641,366		1,792,758		4,137,081		1,339,643		8,910,848
	Income per share of common stock
	Basic	$	0.1	$	0.11	$	0.26	$	0.08	$	0.55
	Diluted	$	0.1	$	0.11	$	0.26	$	0.08	$	0.55

Schedule_II_VALUATION_AND_QUAL

Schedule II. - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2013
Schedule II. - VALUATION AND QUALIFYING ACCOUNTS	'
Schedule II. - VALUATION AND QUALIFYING ACCOUNTS	'
	Schedule II. - VALUATION AND QUALIFYING ACCOUNTS
	Year ended	Balance at		Charged to			Deductions			Other		Balance at end
	December 31,	beginning		costs and			(F1)					of year
		of year		expenses
	2011
	Allowance for doubtful accounts	$	2,450,715	$	84,798		$	(1,222,668	)	$	—	$	1,312,845
	2012
	Allowance for doubtful accounts	$	1,312,845	$	(7,924	)	$	(576,199	)	$	—	$	728,722
	2013
	Allowance for doubtful accounts	$	728,722	$	(230,322	)	$	(127,409	)	$	—	$	370,991
	(F1) The Company reviews receivables monthly and, accordingly, adjusts the allowance for doubtful accounts monthly.  The Company records write-offs annually.  The amount charged to Costs and Expenses reflects the bad debt expense recorded in the consolidated statements of income, while the amount recorded for Deductions reflects the adjustment to actual allowance for doubtful accounts reserve at the end of the period.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2013

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

'

Basis of Presentation

'

Basis of Presentation

Monarch Casino & Resort, Inc., was incorporated in 1993 and through its wholly-owned subsidiary, Golden Road Motor Inn, Inc. (“Golden Road”), owns and operates the Atlantis Casino Resort Spa, a hotel/casino facility in Reno, Nevada (the “Atlantis”).  Monarch’s wholly owned subsidiaries, High Desert Sunshine, Inc. (“High Desert”) and Golden North, Inc. (“Golden North”), each own separate parcels of land located proximate to the Atlantis.  Monarch’s wholly owned subsidiary Monarch Growth Inc. (“Monarch Growth”), formed in 2011, acquired Riviera Black Hawk, Inc., owner of the Riviera Black Hawk Casino (collectively “Monarch Black Hawk” or “Black Hawk”) on April 26, 2012. Riviera Black Hawk Casino was renamed Monarch Casino Black Hawk in October 2013.  Monarch Growth also owns a parcel of land in Black Hawk, Colorado contiguous to the Monarch Black Hawk Casino. The Company has included the results of Black Hawk in its consolidated financial statements since the date of acquisition.

Monarch’s wholly owned subsidiary Monarch Interactive, Inc. (“Monarch Interactive”) was formed on January 4, 2012 and received approval from the Nevada Gaming Commission on August 23, 2012, which approval was extended three times, each for an additional six month period, pending commencement of operations, for a license as an operator of interactive gaming.  Before the license can be issued, a number of conditions must be met and before operations can commence, the Company must enter into contracts with a licensed interactive gaming service provider with an approved system.  None of these conditions have occurred, and Monarch Interactive is not currently engaged in any operating activities.  In Nevada, legal interactive gaming is currently limited to intrastate poker.

The consolidated financial statements include the accounts of Monarch and its subsidiaries.  Intercompany balances and transactions are eliminated.  Reference to the number of square feet or acreage are unaudited and considered outside the scope of our independent registered public accounting firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board.

Unless otherwise indicated, “Monarch,” “Company,” “we,” “our” and “us” refer to Monarch Casino & Resort, Inc. and its subsidiaries.

Use of Estimates

'

Use of Estimates

In preparing financial statements in conformity with U.S. generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the year.  Actual results could differ from those estimates.

Correction of Immaterial Error and Reclassification

'

Correction of Immaterial Error and Reclassification

During the second quarter of 2013, the Company identified that immaterial amounts of promotional items provided to its patrons including free play and cash back awards to casino patrons were improperly recorded as selling, general and administrative expenses instead of being recorded as a direct offset to revenue. In accordance with ASC 605-50, Revenue Recognition, free play and cash vouchers should be recorded as an offset to revenues instead of being reported as an expense. This change also resulted in immaterial reclassifications among casino, food and beverage, hotel and other operating expense categories.  The following table compares previously reported net revenues and operating expenses to as adjusted amounts, reflecting the reclassification of immaterial promotional amounts in conformity with generally accepted accounting principles:

Amount in thousands

Three months ended

Twelve months ended

Twelve months ended

March 31, 2013 (unaudited)

December 31, 2012

December 31, 2011

Previously

Correction

As

Previously

Correction

As

Previously

Correction

As

reported

adjusted

reported

adjusted

reported

adjusted

Net Revenues

$

47,644

$

(2,039

)

$

45,605

$

170,357

$

(7,055

)

$

163,302

$

140,632

$

(6,103

)

$

134,529

Operating Expenses

40,459

(2,039

)

38,420

154,374

(7,055

)

147,319

130,862

(6,103

)

124,759

The reclassifications had no effect on previously reported, net income, income from operations, consolidated Adjusted EBITDA or cash flows of the Company. Additionally, the Company reclassified approximately $1.0 million in stock-based compensation expense from the Atlantis Adjusted EBITDA segment to the Corporate and other segment for the twelve months ended December 31, 2012. This reclassification had no effect on Consolidated Adjusted EBITDA. The Company has evaluated the change in presentation on prior period financial statements taking into account the requirements of the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (SAB 108). In accordance with the relevant guidance, we evaluated the materiality of the error from a qualitative and quantitative perspective. Based on such evaluation, we concluded that correcting the error did not have a material impact on any individual prior period financial statement or affect the trend of financial results. As provided by SAB 108, the portion of the immaterial error and reclassification that impacts previously reported net revenues and operating expenses for the three month ended March 31, 2013, and the annual and quarterly periods for the years ended December 31, 2012 and 2011 will not require the previously filed annual reports on Form 10-K or quarterly reports on Form 10-Q to be amended and the correction is permitted to be made the next time we file our prior period financial statements.

Cash and Cash Equivalents

'

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, as well as investments purchased with an original maturity of 90 days or less.

Allowance for Doubtful Accounts

'

Allowance for Doubtful Accounts

The Company extends short-term credit to its gaming customers. Such credit is non-interest bearing and is due on demand.  In addition, the Company also has receivables due from hotel guests which are primarily secured with a credit card at the time a customer checks in.  An allowance for doubtful accounts is set up for all Company receivables based upon the Company’s historical collection and write-off experience, unless situations warrant a specific identification of a necessary reserve related to certain receivables.  The Company charges off its uncollectible receivables once all efforts have been made to collect such receivables. The book value of receivables approximates fair value due to the short-term nature of the receivables. In December 2013, the Company recorded an adjustment to its reserve for casino accounts receivable based on the results of historical collection patterns and current collection trends. For the year ended December 31, 2013, this adjustment benefitted income from operations by $0.3 million and net income by $0.2 million (or $0.01 per share on a fully diluted basis).

Casino Jackpots

'

Casino Jackpots

The Company does not accrue a liability for base jackpots because it has the ability to avoid such payment as gaming devices can legally be removed from the gaming floor without payment of the base amount. When the Company is unable to avoid payment of a jackpot such as the incremental jackpot amounts of progressive-type slot machines, due to legal requirements, the jackpot is accrued as the obligation becomes unavoidable. This liability is accrued over the time period in which the incremental progressive jackpot amount is generated commensurate with a corresponding reduction in casino revenue.

Inventories

'

Inventories

Inventories, consisting primarily of food, beverages, and retail merchandise, are stated at the lower of cost or market.  Cost is determined on a first-in, first-out basis.

Property and Equipment

'

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization.  Property and equipment is depreciated principally on a straight line basis over the estimated useful lives as follows:

Land improvements

15-40 years

Buildings

30-40 years

Building improvements

5-40 years

Furniture

5-10 years

Equipment

3-20 years

The Company evaluates property and equipment and other long-lived assets for impairment in accordance with the guidance for accounting for the impairment or disposal of long-lived assets. For assets to be disposed of, the Company recognizes the asset to be sold at the lower of carrying value or fair value less costs of disposal. Fair value for assets to be disposed of is generally estimated based on comparable asset sales, solicited offers or a discounted cash flow model. For assets to be held and used, the Company reviews fixed assets for impairment whenever indicators of impairment exist. If an indicator of impairment exists, we compare the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment is measured based on fair value compared to carrying value, with fair value typically based on a discounted cash flow model or market comparables, when available. For the years ended December 31, 2013, 2012 and 2011, there were no impairment charges.

