Monarch Casino & Resort (MCRI) 10-Q 7 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 02, 2018
Document and Entity Information
Entity Registrant Name	MONARCH CASINO & RESORT INC
Entity Central Index Key	907,242
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		17,894,057
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Gross revenues	$ 64,359	$ 75,423	$ 180,536	$ 210,844
Less promotional allowances		(12,396)		(36,174)
Net revenues	64,359	63,027	180,536	174,670
Operating expenses:
Selling, general and administrative	16,793	16,398	48,130	46,117
Depreciation and amortization	3,651	3,722	11,081	11,397
Loss on disposition of assets	8		12	4
Total operating expenses	50,493	49,777	146,771	142,141
Income from operations	13,866	13,250	33,765	32,529
Other expenses
Interest expense, net of amounts capitalized	(55)	(161)	(177)	(639)
Total other expense	(55)	(161)	(177)	(639)
Income before income taxes	13,811	13,089	33,588	31,890
Provision for income taxes	(2,952)	(4,059)	(6,749)	(10,749)
Net income	$ 10,859	$ 9,030	$ 26,839	$ 21,141
Earnings per share of common stock
Basic (in dollars per share)	$ 0.61	$ 0.51	$ 1.51	$ 1.20
Diluted (in dollars per share)	$ 0.58	$ 0.49	$ 1.44	$ 1.16
Weighted average number of common shares and potential common shares outstanding
Basic (in shares)	17,886	17,616	17,826	17,541
Diluted (in shares)	18,631	18,398	18,582	18,212
Casino
Revenues:
Gross revenues	$ 33,504	$ 48,574	$ 94,591	$ 135,207
Operating expenses:
Operating expenses	11,455	19,097	33,007	54,837
Food and beverage
Revenues:
Gross revenues	18,472	16,342	52,951	47,394
Operating expenses:
Operating expenses	13,700	6,699	39,990	19,461
Hotel
Revenues:
Gross revenues	9,167	7,316	23,627	19,204
Operating expenses:
Operating expenses	3,315	2,735	9,870	7,192
Other
Revenues:
Gross revenues	3,216	3,191	9,367	9,039
Operating expenses:
Operating expenses	$ 1,571	$ 1,126	$ 4,681	$ 3,133

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 34,694	$ 29,151
Receivables, net	6,933	6,925
Income taxes receivable		2,008
Inventories	3,324	3,335
Prepaid expenses	4,611	4,612
Total current assets	49,562	46,031
Property and equipment
Land	30,034	30,034
Land improvements	7,281	7,249
Buildings	193,286	193,286
Buildings improvements	25,460	24,745
Furniture and equipment	143,726	140,404
Construction in Progress	146,315	48,834
Leasehold improvements	3,782	3,800
Gross property and equipment	549,884	448,352
Less accumulated depreciation and amortization	(207,692)	(197,638)
Net property and equipment	342,192	250,714
Other assets
Goodwill	25,111	25,111
Intangible assets, net	2,995	3,869
Deferred income taxes	3,543	3,544
Other assets, net	2,415	2,818
Total other assets	34,064	35,342
Total assets	425,818	332,087
Current liabilities
Accounts payable	8,875	8,184
Construction accounts payable	25,001	5,823
Accrued expenses	29,929	25,406
Income taxes payable	91
Total current liabilities	63,896	39,413
Long-term debt	69,270	26,200
Total liabilities	133,166	65,613
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; 17,894,057 outstanding at September 30, 2018; 17,759,446 outstanding at December 31, 2017	191	191
Additional paid - in capital	29,188	26,890
Treasury stock, 1,202,243 shares at September 30, 2018; 1,336,854 shares at December 31, 2017	(16,224)	(18,123)
Retained earnings	279,497	257,516
Total stockholders' equity	292,652	266,474
Total liabilities and stockholders' equity	$ 425,818	$ 332,087

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
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	17,894,057	17,759,446
Treasury stock, shares	1,202,243	1,336,854

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 26,839	$ 21,141
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,081	11,397
Amortization of deferred loan costs	403	403
Stock-based compensation	4,197	5,199
Provision for bad debts	27	152
Loss on disposition of assets	12	4
Changes in operating assets and liabilities:
Receivables	(35)	(1,933)
Income taxes	2,099	(451)
Inventories	11	(13)
Prepaid expenses	1	(112)
Accounts payable	691	(373)
Accrued expenses	(335)	(669)
Net cash provided by operating activities	44,991	34,745
Cash flows from investing activities:
Proceeds from sale of assets		86
Change in construction payable	19,178	2,144
Acquisition of property and equipment	(101,696)	(36,537)
Net cash used in investing activities	(82,518)	(34,307)
Cash flows from financing activities:
Long-term debt borrowings	43,070
Net cash provided by financing activities	43,070
Change in cash	5,543	438
Cash and cash equivalents at beginning of period	29,151	26,383
Cash and cash equivalents at end of period	34,694	26,821
Supplemental disclosure of cash flow information
Cash paid for interest, net of amounts capitalized	186	235
Cash paid for income taxes	4,650	11,200
Return of assets under capital lease:
Accounts payable		(105)
Accrued expenses		$ (13)
ASC 606 Changes | ASU 2014-09
Adjustment to beginning retained earnings for accounting changes in accordance with the new revenue recognition standard
Accrued expenses	$ 4,858

