Monarch Casino & Resort (MCRI) 10-K 13 Mar 15 2014 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, 2014	Mar. 05, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	MONARCH CASINO & RESORT INC
Entity Central Index Key	907242
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$254.50
Entity Common Stock, Shares Outstanding		16,812,794
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues
Casino	$145,134	$149,916	$128,831
Food and beverage	52,314	49,642	45,966
Hotel	21,733	22,679	20,200
Other	10,394	9,680	8,994
Gross revenues	229,575	231,917	203,991
Less promotional allowances	-41,808	-43,168	-40,689
Net revenues	187,767	188,749	163,302
Operating expenses
Casino	61,583	59,646	53,331
Food and beverage	21,410	20,077	18,487
Hotel	5,992	6,241	5,578
Other	3,545	3,260	3,001
Selling, general and administrative	52,987	52,256	48,120
Depreciation and amortization	17,824	16,638	16,651
Loss (gain) on disposition of assets	343	176	-5
Colorado ballot initiative costs	1,864
Acquisition expenses			2,156
Total operating expenses	165,548	158,294	147,319
Income from operations	22,219	30,455	15,983
Other expenses
Interest expense, net of amounts capitalized	-1,104	-1,860	-2,024
Total other expenses	-1,104	-1,860	-2,024
Income before income taxes	21,115	28,595	13,959
Provision for income taxes	-6,930	-10,634	-5,048
Net income	$14,185	$17,961	$8,911
Net income
Basic (in dollars per share)	$0.85	$1.10	$0.55
Diluted (in dollars per share)	$0.83	$1.06	$0.55
Weighted average number of common shares and potential common shares outstanding
Basic (in shares)	16,734	16,302	16,140
Diluted (in shares)	17,107	16,944	16,250

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets
Cash and cash equivalents	$21,583	$19,330
Receivables, net	3,047	2,628
Income taxes receivable	1,139	608
Inventories	2,846	2,675
Prepaid expenses	4,021	2,830
Deferred income taxes	1,626	5,909
Total current assets	34,262	33,980
Property and equipment
Land	29,415	28,680
Land improvements	6,701	6,562
Buildings	150,821	150,828
Building improvements	18,142	15,897
Furniture and equipment	125,671	134,425
Construction in Progress	15,672	4,891
Leasehold improvements	1,347	1,347
Gross property and equipment	347,769	342,630
Less accumulated depreciation and amortization	-167,498	-166,993
Net property and equipment	180,271	175,637
Other assets
Goodwill	25,111	25,111
Intangible assets, net	7,366	8,531
Deferred income taxes	4,682	350
Other assets, net	609	914
Total other assets	37,768	34,906
Total assets	252,301	244,523
Current liabilities
Accounts payable	7,933	8,666
Construction accounts payable	1,790
Accrued expenses	19,327	18,177
Total current liabilities	29,050	26,843
Long-term debt	46,300	53,800
Total liabilities	75,350	80,643
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; 16,812,794 outstanding at December 31, 2014; 16,482,768 outstanding at December 31, 2013	191	191
Additional paid-in capital	22,985	30,926
Treasury stock, 2,283,506 shares at December 31, 2014; 2,613,532 shares at December 31, 2013	-32,970	-39,797
Retained earnings	186,745	172,560
Total stockholders' equity	176,951	163,880
Total liabilities and stockholders' equity	$252,301	$244,523

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
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	16,812,794	16,482,768
Treasury stock, shares	2,283,506	2,613,532

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
In Thousands, except Share data, unless otherwise specified
Balance at Dec. 31, 2011	$191	$33,179	$145,688	($48,542)	$130,516
Balance (in shares) at Dec. 31, 2011	16,138,158
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		-183		236	53
Exercise of stock options (in shares)	9,166
Stock based compensation expense		1,368			1,368
Net income			8,911		8,911
Balance at Dec. 31, 2012	191	34,364	154,599	-48,306	140,848
Balance (in shares) at Dec. 31, 2012	16,147,324
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		-5,071		8,509	3,438
Exercise of stock options (in shares)	335,444
Excess tax benefit from stock-based compensation		413			413
Stock based compensation expense		1,220			1,220
Net income			17,961		17,961
Balance at Dec. 31, 2013	191	30,926	172,560	-39,797	163,880
Balance (in shares) at Dec. 31, 2013	16,482,768				16,482,768
Increase (Decrease) in Stockholders' Equity
Excess tax benefit from stock-based compensation		386			386
Net exercise of stock options, including related tax benefit		-9,553		6,827	-2,726
Net exercise of stock options, including related tax benefit (in shares)	330,026
Stock based compensation expense		1,226			1,226
Net income			14,185		14,185
Balance at Dec. 31, 2014	$191	$22,985	$186,745	($32,970)	$176,951
Balance (in shares) at Dec. 31, 2014	16,812,794				16,812,794

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	$14,185	$17,961	$8,911
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,824	16,638	16,651
Amortization of deferred loan costs	305	305	304
Stock-based compensation	1,226	1,220	1,368
Excess tax benefit from stock-based compensation	-1,079	-413
Provision (recoveries) of bad debts	51	-230	-8
Loss (gain) on disposition of assets	343	176	-5
Deferred income taxes	336	795	-240
Changes in operating assets and liabilities:
Receivables	-470	59	-31
Inventories	-171	-293	-125
Prepaid expenses	-1,191	-194	453
Accounts payable	-733	604	-899
Accrued expenses	1,150	342	164
Income taxes	-531	-882	-494
Net cash provided by operating activities	31,245	36,088	26,049
Cash flows from investing activities:
Proceeds from sale of assets	84	48	14
Change in construction payable	1,790
Acquisition of property and equipment	-21,719	-12,400	-10,329
Net cash paid for the Riviera Black Hawk acquisition			-66,747
Net cash used in investing activities	-19,845	-12,352	-77,062
Cash flows from financing activities:
Net exercise of stock options	-2,726	3,438	53
Excess tax benefit from stock-based compensation	1,079	413
Principal payments on long-term debt	-7,500	-27,300	-21,340
Borrowings under credit facility			77,760
Net cash used in financing activities	-9,147	-23,449	56,473
Net increase in cash	2,253	287	5,460
Cash and cash equivalents at beginning of period	19,330	19,043	13,583
Cash and cash equivalents at end of period	21,583	19,330	19,043
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	853	1,472	1,658
Cash paid for income taxes	7,300	10,690	6,500
Non cash transaction - reduction of jackpot liability			$1,120

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2014

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”), Golden East, Inc. (“Golden East”) 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 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 Casino Black Hawk. The Company has included the results of Monarch Casino Black Hawk in its consolidated financial statements since the date of acquisition.

Monarch’s wholly owned subsidiary Monarch Interactive, Inc. (“Monarch Interactive”) received approval from the Nevada Gaming Commission on August 23, 2012, which approval was extended three times, each for an additional six-month period, for a license as an operator of interactive gaming. The Company has decided to allow the current approval to lapse pending a change in market conditions that would support the Company’s investment in this line of business. Monarch Interactive is not currently engaged in any operating activities. In Nevada, legal interactive gaming is currently limited to intrastate poker.

On October 22, 2014, the board of directors authorized a stock repurchase plan (the “Repurchase Plan”). Under the Repurchase Plan, the board of directors authorized a program to repurchase up to 3,000,000 shares of the Company’s common stock in the open market or in privately negotiated transactions from time to time, in compliance with Rule 10b-18 of the Securities and Exchange Act of 1934, subject to market conditions, applicable legal requirements and other factors. The Repurchase Plan does not obligate the Company to acquire any particular amount of common stock and the plan may be suspended at any time at our discretion, and it will continue until exhausted. The actual timing, number and value of shares repurchased under the Repurchase Program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company’s stock, general market economic conditions and applicable legal requirements. The Company has made no purchases under the Repurchase Plan.

The consolidated financial statements include the accounts of Monarch and its subsidiaries. Intercompany balances and transactions are eliminated. Certain amounts in the consolidated financial statements for the previous periods have been reclassified to be consistent with the current period presentation. These reclassifications had no effect on the previously reported net income. 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.

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).  No such adjustment was made during the year ended December 31, 2014.

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 based on the weighted average, which approximates a first-in, first out method.

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 annually during the fourth quarter of each year or 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, 2014, 2013 and 2012, there were no impairment charges.