Goodwill

'

Goodwill

The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles-Goodwill and Other (“ASC Topic 350”). ASU No. 2011-08, Intangibles- Goodwill and Other (Topic 350): Testing Goodwill for Impairment (ASU 2011-08) gives companies the option to perform a qualitative assessment that may allow them to skip the annual two-step test as appropriate. The Company tests its goodwill for impairment annually during the fourth quarter of each year, or whenever events or circumstances make it more likely than not that impairment may have occurred. Impairment testing for goodwill is performed at the reporting unit level, and each of the Company’s casino properties is considered to be a reporting unit. We perform qualitative analysis to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount by assessing the relevant events and circumstances. If that is the case, the company utilizes two-step testing process. In the first step, the estimated fair value of each reporting unit is compared with its carrying amount, including goodwill. If the carrying value of the reporting unit exceeds its estimated fair value, then the goodwill of the reporting unit is considered to be impaired, and impairment is measured in the second step of the process.  In the second step, the Company estimates the implied fair value of the reporting unit’s goodwill by allocating the estimated fair value of the reporting unit to the assets and liabilities of the reporting unit, as if the reporting unit had been acquired in a business combination. If the carrying value of the reporting unit’s goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess.

Goodwill consists of the excess of the acquisition cost over the fair value of the net assets acquired in business combinations. As of December 31, 2013, we had goodwill totaling $25.1 million related to the purchase of Black Hawk, Inc. (see NOTES 3 and 11).

Business Combinations

'

Business Combinations

The acquisition method of accounting for business combinations requires us to use significant estimates and assumptions, including fair value estimates, as of the business combination date and to refine those estimates as necessary during the measurement period (defined as the period, not to exceed one year, in which we may adjust the provisional amounts recognized for a business combination) in a manner that is generally similar to the previous purchase method of accounting.

Under the acquisition method of accounting, we recognize separately from goodwill the identifiable assets acquired, the liabilities assumed, and any noncontrolling interests in an acquiree, generally at the acquisition date fair value. We measure goodwill as of the acquisition date as the excess of consideration transferred, which we also measure at fair value, over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. Costs that we incur to complete the business combination such as investment banking, legal and other professional fees are not considered part of consideration and we charge them to acquisition expense as they are incurred.

Should the initial accounting for a business combination be incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and we record those adjustments to our financial statements. We apply those measurement period adjustments that we determine to be significant retrospectively to comparative information in our financial statements, including adjustments to depreciation and amortization expense.

Under the acquisition method of accounting for business combinations, if we identify changes to acquired deferred tax asset valuation allowances or liabilities related to uncertain tax positions during the measurement period and they relate to new information obtained about facts and circumstances that existed as of the acquisition date, those changes are considered a measurement period adjustment and we record the offset to goodwill. We record all other changes to deferred tax asset valuation allowances and liabilities related to uncertain tax positions in current period income tax expense.

Finite-Lived Intangible Assets

'

Finite-Lived Intangible Assets

The Company’s finite-lived intangible assets include assets related to its customer relationships which are amortized over its estimated useful life using the straight-line method. The Company periodically evaluates the remaining useful lives of its finite-lived intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization.

The customer relationship intangible asset represents the value associated with Monarch Black Hawk Casino’s rated casino guests. The initial fair value of the customer relationship intangible asset was estimated based on the projected net cash flows associated with these casino guests. The recoverability of the Company’s customer relationship intangible asset could be affected by, among other things, increased competition within the gaming industry, a downturn in the economy, declines in customer spending which would impact the expected future cash flows associated with the rated casino guests, declines in the number of visitations which could impact the expected attrition rate of the rated casino guests, and erosion of operating margins associated with rated casino guests. Should events or changes in circumstances cause the carrying value of the customer relationship intangible asset to exceed its estimated fair value, an impairment charge in the amount of the excess would be recognized. As of December 31, 2013, the customer relationships net intangible asset balance was $8.5 million. The trade name, related to the Riviera Black Hawk name was fully amortized by October 2013 when Riviera Black Hawk was renamed Monarch Casino Black Hawk.

Fair Value Measurement

'

Fair Value Measurement

ASC 820 establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for various valuation techniques e.g. market value, income approach and cost approach.  The levels of the hierarchy are described below:

·                  Level 1:  Observable inputs such as quoted prices in active markets for identical assets or liabilities;

·                  Level 2:  Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

·                  Level 3:  Unobservable inputs that reflect the reporting entity’s own assumptions.

The fair value measurements relating to the acquired assets of Monarch Black Hawk Casino was determined using inputs within Level 2 and Level 3 of ASC 820’s hierarchy.

Segment Reporting

'

Segment Reporting

We have defined two reportable segments based on factors such as how we manage our operations and how our chief operating decision maker views results. We define the chief operating decision maker as our Chief Executive Officer, Chief Operating Officer and our Chief Financial Officer. Our chief operating decision maker organizes and manages our business primarily on the basis of Adjusted EBITDA (see NOTE 12).

We include expenses such as corporate selling, general and administrative expense, which is not allocated to specific segments, in corporate and other expense.

Self-insurance Reserves

'

Self-insurance Reserves

We are currently self-insured up to certain stop loss amounts for Atlantis workers’ compensation and certain medical benefit costs provided to all of our employees.  As required by the state of Colorado, we are fully-insured for Black Hawk workers’ compensation costs.  The Company reviews self-insurance reserves at least quarterly. The reserve is determined by reviewing the actual expenditures for the previous twelve-month period and reports prepared by the third party plan administrator for any significant unpaid claims.  The reserve is an amount estimated to pay both reported and unreported claims as of the balance sheet date, which management believes is adequate.

Capitalized Interest

'

Capitalized Interest

The Company capitalizes interest costs associated with debt incurred in connection with major construction projects.  When no debt is specifically identified as being incurred in connection with a construction project, the Company capitalizes interest on amounts expended on the project at the Company’s average borrowing cost.  Interest capitalization is ceased when the project is substantially complete.  The Company did not capitalize interest during the years ended December 31, 2013, 2012 and 2011.

Casino Revenues

'

Casino Revenues

Casino revenues represent the net win from gaming activity, which is the difference between wins and losses.  Additionally, net win is reduced by a provision for anticipated payouts on slot participation fees, progressive jackpots and any pre-arranged marker discounts.

Promotional Allowances

'

Promotional Allowances

The Company’s frequent player program allows members, through the frequency of their play at the Company’s casino, to earn and accumulate points which may be redeemed for a variety of goods and services.  Points may be applied toward room stays at the hotel, food and beverage consumption at the food outlets, gift shop items as well as goods and services at the spa and beauty salon and for cash at our Black Hawk property. Points earned may also be applied toward off-property events such as concerts, shows and sporting events.

The retail value of hotel, food and beverage services provided to customers without charge is included in gross revenue and deducted as promotional allowances. The estimated departmental costs of providing such promotional allowances are included in casino operating expenses and are as follows:

Years ended December 31,

2013

2012

2011

Food and beverage

$

21,712,938

$

20,464,456

$

16,244,303

Hotel

2,622,010

2,850,105

2,328,566

Other

1,777,333

1,856,992

1,696,485

$

26,112,281

$

25,171,553

$

20,269,354

Advertising Costs

'

Advertising Costs

All advertising costs are expensed as incurred.  Advertising expense, which is included in selling, general and administrative expense, was $5,200,634, $4,675,771 and $4,083,700 for the years ended December 31, 2013, 2012 and 2011, respectively.

Income Taxes

'

Income Taxes

Income taxes are recorded in accordance with the liability method pursuant to authoritative guidance.  Under the asset and liability approach for financial accounting and reporting for income taxes, the following basic principles are applied in accounting for income taxes at the date of the financial statements: (a) a current liability or asset is recognized for the estimated taxes payable or refundable on taxes for the current year; (b) a deferred income tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards; (c) the measurement of current and deferred tax liabilities and assets is based on the provisions of the enacted tax law; the effects of future changes in tax laws or rates are not anticipated; and (d) the measurement of deferred income taxes is reduced, if necessary, by the amount of any tax benefits that, based upon available evidence, are not expected to be realized.

Under the accounting guidance, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50.0% likelihood of being realized upon ultimate settlement.  It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods and disclosure.  The liability for unrecognized tax benefits is included in current and noncurrent tax liabilities, based on when expected to be recognized, within the consolidated balance sheets at December 31, 2013 and 2012.

Stock-based Compensation

'

Stock-based Compensation

The Company accounts for stock-based compensation in accordance with the authoritative guidance requiring that compensation cost relating to stock-based payment transactions be recognized in the Company’s consolidated statements of income.  The cost is measured at the grant date, based on the calculated fair value of the award using the Black-Scholes option pricing model for stock options, and based on the closing share price of the Company’s stock on the grant date for restricted stock awards. The cost is recognized as an expense over the employee’s requisite service period (the vesting period of the equity award). The Company’s stock-based employee compensation plan is more fully discussed in (see NOTE 9).

Earnings Per Share

'

Earnings Per Share

Basic earnings per share are computed by dividing reported net earnings by the weighted-average number of common shares outstanding during the period.  Diluted earnings per share reflect the additional dilution for all potentially dilutive securities such as stock options.