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	MONARCH CASINO & RESORT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) QUARTERLY PERIOD ENDED SEPTEMBER 30, 2018 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation : Monarch Casino & Resort, Inc. was incorporated in 1993. Unless otherwise indicated, “Monarch” and the “Company” refer to Monarch Casino & Resort, Inc. and its subsidiaries. Monarch owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada (the “Atlantis”) and Monarch Casino Black Hawk, a casino in Black Hawk, Colorado. In addition, Monarch owns separate parcels of land located next to the Atlantis and a parcel of land with an industrial warehouse located between Denver, Colorado and Monarch Casino Black Hawk. Monarch also owns Chicago Dogs Eatery, Inc. and Monarch Promotional Association, both of which were formed in relation to extended licensure requirements for extended hours of liquor operation in Black Hawk, Colorado. The accompanying unaudited condensed consolidated financial statements include the accounts of Monarch and its subsidiaries (the “Consolidated Financial Statements”). Intercompany balances and transactions are eliminated. Interim Financial Statements : The Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the management of the Company, all adjustments considered necessary for a fair presentation are included. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The balance sheet at December 31, 2017 has been derived from the audited consolidated financial statements of the Company at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2017. 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, receivables, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. Additionally, the carrying value of our debt approximates fair value due to the variable nature of applicable interest rates and relatively short-term maturity. Debt Issuance Costs: Costs incurred in connection with the issuance of long-term debt are capitalized and amortized to interest expense over the term of the related debt agreement. Loan issuance costs are included in “Other assets, net” on the Company’s condensed consolidated balance sheets. As of September 30, 2018, loan issuance cost, net of amortization was $1.5 million. 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. Accounting Standards Codification (“ASC”) 280 allows individual operating segments to be aggregated for reporting purposes if certain criteria are met. The Company determined that the Company’s two 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. Inventories Inventories, consisting primarily of food, beverages, and retail merchandise, are stated at the lower of cost and net realizable value. Cost is determined based on the weighted average, which approximates a first-in, first out method.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2018
REVENUE RECOGNITION
REVENUE RECOGNITION	NOTE 2. REVENUE RECOGNITION On January 1, 2018, the Company adopted accounting standard update No. 2014-09 (“ASC 606”) and all the related amendments to all contracts (“new revenue standard”). The Company applied the modified retrospective method and recognized a $4.86 million cumulative effect adjustment to the opening balance of retained earnings with the adoption of the new revenue standard. This adjustment exclusively related to the change in the accounting for the slot club liability from the immediate revenue/cost method to the deferred revenue method. Financial results for the three and nine months ended September 30, 2017 have not been restated and are reported under the accounting standards in effect during that period. Players’ Club Program: The Company operates a players’ club program under which as players perform gaming activities they earn and accumulate points, which may be redeemed for a variety of goods and services. Points may be applied toward hotel room stays, food and beverage consumption at the food and beverage outlets, gift shop items, as well as goods and services at the spa and beauty salon and for cash in our Monarch Casino Black Hawk property. Points earned may also be applied toward off-property events such as concerts, shows and sporting events. The point balance under the players’ club program is forfeited if the member does not earn or use any points over a twelve-month period. A large portion of our revenues are generated by customers who are members of our players’ club. Given the significance of the players’ club program and the ability for members to bank such points based on their past play, we have determined that players’ club program points granted in conjunction with gaming activity constitute a material right and, as such, represent a performance obligation associated with the gaming contracts. We have determined the points estimated standalone selling prices (“SSP”) by computing the cash redemption value of the points expected to be redeemed by type of good or service. This cash redemption value is determined through an analysis of all redemption activity over the preceding twelve-month period, leveraging the fair market value of the goods and services provided through redemption of points as the means for determining the fair market value of such points as points are not otherwise independently sold. Because of the similarity of gaming and other transactions, we have applied the practical expedient under the portfolio approach as prescribed in ASC paragraph 606-10-10-4 to apply to our loyalty credit transactions. Prior to the adoption of the ASC 606, at the time points are earned, which occurs commensurate with casino patron play, we recognized a liability for points outstanding based on the average cost of the goods and services expected to be redeemed, with a corresponding increase in casino expenses. After the adoption of the ASC 606, at the time points are earned, we recognize deferred revenue at the standalone selling prices of the goods and services that the points are expected to be redeemed for, with a corresponding decrease in gaming revenue. As of September 30, 2018 we had estimated the obligations related to the players’ club program at $9.2 million, which is included in Accrued Expenses in the Liabilities and Stockholders’ Equity section in the