Change in Accounting Estimate of Depreciable Life of Monarch Casino Black Hawk Parking Structure

In December 2013, the Company began construction of a new parking facility at the Monarch Casino Black Hawk. Upon completion of that new structure, the Company plans to demolish the existing parking structure. At December 31, 2013, the existing parking structure had a net book value of approximately $4.8 million and a remaining depreciable life of approximately 37 years. The new parking facility was estimated to be completed on March 31, 2015. In accordance with ASC 250-10-45-17, effective January 1, 2014, the Company modified the estimated depreciable life of the existing parking structure to 15 months; the period from January 1, 2014 through the estimated demolition commencement date of March 31, 2015. As a result of this modification to the estimated depreciable life, depreciation expense of the existing parking structure increased by approximately $0.3 million per month (approximately $0.2 million net of tax). In July 2014, because of a delayed construction schedule, the Company revised the new parking facility completion date to December 31, 2015. At this time, the existing parking structure had a net book value of approximately $2.9 million. The Company modified the estimated depreciable life of the existing parking structure to 18 months; the period from July 1, 2014 through the revised estimated demolition commencement date of December 31, 2015. As a result of this modification, the increase in depreciation expense was adjusted to $0.2 million per month (approximately $0.1 million net of tax) for the period from July 1, 2014 through December 31, 2015. For the twelve months ended December 31, 2014, the effect of this change in estimate was an increase of depreciation expense by $2.9 million, a decrease of net income by $1.9 million and a decrease of basic and diluted earnings per share by $0.11.

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, 2014, 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 Casino Black Hawk’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, 2014 and December 31, 2013, the customer relationships net intangible asset balance was $7.4 million and $8.5 million, respectively.

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 Casino Black Hawk was determined using inputs within Level 2 and Level 3 of ASC 820’s hierarchy.

Segment Reporting

The accounting guidance for disclosures about segments of an enterprise and related information requires separate financial information to be disclosed for all operating segments of a business. The Company determined that two of the Company’s operating segments, Atlantis and Monarch Casino Black Hawk, meet all of the aggregation criteria stipulated by ASC 280-10-50-11. The Company views each property as an operating segment and the two operating segments have been aggregated into one reporting segment. The December 31, 2013 financial information has been reclassified to be consistent with the current year presentation.

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 Monarch Casino 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 capitalized $152 thousand of interest during the years ended December 31, 2014. There was no capitalized interest recorded in years ended December 31, 2013 and 2012.

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 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 Monarch Casino 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 primarily included in casino operating expenses and are as follows (in thousands):

Years ended December 31,

2014

2013

2012

Food and beverage

$

22,855

$

21,713

$

20,464

Hotel

2,893

2,622

2,850

Other

1,732

1,777

1,857

$

27,480

$

26,112

$

25,171

Advertising Costs

All advertising costs are expensed as incurred. Advertising expense, which is included in selling, general and administrative expense, was $5.2 million, $5.2 million and $4.7 million for the years ended December 31, 2014, 2013 and 2012, 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, 2014 and 2013.

Gaming Taxes

The Company is subject to taxes based on gross gaming revenue in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are an assessment on the Company’s gaming revenue and are recorded as casino expense in the accompanying Consolidated Statements of Income. These taxes totaled $16.0 million, $16.1 million and $12.2 million for the years ended December 31, 2014, 2013 and 2012, respectively.

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 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 (in thousands, except per share data):

Years ended December 31,

2014

2013

2012

Shares

Per Share

Shares

Per Share

Shares

Per Share

Amount

Amount

Amount

Basic

16,734

$

0.85

16,302

$

1.1

16,140

$

0.55

Effect of dilutive stock options

373

(0.02

)

642

(0.04

)

110

—

Diluted

17,107

$

0.83

16,944

$

1.06

16,250

$

0.55

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,

2014

2013

2012

Options to purchase shares of common stock

563,633

418,071

1,518

Exercise prices

$16.66-$29.00

$21.65-$29.00

$11.00-$29.00

Expiration dates (month/year)

05/15-11/24

05/16-10/23

10/14-2/22

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 July 2013, the Financial Accounting Standard Board (“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 requires 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. In complying with FASB, the Company has focused on three areas: 1) developing a process for identifying, recognizing, and measuring tax positions; 2) applying a consistent process and set of assumptions for evaluating tax positions and; 3) developing controls surrounding the ASC 740-10 process. These processes and related controls are designed to reduce to a low level the risk that significant tax uncertainties with a potential material effect on the Company’s financial statements have not been identified or appropriately analyzed. The Company believes it has no uncertain tax positions at this time and adopting this statement had no effect upon the Company’s Consolidated Financial Statements.

In May 2014, the FASB issued an accounting standards update that amends the FASB Accounting Standards Codification and creates a new topic for Revenue from Contracts with Customers. The new guidance is expected to clarify the principles for revenue recognition and to develop a common revenue standard for U.S. GAAP applicable to revenue transactions. This guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This guidance also provides substantial revision of interim and annual disclosures. The update allows for either full retrospective adoption, meaning the guidance is applied for all periods presented, or modified retrospective adoption, meaning the guidance is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the guidance recognized at the date of initial application. The effective date for this update is for the annual and interim periods beginning after December 15, 2016. Early application is not permitted. The Company will adopt this standard effective January 1, 2017. The Company is currently assessing the impact the adoption of this standard will have on its Consolidated Financial Statements.

In June 2014, the FASB issued ASU No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation — Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation costs should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. The amendments in this ASU are effective for interim or annual reporting periods beginning after December 15, 2015; early adoption is permitted. Entities may apply the amendments in this ASU either: (1) prospectively to all awards granted or modified after the effective date; or (2) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. As of December 31, 2014, the Company did not have any share-based payment awards that include performance targets that could be achieved after the requisite service period. As such, the adoption of ASU No. 2014-12 is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In August 2014, the FASB issued an accounting standard update that requires management to assess an entity’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Substantial doubt about an entity’s ability to continue as a going concern exist when relevant conditions and events, consolidated and aggregated, indicate that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that the financial statement are issue. Currently, there is no guidance in U.S. GAAP for management’s responsibility to perform an evaluation. Under the update, management’s evaluation is to be performed when preparing financial statement for each annual and interim reporting period and based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. The Company will adopt this standard effective January 1, 2017. The Company is currently assessing the impact the adoption of this standard will have on the Company’s 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, 2014
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE	NOTE 2.  ACCOUNTS RECEIVABLE
	Accounts receivable consist of the following (in thousands):
		December 31,
		2014			2013
	Casino	$	2,034		$	2,205
	Hotel	476			435
	Other	854			359
		3,364			2,999
	Less allowance for doubtful accounts	(317		)	(371		)
		$	3,047		$	2,628
	The Company recorded bad debt expense of $51 thousand in 2014 and did not record bad debt expense in the years 2013 and 2012. 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, 2014
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	NOTE 3.  GOODWILL AND INTANGIBLE ASSETS
	Goodwill of $25.1 million at December 31, 2014 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 Casino Black Hawk, 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):
		2014			2013
	Customer list	$	10,490		$	10,490
	Trade name	1,590			1,590
	Total intangible assets	12,080			12,080
	Less accumulated amortization:
	Customer list	(3,124		)	(1,959		)
	Trade name	(1,590		)	(1,590		)
	Total accumulated amortization	(4,714		)	(3,549		)
	Intangible assets, net	$	7,366		$	8,531
	Weighted-average life in years	6.3			7.3
	Amortization expense of $1.2 million and $1.7 million was recognized for the years ended December 31, 2014 and 2013, respectively. Estimated amortization expense for the years ending December 31, 2015 through 2019 and thereafter is as follows (in thousands):
	Year	Expense
	2015	$	1,165
	2016	1,165
	2017	1,165
	2018	1,165
	2019	1,165
	Thereafter	1,541
	Total	$	7,366
	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 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 property. Upon completion of the preliminary purchase price allocation for the Company’s acquisition of Monarch Casino 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 and 2014. The allocation of the purchase price of Monarch Black Hawk is described in NOTE 11.

ACCRUED_EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2014
ACCRUED EXPENSES.
ACCRUED EXPENSES	NOTE 4.  ACCRUED EXPENSES
	Accrued expenses consist of the following (in thousands):
		December 31,
		2014		2013
	Accrued salaries, wages and related benefits	$	5,813	$	6,096
	Progressive slot machine and other gaming accruals	8,457		6,413
	Accrued gaming taxes	2,198		2,046
	Accrued interest	2		56
	Other accrued liabilities	2,857		3,566
		$	19,327	$	18,177