The following is a reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations:

Shares in thousands

Years ended December 31,

2013

2012

2011

Shares

Per Share

Shares

Per Share

Shares

Per Share

Amount

Amount

Amount

Basic

16,302

$

1.1

16,140

$

0.55

16,138

$

0.35

Effect of dilutive stock options

642

(0.04

)

110

—

93

—

Diluted

16,944

$

1.06

16,250

$

0.55

16,231

$

0.35

The following options were not included in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of the common shares and their inclusion would be antidilutive:

Years ended December 31,

2013

2012

2011

Options to purchase shares of common stock (in thousands)

418,071

1,518

1,720

Exercise prices

$21.65-$29.00

$11.00-$29.00

$10.43-$29.00

Expiration dates (month/year)

05/16-10/23

10/14-2/22

10/14-12/21

Fair Value of Financial Instruments

'

Fair Value of Financial Instruments

The estimated fair value of the Company’s financial instruments has been determined by the Company, using available market information and valuation methodologies.  However, considerable judgment is required to develop the estimates of fair value; thus, the estimates provided herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

The carrying amounts of cash, account receivables, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments.  Additionally, the carrying value of our long-term debt approximates fair value due to the variable nature of applicable interest rates and relative short-term maturity.

Concentrations of Credit Risk

'

Concentrations of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of bank deposits and trade receivables. The Company maintains its surplus cash in bank accounts which, at times, may exceed federally insured limits.  The Company has not experienced any losses in such accounts.

Concentrations of credit risk with respect to trade receivables are limited due to the large number of customers comprising the Company’s customer base.  The Company believes it is not exposed to any significant credit risk on cash and accounts receivable.  Accounts are written off when management determines that an account is uncollectible. Recoveries of accounts previously written off are recorded when received. An allowance for doubtful accounts is determined to reduce the Company’s receivables to their carrying value, which approximates fair value. The allowance is estimated based on historical collection experience, specific review of individual customer accounts, and current economic and business conditions.  Historically, the Company has not incurred any significant credit-related losses.

Certain Risks and Uncertainties

'

Certain Risks and Uncertainties

The Company’s operations are dependent on its continued licensing by the Nevada and Colorado gaming regulatory bodies.  The loss of a license could have a material adverse effect on future results of operations.

The Company is dependent on the northern Nevada and Denver, Colorado markets for a significant number of its patrons and revenues. If economic conditions in these areas deteriorate or additional gaming licenses are awarded, the Company’s results of operations could be adversely affected.

The Company is dependent on the U.S. economy in general, and any deterioration in the national economic, energy, credit and capital markets could have a material adverse effect on future results of operations.

The Company is dependent upon a stable gaming and admission tax structure in the locations in which it operates. Any change in the tax structure could have a material adverse effect on future results of operations.

Impact of Recently Issued Accounting Standards

'

Impact of Recently Issued Accounting Standards

In December 2011, the Financial Accounting Standards Board (“FASB”) issued amendments to enhance disclosures about offsetting and related arrangements. This information will enable the users of the financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial and derivative instruments. The Company adopted this standard on January 1, 2013 which did not have a material effect on our consolidated financial statements.

In July 2013, the FASB issued an accounting standards update that amends the presentation requirements of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists.  The update would require an unrecognized tax benefit, or a portion of an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward in most cases.  The standard update is effective for our 2014 financial statements.  We are currently evaluating the impact, if any, of adopting this statement on our consolidated financial statements.

A variety of proposed or otherwise potential accounting standards are currently under review and study by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, the implementation of any such proposed or revised standards would have on the Company’s consolidated financial statements.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
Schedule of comparison of previously reported net revenues and operating expenses to as adjusted amounts, reflecting the reclassification of immaterial promotional amounts in conformity with generally accepted accounting principles	'
	Amount in thousands
		Three months ended									Twelve months ended							Twelve months ended
		March 31, 2013 (unaudited)									December 31, 2012							December 31, 2011
		Previously			Correction			As			Previously		Correction			As		Previously		Correction			As
		reported						adjusted			reported					adjusted		reported					adjusted
	Net Revenues	$	47,644		$	(2,039	)	$	45,605		$	170,357	$	(7,055	)	$	163,302	$	140,632	$	(6,103	)	$	134,529
	Operating Expenses	40,459			(2,039		)	38,420			154,374		(7,055		)	147,319		130,862		(6,103		)	124,759
Schedule of property and equipment stated at cost, less accumulated depreciation and amortization	'
	Land improvements	15-40 years
	Buildings	30-40 years
	Building improvements	5-40 years
	Furniture	5-10 years
	Equipment	3-20 years
Schedule of promotional allowance included in casino operating expenses	'
		Years ended December 31,
		2013			2012			2011
	Food and beverage	$	21,712,938		$	20,464,456		$	16,244,303
	Hotel	2,622,010			2,850,105			2,328,566
	Other	1,777,333			1,856,992			1,696,485
		$	26,112,281		$	25,171,553		$	20,269,354
Schedule of reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations	'
	Shares in thousands
		Years ended December 31,
		2013					2012					2011
		Shares		Per Share			Shares		Per Share			Shares	Per Share
				Amount					Amount				Amount
	Basic	16,302		$	1.1		16,140		$	0.55		16,138	$	0.35
	Effect of dilutive stock options	642		(0.04		)	110		—			93	—
	Diluted	16,944		$	1.06		16,250		$	0.55		16,231	$	0.35
Schedule of options, not included in the computation of diluted earnings per share	'
		Years ended December 31,
		2013		2012		2011
	Options to purchase shares of common stock (in thousands)	418,071		1,518		1,720
	Exercise prices	$21.65-$29.00		$11.00-$29.00		$10.43-$29.00
	Expiration dates (month/year)	05/16-10/23		10/14-2/22		10/14-12/21

ACCOUNTS_RECEIVABLE_Tables

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2013
ACCOUNTS RECEIVABLE	'
Schedule of accounts receivable	'
		December 31,
		2013			2012
	Casino	$	2,205,596		$	2,221,970
	Hotel	434,821			563,651
	Other	359,034			399,984
		2,999,451			3,185,605
	Less allowance for doubtful accounts	(370,991		)	(728,722		)
		$	2,628,460		$	2,456,883

GOODWILL_AND_INTANGIBLE_ASSETS1

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2013
GOODWILL AND INTANGIBLE ASSETS	'
Schedule of intangible assets	'
	Intangible assets consist of the following at December 31, (in thousands except years):
		2013			2012
	Customer list	$	10,490		$	10,490
	Trade name	1,590			1,590
	Total Intangible assets	12,080			12,080
	Less accumulated amortization:
	Customer list	(1,959		)	(828		)
	Trade name	(1,590		)	(1,047		)
	Total accumulated amortization	(3,549		)	(1,875		)
	Intangible assets, net	$	8,531		$	10,205
	Weighted-average life in years	7.3			8.4
Schedule of estimated amortization expense	'
	(amounts in thousands)
	2014	$	1,165
	2015	1,165
	2016	1,165
	2017	1,165
	2018	1,165
	Thereafter	2,706
	Total	$	8,531

ACCRUED_EXPENSES_Tables

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2013
ACCRUED EXPENSES	'
Schedule of accrued expenses	'
		December 31,
		2013		2012
	Accrued salaries, wages and related benefits	$	6,095,989	$	5,248,422
	Progressive slot machine and other gaming accruals	6,412,816		6,313,125
	Accrued gaming taxes	2,046,143		2,150,116
	Accrued interest	56,630		9,355
	Other accrued liabilities	3,565,808		4,115,176
		$	18,177,386	$	17,836,194

LEASE_COMMITMENTS_Tables

LEASE COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2013
LEASE COMMITMENTS	'
Summary of future minimum payments under operating leases	'
	Following is a summary of future minimum payments under operating leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2013:
		Operating
		Leases
	Year ending December 31,
	2014	$	377,000
	2015	370,000
	2016	370,000
	2017	370,000
	2018	370,000
	Thereafter	277,500
	Total minimum lease payments	$	2,134,500

LONGTERM_DEBT_Tables

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2013
LONG-TERM DEBT.	'
Schedule of maturities of borrowings	'
	Maturities of our borrowings for each of the next three years and thereafter as of December 31, 2013 are as follows:
	Amounts in millions
	Year	Maturities
	2014	$	—
	2015	—
	2016	53.8
	Thereafter	—
		$	53.8