Condensed Consolidated Balance Sheet. Estimates and assumptions made regarding breakage rates and the combination of goods and services members will choose impacts the estimated SSP of the points. We use historical data to assist in the determination of estimated accruals. Changes in estimates or member redemption patterns could produce different results. The majority of the Company’s revenue continues to be recognized when products are delivered or services are performed. For certain revenue transactions (when a patron uses a club loyalty card), a portion of the revenue is deferred until the points earned by the patron are redeemed or expire. The new revenue standard also resulted in reclassifications to or from revenues, promotional allowances and operating expenses. Pursuant to the new Financial Accounting Standards Board (“FASB”) guidelines, food and beverage, hotel and other complimentaries are now valued at their retail price and included as revenues within their respective categories, with a corresponding decrease in gaming revenues, as the offsetting amount historically included in promotional allowances has been eliminated. In addition, the cost of providing these complimentary goods and services are now included as expenses within their respective categories, resulting in a corresponding decrease in casino expenses. While those changes have resulted in a $35 thousand and $351 thousand increase in net revenue for the three and nine months ended September 30, 2018, respectively, the adoption of the new revenue standard had no impact on the net income. In accordance with the new revenue standard requirements, below is a disclosure of the impact of the adoption of ASC 606 on our consolidated income statement for the period ended September 30, 2018 (in thousands): Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Post ASC 606 Adoption ASC 606 Changes Pre ASC 606 Adoption Post ASC 606 Adoption ASC 606 Changes Pre ASC 606 Adoption Revenues Casino $ 33,504 $ 15,755 $ 49,259 $ 94,591 $ 44,341 $ 138,932 (a) (b) (c) (d) Food and beverage 18,472 (1,412) 17,060 52,951 (4,228) 48,723 (a) (d) (e) Hotel 9,167 (1,477) 7,690 23,627 (3,414) 20,213 (a) (f) Other 3,216 37 3,253 9,367 81 9,448 (a) (d) Gross revenues 64,359 12,903 77,262 180,536 36,780 217,316 Less promotional allowances — (12,938) (12,938) — (37,131) (37,131) (a) (d) Net revenues 64,359 (35) 64,324 180,536 (351) 180,185 (b) (c) (e) (f) Operating Expenses Casino 11,455 8,521 19,976 33,007 24,852 57,859 (b) (c) (g) Food and beverage 13,700 (7,271) 6,429 39,990 (21,138) 18,852 (e) (g) Hotel 3,315 (748) 2,567 9,870 (2,481) 7,389 (f) (g) Other 1,571 (537) 1,034 4,681 (1,584) 3,097 (g) Selling, general and administrative 16,793 — 16,793 48,130 — 48,130 Depreciation and amortization 3,651 — 3,651 11,081 — 11,081 Loss on disposition of assets 8 — 8 12 — 12 Total operating expenses 50,493 (35) 50,458 146,771 (351) 146,420 Net income 10,859 — 10,859 26,839 — 26,839 Basic $ 0.61 $ — $ 0.61 $ 1.51 $ — $ 1.51 Diluted $ 0.58 $ — $ 0.58 $ 1.44 $ — $ 1.44 (a) Change as a result of reclassification of current period complimentaries at estimated retail price from promotional allowances to casino, food and beverage, hotel, spa and retail revenues. (b) Change as a result of reclassification of the earned and unused points during the period from casino expense to casino revenue. (c) Change as a result of reclassification of the wide area progressive system expense from casino revenue to casino expense. (d) Change as a result of the change of the casino floor bars menu prices and some retail outlets prices from discounted to retail price. (e) Change as a result of reclassification of the banquets service fees from food and beverage expense to food and beverage revenue. (f) Change as a result of reclassification of the groups rebate and commissions from hotel expense to hotel revenue. (g) Change as a result of the elimination of the reclassification journal entry that reclassified the costs of complimentaries from hotel, food and beverage and other expense categories to casino expense. Under ASC 606, the costs of complimentaries stay in the complimentaries revenue producing department. Casino revenue: Casino revenues represent the net win from gaming activity, which is the difference between the amounts won and lost, which represents the transaction price. Jackpots, other than the incremental amount of progressive jackpots, are recognized at the time they are won by customers. Funds deposited by customers in advance and outstanding chips and slot tickets in the customers’ possession are recognized as a liability until such amounts are redeemed or used in gaming play by the customer. Additionally, net win is reduced by the performance obligations for the players’ club program as discussed above, progressive jackpots and any pre-arranged marker discounts. Progressive jackpot provisions are recognized in two components: 1) as wagers are made for the share of players’ wagers that are contributed to the progressive jackpot award, and 2) as jackpots are won for the portion of the progressive jackpot award contributed by us. Cash discounts and other cash incentives to guests related to gaming play are recorded as a reduction to gaming revenue. Food and Beverage, Hotel and Other (retail) Revenues: Food and Beverage, Hotel and Other Revenues in general are recognized when products are delivered or services are performed. We recognize revenue related to the products and services associated to the players points’ redemptions at the time products are delivered or services are performed, with corresponding reduction in the deferred revenue, at SSP. Other complimentaries in conjunction with the gaming and other business are also valued at SSP. Hotel revenue is presented net of non-third party rebate and commission. Other Revenues : Other revenues (excluding retail) primarily consist of commissions received on ATM transactions and cash advances, which are recorded on a net basis as the Company represents the agent in its relationship with the third-party service providers, and commissions and fees received in connection with pari-mutuel wagering, which are also recorded on a net basis. Sales and other taxes : Sales taxes and other taxes collected from customers on behalf of governmental authorities are accounted for on a net basis and are not included in revenues or operating expenses. In addition, tips and other gratuities, excluding service charges, collected from customers on behalf of our employees are also accounted for on a net basis and are not included in revenues or operating expenses.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2018