LEASE_COMMITMENTS

LEASE COMMITMENTS	12 Months Ended
	Dec. 31, 2014
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 $300 thousand, subject to increase upon renewal after each five year period based on the Consumer Price Index.  The annual rent for the years 2014, 2013 and 2012  was $350 thousand, $340 thousand and $340 thousand, respectively.  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 improvements was $2.0 million of which $1.35 million was paid by the Company. The cost of the driveway improvements 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 for the next five years (in thousands):
		Operating
		Leases
	Year ending December 31,
	2015	$	406
	2016	406
	2017	406
	2018	406
	2019	304
	Total minimum lease payments	$	1,928
	Rental expense for operating leases amounted to $889 thousand, $907 thousand and $857 thousand in 2014, 2013 and 2012, 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, 2014
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 (as amended, the “Credit Facility”). We utilized the Credit Facility to finance the acquisition of the Monarch Casino 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, 2014, we are required to maintain a leverage ratio, defined as consolidated debt divided by Adjusted EBITDA, of no more than 2.5:1 and a fixed charge coverage ratio (Adjusted EBITDA divided by fixed charges, as defined) of at least 1.15:1. As of December 31, 2014, the Company’s leverage ratio and fixed charge coverage ratios were 1.1:1 and 30.0:1, 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, 2014, the maximum principal available was $89.5 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 as of December 31, 2014 are as follows (in millions):
	Year	Maturities
	2015	$	—
	2016	46.3
		$	46.3
	At December 31, 2014, our leverage ratio was such that pricing for borrowings under the Credit Facility was LIBOR plus 1.5%. At December 31, 2014, 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, 2014
TAXES.
TAXES	NOTE 7.  TAXES
	Income Taxes
	The Company’s income tax provision (benefit) consists of the following (in thousands):
		Years ended December 31,
		2014			2013			2012
	Federal	$	6,935		$	9,856		$	5,029
	State	46			396			259
	Current tax provision	6,981			10,252			5,288
	Federal	637			(108		)	(209		)
	State	(688		)	490			(31		)
	Deferred tax (benefit) provision	(51		)	382			(240		)
	Total tax provision	$	6,930		$	10,634		$	5,048
	The income tax provision differs from that computed at the federal statutory rate as follows:
		Years ended December 31,
		2014		2013		2012
	Federal tax at the statutory rate	35.00	%	35.00	%	35.00	%
	State tax (net of federal benefit)	(1.84	)%	1.33	%	0.98	%
	Permanent items	3.49	%	0.45	%	3.03	%
	Tax credits	(1.03	)%	(0.77	)%	(1.44	)%
	Other	(2.80	)%	1.18	%	(1.41	)%
		32.82	%	37.19	%	36.16	%
	Tax planning strategies implemented during 2014 resulted in a decrease of the effective tax rate when compared to 2013.
	The Company recorded $386 thousand, $413 thousand and $0 thousand as increases to contributed capital from certain tax benefits for employee stock-based compensation for the years ended December 31, 2014, 2013 and 2012, respectively.
	The components of the deferred income tax assets and liabilities at December 31, 2014 and 2013, as presented in the consolidated balance sheets, are as follows (in thousands):
		2014			2013
	DEFERRED TAX ASSETS
	Stock-based compensation	$	2,156		$	4,621
	Compensation and benefits	744			760
	Bad debt reserves	114			134
	Accrued expenses	1,663			1,127
	Fixed assets and depreciation	1,615			—
	Base stock	1			—
	NOLs & credit carry-forwards	4,322			4,103
	Deferred income tax asset	$	10,615		$	10,745
	DEFERRED TAX LIABILITIES
	Fixed assets and depreciation	$	—		$	(105	)
	Intangibles and amortization	(2,649		)	(3,070		)
	Prepaid expenses	(984		)	(907		)
	Real estate taxes	(290		)	(285		)
	Other Reserves	(24		)	—
	Federal deduction on deferred state taxes	(360		)	(119		)
	Deferred income tax liability	$	(4,307	)	$	(4,486	)
	NET DEFERRED INCOME TAX ASSET	$	6,308		$	6,259
	As of December 31, 2014 the Company had $8.6 million of federal net operating loss (“NOL”) carryforwards, general business credit (“GBC”) carryforwards of $0.3 million and $20.7 million of state NOL carryforwards, acquired as part of the Monarch Casino 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 $1.25 million that can be applied against future taxable income.
	The Company acquired NOLs of Monarch Black Hawk generated in tax years 2000 through 2012.  The statute of limitation for assessment for these NOL years is determined by reference to the year the NOL is used to reduce taxable income. Consequently, the separate returns that included Monarch Black Hawk remain subject to examination by the Internal Revenue Service (the “IRS”). The Company’s income tax returns from 2011 forward are subject to examination by 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 (in thousands):
		2014			2013			2012
	Balance — Beginning of year	$	—		$	—		$	1,501
	Additions based on tax positions of the current year	—			—			—
	Additions based on tax positions of prior years	—			—			—
	Reductions for settlements	—			—			(1,501		)
	Decreases due to lapses in statutes of limitations	—			—			—
	Balance — End of year	$	—		$	—		$	—
	As of December 31, 2011, the Company recorded a liability related to uncertain tax positions of $1,501 thousand. 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, 2014 and 2013. No change in uncertain tax positions is anticipated over the next twelve months.
	The Company accrued interest related to unrecognized tax benefits of $336 thousand as of December 31, 2011 of which $166 thousand related to 2011. When the IRS examination was completed, over-accrued interest of $133 thousand was reversed, resulting in tax benefit of $87 thousand in 2012. No interest or expense for uncertain tax positions was recorded for years ended December 31, 2014 and 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 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 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, 2014
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 $283 thousand, $283 thousand, and $242 thousand for years ended December 31, 2014, 2013 and 2012, respectively.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2014
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 9. STOCK-BASED COMPENSATION
	On May 21, 2014, we adopted the 2014 Equity Incentive Plan (the “2014 Plan”). The purposes of the 2014 Plan are to attract and retain the best available personnel, to provide additional incentives to employees, directors and consultants and to promote the success of the Company’s business. The 2014 Plan is an “omnibus plan” under which stock options, stock appreciation rights, performance awards, dividend equivalents, restricted stock, and restricted stock units can be awarded to employees, directors and consultants of the Company. The 2014 Plan serves as the successor to our 1993 Employee Stock Option Plan, 1993 Executive Long-Term Incentive Plan and 1993 Directors’ Stock Option Plan (which plan terminated on June 13, 2013) (the “Predecessor Plans”). The 2014 Plan became effective as of May 21, 2014 and the remaining two Predecessor Plans terminated on that date (except with respect to awards previously granted under the Predecessor Plans that remain outstanding).
	The share reserve under the 2014 Plan includes 1,000,000 new shares and the shares available for grant or subject to outstanding awards under the Predecessor Plans, for an aggregate amount of up to 2,843,411 common shares as of December 31, 2014. By its terms, the 2014 Plan will expire in May 2024 after which no options may be granted unless the 2014 Plan is amended or replaced.
	Pursuant to the terms of the 2014 Plan, either the Board or a committee designated by the Board is authorized to administer the plan. The administrator has the authority, in its discretion, to select employees, consultants and directors to whom awards under the 2014 Plan may be granted from time to time, to determine whether and to what extent awards are granted, to determine the number of shares or the amount of other consideration to be covered by each award (subject to certain limitations), to approve award agreements for use under the 2014 Plan, to determine the terms and conditions of any award (including the vesting schedule applicable to the award), to amend the terms of any outstanding award granted under the 2014 Plan (subject to certain limitations), to construe and interpret the terms of the 2014 Plan and awards granted, and to take such other action not inconsistent with the terms of the 2014 Plan as the administrator deems appropriate.
	A summary of the stock option activity as of and for the year ended December 31, 2014 is presented below:
				Weighted Average
	Options	Shares		Exercise			Remaining		Aggregate
				Price			Contractual		Intrinsic
							Term		Value
	Outstanding at beginning of period	2,886,574		$	12.51		—		—
	Granted	377,000		14.44			—		—
	Exercised	(1,136,371	)	11.08			—		—
	Forfeited	(125,000	)	11.09			—		—
	Expired	—		—			—		—
	Outstanding at end of period	2,002,203		$	13.73		7.0 yrs.		$	8,468,661
	Exercisable at end of period	829,060		$	14.22		5.0 yrs.		$	3,887,865
	A summary of the status of the Company’s nonvested shares as of, and for the year ended, December 31, 2014 is presented below:
	Nonvested Shares	Shares		Weighted-Average
				Grant Date Fair
				Value
	Nonvested at January 1, 2014	1,203,070		$	12.51
	Granted	377,000		4.02
	Vested	(281,927	)	3.24
	Forfeited	(125,000	)	11.09
	Nonvested at December 31, 2014	1,173,143		$	13.73
	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, 2014 totaled approximately $1.3 million and is expected to be recognized over a weighted average period of 2.4 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 (in thousands, except per share amounts and percentages):
		Years ended December 31,
		2014			2013			2012
	Expected volatility	34.95		%	37.03		%	56.1		%
	Expected dividends	—			—			—
	Expected life (in years)
	Directors’ plan	3.59			3.32			9.5
	Executives plan	4.31			4.48			3.1
	Employees plan	3.59			3.32			3.1
	Weighted average risk free rate	1.06		%	0.85		%	0.40		%
	Weighted average grant date fair value per share of options granted	$	4.02		$	5.38		$	3.43
	Total fair value of shares vested	$	913		$	1,123		$	1,918
	Total intrinsic value of options exercised	$	8,921		$	2,737		$	41
	Cash received for all stock option exercises	$	12,595		$	3,438		$	53
	Tax benefit realized from stock awards exercised	$	3,122		$	958		$	14
	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 as compared to the Company’s experience.
	Reported stock-based compensation expense was classified as follows (in thousands):
		For the years ended December 31,
		2014			2013			2012
	Casino	$	45		$	20		$	65
	Food and beverage	68			33			81
	Hotel	11			3			20
	Selling, general and administrative	1,102			1,164			1,202
	Total stock-based compensation, before taxes	1,226			1,220			1,368
	Tax benefit	(429		)	(427		)	(479		)
	Total stock-based compensation, net of tax	$	797		$	793		$	889