TAXES_Tables

TAXES (Tables)	12 Months Ended
	Dec. 31, 2013
TAXES	'
Schedule of income tax provision (benefit)	'
		Years ended December 31,
		2013			2012			2011
	Federal	$	9,640,020		$	4,611,978		$	4,683,711
	State	1,375,825			196,073			—
	Current tax provision	11,015,845			4,808,051			4,683,711
	Federal	107,917			208,812			(1,503,638		)
	State	(489,717		)	31,490			—
	Deferred tax expense (benefit)	(381,800		)	240,302			(1,503,638		)
	Total tax provision	$	10,634,045		$	5,048,353		$	3,180,073
Schedule of income tax provision differs from that computed at the federal statutory rate	'
		Years ended December 31,
		2013		2012		2011
	Federal tax at the statutory rate	35	%	35	%	35	%
	State tax (net of federal benefit)	1.33	%	0.98	%	—
	Permanent items	0.45	%	3.03	%	0.96	%
	Tax credits	(0.77	)%	(1.44	)%	(2.24	)%
	Adjustment to base jackpot liability	—		—		2.09	%
	Other	1.18	%	(1.41	)%	0.1	%
		37.19	%	36.16	%	35.91	%
Schedule of components of the deferred income tax assets and liabilities	'
		2013			2012
	DEFERRED TAX ASSETS
	Stock-based compensation	$	4,621,386		$	4,595,100
	Compensation and benefits	759,519			700,194
	Bad debt reserves	133,707			255,053
	Accrued expenses	1,127,100			1,372,645
	Fixed assets and depreciation	—			50,428
	Base stock	235			787
	NOLs & credit carry-forwards	4,103,032			5,207,805
	Deferred income tax asset	$	10,744,979		$	12,182,012
	DEFERRED TAX LIABILITIES
	Fixed assets and depreciation	$	(105,714	)	$	—
	Intangibles and amortization	(3,069,907		)	(4,044,119		)
	Prepaid expenses	(906,944		)	(922,736		)
	Real estate taxes	(285,497		)	(285,038		)
	Federal deduction on deferred state taxes	(118,756		)	(290,158		)
	Deferred income tax liability	$	(4,486,818	)	$	(5,542,051	)
	NET DEFERRED INCOME TAX ASSET	$	6,258,161		$	6,639,961
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits	'
		2013			2012			2011
	Balance — Beginning of year	$	—		$	1,501,206		$	1,501,206
	Additions based on tax positions of the current year	—			—			—
	Additions based on tax positions of prior years	—			—			—
	Reductions for settlements	—			(1,501,206		)	—
	Decreases due to lapses in statutes of limitations	—			—			—
	Balance — End of year	$	—		$	—		$	1,501,206

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2013
STOCK-BASED COMPENSATION	'
Summary of the stock option activity	'
	A summary of the stock option activity as of and for the year ended December 31, 2013 is presented below:
				Weighted Average
	Options	Shares		Exercise			Remaining		Aggregate
				Price			Contractual		Intrinsic
							Term		Value
	Outstanding at beginning of period	3,134,320		$	11.29		—		—
	Granted	367,698		18.53			—		—
	Exercised	(335,444	)	10.25			—		—
	Forfeited	(280,000	)	8.95			—		—
	Expired	—		—			—		—
	Outstanding at end of period	2,886,574		$	12.51		6.1 yrs.		$	23,421,823
	Exercisable at end of period	1,683,504		$	13.05		4.4 yrs.		$	13,095,301
Summary of status of the Company's nonvested shares	'
	Nonvested Shares	Shares		Weighted-Average
				Grant Date Fair
				Value
	Nonvested at January 1, 2013	1,497,739		$	9.49
	Granted	367,698		5.38
	Vested	(382,367	)	2.94
	Forfeited	(280,000	)	8.95
	Nonvested at December 31, 2013	1,203,070		$	12.51
Schedule of option valuation assumptions for options granted	'
		Years ended December 31,
		2013			2012			2011
	Expected volatility	37.03		%	56.1		%	56.1		%
	Expected dividends	—			—			—
	Expected life (in years)
	Directors’ Plan	3.32			9.5			9.5
	Executive Plan	4.48			3.1			3.1
	Employee Plan	3.32			3.1			3.1
	Weighted average risk free rate	0.85		%	0.4		%	0.7		%
	Weighted average grant date fair value per share of options granted	$	5.38		$	3.43		$	3.89
	Total fair value of shares vested	$	1,122,577		$	1,918,460		$	1,190,274
	Total intrinsic value of options exercised	$	2,736,529		$	41,240		—
	Cash received for all stock option exercises	$	3,438,091		$	52,995		—
	Tax benefit realized from stock awards exercised	$	957,785		$	13,816		—
Schedule of stock based compensation expense	'
		For the years ended December 31,
		2013			2012			2011
	Casino	$	19,769		$	65,018		$	80,530
	Food and beverage	33,355			80,520			70,633
	Hotel	3,441			20,273			17,028
	Selling, general and administrative	1,163,780			1,202,156			1,451,461
	Total stock-based compensation, before taxes	1,220,345			1,367,967			1,619,652
	Tax benefit	(427,121		)	(478,788		)	(581,601		)
	Total stock-based compensation, net of tax	$	793,224		$	889,179		$	1,038,051

RIVIERA_BLACK_HAWK_ACQUISITION1

RIVIERA BLACK HAWK ACQUISITION (Tables)	12 Months Ended
	Dec. 31, 2013
RIVIERA BLACK HAWK ACQUISITION	'
Schedule of allocation of purchase price	'
	Amounts in thousands
	Cash consideration	$	75,885
	Liabilities assumed by the Company	3,505
	Working capital adjustment	604
	Total consideration	$	79,994
	The allocation of the purchase price was as follows (in thousands):
	Tangible Assets:
	Current assets	$	6,241
	Land	8,700
	Site improvements	30
	Building improvements	15,200
	Furniture and equipment	5,737
	Total tangible assets	35,908
	Intangible Assets:
	Customer list	10,490
	Trade name	1,590
	Goodwill	25,110
	Total intangible assets	37,190
	Deferred tax asset	6,896
	Total assets	$	79,994
Schedule of net revenue and operating income included in the entity's unaudited condensed consolidated statement of income	'
	The amounts of net revenue and operating income of Monarch Black Hawk Casino included in the Company’s consolidated statement of income, subsequent to the Closing, after elimination of intercompany transactions, for the year ended December 31, 2012 are as follows:
	Amounts in thousands
	Net revenues	$	29,678
	Income from operations	$	6,350
Schedule of unaudited pro forma consolidated results of operations	'
	The unaudited pro forma consolidated results of operations, as if the acquisition of Riviera Black Hawk had occurred on January 1, 2011 and 2012, are as follows:
	Amounts in thousands except per share amounts
		Twelve Months Ended
		December 31,
		2012		2011
	Pro forma (unaudited):
	Net revenues	$	183,043	$	180,185
	Income from operations	$	17,516	$	15,919
	Net income	$	9,542	$	8,499
	Basic earnings per share	$	0.59	$	0.53
	Diluted earnings per share	$	0.59	$	0.52

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2013
SEGMENT INFORMATION	'
Schedule of adjusted EBITDA and reconciliation of adjusted EBITDA to net income	'
		Twelve months ended December 31,
		2013			2012			2011
	Net revenues:
	Atlantis	$	141,298,217		$	133,624,332		$	134,529,379
	Monarch Black Hawk (a)	47,451,133			29,678,086			—
	Total net revenue	$	188,749,350		$	163,302,418		$	134,529,379
	Adjusted EBITDA (b)
	Atlantis	$	36,444,691		$	30,109,062		$	33,310,003
	Monarch Black Hawk (a)	16,495,646			9,630,100			—
		52,940,337			39,739,162			33,310,003
	Corporate and other (c)	(4,450,880		)	(3,581,912		)	(4,047,823		)
	Total Adjusted EBITDA	48,489,457			36,157,250			29,262,180
	Expenses:
	Stock-based compensation	(1,220,345		)	(1,367,967		)	(1,619,652		)
	Depreciation and amortization	(16,637,932		)	(16,650,604		)	(13,379,538		)
	Acquisition expenses	—			(2,155,521		)	(973,607		)
	Building demolition expense	—			—			(3,519,148		)
	Loss on asset sale	(175,946		)	—			—
	Interest expense	(1,860,367		)	(2,023,957		)	(914,308		)
	Provision for income taxes	(10,634,045		)	(5,048,353		)	(3,180,073		)
	Net income	$	17,960,822		$	8,910,848		$	5,675,854
	(a)         We acquired Monarch Black Hawk on April 26, 2012.
	(b)         We define Adjusted EBITDA, a non-GAAP measure, for each segment as net income plus provision for income taxes, interest expense, acquisition expenses, management fee income or expense, gain or loss on disposal of assets, depreciation and amortization and stock-based compensation.  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.
	(c)          Corporate and other represents unallocated payroll, professional fees, travel expenses and other general and administrative expenses not directly related to our casino and hotel operations.
	(d)         Corporate assets include assets not directly related to our casino and hotel operations and the assets of our non-operating subsidiaries.
Schedule of reconciliation of capital expenditure	'
		Twelve Months Ended December 31,
		2013			2012			2011
	Capital Expenditures (in thousands):
	Atlantis	$	3,813		$	3,530		$	5,231
	Monarch Black Hawk (a)	8,587			6,799			—
		$	12,400		$	10,329		$	5,231
		Twelve Months Ended December 31,
		2013			2012			2011
	Assets (in thousands):
	Atlantis	$	144,796		$	147,645		$	168,922
	Monarch Black Hawk (a)	94,518			91,192			—
	Corporate and other (d)	5,209			9,283			10,678
	Total assets	$	244,523		$	248,120		$	179,600
	(a)         We acquired Monarch Black Hawk on April 26, 2012.
	(b)         We define Adjusted EBITDA, a non-GAAP measure, for each segment as net income plus provision for income taxes, interest expense, acquisition expenses, management fee income or expense, gain or loss on disposal of assets, depreciation and amortization and stock-based compensation.  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.
	(c)          Corporate and other represents unallocated payroll, professional fees, travel expenses and other general and administrative expenses not directly related to our casino and hotel operations.
	(d)         Corporate assets include assets not directly related to our casino and hotel operations and the assets of our non-operating subsidiaries.