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 3. STOCK-BASED COMPENSATION On January 1, 2017, the Company adopted a new accounting standard update (“ASU”) No. 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. Subsequent to the adoption, the Company records any excess tax benefits or deficiencies from its equity awards in its Consolidated Statements of Income in the reporting periods in which vesting occurs. As a result, the Company’s income tax expense and associated effective tax rate are impacted by fluctuations in stock price between the grant dates and vesting dates of equity awards. This guidance of requiring recognition of excess tax benefits and deficits in the income statement was applied prospectively with the adoption of ASU No. 2016-09. For the three months ended September 30, 2018 and 2017, the effect of the adoption of ASU No. 2016-09 was a decrease of tax expense by $115 thousand and $122 thousand, respectively, resulting in an increase of basic and diluted earnings per share by less than $0.01, for each of the periods. For the nine months ended September 30, 2018 and 2017, the effect of the adoption of ASU No. 2016-09 was a decrease of tax expense by $744 thousand and $463 thousand, respectively, resulting in an increase of basic and diluted earnings per share by approximately $0.04 and $0.03, respectively. The Company has elected to keep the accounting policy of estimated forfeitures, rather than account for forfeitures as they occur. The amendments in the guidance that require application using a modified retrospective transition method did not impact the Company. Therefore, there was no cumulative-effect adjustment to retained earnings recognized as of January 1, 2017. ASU No. 2016-09 also changes the classification and presentation of the excess tax benefit from stock-based compensation in the statement of cash flows. The Company applied the amendments in this guidance relating to classification on its consolidated statement of cash flows prospectively. Reported stock-based compensation expense was classified as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2018 2017 2018 2017 Casino $ 17 $ 32 $ 98 $ 100 Food and beverage 15 27 89 90 Hotel 17 8 38 24 Selling, general and administrative 853 502 2,068 1,313 Total stock-based compensation, before taxes 902 569 2,293 1,527 Tax benefit (189) (199) (481) (534) Total stock-based compensation, net of tax $ 713 $ 370 $ 1,812 $ 993 Effective January 1, 2018, the Company adopted ASU 2017-09, which provides guidance about when changes to the terms or conditions of a share-based payment award must be accounted for as modifications and the disclosure required. During the first nine months of 2018, there were no changes to the terms and conditions of the share-based awards that required modification accounting or disclosure.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2018
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 4. EARNINGS PER SHARE Basic earnings per share is computed by dividing reported net earnings by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect the additional dilution for all potentially dilutive securities such as stock options. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations (shares in thousands): Three months ended September 30, 2018 2017 Per Share Per Share Shares Amount Shares Amount Basic 17,886 $ 0.61 17,616 $ 0.51 Effect of dilutive stock options 745 (0.03) 782 (0.02) Diluted 18,631 $ 0.58 18,398 $ 0.49 Nine months ended September 30, 2018 2017 Per Share Per Share Shares Amount Shares Amount Basic 17,826 $ 1.51 17,541 $ 1.20 Effect of dilutive stock options 756 (0.07) 671 (0.04) Diluted 18,582 $ 1.44 18,212 $ 1.16 Excluded from the computation of diluted earnings per share are options where the exercise prices are greater than the market price as their effects would be anti-dilutive in the computation of diluted earnings per share. For the three months ended September 30, 2018 and 2017, options for approximately 473 thousand and 150 thousand shares, respectively, were excluded from the computation. For the nine months ended September 30, 2018 and 2017, options for approximately 367 thousand and 229 thousand shares, respectively, were excluded from the computation.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2018
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	NOTE 5. NEW ACCOUNTING PRONOUNCEMENTS In August 2018, the FASB issued an ASU to align the requirements for capitalizing implementation costs incurred in a hosting arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The implementation costs incurred in a hosting arrangement that is a service contract should be presented as a prepaid asset in the balance sheet and expensed over the term of the hosting arrangement to the same line item in the statement of income as the costs related to the hosting fees. The guidance in this ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted including adoption in any interim period. The amendments should be applied either retrospectively or prospectively to all implementation costs incurred after adoption. The Company is currently assessing the impact the adoption of this standard will have on its Consolidated Financial Statements. In November 2016, the FASB issued amended accounting guidance on the presentation of restricted cash in the statement of cash flows. Entities are required to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. The amended guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted this ASU on January 1, 2018, with no impact to our presentation on the Consolidated Statements of Cash Flows. In August 2016, the FASB issued an ASU that provides clarifying guidance on the presentation of certain cash receipts and cash payments in the statement of cash flows. The guidance clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows and how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The ASU is effective for annual reporting periods beginning after December 15, 2017. We adopted this ASU on January 1, 2018, with no impact to our presentation of cash receipts and payments on our Consolidated Statements of Cash Flows. In February 2016, the FASB issued an ASU, amended January 2017, which addresses the recognition and measurement of leases. Under the new guidance, for all leases (with the exception of short-term leases), at the commencement date, lessees will be required to recognize a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Further, the new lease guidance simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and liabilities, which no longer provides a source for off- balance sheet financing. The effective date for this update is for the annual and interim periods beginning after December 15, 2018 with early adoption permitted. The standard permits two approaches, one requiring retrospective application of the new guidance with restatement of prior years, and one requiring prospective application of the new guidance. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements , amending certain aspects of the new leasing standard. The amendment allows an additional optional transition method whereby an entity records a cumulative effect adjustment to opening retained earnings in the year of adoption without restating prior periods. We plan to adopt the new lease standard effective January 1, 2019 and apply it prospectively. We do not expect the new lease standard to have a material effect on our results of operations or cash flows. 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2018
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 6. RELATED PARTY TRANSACTIONS The shopping center adjacent to the Atlantis (the “Shopping Center”) is owned by Biggest Little Investments, L.P. (“BLI”). John Farahi and Bob Farahi, Co-Chairmen of the Board and executive officers of the Company, and Ben Farahi are the three largest stockholders (the “Farahi Family Stockholders”) of Monarch and each also beneficially owns limited partnership interests in BLI. Maxum LLC is the sole general partner of BLI, and Ben Farahi is the sole managing member of Maxum LLC. Neither John Farahi nor Bob Farahi has any management or operational control over BLI or the Shopping Center. Until May 2006, Ben Farahi held the positions of Co-Chairman of the Board, Secretary, Treasurer and Chief Financial Officer of the Company. On August 28, 2015, Monarch, through its subsidiary Golden Road, entered into a 20-year lease agreement with BLI for a portion of the Shopping Center, consisting of an approximate 46,000 square-foot commercial building on approximately 4.2 acres of land adjacent to the Atlantis (the “Parking Lot Lease”). This lease gives the Atlantis the right to use a parcel, approximately 4.2 acres, comprised of a commercial building and surrounding land adjacent to the Atlantis. The primary purpose of the Parking Lot Lease is to provide additional, convenient, Atlantis surface parking. The Company demolished the commercial building and converted the land into approximately 300 additional surface parking spaces for the Atlantis. The minimum annual rent under the Parking Lot Lease is $695 thousand, commencing on November 17, 2015. The minimum annual rent is subject to a cost of living adjustment increase on each five-year anniversary. In addition, the Company is responsible for payment of property taxes, utilities and maintenance expenses related to the leased property. The Company has an option to renew the Parking Lot Lease for an additional 10-year term. If the Company elects not to exercise its renewal option, the Company will be obligated to pay BLI $1.6 million. For each of the three-month periods ended September 30, 2018 and 2017, the Company paid $174 thousand in rent, plus $6 thousand and $15 thousand, respectively, in operating expenses relating to this lease. For each of the nine-month periods ended September 30, 2018 and 2017, the Company paid $522 thousand in rent, plus $15 thousand and $23 thousand, respectively, in operating expenses relating to this lease. In addition, the Atlantis shares a driveway with the Shopping Center and leases approximately 37,400 square feet from BLI (the “Driveway Lease”) for an initial lease term of 15 years, which commenced on September 30, 2004, at an original annual rent of $300 thousand plus common area expenses. The annual rent of the Driveway Lease is subject to a cost of living adjustment increase on each five year anniversary of the Driveway Lease. 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 15-year expected economic life of the asset; some components of the driveway were depreciated over a shorter period of time. Effective August 28, 2015, in connection with the Company entering into the Parking Lot Lease, the Driveway Lease was amended to: (i) make the Company solely responsible for the operation and maintenance costs of the shared driveway (including the fountains thereon); (ii) eliminate the Company’s obligation to reimburse the Shopping Center for its proportionate share of common area expenses; and (iii) exercise the three successive five-year renewal terms beyond the initial 15 year term in the existing Driveway Lease agreement. At the end of the renewal terms, the Company has the option to purchase the leased driveway section of the Shopping Center. For each of the three-month periods ended September 30, 2018 and 2017, the Company paid $94 thousand in rent, plus $6 thousand and $8 thousand, respectively, in operating expenses relating to this lease. For each of the nine-month periods ended September 30, 2018 and 2017, the Company paid $282 thousand in rent, plus $15 thousand and $19 thousand, respectively, in operating expenses relating to this lease. We occasionally lease billboard advertising, storage space and parking lot space from affiliates controlled by the Farahi Family Stockholders and paid $42 thousand and $36 thousand, respectively, for the three-month periods ended September 30, 2018 and 2017, and $109 thousand and $96 thousand , respectively, for the nine-month periods ended September 30, 2018 and 2017, for such leases.