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2014
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. Black Hawk’s health plan has stop-loss insurance whereby the Company retains the first $250,000 of liability for individual health care claims. The Company’s liability on the Atlantis health plan is limited to the first $250,000 of claims plus 10% of claims above $250,000.
	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 Monarch Casino 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, 2014
RIVIERA BLACK HAWK ACQUISITION
RIVIERA BLACK HAWK ACQUISITION TRANSACTION	NOTE 11.  RIVIERA BLACK HAWK ACQUISITION
	On September 29, 2011, Monarch entered into a definitive Stock Purchase Agreement (the “Stock Purchase Agreement”) with Riviera Operating Corporation, a Nevada corporation, Riviera Holdings Corporation, a Nevada corporation (the “Seller”) and Riviera Black Hawk, Inc., a Colorado corporation (“Riviera Black Hawk”). Pursuant to the Stock Purchase 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 Stock Purchase 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 Stock 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 (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 of acquisition related expenses for the year ended December 31, 2012. The Company had no acquisition related expenses in 2013 and 2014.
	The amounts of net revenue and operating income of Monarch Casino Black Hawk 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 (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, 2012, are as follows (in thousands, except per share):
		Twelve Months Ended
		December 31, 2012
	Pro forma (unaudited):
	Net revenues	$	183,043
	Income from operations	$	17,516
	Net income	$	9,542
	Basic earnings per share	$	0.59
	Diluted earnings per share	$	0.59

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2014
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 12.  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 of Directors, Chief Executive Officer, Secretary and a Director of Monarch. Bob Farahi is Co-Chairman of the Board of Directors, 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 thousand 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, 2014, 2013 and 2012, the Company paid $350 thousand, $340 thousand and $340 thousand respectively in rent, plus $119 thousand, $159 thousand and $123 thousand respectively for operating expenses related to this lease.
	We occasionally lease billboard advertising, storage space and parking lot from affiliates of our controlling stockholders and paid $125 thousand, $123 thousand and $114 thousand for the years ended December 31, 2014, 2013 and 2012, respectively.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2014
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 13   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, 2014 that required recognition or disclosure in the consolidated financial statements.

SELECTED_QUARTERLY_FINANCIAL_D

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2014
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	NOTE 14  SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
	The following table presents selected quarterly financial information for 2014 and 2013 (in thousands, except per share amounts):
		2014
		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total
	Net revenues	$	45,508	$	47,803	$	48,597	$	45,859	$	187,767
	Operating expenses	40,177		42,335		41,931		41,105		165,548
	Income from operations	5,331		5,468		6,666		4,754		22,219
	Net income	3,276		3,024		4,074		3,811		14,185
	Income per share of common stock
	Basic	$	0.20	$	0.18	$	0.24	$	0.23	$	0.85
	Diluted	$	0.19	$	0.18	$	0.24	$	0.22	$	0.83
		2013
		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total
	Net revenues	$	45,605	$	49,651	$	48,989	$	44,504	$	188,749
	Operating expenses	38,420		39,483		40,050		40,341		158,294
	Income from operations	7,185		10,168		8,939		4,163		30,455
	Net income	4,262		6,120		5,520		2,059		17,961
	Income per share of common stock
	Basic	$	0.26	$	0.38	$	0.34	$	0.12	$	1.10
	Diluted	$	0.26	$	0.37	$	0.32	$	0.12	$	1.06

Schedule_II_VALUATION_AND_QUAL

Schedule II. - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2014
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
				(F1)
	2012
	Allowance for doubtful accounts	$	1,313	$	(8	)	$	(576	)	$	—	$	729
	2013
	Allowance for doubtful accounts	$	729	$	(230	)	$	(128	)	$	—	$	371
	2014
	Allowance for doubtful accounts	$	371	$	51		$	(105	)	$	—	$	317
	(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, 2014

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”), Golden East, Inc. (“Golden East”) 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 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 Casino Black Hawk. The Company has included the results of Monarch Casino Black Hawk in its consolidated financial statements since the date of acquisition.

Monarch’s wholly owned subsidiary Monarch Interactive, Inc. (“Monarch Interactive”) received approval from the Nevada Gaming Commission on August 23, 2012, which approval was extended three times, each for an additional six-month period, for a license as an operator of interactive gaming. The Company has decided to allow the current approval to lapse pending a change in market conditions that would support the Company’s investment in this line of business. Monarch Interactive is not currently engaged in any operating activities. In Nevada, legal interactive gaming is currently limited to intrastate poker.

On October 22, 2014, the board of directors authorized a stock repurchase plan (the “Repurchase Plan”). Under the Repurchase Plan, the board of directors authorized a program to repurchase up to 3,000,000 shares of the Company’s common stock in the open market or in privately negotiated transactions from time to time, in compliance with Rule 10b-18 of the Securities and Exchange Act of 1934, subject to market conditions, applicable legal requirements and other factors. The Repurchase Plan does not obligate the Company to acquire any particular amount of common stock and the plan may be suspended at any time at our discretion, and it will continue until exhausted. The actual timing, number and value of shares repurchased under the Repurchase Program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company’s stock, general market economic conditions and applicable legal requirements. The Company has made no purchases under the Repurchase Plan.

The consolidated financial statements include the accounts of Monarch and its subsidiaries. Intercompany balances and transactions are eliminated. Certain amounts in the consolidated financial statements for the previous periods have been reclassified to be consistent with the current period presentation. These reclassifications had no effect on the previously reported net income. 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.

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).  No such adjustment was made during the year ended December 31, 2014.

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 based on the weighted average, which approximates a first-in, first out method.

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 annually during the fourth quarter of each year or 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, 2014, 2013 and 2012, there were no impairment charges.

Change in Accounting Estimate of Depreciable Life of Monarch Casino Black Hawk Parking Structure

Change in Accounting Estimate of Depreciable Life of Monarch Casino Black Hawk Parking Structure

In December 2013, the Company began construction of a new parking facility at the Monarch Casino Black Hawk. Upon completion of that new structure, the Company plans to demolish the existing parking structure. At December 31, 2013, the existing parking structure had a net book value of approximately $4.8 million and a remaining depreciable life of approximately 37 years. The new parking facility was estimated to be completed on March 31, 2015. In accordance with ASC 250-10-45-17, effective January 1, 2014, the Company modified the estimated depreciable life of the existing parking structure to 15 months; the period from January 1, 2014 through the estimated demolition commencement date of March 31, 2015. As a result of this modification to the estimated depreciable life, depreciation expense of the existing parking structure increased by approximately $0.3 million per month (approximately $0.2 million net of tax). In July 2014, because of a delayed construction schedule, the Company revised the new parking facility completion date to December 31, 2015. At this time, the existing parking structure had a net book value of approximately $2.9 million. The Company modified the estimated depreciable life of the existing parking structure to 18 months; the period from July 1, 2014 through the revised estimated demolition commencement date of December 31, 2015. As a result of this modification, the increase in depreciation expense was adjusted to $0.2 million per month (approximately $0.1 million net of tax) for the period from July 1, 2014 through December 31, 2015. For the twelve months ended December 31, 2014, the effect of this change in estimate was an increase of depreciation expense by $2.9 million, a decrease of net income by $1.9 million and a decrease of basic and diluted earnings per share by $0.11.

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, 2014, 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 Casino Black Hawk’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, 2014 and December 31, 2013, the customer relationships net intangible asset balance was $7.4 million and $8.5 million, respectively.

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 Casino Black Hawk was determined using inputs within Level 2 and Level 3 of ASC 820’s hierarchy.

Segment Reporting

Segment Reporting

The accounting guidance for disclosures about segments of an enterprise and related information requires separate financial information to be disclosed for all operating segments of a business. The Company determined that two of the Company’s operating segments, Atlantis and Monarch Casino Black Hawk, meet all of the aggregation criteria stipulated by ASC 280-10-50-11. The Company views each property as an operating segment and the two operating segments have been aggregated into one reporting segment. The December 31, 2013 financial information has been reclassified to be consistent with the current year presentation.

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 Monarch Casino 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 capitalized $152 thousand of interest during the years ended December 31, 2014. There was no capitalized interest recorded in years ended December 31, 2013 and 2012.