SELECTED_QUARTERLY_FINANCIAL_D1

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2013
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	'
Schedule of selected quarterly financial data (unaudited)	'
		2013
		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total
	Net revenues	$	45,604,637	$	49,651,094	$	48,989,479	$	44,504,140	$	188,749,350
	Operating expenses	38,419,729		39,482,625		40,050,409		40,341,353		158,294,116
	Income from operations	7,184,908		10,168,469		8,939,070		4,162,787		30,455,234
	Net income	4,261,996		6,120,244		5,519,509		2,059,073		17,960,822
	Income per share of common stock
	Basic	$	0.26	$	0.38	$	0.34	$	0.12	$	1.1
	Diluted	$	0.26	$	0.37	$	0.32	$	0.12	$	1.06
		2012
		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total
	Net revenues	$	32,899,260	$	42,471,150	$	46,028,226	$	41,903,782	$	163,302,418
	Operating expenses	30,046,985		39,086,717		39,150,464		39,035,094		147,319,260
	Income from operations	2,852,275		3,384,433		6,877,762		2,868,688		15,983,158
	Net income	1,641,366		1,792,758		4,137,081		1,339,643		8,910,848
	Income per share of common stock
	Basic	$	0.1	$	0.11	$	0.26	$	0.08	$	0.55
	Diluted	$	0.1	$	0.11	$	0.26	$	0.08	$	0.55

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)

0 Months Ended

3 Months Ended

12 Months Ended

Aug. 23, 2012

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

'

'

'

'

'

'

'

'

'

'

'

'

Additional period for which the approval was extended

'6 months

'

'

'

'

'

'

'

'

'

'

'

Multiplier of period for which approval is extended

3

'

'

'

'

'

'

'

'

'

'

'

Correction of Immaterial Error and Reclassifications:

'

'

'

'

'

'

'

'

'

'

'

'

Net Revenues

'

$44,504,140

$48,989,479

$49,651,094

$45,604,637

$41,903,782

$46,028,226

$42,471,150

$32,899,260

$188,749,350

$163,302,418

$134,529,379

Operating Expenses

'

40,341,353

40,050,409

39,482,625

38,419,729

39,035,094

39,150,464

39,086,717

30,046,985

158,294,116

147,319,260

124,759,144

Reclassification of stock-based compensation expense from Atlantis Adjusted EBITDA segment to the corporate and other segment

'

'

'

'

'

'

'

'

'

'

1,000,000

'

Previously reported

'

'

'

'

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'

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'

'

'

'

Correction of Immaterial Error and Reclassifications:

'

'

'

'

'

'

'

'

'

'

'

'

Net Revenues

'

'

'

'

47,644,000

'

'

'

'

'

170,357,000

140,632,000

Operating Expenses

'

'

'

'

40,459,000

'

'

'

'

'

154,374,000

130,862,000

Improper classification of immaterial promotional expenses | Correction

'

'

'

'

'

'

'

'

'

'

'

'

Correction of Immaterial Error and Reclassifications:

'

'

'

'

'

'

'

'

'

'

'

'

Net Revenues

'

'

'

'

-2,039,000

'

'

'

'

'

-7,055,000

-6,103,000

Operating Expenses

'

'

'

'

($2,039,000)

'

'

'

'

'

($7,055,000)

($6,103,000)

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Allowance for doubtful accounts	'	'	'	'	'	'	'	'	'	'	'
Income from operations	$4,162,787	$8,939,070	$10,168,469	$7,184,908	$2,868,688	$6,877,762	$3,384,433	$2,852,275	$30,455,234	$15,983,158	$9,770,235
Net income	2,059,073	5,519,509	6,120,244	4,261,996	1,339,643	4,137,081	1,792,758	1,641,366	17,960,822	8,910,848	5,675,854
Diluted (in dollars per share)	$0.12	$0.32	$0.37	$0.26	$0.08	$0.26	$0.11	$0.10	$1.06	$0.55	$0.35
Reserve for casino accounts receivable | Adjustment	'	'	'	'	'	'	'	'	'	'	'
Allowance for doubtful accounts	'	'	'	'	'	'	'	'	'	'	'
Income from operations	'	'	'	'	'	'	'	'	300,000	'	'
Net income	'	'	'	'	'	'	'	'	$200,000	'	'
Diluted (in dollars per share)	'	'	'	'	'	'	'	'	$0.01	'	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property and Equipment	'	'	'
Impairment charge	$0	$0	$0
Land improvements | Minimum	'	'	'
Property and Equipment	'	'	'
Estimated useful lives	'15 years	'	'
Land improvements | Maximum	'	'	'
Property and Equipment	'	'	'
Estimated useful lives	'40 years	'	'
Buildings | Minimum	'	'	'
Property and Equipment	'	'	'
Estimated useful lives	'30 years	'	'
Buildings | Maximum	'	'	'
Property and Equipment	'	'	'
Estimated useful lives	'40 years	'	'
Building improvements | Minimum	'	'	'
Property and Equipment	'	'	'
Estimated useful lives	'5 years	'	'
Building improvements | Maximum	'	'	'
Property and Equipment	'	'	'
Estimated useful lives	'40 years	'	'
Furniture | Minimum	'	'	'
Property and Equipment	'	'	'
Estimated useful lives	'5 years	'	'
Furniture | Maximum	'	'	'
Property and Equipment	'	'	'
Estimated useful lives	'10 years	'	'
Equipment | Minimum	'	'	'
Property and Equipment	'	'	'
Estimated useful lives	'3 years	'	'
Equipment | Maximum	'	'	'
Property and Equipment	'	'	'
Estimated useful lives	'20 years	'	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Apr. 26, 2012
			Monarch Black Hawk Casino	Monarch Black Hawk Casino
Summary of significant accounting policies	'	'	'	'
Amount of goodwill recorded	$25,110,810	$25,110,810	$25,100,000	$25,110,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
	item
Segment Reporting	'
Number of reportable segments	2
Self-insurance Reserves	'
Period for reviewing actual expenditure to determine self-insurance reserve	'12 months
Customer relationships	'
Finite-lived intangible assets	'
Net intangible asset	8,500

SUMMARY_OF_SIGNIFICANT_ACCOUNT8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 6) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Promotional Allowances	'	'	'
Estimated departmental costs of providing promotional allowances	$43,168,088	$40,688,498	$29,133,016
Advertising Costs	'	'	'
Advertising expense	5,200,634	4,675,771	4,083,700
Food and beverage	'	'	'
Promotional Allowances	'	'	'
Estimated departmental costs of providing promotional allowances	21,712,938	20,464,456	16,244,303
Hotel	'	'	'
Promotional Allowances	'	'	'
Estimated departmental costs of providing promotional allowances	2,622,010	2,850,105	2,328,566
Other	'	'	'
Promotional Allowances	'	'	'
Estimated departmental costs of providing promotional allowances	1,777,333	1,856,992	1,696,485
Promotional allowances	'	'	'
Promotional Allowances	'	'	'
Estimated departmental costs of providing promotional allowances	$26,112,281	$25,171,553	$20,269,354

SUMMARY_OF_SIGNIFICANT_ACCOUNT9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 7) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Shares	'	'	'	'	'	'	'	'	'	'	'
Basic (in shares)	'	'	'	'	'	'	'	'	16,301,824	16,140,078	16,138,158
Effect of dilutive stock options (in shares)	'	'	'	'	'	'	'	'	642,000	110,000	93,000
Diluted (in shares)	'	'	'	'	'	'	'	'	16,943,925	16,250,088	16,231,325
Per Share Amount	'	'	'	'	'	'	'	'	'	'	'
Basic (in dollars per share)	$0.12	$0.34	$0.38	$0.26	$0.08	$0.26	$0.11	$0.10	$1.10	$0.55	$0.35
Effect of dilutive stock options (in dollars per share)	'	'	'	'	'	'	'	'	($0.04)	'	'
Diluted (in dollars per share)	$0.12	$0.32	$0.37	$0.26	$0.08	$0.26	$0.11	$0.10	$1.06	$0.55	$0.35
Stock options	'	'	'	'	'	'	'	'	'	'	'
Anti-dilutive securities	'	'	'	'	'	'	'	'	'	'	'
Options to purchase shares of common stock	'	'	'	'	'	'	'	'	418,071,000	1,518,000	1,720,000
Exercise prices, low end of range (in dollars per share)	'	'	'	'	'	'	'	'	$21.65	$11	$10.43
Exercise prices, high end of range (in dollars per share)	'	'	'	'	'	'	'	'	$29	$29	$29