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2018
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 7. LONG-TERM DEBT On July 20, 2016, the Company entered into an amended and restated credit facility agreement (the “Amended Credit Facility”), under which our former $100.0 million credit facility (under which as of June 30, 2016 the borrowing capacity had been reduced to $45.5 million as a result of $19.5 million in mandatory reductions pursuant to the agreement and $35.0 million in voluntary reductions, as allowed by the agreement) was increased to $250.0 million, and the maturity date was extended from November 15, 2016 to July 20, 2021. As of September 30, 2018, we had borrowed $69.3 million of the principal under the Amended Credit Facility, and had a $0.6 million standby letter of credit and $180.1 million remaining in available borrowings under the $250.0 million Amended Credit Facility. As of September 30, 2018, there have been no withdrawals from the standby letter of credit. The total revolving loan commitment under the Amended Credit Facility will be automatically and permanently reduced to $50.0 million in the first full quarter after completion of the expansion project at the Monarch Casino Black Hawk (the “Monarch Black Hawk Expansion”) and all then outstanding revolving loans up to $200.0 million under the Amended Credit Facility will be converted to a term loan at such time. We may be required to prepay borrowings under the Amended Credit Facility using excess cash flows depending on our leverage ratio no later than December 31, 2019. We have an option to permanently reduce the maximum revolving available credit at any time so long as the amount of such reduction is at least $0.5 million and in multiples of $50 thousand. Borrowings are secured by liens on substantially all of the Company’s real and personal property. In addition to other customary covenants for a facility of this nature, as of September 30, 2018, we are required to maintain a Total Leverage Ratio (Total Funded Debt divided by EBITDA, as defined in the Amended Credit Facility) of no more than 4.75:1 and a Fixed Charge Coverage Ratio (EBITDA divided by Fixed Charges, as defined in the Amended Credit Facility) of at least 1.15:1. As of September 30, 2018, the Company’s Total Leverage Ratio and Fixed Charge Coverage Ratio were 1.2:1 and 37.0:1, respectively. The interest rate under the Amended Credit Facility is LIBOR plus a margin ranging from 1.00% to 2.50%, or a base rate (as defined in the Amended Credit Facility) plus a margin ranging from 0.00% to 1.50%, or the Prime Rate. The applicable margins will vary depending on our leverage ratio. Commitment fees are equal to the daily average unused revolving commitment multiplied by the commitment fee percentage, ranging from 0.175% to 0.45%, based on our leverage ratio. At September 30, 2018, our interest rate was based on LIBOR and our leverage ratio was such that pricing for borrowings under the Amended Credit Facility was LIBOR plus 1.00%. At September 30, 2018, the one-month LIBOR interest rate was 2.25%. The carrying value of the debt outstanding under the Amended Credit Facility approximates fair value because the interest fluctuates with the lender’s prime rate or other market rates of interest. We may prepay borrowings under the Amended Credit Facility without penalty (subject to certain charges applicable to the prepayment of LIBOR borrowings prior to the end of the applicable interest period). Amounts prepaid may be re-borrowed so long as the total borrowings outstanding do not exceed the maximum principal available. We believe that our existing cash balances, cash flow from operations and borrowings available under the Amended 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 or if our cash needs exceed our borrowing capacity under the Amended Credit Facility, 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	9 Months Ended
	Sep. 30, 2018
TAXES
TAXES	NOTE 8. TAXES For the nine months ended September 30, 2018 and 2017, the Company’s effective tax rate was 20.1% and 33.7%, respectively. The lower effective tax rate in the first nine months of 2018 compared to the effective tax rate for the same period in 2017 is primarily attributable to the Tax Cuts and Jobs Act enacted on December 22, 2017, that reduced the U.S. federal corporate tax rate to a flat rate of 21%. On December 22, 2017, Staff Accounting Bulletin No. 118 ("SAB 118") was issued to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. During the first nine months of 2018, The Company did not have any significant adjustments to the provisional amounts recorded during the year ended December 31, 2017, related to the re-measurement of certain deferred tax assets and liabilities. As the Company collects and prepares necessary data, and interprets the Tax Act and any additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service (IRS), and other standard-setting bodies, the Company may make adjustments to the provisional amounts. The accounting for the tax effects of the Tax Act will be completed later in 2018.