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 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 Monarch Casino 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 primarily included in casino operating expenses and are as follows (in thousands):

Years ended December 31,

2014

2013

2012

Food and beverage

$

22,855

$

21,713

$

20,464

Hotel

2,893

2,622

2,850

Other

1,732

1,777

1,857

$

27,480

$

26,112

$

25,171

Advertising Costs

Advertising Costs

All advertising costs are expensed as incurred. Advertising expense, which is included in selling, general and administrative expense, was $5.2 million, $5.2 million and $4.7 million for the years ended December 31, 2014, 2013 and 2012, 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, 2014 and 2013.

Gaming Taxes

Gaming Taxes

The Company is subject to taxes based on gross gaming revenue in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are an assessment on the Company’s gaming revenue and are recorded as casino expense in the accompanying Consolidated Statements of Income. These taxes totaled $16.0 million, $16.1 million and $12.2 million for the years ended December 31, 2014, 2013 and 2012, respectively.

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 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 (in thousands, except per share data):

Years ended December 31,

2014

2013

2012

Shares

Per Share

Shares

Per Share

Shares

Per Share

Amount

Amount

Amount

Basic

16,734

$

0.85

16,302

$

1.1

16,140

$

0.55

Effect of dilutive stock options

373

(0.02

)

642

(0.04

)

110

—

Diluted

17,107

$

0.83

16,944

$

1.06

16,250

$

0.55

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,

2014

2013

2012

Options to purchase shares of common stock

563,633

418,071

1,518

Exercise prices

$16.66-$29.00

$21.65-$29.00

$11.00-$29.00

Expiration dates (month/year)

05/15-11/24

05/16-10/23

10/14-2/22

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 July 2013, the Financial Accounting Standard Board (“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 requires 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. In complying with FASB, the Company has focused on three areas: 1) developing a process for identifying, recognizing, and measuring tax positions; 2) applying a consistent process and set of assumptions for evaluating tax positions and; 3) developing controls surrounding the ASC 740-10 process. These processes and related controls are designed to reduce to a low level the risk that significant tax uncertainties with a potential material effect on the Company’s financial statements have not been identified or appropriately analyzed. The Company believes it has no uncertain tax positions at this time and adopting this statement had no effect upon the Company’s Consolidated Financial Statements.

In May 2014, the FASB issued an accounting standards update that amends the FASB Accounting Standards Codification and creates a new topic for Revenue from Contracts with Customers. The new guidance is expected to clarify the principles for revenue recognition and to develop a common revenue standard for U.S. GAAP applicable to revenue transactions. This guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This guidance also provides substantial revision of interim and annual disclosures. The update allows for either full retrospective adoption, meaning the guidance is applied for all periods presented, or modified retrospective adoption, meaning the guidance is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the guidance recognized at the date of initial application. The effective date for this update is for the annual and interim periods beginning after December 15, 2016. Early application is not permitted. The Company will adopt this standard effective January 1, 2017. The Company is currently assessing the impact the adoption of this standard will have on its Consolidated Financial Statements.

In June 2014, the FASB issued ASU No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation — Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation costs should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. The amendments in this ASU are effective for interim or annual reporting periods beginning after December 15, 2015; early adoption is permitted. Entities may apply the amendments in this ASU either: (1) prospectively to all awards granted or modified after the effective date; or (2) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. As of December 31, 2014, the Company did not have any share-based payment awards that include performance targets that could be achieved after the requisite service period. As such, the adoption of ASU No. 2014-12 is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In August 2014, the FASB issued an accounting standard update that requires management to assess an entity’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Substantial doubt about an entity’s ability to continue as a going concern exist when relevant conditions and events, consolidated and aggregated, indicate that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that the financial statement are issue. Currently, there is no guidance in U.S. GAAP for management’s responsibility to perform an evaluation. Under the update, management’s evaluation is to be performed when preparing financial statement for each annual and interim reporting period and based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. The Company will adopt this standard effective January 1, 2017. The Company is currently assessing the impact the adoption of this standard will have on the Company’s 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, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 costs and expenses	The estimated departmental costs of providing such promotional allowances are primarily included in casino operating expenses and are as follows (in thousands):
		Years ended December 31,
		2014			2013			2012
	Food and beverage	$	22,855		$	21,713		$	20,464
	Hotel	2,893			2,622			2,850
	Other	1,732			1,777			1,857
		$	27,480		$	26,112		$	25,171
Schedule of reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations	The following is a reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations (in thousands, except per share data):
		Years ended December 31,
		2014					2013					2012
		Shares		Per Share			Shares		Per Share			Shares	Per Share
				Amount					Amount				Amount
	Basic	16,734		$	0.85		16,302		$	1.1		16,140	$	0.55
	Effect of dilutive stock options	373		(0.02		)	642		(0.04		)	110	—
	Diluted	17,107		$	0.83		16,944		$	1.06		16,250	$	0.55
Schedule of options, not included in the computation of diluted earnings per share
		Years ended December 31,
		2014		2013		2012
	Options to purchase shares of common stock	563,633		418,071		1,518
	Exercise prices	$16.66-$29.00		$21.65-$29.00		$11.00-$29.00
	Expiration dates (month/year)	05/15-11/24		05/16-10/23		10/14-2/22

ACCOUNTS_RECEIVABLE_Tables

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2014
ACCOUNTS RECEIVABLE
Schedule of accounts receivable	Accounts receivable consist of the following (in thousands):
		December 31,
		2014			2013
	Casino	$	2,034		$	2,205
	Hotel	476			435
	Other	854			359
		3,364			2,999
	Less allowance for doubtful accounts	(317		)	(371		)
		$	3,047		$	2,628

GOODWILL_AND_INTANGIBLE_ASSETS1

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2014
GOODWILL AND INTANGIBLE ASSETS
Schedule of intangible assets	Intangible assets consist of the following at December 31, (in thousands except years):
		2014			2013
	Customer list	$	10,490		$	10,490
	Trade name	1,590			1,590
	Total intangible assets	12,080			12,080
	Less accumulated amortization:
	Customer list	(3,124		)	(1,959		)
	Trade name	(1,590		)	(1,590		)
	Total accumulated amortization	(4,714		)	(3,549		)
	Intangible assets, net	$	7,366		$	8,531
	Weighted-average life in years	6.3			7.3
Schedule of estimated amortization expense	Estimated amortization expense for the years ending December 31, 2015 through 2019 and thereafter is as follows (in thousands):
	Year	Expense
	2015	$	1,165
	2016	1,165
	2017	1,165
	2018	1,165
	2019	1,165
	Thereafter	1,541
	Total	$	7,366

ACCRUED_EXPENSES_Tables

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2014
ACCRUED EXPENSES.
Schedule of accrued expenses	Accrued expenses consist of the following (in thousands):
		December 31,
		2014		2013
	Accrued salaries, wages and related benefits	$	5,813	$	6,096
	Progressive slot machine and other gaming accruals	8,457		6,413
	Accrued gaming taxes	2,198		2,046
	Accrued interest	2		56
	Other accrued liabilities	2,857		3,566
		$	19,327	$	18,177

LEASE_COMMITMENTS_Tables

LEASE COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
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 for the next five years (in thousands):
		Operating
		Leases
	Year ending December 31,
	2015	$	406
	2016	406
	2017	406
	2018	406
	2019	304
	Total minimum lease payments	$	1,928

LONGTERM_DEBT_Tables

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2014
LONG-TERM DEBT
Schedule of maturities of borrowings	Maturities of our borrowings for each of the next three years as of December 31, 2014 are as follows (in millions):
	Year	Maturities
	2015	$	—
	2016	46.3
		$	46.3

TAXES_Tables

TAXES (Tables)	12 Months Ended
	Dec. 31, 2014
TAXES.
Schedule of income tax provision (benefit)	The Company’s income tax provision (benefit) consists of the following (in thousands):
		Years ended December 31,
		2014			2013			2012
	Federal	$	6,935		$	9,856		$	5,029
	State	46			396			259
	Current tax provision	6,981			10,252			5,288
	Federal	637			(108		)	(209		)
	State	(688		)	490			(31		)
	Deferred tax (benefit) provision	(51		)	382			(240		)
	Total tax provision	$	6,930		$	10,634		$	5,048
Schedule of income tax provision differs from that computed at the federal statutory rate
		Years ended December 31,
		2014		2013		2012
	Federal tax at the statutory rate	35.00	%	35.00	%	35.00	%
	State tax (net of federal benefit)	(1.84	)%	1.33	%	0.98	%
	Permanent items	3.49	%	0.45	%	3.03	%
	Tax credits	(1.03	)%	(0.77	)%	(1.44	)%
	Other	(2.80	)%	1.18	%	(1.41	)%
		32.82	%	37.19	%	36.16	%
Schedule of components of the deferred income tax assets and liabilities	The components of the deferred income tax assets and liabilities at December 31, 2014 and 2013, as presented in the consolidated balance sheets, are as follows (in thousands):
		2014			2013
	DEFERRED TAX ASSETS
	Stock-based compensation	$	2,156		$	4,621
	Compensation and benefits	744			760
	Bad debt reserves	114			134
	Accrued expenses	1,663			1,127
	Fixed assets and depreciation	1,615			—
	Base stock	1			—
	NOLs & credit carry-forwards	4,322			4,103
	Deferred income tax asset	$	10,615		$	10,745
	DEFERRED TAX LIABILITIES
	Fixed assets and depreciation	$	—		$	(105	)
	Intangibles and amortization	(2,649		)	(3,070		)
	Prepaid expenses	(984		)	(907		)
	Real estate taxes	(290		)	(285		)
	Other Reserves	(24		)	—
	Federal deduction on deferred state taxes	(360		)	(119		)
	Deferred income tax liability	$	(4,307	)	$	(4,486	)
	NET DEFERRED INCOME TAX ASSET	$	6,308		$	6,259
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
		2014			2013			2012
	Balance — Beginning of year	$	—		$	—		$	1,501
	Additions based on tax positions of the current year	—			—			—
	Additions based on tax positions of prior years	—			—			—
	Reductions for settlements	—			—			(1,501		)
	Decreases due to lapses in statutes of limitations	—			—			—
	Balance — End of year	$	—		$	—		$	—