ACCOUNTS_RECEIVABLE_Details

ACCOUNTS RECEIVABLE (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accounts receivable	'	'	'
Accounts receivable, gross	$2,999,451	$3,185,605	'
Less allowance for doubtful accounts	-370,991	-728,722	'
Accounts receivable, net	2,628,460	2,456,883	'
Bad debt expense	-230,322	-7,924	84,798
Casino	'	'	'
Accounts receivable	'	'	'
Accounts receivable, gross	2,205,596	2,221,970	'
Hotel	'	'	'
Accounts receivable	'	'	'
Accounts receivable, gross	434,821	563,651	'
Other	'	'	'
Accounts receivable	'	'	'
Accounts receivable, gross	$359,034	$399,984	'

GOODWILL_AND_INTANGIBLE_ASSETS2

GOODWILL AND INTANGIBLE ASSETS (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Apr. 26, 2012	Apr. 26, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
			Monarch Black Hawk Casino	Monarch Black Hawk Casino	Monarch Black Hawk Casino	Customer list	Customer list	Customer list	Trade Name	Trade Name
						Monarch Black Hawk Casino	Monarch Black Hawk Casino	Monarch Black Hawk Casino	Monarch Black Hawk Casino	Monarch Black Hawk Casino
Intangible assets	'	'	'	'	'	'	'	'	'	'
Amount of goodwill recorded	$25,110,810	$25,110,810	$25,100,000	'	$25,110,000	'	'	'	'	'
Total Intangible assets	'	'	12,080,000	12,080,000	'	'	10,490,000	10,490,000	1,590,000	1,590,000
Total accumulated amortization	'	'	-3,549,000	-1,875,000	'	'	-1,959,000	-828,000	-1,590,000	-1,047,000
Total	'	'	8,531,000	10,205,000	'	'	'	'	'	'
Useful life of finite-lived intangible assets	'	'	'	'	'	'9 years	'	'	'	'
Weighted-average life	'	'	'7 years 3 months 18 days	'8 years 4 months 24 days	'	'	'7 years 3 months 18 days	'	'	'
Amortization expense	'	'	1,700,000	1,900,000	'	'	'	'	'	'
Fair value inputs	'	'	'	'	'	'	'	'	'	'
Attrition rate (as a percent)	'	'	'	'	'	'	24.00%	'	'	'
Royalty rate (as a percent)	'	'	'	'	'	'	'	'	1.00%	'
Risk-adjusted discount rate (as a percent)	'	'	'	'	'	'	12.00%	'	11.00%	'
Decrease in goodwill upon completion of the purchase price allocation related primarily to modification to the value of certain deferred tax assets	'	'	'	1,400,000	'	'	'	'	'	'
Changes to carrying amount of goodwill	'	'	$0	'	'	'	'	'	'	'

GOODWILL_AND_INTANGIBLE_ASSETS3

GOODWILL AND INTANGIBLE ASSETS (Details 2) (Monarch Black Hawk Casino, USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Monarch Black Hawk Casino	'	'
Estimated amortization expense	'	'
2014	$1,165	'
2015	1,165	'
2016	1,165	'
2017	1,165	'
2018	1,165	'
Thereafter	2,706	'
Total	$8,531	$10,205

ACCRUED_EXPENSES_Details

ACCRUED EXPENSES (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
ACCRUED EXPENSES	'	'
Accrued salaries, wages and related benefits	$6,095,989	$5,248,422
Progressive slot machine and other gaming accruals	6,412,816	6,313,125
Accrued gaming taxes	2,046,143	2,150,116
Accrued interest	56,630	9,355
Other accrued liabilities	3,565,808	4,115,176
Accrued expenses	$18,177,386	$17,836,194

LEASE_COMMITMENTS_Details

LEASE COMMITMENTS (Details) (Members of Management Holding Noncontrolling Interests, USD $)	12 Months Ended
	Dec. 31, 2013
	item
	sqft
Members of Management Holding Noncontrolling Interests	'
LEASE COMMITMENTS	'
Area of property leased (in square feet)	37,000
Minimum lease term	'15 years
Annual rent	$340,000
Number of terms for which the lease can be renewed	3
Lease term under each renewal	'5 years
Total cost of project	2,000,000
Portion of total cost of project for which company was responsible	$1,350,000

LEASE_COMMITMENTS_Details_2

LEASE COMMITMENTS (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Future minimum payments under operating leases	'	'	'
2014	$377,000	'	'
2015	370,000	'	'
2016	370,000	'	'
2017	370,000	'	'
2018	370,000	'	'
Thereafter	277,500	'	'
Total minimum lease payments	2,134,500	'	'
Rental expense for operating leases	$907,100	$857,400	$730,400

LONGTERM_DEBT_Details

LONG-TERM DEBT (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Nov. 15, 2011
	item
Maturities of Borrowings Under New Credit Facility	'	'
2016	$53,800,000	'
Total	53,800,000	'
Credit Facility	'	'
Long-term debt	'	'
Maximum borrowing capacity	95,500,000	60,000,000
Number of trailing quarters during which certain financial ratios are to be maintained and minimum level of EBITDA is to be achieved	4	'
Reduction in maximum borrowing capacity	1,500,000	'
Multiple which may be used to permanently reduce the maximum borrowing capacity under the credit facility	50,000	'
Maturities of Borrowings Under New Credit Facility	'	'
Variable interest rate base	'LIBOR	'
Percentage points added to the reference rate	1.50%	'
One-month LIBOR interest rate (as a percent)	0.17%	'
Credit Facility | Actual	'	'
Long-term debt	'	'
Leverage ratio	1.1	'
Fixed charge coverage ratio	17	'
Credit Facility | Minimum	'	'
Long-term debt	'	'
Amount in which the maximum borrowing capacity may be permanently reduced	$500,000	'
Credit Facility | Minimum | Requirement	'	'
Long-term debt	'	'
Fixed charge coverage ratio	1.15	'
Credit Facility | Maximum | Requirement	'	'
Long-term debt	'	'
Leverage ratio	3	'

TAXES_Details

TAXES (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income tax provision (benefit)	'	'	'
Federal	$9,640,020	$4,611,978	$4,683,711
State	1,375,825	196,073	'
Current tax provision	11,015,845	4,808,051	4,683,711
Federal	107,917	208,812	-1,503,638
State	-489,717	31,490	'
Deferred tax expense (benefit)	-381,800	240,302	-1,503,638
Total tax provision	10,634,045	5,048,353	3,180,073
Income tax provision differs from that computed at the federal statutory rate	'	'	'
Federal tax at the statutory rate (as a percent)	35.00%	35.00%	35.00%
State tax (net of federal benefit) (as a percent)	1.33%	0.98%	'
Permanent items	0.45%	3.03%	0.96%
Tax credits (as a percent)	-0.77%	-1.44%	-2.24%
Adjustment to base jackpot liability (as a percent)	'	'	2.09%
Other (as a percent)	1.18%	-1.41%	0.10%
Provision for income taxes as a percentage of pre-tax earnings	37.19%	36.16%	35.91%
Increase in capital from tax benefits for the employee stock-based compensation	413,238	915	0
DEFERRED TAX ASSETS	'	'	'
Stock-based compensation	4,621,386	4,595,100	'
Compensation and benefits	759,519	700,194	'
Bad debt reserves	133,707	255,053	'
Accrued expenses	1,127,100	1,372,645	'
Fixed assets and depreciation	'	50,428	'
Base stock	235	787	'
NOLs & credit carry-forwards	4,103,032	5,207,805	'
Deferred income tax asset	10,744,979	12,182,012	'
DEFERRED TAX LIABILITIES	'	'	'
Fixed assets and depreciation	-105,714	'	'
Intangibles and amortization	-3,069,907	-4,044,119	'
Prepaid expenses	-906,944	-922,736	'
Real estate taxes	-285,497	-285,038	'
Federal deduction on deferred state taxes	-118,756	-290,158	'
Deferred income tax liability	-4,486,818	-5,542,051	'
NET DEFERRED INCOME TAX ASSET	$6,258,161	$6,639,961	'

TAXES_Details_2

TAXES (Details 2) (Monarch Black Hawk Casino, USD $)	Dec. 31, 2013
Taxes	'
General business credit (GBC) carryforwards	$370,073
Carryforwards subject to an annual base limitation	1,250,000
Federal	'
Taxes	'
NOL carryforwards	9,883,701
State	'
Taxes	'
NOL carryforwards	$26,479,345