STOCK REPURCHASE PLAN

STOCK REPURCHASE PLAN	9 Months Ended
	Sep. 30, 2018
STOCK REPURCHASE PLAN
STOCK REPURCHASE PLAN	NOTE 9. STOCK REPURCHASE PLAN On October 22, 2014, the board of directors of Monarch 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, as amended, 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 the Company’s 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation : Monarch Casino & Resort, Inc. was incorporated in 1993. Unless otherwise indicated, “Monarch” and the “Company” refer to Monarch Casino & Resort, Inc. and its subsidiaries. Monarch owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada (the “Atlantis”) and Monarch Casino Black Hawk, a casino in Black Hawk, Colorado. In addition, Monarch owns separate parcels of land located next to the Atlantis and a parcel of land with an industrial warehouse located between Denver, Colorado and Monarch Casino Black Hawk. Monarch also owns Chicago Dogs Eatery, Inc. and Monarch Promotional Association, both of which were formed in relation to extended licensure requirements for extended hours of liquor operation in Black Hawk, Colorado. The accompanying unaudited condensed consolidated financial statements include the accounts of Monarch and its subsidiaries (the “Consolidated Financial Statements”). Intercompany balances and transactions are eliminated.
Interim Financial Statements	Interim Financial Statements : The Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the management of the Company, all adjustments considered necessary for a fair presentation are included. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The balance sheet at December 31, 2017 has been derived from the audited consolidated financial statements of the Company at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2017.
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, receivables, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. Additionally, the carrying value of our debt approximates fair value due to the variable nature of applicable interest rates and relatively short-term maturity.
Debt Issuance Costs	Debt Issuance Costs: Costs incurred in connection with the issuance of long-term debt are capitalized and amortized to interest expense over the term of the related debt agreement. Loan issuance costs are included in “Other assets, net” on the Company’s condensed consolidated balance sheets. As of September 30, 2018, loan issuance cost, net of amortization was $1.5 million.
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. Accounting Standards Codification (“ASC”) 280 allows individual operating segments to be aggregated for reporting purposes if certain criteria are met. The Company determined that the Company’s two 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.
Inventories	Inventories Inventories, consisting primarily of food, beverages, and retail merchandise, are stated at the lower of cost and net realizable value. Cost is determined based on the weighted average, which approximates a first-in, first out method.
New Accounting Pronouncements	In August 2018, the FASB issued an ASU to align the requirements for capitalizing implementation costs incurred in a hosting arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The implementation costs incurred in a hosting arrangement that is a service contract should be presented as a prepaid asset in the balance sheet and expensed over the term of the hosting arrangement to the same line item in the statement of income as the costs related to the hosting fees. The guidance in this ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted including adoption in any interim period. The amendments should be applied either retrospectively or prospectively to all implementation costs incurred after adoption. The Company is currently assessing the impact the adoption of this standard will have on its Consolidated Financial Statements. In November 2016, the FASB issued amended accounting guidance on the presentation of restricted cash in the statement of cash flows. Entities are required to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. The amended guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted this ASU on January 1, 2018, with no impact to our presentation on the Consolidated Statements of Cash Flows. In August 2016, the FASB issued an ASU that provides clarifying guidance on the presentation of certain cash receipts and cash payments in the statement of cash flows. The guidance clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows and how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The ASU is effective for annual reporting periods beginning after December 15, 2017. We adopted this ASU on January 1, 2018, with no impact to our presentation of cash receipts and payments on our Consolidated Statements of Cash Flows. In February 2016, the FASB issued an ASU, amended January 2017, which addresses the recognition and measurement of leases. Under the new guidance, for all leases (with the exception of short-term leases), at the commencement date, lessees will be required to recognize a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Further, the new lease guidance simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and liabilities, which no longer provides a source for off- balance sheet financing. The effective date for this update is for the annual and interim periods beginning after December 15, 2018 with early adoption permitted. The standard permits two approaches, one requiring retrospective application of the new guidance with restatement of prior years, and one requiring prospective application of the new guidance. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements , amending certain aspects of the new leasing standard. The amendment allows an additional optional transition method whereby an entity records a cumulative effect adjustment to opening retained earnings in the year of adoption without restating prior periods. We plan to adopt the new lease standard effective January 1, 2019 and apply it prospectively. We do not expect the new lease standard to have a material effect on our results of operations or cash flows. 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.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2018
ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact of adoption of ASC 606 on consolidated income statement	In accordance with the new revenue standard requirements, below is a disclosure of the impact of the adoption of ASC 606 on our consolidated income statement for the period ended September 30, 2018 (in thousands): Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Post ASC 606 Adoption ASC 606 Changes Pre ASC 606 Adoption Post ASC 606 Adoption ASC 606 Changes Pre ASC 606 Adoption Revenues Casino $ 33,504 $ 15,755 $ 49,259 $ 94,591 $ 44,341 $ 138,932 (a) (b) (c) (d) Food and beverage 18,472 (1,412) 17,060 52,951 (4,228) 48,723 (a) (d) (e) Hotel 9,167 (1,477) 7,690 23,627 (3,414) 20,213 (a) (f) Other 3,216 37 3,253 9,367 81 9,448 (a) (d) Gross revenues 64,359 12,903 77,262 180,536 36,780 217,316 Less promotional allowances — (12,938) (12,938) — (37,131) (37,131) (a) (d) Net revenues 64,359 (35) 64,324 180,536 (351) 180,185 (b) (c) (e) (f) Operating Expenses Casino 11,455 8,521 19,976 33,007 24,852 57,859 (b) (c) (g) Food and beverage 13,700 (7,271) 6,429 39,990 (21,138) 18,852 (e) (g) Hotel 3,315 (748) 2,567 9,870 (2,481) 7,389 (f) (g) Other 1,571 (537) 1,034 4,681 (1,584) 3,097 (g) Selling, general and administrative 16,793 — 16,793 48,130 — 48,130 Depreciation and amortization 3,651 — 3,651 11,081 — 11,081 Loss on disposition of assets 8 — 8 12 — 12 Total operating expenses 50,493 (35) 50,458 146,771 (351) 146,420 Net income 10,859 — 10,859 26,839 — 26,839 Basic $ 0.61 $ — $ 0.61 $ 1.51 $ — $ 1.51 Diluted $ 0.58 $ — $ 0.58 $ 1.44 $ — $ 1.44 (a) Change as a result of reclassification of current period complimentaries at estimated retail price from promotional allowances to casino, food and beverage, hotel, spa and retail revenues. (b) Change as a result of reclassification of the earned and unused points during the period from casino expense to casino revenue. (c) Change as a result of reclassification of the wide area progressive system expense from casino revenue to casino expense. (d) Change as a result of the change of the casino floor bars menu prices and some retail outlets prices from discounted to retail price. (e) Change as a result of reclassification of the banquets service fees from food and beverage expense to food and beverage revenue. (f) Change as a result of reclassification of the groups rebate and commissions from hotel expense to hotel revenue. (g) Change as a result of the elimination of the reclassification journal entry that reclassified the costs of complimentaries from hotel, food and beverage and other expense categories to casino expense. Under ASC 606, the costs of complimentaries stay in the complimentaries revenue producing department.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2018
STOCK-BASED COMPENSATION
Schedule of stock-based compensation expense	Reported stock-based compensation expense was classified as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2018 2017 2018 2017 Casino $ 17 $ 32 $ 98 $ 100 Food and beverage 15 27 89 90 Hotel 17 8 38 24 Selling, general and administrative 853 502 2,068 1,313 Total stock-based compensation, before taxes 902 569 2,293 1,527 Tax benefit (189) (199) (481) (534) Total stock-based compensation, net of tax $ 713 $ 370 $ 1,812 $ 993