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2014
STOCK-BASED COMPENSATION
Schedule of stock-based compensation expense	Reported stock-based compensation expense was classified as follows (in thousands):
		For the years ended December 31,
		2014			2013			2012
	Casino	$	45		$	20		$	65
	Food and beverage	68			33			81
	Hotel	11			3			20
	Selling, general and administrative	1,102			1,164			1,202
	Total stock-based compensation, before taxes	1,226			1,220			1,368
	Tax benefit	(429		)	(427		)	(479		)
	Total stock-based compensation, net of tax	$	797		$	793		$	889
Summary of the stock option activity	A summary of the stock option activity as of and for the year ended December 31, 2014 is presented below:
				Weighted Average
	Options	Shares		Exercise			Remaining		Aggregate
				Price			Contractual		Intrinsic
							Term		Value
	Outstanding at beginning of period	2,886,574		$	12.51		—		—
	Granted	377,000		14.44			—		—
	Exercised	(1,136,371	)	11.08			—		—
	Forfeited	(125,000	)	11.09			—		—
	Expired	—		—			—		—
	Outstanding at end of period	2,002,203		$	13.73		7.0 yrs.		$	8,468,661
	Exercisable at end of period	829,060		$	14.22		5.0 yrs.		$	3,887,865
Summary of status of the Company's nonvested shares
	Nonvested Shares	Shares		Weighted-Average
				Grant Date Fair
				Value
	Nonvested at January 1, 2014	1,203,070		$	12.51
	Granted	377,000		4.02
	Vested	(281,927	)	3.24
	Forfeited	(125,000	)	11.09
	Nonvested at December 31, 2014	1,173,143		$	13.73
Schedule of option valuation assumptions for options granted	Option valuation assumptions for options granted during each year were as follows (in thousands, except per share amounts and percentages):
		Years ended December 31,
		2014			2013			2012
	Expected volatility	34.95		%	37.03		%	56.1		%
	Expected dividends	—			—			—
	Expected life (in years)
	Directors’ plan	3.59			3.32			9.5
	Executives plan	4.31			4.48			3.1
	Employees plan	3.59			3.32			3.1
	Weighted average risk free rate	1.06		%	0.85		%	0.40		%
	Weighted average grant date fair value per share of options granted	$	4.02		$	5.38		$	3.43
	Total fair value of shares vested	$	913		$	1,123		$	1,918
	Total intrinsic value of options exercised	$	8,921		$	2,737		$	41
	Cash received for all stock option exercises	$	12,595		$	3,438		$	53
	Tax benefit realized from stock awards exercised	$	3,122		$	958		$	14

RIVIERA_BLACK_HAWK_ACQUISITION1

RIVIERA BLACK HAWK ACQUISITION (Tables)	12 Months Ended
	Dec. 31, 2014
RIVIERA BLACK HAWK ACQUISITION
Schedule of allocation of purchase price	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 (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 Casino Black Hawk 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 (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, 2012, are as follows (in thousands, except per share):
		Twelve Months Ended
		December 31, 2012
	Pro forma (unaudited):
	Net revenues	$	183,043
	Income from operations	$	17,516
	Net income	$	9,542
	Basic earnings per share	$	0.59
	Diluted earnings per share	$	0.59

SELECTED_QUARTERLY_FINANCIAL_D1

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2014
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Schedule of selected quarterly financial data (unaudited)	The following table presents selected quarterly financial information for 2014 and 2013 (in thousands, except per share amounts):
		2014
		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total
	Net revenues	$	45,508	$	47,803	$	48,597	$	45,859	$	187,767
	Operating expenses	40,177		42,335		41,931		41,105		165,548
	Income from operations	5,331		5,468		6,666		4,754		22,219
	Net income	3,276		3,024		4,074		3,811		14,185
	Income per share of common stock
	Basic	$	0.20	$	0.18	$	0.24	$	0.23	$	0.85
	Diluted	$	0.19	$	0.18	$	0.24	$	0.22	$	0.83
		2013
		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total
	Net revenues	$	45,605	$	49,651	$	48,989	$	44,504	$	188,749
	Operating expenses	38,420		39,483		40,050		40,341		158,294
	Income from operations	7,185		10,168		8,939		4,163		30,455
	Net income	4,262		6,120		5,520		2,059		17,961
	Income per share of common stock
	Basic	$	0.26	$	0.38	$	0.34	$	0.12	$	1.10
	Diluted	$	0.26	$	0.37	$	0.32	$	0.12	$	1.06

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	0 Months Ended	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Aug. 23, 2012	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Oct. 22, 2014
Correction of Immaterial Error and Reclassifications:
Multiplier of period for which approval is extended	3
Additional period for which the approval was extended	6 months
Net Revenues		$45,859	$48,597	$47,803	$45,508	$44,504	$48,989	$49,651	$45,605	$187,767	$188,749	$163,302
Operating Expenses		$41,105	$41,931	$42,335	$40,177	$40,341	$40,050	$39,483	$38,420	$165,548	$158,294	$147,319
Maximum
Correction of Immaterial Error and Reclassifications:
Authorized repurchase of Company's common stock													3,000,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Allowance for doubtful accounts
Income from operations	$4,754	$6,666	$5,468	$5,331	$4,163	$8,939	$10,168	$7,185	$22,219	$30,455	$15,983
Net income	3,811	4,074	3,024	3,276	2,059	5,520	6,120	4,262	14,185	17,961	8,911
Diluted (in dollars per share)	$0.22	$0.24	$0.18	$0.19	$0.12	$0.32	$0.37	$0.26	$0.83	$1.06	$0.55
Correction | Uncollectible Receivables [Member]
Allowance for doubtful accounts
Income from operations										300
Net income										$200
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, 2014	Dec. 31, 2013	Dec. 31, 2012
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 improvement | Minimum
Property and Equipment
Estimated useful lives	5 years
Building improvement | Maximum
Property and Equipment
Estimated useful lives	40 years
Furniture and equipment | Minimum
Property and Equipment
Estimated useful lives	5 years
Furniture and equipment | 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 $)	3 Months Ended								12 Months Ended			0 Months Ended		1 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jul. 01, 2014	Jan. 01, 2014	Jul. 31, 2014	Apr. 26, 2012
Summary of significant accounting policies
Amount of goodwill recorded	$25,111,000				$25,111,000				$25,111,000	$25,111,000
Net book value	180,271,000				175,637,000				180,271,000	175,637,000
Net Income (Loss) Available to Common Stockholders, Basic	3,811,000	4,074,000	3,024,000	3,276,000	2,059,000	5,520,000	6,120,000	4,262,000	14,185,000	17,961,000	8,911,000
Monarch Black Hawk
Summary of significant accounting policies
Amount of goodwill recorded	25,100,000								25,100,000						25,110,000
Monarch Black Hawk Parking Structure
Summary of significant accounting policies
Net book value					4,800,000					4,800,000				2,900,000
Estimated depreciable life										P37Y		P18M	P15M
Depreciation, Per Month										300,000				200,000
Depreciation, Net of Tax, Per Month										200,000				100,000
Depreciation									2,900,000
Net Income (Loss) Available to Common Stockholders, Basic									$1,900,000
Basic and diluted earnings per share (in dollars per share)									$0.11

SUMMARY_OF_SIGNIFICANT_ACCOUNT7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	item
Segment Reporting
Number of Operating Segments	2
Number of Reportable Segments	1
Self-insurance Reserves
Period for reviewing actual expenditure to determine self-insurance reserve	12 months
Capitalized Interest
Interest Costs Capitalized	$152	$0	$0
Customer Relationships [Member]
Finite-lived intangible assets
Net intangible asset	$7,400	$8,500