TAXES_Details_3

TAXES (Details 3) (USD $)	12 Months Ended				3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2012
		IRS	IRS	IRS	Tax Settlements	Tax Settlements
				Adjustment	IRS	IRS
Unrecognized tax benefits	'	'	'	'	'	'
Amount paid related to examination	'	'	'	'	$1,100,000	'
Reconciliation of the beginning and ending amount of unrecognized tax benefits	'	'	'	'	'	'
Balance - Beginning of year	'	1,501,206	1,501,206	'	'	'
Reductions for settlements	'	-1,501,206	'	'	'	'
Balance - End of year	'	'	1,501,206	'	'	'
Liability related to uncertain tax positions which is recorded as a current liability	0	'	1,501,206	'	'	'
Accrued interest related to unrecognized tax benefits	'	'	335,659	'	'	'
Accrued interest or expense, related to unrecognized tax benefits	0	'	165,871	'	'	'
Over-accrued interest reversed	'	'	'	($133,348)	'	($86,676)

TAXES_Details_4

TAXES (Details 4) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2013
Unrecognized tax benefits and settlements with tax authorities	'
Withdrawal of pending use tax refund requests	$1.60
Reversal of previously accrued sales tax	0.6
State of Nevada	'
Unrecognized tax benefits and settlements with tax authorities	'
Amount of requested refund, excluding interest	1.6
Accrued sales tax	$0.60

BENEFIT_PLANS_Details

BENEFIT PLANS (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
BENEFIT PLANS	'	'	'
Maximum percentage of pre-tax compensation that participating employees may defer under the plan	100.00%	'	'
Company's matching contributions	$282,994	$241,550	$221,582

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	item
Option valuation assumptions for options granted	'	'	'
Cash received for all stock option exercises	$3,438,091	$52,995	'
Tax benefit realized from stock awards exercised	413,238	'	'
Stock options	'	'	'
STOCK-BASED COMPENSATION	'	'	'
Number of stock option plans	3	'	'
Number of common shares authorized to be purchased	3,250,000	'	'
Vesting rights percentage	33.33%	'	'
Expiration term	'10 years	'	'
Options	'	'	'
Outstanding at beginning of period (in shares)	3,134,320	'	'
Granted (in shares)	367,698	'	'
Exercised (in shares)	-335,444	'	'
Forfeited (in shares)	-280,000	'	'
Outstanding at end of period (in shares)	2,886,574	3,134,320	'
Exercisable at end of period (in shares)	1,683,504	'	'
Weighted-Average Exercise Price	'	'	'
Outstanding at beginning of period (in dollars per share)	$11.29	'	'
Granted (in dollars per share)	$18.53	'	'
Exercised (in dollars per share)	$10.25	'	'
Forfeited (in dollars per share)	$8.95	'	'
Outstanding at end of period (in dollars per share)	$12.51	$11.29	'
Exercisable at end of period (in dollars per share)	$13.05	'	'
Weighted Average Remaining Contractual Term	'	'	'
Outstanding at end of period	'6 years 1 month 6 days	'	'
Exercisable at end of period	'4 years 4 months 24 days	'	'
Aggregate Intrinsic Value	'	'	'
Outstanding at end of period (in dollars)	23,421,823	'	'
Exercisable at end of period (in dollars)	13,095,301	'	'
Nonvested Shares	'	'	'
Nonvested at the beginning of the period (in shares)	1,497,739	'	'
Granted (in shares)	367,698	'	'
Vested (in shares)	-382,367	'	'
Forfeited (in shares)	-280,000	'	'
Nonvested at the end of the period (in shares)	1,203,070	1,497,739	'
Weighted-Average Grant Date Fair Value	'	'	'
Nonvested at the beginning of the period (in dollars per share)	$9.49	'	'
Granted (in dollars per share)	$5.38	'	'
Vested (in dollars per share)	$2.94	'	'
Forfeited (in dollars per share)	$8.95	'	'
Nonvested at the end of the period (in dollars per share)	$12.51	$9.49	'
Unrecognized costs	'	'	'
Unrecognized costs related to all stock-based awards outstanding	1,300,000	'	'
Weighted average period for recognition of unrecognized compensation costs	'2 years 8 months 12 days	'	'
Option valuation assumptions for options granted	'	'	'
Expected volatility (as a percent)	37.03%	56.10%	56.10%
Weighted average risk free rate (as a percent)	0.85%	0.40%	0.70%
Weighted average grant date fair value per share of options granted (in dollars per share)	$5.38	$3.43	$3.89
Total fair value of shares vested	1,122,577	1,918,460	1,190,274
Total intrinsic value of options exercised	2,736,529	41,240	'
Cash received for all stock option exercises	3,438,091	52,995	'
Tax benefit realized from stock awards exercised	$957,785	$13,816	'
Stock options | Directors' Plan	'	'	'
Option valuation assumptions for options granted	'	'	'
Expected life	'3 years 3 months 25 days	'9 years 6 months	'9 years 6 months
Stock options | Executive Plan	'	'	'
Option valuation assumptions for options granted	'	'	'
Expected life	'4 years 5 months 23 days	'3 years 1 month 6 days	'3 years 1 month 6 days
Stock options | Employee Plan	'	'	'
Option valuation assumptions for options granted	'	'	'
Expected life	'3 years 3 months 25 days	'3 years 1 month 6 days	'3 years 1 month 6 days

STOCKBASED_COMPENSATION_Detail1

STOCK-BASED COMPENSATION (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Stock-based compensation expense	'	'	'
Total stock-based compensation, before taxes	$1,220,345	$1,367,967	$1,619,652
Tax benefit	-427,121	-478,788	-581,601
Total stock-based compensation, net of tax	793,224	889,179	1,038,051
Casino	'	'	'
Stock-based compensation expense	'	'	'
Total stock-based compensation, before taxes	19,769	65,018	80,530
Food and beverage	'	'	'
Stock-based compensation expense	'	'	'
Total stock-based compensation, before taxes	33,355	80,520	70,633
Hotel	'	'	'
Stock-based compensation expense	'	'	'
Total stock-based compensation, before taxes	3,441	20,273	17,028
Selling, general and administrative	'	'	'
Stock-based compensation expense	'	'	'
Total stock-based compensation, before taxes	$1,163,780	$1,202,156	$1,451,461

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (Self Insurance, USD $)	Dec. 31, 2013
Self Insurance	'
COMMITMENTS AND CONTINGENCIES	'
Maximum annual liability per insured	$425,000
Fixed portion of maximum annual liability per insured	250,000
Variable portion of maximum annual liability per insured (as a percent)	10.00%
Maximum amount of claims for computation of variable portion of maximum annual liability per insured	2,000,000
Maximum liability for workers' compensation under stop-loss agreement per claim	$500,000

RIVIERA_BLACK_HAWK_ACQUISITION2

RIVIERA BLACK HAWK ACQUISITION (Details) (USD $)

3 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Apr. 26, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Sep. 29, 2011

Apr. 26, 2012

Apr. 26, 2012

Apr. 26, 2012

Apr. 26, 2012

Apr. 26, 2012

Apr. 26, 2012

Apr. 26, 2012

Riviera Black Hawk

Riviera Black Hawk

Riviera Black Hawk

Riviera Black Hawk

Riviera Black Hawk

Riviera Black Hawk

Riviera Black Hawk

Riviera Black Hawk

Riviera Black Hawk

Riviera Black Hawk

Riviera Black Hawk

Riviera Black Hawk

Customer list

Trade name

Land

Site improvements

Building improvements

Furniture and equipment

Second Amended and Restated Credit Agreement

RIVIERA BLACK HAWK ACQUISITION

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition deposit

'

'

'

'

'

'

'

'

'

'

$3,800,000

'

'

'

$3,800,000

'

'

'

'

'

'

'

'

Purchase Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

76,000,000

'

'

'

'

'

'

'

Payment of purchase price, net of deposit

'

'

'

'

'

'

'

'

'

'

'

72,200,000

'

'

'

'

'

'

'

'

'

'

'

Net working capital available after payment of indebtedness

'

'

'

'

'

'

'

'

'

'

'

2,100,000

'

'

'

'

'

'

'

'

'

'

'

Amount borrowed under acquisition

'

'

'

'

'

'

'

'

'

77,760,000

15,180,000

'

'

'

'

'

'

'

'

'

'

'

72,300,000

Amount of purchase price escrowed to secure Seller's indemnification obligations

'

'

'

'

'

'

'

'

'

'

'

2,280,000

'

'

'

'

'

'

'

'

'

'

'

Period for which purchase price is escrowed

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

Consideration

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash consideration

'

'

'

'

'

'

'

'

'

'

'

75,885,000

'

'

'

'

'

'

'

'

'

'

'

Liabilities assumed by the Company

'

'