SUMMARY_OF_SIGNIFICANT_ACCOUNT8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 6) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Promotional Allowances
Estimated departmental costs of providing promotional allowances	$41,808,000	$43,168,000	$40,689,000
Advertising Costs
Advertising expense	5,200,000	5,200,000	4,700,000
Gaming Taxes
Total gaming taxes	16,000,000	16,100,000	12,200,000
Food and beverage
Promotional Allowances
Estimated departmental costs of providing promotional allowances	22,855,000	21,713,000	20,464,000
Hotel
Promotional Allowances
Estimated departmental costs of providing promotional allowances	2,893,000	2,622,000	2,850,000
Other
Promotional Allowances
Estimated departmental costs of providing promotional allowances	1,732,000	1,777,000	1,857,000
Promotional allowances
Promotional Allowances
Estimated departmental costs of providing promotional allowances	$27,480,000	$26,112,000	$25,171,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 7) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Shares
Basic (in shares)									16,734	16,302	16,140
Effect of dilutive stock options (in shares)									373	642	110
Diluted (in shares)									17,107	16,944	16,250
Per Share Amount
Basic (in dollars per share)	$0.23	$0.24	$0.18	$0.20	$0.12	$0.34	$0.38	$0.26	$0.85	$1.10	$0.55
Effect of dilutive stock options (in dollars per share)									($0.02)	($0.04)
Diluted (in dollars per share)	$0.22	$0.24	$0.18	$0.19	$0.12	$0.32	$0.37	$0.26	$0.83	$1.06	$0.55
Stock options
Anti-dilutive securities
Options to purchase shares of common stock									563,633	418,071	1,518
Exercise prices, low end of range (in dollars per share)									$16.66	$21.65	$11
Exercise prices, high end of range (in dollars per share)									$29	$29	$29

ACCOUNTS_RECEIVABLE_Details

ACCOUNTS RECEIVABLE (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accounts receivable
Accounts receivable, gross	$3,364	$2,999
Less allowance for doubtful accounts	-317	-371
Accounts receivable, net	3,047	2,628
Bad debt expense	51	-230	-8
Casino
Accounts receivable
Accounts receivable, gross	2,034	2,205
Hotel
Accounts receivable
Accounts receivable, gross	476	435
Other
Accounts receivable
Accounts receivable, gross	$854	$359

GOODWILL_AND_INTANGIBLE_ASSETS2

GOODWILL AND INTANGIBLE ASSETS (Details) (USD $)	12 Months Ended		0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Apr. 26, 2012
Intangible assets
Amount of goodwill recorded	$25,111,000	$25,111,000
Monarch Black Hawk
Intangible assets
Amount of goodwill recorded	25,100,000		25,110,000
Total Intangible assets	12,080,000	12,080,000
Total accumulated amortization	-4,714,000	-3,549,000
Total	7,366,000	8,531,000
Weighted-average life	6 years 3 months 18 days	7 years 3 months 18 days
Amortization expense	1,200,000	1,700,000
Fair value inputs
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	0
Customer list | Monarch Black Hawk
Intangible assets
Total Intangible assets	10,490,000	10,490,000
Total accumulated amortization	-3,124,000	-1,959,000
Useful life of finite-lived intangible assets			9 years
Fair value inputs
Attrition rate (as a percent)	24.00%
Risk-adjusted discount rate (as a percent)	12.00%
Trade Name | Monarch Black Hawk
Intangible assets
Total Intangible assets	1,590,000	1,590,000
Total accumulated amortization	($1,590,000)	($1,590,000)
Fair value inputs
Royalty rate (as a percent)	1.00%
Risk-adjusted discount rate (as a percent)	11.00%

GOODWILL_AND_INTANGIBLE_ASSETS3

GOODWILL AND INTANGIBLE ASSETS (Detail 2) (Monarch Black Hawk, USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Monarch Black Hawk
Estimated amortization expense
2015	$1,165
2016	1,165
2017	1,165
2018	1,165
2019	1,165
Thereafter	1,541
Total	$7,366	$8,531

ACCRUED_EXPENSES_Detail

ACCRUED EXPENSES (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ACCRUED EXPENSES.
Accrued salaries, wages and related benefits	$5,813	$6,096
Progressive slot machine and other gaming accruals	8,457	6,413
Accrued gaming taxes	2,198	2,046
Accrued interest	2	56
Other accrued liabilities	2,857	3,566
Accrued expenses	$19,327	$18,177

LEASE_COMMITMENTS_Details

LEASE COMMITMENTS (Details) (Members of Management Holding Noncontrolling Interests, USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	item
	sqft
Members of Management Holding Noncontrolling Interests
LEASE COMMITMENTS
Area of Real Estate Property	37,000
Minimum lease term	15 years
Annual rent	$340
Number of terms for which the lease can be renewed	3
Lease term under each renewal	5 years
Total cost of improvements	2,000,000
Portion of total cost of project for which company was responsible	1,350,000
Lease rent paid	$350,000	$340,000	$340,000

LEASE_COMMITMENTS_Detail_2

LEASE COMMITMENTS (Detail 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Future minimum payments under operating leases
2015	$406
2016	406
2017	406
2018	406
2019	304
Total minimum lease payments	1,928
Rental expense for operating leases	$889	$907	$857

LONGTERM_DEBT_Details

LONG-TERM DEBT (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Nov. 05, 2011
Maturities of Borrowings Under New Credit Facility
2016	$46,300,000
Total	46,300,000
Credit Facility
Long-term debt
Maximum borrowing capacity	89,500,000	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 (in months)	12 months
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	30
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	2.5

TAXES_Detail

TAXES (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
TAXES.
Effective tax rate (as a percent)	32.82%	37.19%	36.16%
Colorado ballot initiative costs	$1,864
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	6,935	9,856	5,029
State	46	396	259
Current tax provision	6,981	10,252	5,288
Federal	637	-108	-209
State	-688	490	-31
Deferred Income Tax (benefit) provision	-51	382	-240
Total tax provision	6,930	10,634	5,048
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 benefits) (as a percent)	-1.84%	1.33%	0.98%
Permanent items	3.49%	0.45%	3.03%
Tax credits	-1.03%	-0.77%	-1.44%
Other (as a percent)	-2.80%	1.18%	-1.41%
Provision for income taxes as a percentage of pre-tax earnings	32.82%	37.19%	36.16%
Increase in capital from tax benefits for the employee stock-based compensation	386	413
DEFERRED TAX ASSETS
Stock-based compensation	2,156	4,621
Compensation and benefits	744	760
Bad debt reserves	114	134
Accrued expenses	1,663	1,127
Fixed assets and depreciation	1,615
Base stock	1
NOLs & credit carry-forwards	4,322	4,103
Deferred income tax asset	10,615	10,745
DEFERRED TAX LIABILITIES
Fixed assets and depreciation		-105
Intangibles and amortization	-2,649	-3,070
Prepaid expenses	-984	-907
Real estate taxes	-290	-285
Other Reserves	-24
Federal deduction on deferred state taxes	-360	-119
Deferred Tax Liabilities, Gross, Total	-4,307	-4,486
Deferred Tax Assets, Net, Total	$6,308	$6,259

TAXES_Details_2

TAXES (Details 2) (USD $)	3 Months Ended	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2013	Dec. 31, 2014
Taxes
Withdrawal of pending use tax refund requests		$1.60
Reversal of previously accrued sales tax	0.6
State of Nevada
Taxes
Amount of requested refund, excluding interest	1.6	1.6
Accrued sales tax	0.6	0.6
Monarch Black Hawk
Taxes
General business credit (GBC) carryforwards			0.3
Carryforwards subject to an annual base limitation			1.25
Monarch Black Hawk | IRS
Taxes
NOL carryforwards			8.6
Monarch Black Hawk | State of Nevada
Taxes
NOL carryforwards			$20.70

TAXES_Details_3

TAXES (Details 3) (USD $)	12 Months Ended				3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2012
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Liability related to uncertain tax positions which is recorded as a current liability	$0	$0
Accrued interest, related to unrecognized tax benefits	0	0
IRS
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Balance - Beginning of year			1,501,000
Reductions for settlements			-1,501,000
Balance - End of year				1,501,000
Liability related to uncertain tax positions which is recorded as a current liability				1,501,000
Accrued interest, related to unrecognized tax benefits				166,000
Accrued interest related to unrecognized tax benefits				336,000
IRS | Adjustment
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Over-accrued interest reversed			-133,000
Tax Settlements | IRS
Unrecognized tax benefits
Amount paid related to examination					1,100,000
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Over-accrued interest reversed			($87,000)

TAXES_Detail_4

TAXES (Detail 4) (USD $)	3 Months Ended	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2013	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	1.6
Accrued sales tax	$0.60	$0.60

BENEFIT_PLANS_Details

BENEFIT PLANS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
BENEFIT PLANS
Maximum percentage of pre-tax compensation that participating employees may defer under the plan	100.00%
Company's matching contributions	$283	$283	$242