'

'

'

'

'

'

'

'

'

3,505,000

'

'

'

'

'

'

'

'

'

'

'

Working capital adjustment

'

'

'

'

'

'

'

'

'

'

'

604,000

'

'

'

'

'

'

'

'

'

'

'

Total consideration

'

'

'

'

'

'

'

'

'

'

'

79,994,000

'

'

'

'

'

'

'

'

'

'

'

Tangible Assets:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Current assets

'

'

'

'

'

'

'

'

'

'

'

6,241,000

'

'

'

'

'

'

'

'

'

'

'

Total tangible assets

'

'

'

'

'

'

'

'

'

'

'

35,908,000

'

'

'

'

'

'

8,700,000

30,000

15,200,000

5,737,000

'

Intangible Assets:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of goodwill recorded

25,110,810

'

'

'

25,110,810

'

'

'

25,110,810

25,110,810

'

25,110,000

25,100,000

'

'

'

'

'

'

'

'

'

'

Total intangible assets

'

'

'

'

'

'

'

'

'

'

'

37,190,000

'

'

'

'

10,490,000

1,590,000

'

'

'

'

'

Deferred tax asset

'

'

'

'

'

'

'

'

'

'

'

6,896,000

'

'

'

'

'

'

'

'

'

'

'

Total assets

'

'

'

'

'

'

'

'

'

'

'

79,994,000

'

'

'

'

'

'

'

'

'

'

'

Acquisition cost

'

'

'

'

'

'

'

'

'

2,155,521

973,607

'

0

2,200,000

1,000,000

'

'

'

'

'

'

'

'

Net revenue and operating income included in the entity's consolidated income statement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net revenues

44,504,140

48,989,479

49,651,094

45,604,637

41,903,782

46,028,226

42,471,150

32,899,260

188,749,350

163,302,418

134,529,379

'

'

29,678,000

'

'

'

'

'

'

'

'

'

Income from operations

4,162,787

8,939,070

10,168,469

7,184,908

2,868,688

6,877,762

3,384,433

2,852,275

30,455,234

15,983,158

9,770,235

'

'

6,350,000

'

'

'

'

'

'

'

'

'

Pro forma (unaudited) consolidated results of operations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net revenues

'

'

'

'

'

'

'

'

'

'

'

'

'

183,043,000

180,185,000

'

'

'

'

'

'

'

'

Income from operations

'

'

'

'

'

'

'

'

'

'

'

'

'

17,516,000

15,919,000

'

'

'

'

'

'

'

'

Net income

'

'

'

'

'

'

'

'

'

'

'

'

'

$9,542,000

$8,499,000

'

'

'

'

'

'

'

'

Basic earnings per share (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.59

$0.53

'

'

'

'

'

'

'

'

Diluted earnings per share (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.59

$0.52

'

'

'

'

'

'

'

'

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
									item
SEGMENT INFORMATION	'	'	'	'	'	'	'	'	'	'	'
Number of reportable segments	'	'	'	'	'	'	'	'	2	'	'
SEGMENT INFORMATION	'	'	'	'	'	'	'	'	'	'	'
Total net revenue	$44,504,140	$48,989,479	$49,651,094	$45,604,637	$41,903,782	$46,028,226	$42,471,150	$32,899,260	$188,749,350	$163,302,418	$134,529,379
Total adjusted EBITDA before corporate expenses	'	'	'	'	'	'	'	'	52,940,337	39,739,162	33,310,003
Total Adjusted EBITDA	'	'	'	'	'	'	'	'	48,489,457	36,157,250	29,262,180
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Stock-based compensation	'	'	'	'	'	'	'	'	-1,220,345	-1,367,967	-1,619,652
Depreciation and amortization	'	'	'	'	'	'	'	'	-16,637,932	-16,650,604	-13,379,538
Acquisition expenses	'	'	'	'	'	'	'	'	'	-2,155,521	-973,607
Building demolition expense	'	'	'	'	'	'	'	'	'	'	-3,519,148
Loss on asset sale	'	'	'	'	'	'	'	'	-175,946	5,429	-3,428,500
Interest expense	'	'	'	'	'	'	'	'	-1,860,367	-2,023,957	-914,308
Provision for income taxes	'	'	'	'	'	'	'	'	-10,634,045	-5,048,353	-3,180,073
Net income	2,059,073	5,519,509	6,120,244	4,261,996	1,339,643	4,137,081	1,792,758	1,641,366	17,960,822	8,910,848	5,675,854
Capital expenditures and Assets:	'	'	'	'	'	'	'	'	'	'	'
Total capital expenditures	'	'	'	'	'	'	'	'	12,400,465	10,328,915	13,591,843
Total assets	244,523,242	'	'	'	248,119,955	'	'	'	244,523,242	248,119,955	179,600,000
Corporate and other	'	'	'	'	'	'	'	'	'	'	'
SEGMENT INFORMATION	'	'	'	'	'	'	'	'	'	'	'
Total Adjusted EBITDA	'	'	'	'	'	'	'	'	-4,450,880	-3,581,912	-4,047,823
Capital expenditures and Assets:	'	'	'	'	'	'	'	'	'	'	'
Total assets	5,209,000	'	'	'	9,283,000	'	'	'	5,209,000	9,283,000	10,678,000
Atlantis	'	'	'	'	'	'	'	'	'	'	'
SEGMENT INFORMATION	'	'	'	'	'	'	'	'	'	'	'
Total net revenue	'	'	'	'	'	'	'	'	141,298,217	133,624,332	134,529,379
Total adjusted EBITDA before corporate expenses	'	'	'	'	'	'	'	'	36,444,691	30,109,062	33,310,003
Capital expenditures and Assets:	'	'	'	'	'	'	'	'	'	'	'
Total capital expenditures	'	'	'	'	'	'	'	'	3,813,000	3,530,000	5,231,000
Total assets	144,796,000	'	'	'	147,645,000	'	'	'	144,796,000	147,645,000	168,922,000
Monarch Black Hawk	'	'	'	'	'	'	'	'	'	'	'
SEGMENT INFORMATION	'	'	'	'	'	'	'	'	'	'	'
Total net revenue	'	'	'	'	'	'	'	'	47,451,133	29,678,086	'
Total adjusted EBITDA before corporate expenses	'	'	'	'	'	'	'	'	16,495,646	9,630,100	'
Capital expenditures and Assets:	'	'	'	'	'	'	'	'	'	'	'
Total capital expenditures	'	'	'	'	'	'	'	'	8,587,000	6,799,000	'
Total assets	$94,518,000	'	'	'	$91,192,000	'	'	'	$94,518,000	$91,192,000	'

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	item
	sqft
Members of Management Holding Noncontrolling Interests	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Area of property leased (in square feet)	37,000	'	'
Minimum lease term	'15 years	'	'
Annual rent	$340,000	'	'
Number of terms for which the lease can be renewed	3	'	'
Lease term under each renewal	'5 years	'	'
Lease rent paid	340,000	340,000	340,000
Operating expenses related to lease	158,800	122,500	123,700
Affiliates of Controlling Stockholders	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'
Lease rent paid	$123,030	$114,280	$97,120

SELECTED_QUARTERLY_FINANCIAL_D2

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	'	'	'	'	'	'	'	'	'	'	'
Net revenues	$44,504,140	$48,989,479	$49,651,094	$45,604,637	$41,903,782	$46,028,226	$42,471,150	$32,899,260	$188,749,350	$163,302,418	$134,529,379
Operating expenses	40,341,353	40,050,409	39,482,625	38,419,729	39,035,094	39,150,464	39,086,717	30,046,985	158,294,116	147,319,260	124,759,144
Income from operations	4,162,787	8,939,070	10,168,469	7,184,908	2,868,688	6,877,762	3,384,433	2,852,275	30,455,234	15,983,158	9,770,235
Net income	$2,059,073	$5,519,509	$6,120,244	$4,261,996	$1,339,643	$4,137,081	$1,792,758	$1,641,366	$17,960,822	$8,910,848	$5,675,854
Income per share of common stock	'	'	'	'	'	'	'	'	'	'	'
Basic (in dollars per share)	$0.12	$0.34	$0.38	$0.26	$0.08	$0.26	$0.11	$0.10	$1.10	$0.55	$0.35
Diluted (in dollars per share)	$0.12	$0.32	$0.37	$0.26	$0.08	$0.26	$0.11	$0.10	$1.06	$0.55	$0.35

Schedule_II_VALUATION_AND_QUAL1

Schedule II. - VALUATION AND QUALIFYING ACCOUNTS (Details) (Allowance for doubtful accounts, USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Allowance for doubtful accounts	'	'	'
Valuation and Qualifying Accounts	'	'	'
Balance at beginning of year	$728,722	$1,312,845	$2,450,715
Charged to cost and expenses	-230,322	-7,924	84,798
Deduction	-127,409	-576,199	-1,222,668
Balance at end of year	$370,991	$728,722	$1,312,845