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details) (USD $)	0 Months Ended	12 Months Ended
	21-May-14	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	item
Option valuation assumptions for options granted
Cash received for all stock option exercises		($2,726,000)	$3,438,000	$53,000
Tax benefit realized from stock awards exercised		1,079,000	413,000
Stock options
STOCK-BASED COMPENSATION
Number of stock option plans	2
Number of common shares authorized to be purchased		1,000,000
Options
Outstanding at beginning of period (in shares)		2,886,574
Granted (in shares)		377,000
Exercised (in shares)		-1,136,371
Forfeited (in shares)		-125,000
Outstanding at end of period (in shares)		2,002,203	2,886,574
Exercisable at end of period (in shares)		829,060
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)		$12.51
Granted (in dollars per share)		$14.44
Exercised (in dollars per share)		$11.08
Forfeited (in dollars per share)		$11.09
Outstanding at end of period (in dollars per share)		$13.73	$12.51
Exercisable at end of period (in dollars per share)		$14.22
Weighted Average Remaining Contractual Term
Outstanding at end of period		7 years
Exercisable at end of period		5 years
Aggregate Intrinsic Value
Outstanding at end of period (in dollars)		8,468,661
Exercisable at end of period (in dollars)		3,887,865
Nonvested Shares
Nonvested at the beginning of the period (in shares)		1,203,070
Granted (in shares)		377,000
Vested (in shares)		-281,927
Forfeited (in shares)		-125,000
Nonvested at the end of the period (in shares)		1,173,143	1,203,070
Weighted-Average Grant Date Fair Value
Nonvested at the beginning of the period (in dollars per share)		$12.51
Granted (in dollars per share)		$4.02
Vested (in dollars per share)		$3.24
Forfeited (in dollars per share)		$11.09
Nonvested at the end of the period (in dollars per share)		$13.73	$12.51
Unrecognized costs
Unrecognized costs related to all share-based awards outstanding		1,300,000
Weighted average period for recognition of unrecognized compensation costs		2 years 4 months 24 days
Option valuation assumptions for options granted
Expected volatility (as a percent)		34.95%	37.03%	56.10%
Weighted average risk free rate (as a percent)		1.06%	0.85%	0.40%
Weighted average grant date fair value per share of options granted (in dollars per share)		$4.02	$5.38	$3.43
Total fair value of shares vested		913,000	1,123,000	1,918,000
Total intrinsic value of options exercised		8,921,000	2,737,000	41,000
Cash received for all stock option exercises		12,595,000	3,438,000	53,000
Tax benefit realized from stock awards exercised		$3,122,000	$958,000	$14,000
Stock options | Maximum
STOCK-BASED COMPENSATION
Number of common shares authorized to be purchased		2,843,411
Stock options | Directors' Plan
Option valuation assumptions for options granted
Expected life		3 years 7 months 2 days	3 years 3 months 26 days	9 years 6 months
Stock options | Executives Plan
Option valuation assumptions for options granted
Expected life		4 years 3 months 22 days	4 years 5 months 23 days	3 years 1 month 6 days
Stock options | Employees Plan
Option valuation assumptions for options granted
Expected life		3 years 7 months 2 days	3 years 3 months 26 days	3 years 1 month 6 days

STOCKBASED_COMPENSATION_Detail1

STOCK-BASED COMPENSATION (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stock-based compensation expense
Total stock-based compensation, before taxes	$1,226	$1,220	$1,368
Tax benefit	-429	-427	-479
Total stock-based compensation, net of tax	797	793	889
Casino
Stock-based compensation expense
Total stock-based compensation, before taxes	45	20	65
Food and beverage
Stock-based compensation expense
Total stock-based compensation, before taxes	68	33	81
Hotel
Stock-based compensation expense
Total stock-based compensation, before taxes	11	3	20
Selling, general and administrative
Stock-based compensation expense
Total stock-based compensation, before taxes	$1,102	$1,164	$1,202

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (Self Insurance, USD $)	12 Months Ended
	Dec. 31, 2014
Self Insurance
COMMITMENTS AND CONTINGENCIES
Retains of liability for individual health	$250,000,000
Maximum annual liability per insured	250,000
Minimum Amount Of Claims For Computation Of Variable Portion Of Maximum Liability For Health Plan Per Insured Per Year	250,000
Variable portion of maximum annual liability per insured (as a percent)	10.00%
Maximum liability for workers' compensation under stop-loss agreement per claim	$500,000

RIVIERA_BLACK_HAWK_ACQUISITION2

RIVIERA BLACK HAWK ACQUISITION TRANSACTION (Detail) (USD $)	0 Months Ended	3 Months Ended								12 Months Ended
	Apr. 26, 2012	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 29, 2011
RIVIERA BLACK HAWK ACQUISITION TRANSACTION
Amount borrowed under acquisition												$77,760,000
Consideration
Cash consideration	75,885,000
Liabilities assumed by the Company	3,505,000
Working capital adjustment.	604,000
Total consideration	79,994,000
Intangible Assets:
Amount of goodwill recorded		25,111,000				25,111,000				25,111,000	25,111,000
Acquisition cost												2,156,000
Net revenue and operating income included in the entity's consolidated income statement
Net Revenues		45,859,000	48,597,000	47,803,000	45,508,000	44,504,000	48,989,000	49,651,000	45,605,000	187,767,000	188,749,000	163,302,000
Income from operations		4,754,000	6,666,000	5,468,000	5,331,000	4,163,000	8,939,000	10,168,000	7,185,000	22,219,000	30,455,000	15,983,000
Monarch Black Hawk
RIVIERA BLACK HAWK ACQUISITION TRANSACTION
Acquisition deposit												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 of purchase price escrowed to secure Seller's indemnification obligations	2,280,000
Period for which purchase price is escrowed	1 year
Tangible Assets:
Current assets	6,241,000
Total tangible assets	35,908,000
Intangible Assets:
Amount of goodwill recorded	25,110,000	25,100,000								25,100,000
Total intangible assets	37,190,000
Deferred tax asset	6,896,000
Total assets	79,994,000
Acquisition cost										0	0	2,200,000
Net revenue and operating income included in the entity's consolidated income statement
Net Revenues												29,678,000
Income from operations												6,350,000
Pro forma (unaudited) consolidated results of operations
Net revenues												183,043,000
Income from operations												17,516,000
Net income												9,542,000
Basic earnings per share (in dollars per share)												$0.59
Diluted earnings per share (in dollars per share)												$0.59
Monarch Black Hawk | Customer list
Intangible Assets:
Total intangible assets	10,490,000
Monarch Black Hawk | Trade Name
Intangible Assets:
Total intangible assets	1,590,000
Monarch Black Hawk | Land
Tangible Assets:
Total tangible assets	8,700,000
Monarch Black Hawk | Land improvements
Tangible Assets:
Total tangible assets	30,000
Monarch Black Hawk | Building improvement
Tangible Assets:
Total tangible assets	15,200,000
Monarch Black Hawk | Furniture and equipment
Tangible Assets:
Total tangible assets	5,737,000
Monarch Black Hawk | Credit Facility
RIVIERA BLACK HAWK ACQUISITION TRANSACTION
Amount borrowed under acquisition	$72,300,000

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	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
Number of terms for which the lease can be renewed	3
Lease term under each renewal	5 years
Lease rent paid	350,000	340,000	340,000
Operating expenses related to lease	119,000	159,000	123,000
Affiliates of Controlling Stockholders
RELATED PARTY TRANSACTIONS
Lease rent paid	$125,000	$123,000	$114,000

SELECTED_QUARTERLY_FINANCIAL_D2

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Net Revenues	$45,859	$48,597	$47,803	$45,508	$44,504	$48,989	$49,651	$45,605	$187,767	$188,749	$163,302
Operating expenses	41,105	41,931	42,335	40,177	40,341	40,050	39,483	38,420	165,548	158,294	147,319
Income from operations	4,754	6,666	5,468	5,331	4,163	8,939	10,168	7,185	22,219	30,455	15,983
Net income	$3,811	$4,074	$3,024	$3,276	$2,059	$5,520	$6,120	$4,262	$14,185	$17,961	$8,911
Income per share of common stock
Basic (in dollars per share)	$0.23	$0.24	$0.18	$0.20	$0.12	$0.34	$0.38	$0.26	$0.85	$1.10	$0.55
Diluted (in dollars per share)	$0.22	$0.24	$0.18	$0.19	$0.12	$0.32	$0.37	$0.26	$0.83	$1.06	$0.55

Schedule_II_VALUATION_AND_QUAL1

Schedule II. - VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Valuation and Qualifying Accounts
Balance at beginning of year	$371	$729	$1,313
Charged to cost and expenses	51	-230	-8
Deduction	-105	-128	-576
Balance at end of year	$317	$371	$729