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2018
EARNINGS PER SHARE
Schedule of reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations	Three months ended September 30, 2018 2017 Per Share Per Share Shares Amount Shares Amount Basic 17,886 $ 0.61 17,616 $ 0.51 Effect of dilutive stock options 745 (0.03) 782 (0.02) Diluted 18,631 $ 0.58 18,398 $ 0.49 Nine months ended September 30, 2018 2017 Per Share Per Share Shares Amount Shares Amount Basic 17,826 $ 1.51 17,541 $ 1.20 Effect of dilutive stock options 756 (0.07) 671 (0.04) Diluted 18,582 $ 1.44 18,212 $ 1.16

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Debt Issuance Costs (Details) $ in Millions	Sep. 30, 2018USD ($)
Other assets, net
Debt Issuance Costs
Loan issuance costs, net of amortization	$ 1.5

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	9 Months Ended
	Sep. 30, 2018segment
Segment Reporting
Number of operating segments	2
Number of reportable segments	1

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Changes resulting in increase in net revenue	$ 35	$ 351
Accrued Expenses	29,929	29,929		$ 25,406
ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect adjustment recognized			$ 4,860
ASU 2014-09 | Players Club Program
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accrued Expenses	$ 9,200	$ 9,200

REVENUE RECOGNITION - Impact of

REVENUE RECOGNITION - Impact of Adoption on Income Statement (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Gross revenues	$ 64,359	$ 75,423	$ 180,536	$ 210,844
Less promotional allowances		(12,396)		(36,174)
Net revenues	64,359	63,027	180,536	174,670
Operating expenses:
Selling, general and administrative	16,793	16,398	48,130	46,117
Depreciation and amortization	3,651	3,722	11,081	11,397
Loss on disposition of assets	8		12	4
Total operating expenses	50,493	49,777	146,771	142,141
Net income	$ 10,859	$ 9,030	$ 26,839	$ 21,141
Basic (in dollars per share)	$ 0.61	$ 0.51	$ 1.51	$ 1.20
Diluted (in dollars per share)	$ 0.58	$ 0.49	$ 1.44	$ 1.16
Casino
Revenues:
Gross revenues	$ 33,504	$ 48,574	$ 94,591	$ 135,207
Operating expenses:
Operating expenses	11,455	19,097	33,007	54,837
Food and beverage
Revenues:
Gross revenues	18,472	16,342	52,951	47,394
Operating expenses:
Operating expenses	13,700	6,699	39,990	19,461
Hotel
Revenues:
Gross revenues	9,167	7,316	23,627	19,204
Operating expenses:
Operating expenses	3,315	2,735	9,870	7,192
Other
Revenues:
Gross revenues	3,216	3,191	9,367	9,039
Operating expenses:
Operating expenses	1,571	$ 1,126	4,681	$ 3,133
ASC 606 Changes
Revenues:
Gross revenues	12,903		36,780
Less promotional allowances	(12,938)		(37,131)
Net revenues	(35)		(351)
Operating expenses:
Total operating expenses	(35)		(351)
ASC 606 Changes | Casino
Revenues:
Gross revenues	15,755		44,341
Operating expenses:
Operating expenses	8,521		24,852
ASC 606 Changes | Food and beverage
Revenues:
Gross revenues	(1,412)		(4,228)
Operating expenses:
Operating expenses	(7,271)		(21,138)
ASC 606 Changes | Hotel
Revenues:
Gross revenues	(1,477)		(3,414)
Operating expenses:
Operating expenses	(748)		(2,481)
ASC 606 Changes | Other
Revenues:
Gross revenues	37		81
Operating expenses:
Operating expenses	(537)		(1,584)
Pre ASC 606 Adoption
Revenues:
Gross revenues	77,262		217,316
Less promotional allowances	(12,938)		(37,131)
Net revenues	64,324		180,185
Operating expenses:
Selling, general and administrative	16,793		48,130
Depreciation and amortization	3,651		11,081
Loss on disposition of assets	8		12
Total operating expenses	50,458		146,420
Net income	$ 10,859		$ 26,839
Basic (in dollars per share)	$ 0.61		$ 1.51
Diluted (in dollars per share)	$ 0.58		$ 1.44
Pre ASC 606 Adoption | Casino
Revenues:
Gross revenues	$ 49,259		$ 138,932
Operating expenses:
Operating expenses	19,976		57,859
Pre ASC 606 Adoption | Food and beverage
Revenues:
Gross revenues	17,060		48,723
Operating expenses:
Operating expenses	6,429		18,852
Pre ASC 606 Adoption | Hotel
Revenues:
Gross revenues	7,690		20,213
Operating expenses:
Operating expenses	2,567		7,389
Pre ASC 606 Adoption | Other
Revenues:
Gross revenues	3,253		9,448
Operating expenses:
Operating expenses	$ 1,034		$ 3,097

REVENUE RECOGNITION - Casino Re

REVENUE RECOGNITION - Casino Revenue (Details)	9 Months Ended
	Sep. 30, 2018item
CONSOLIDATED STATEMENTS OF INCOME
Number of components, progressive jackpot provisions	2

STOCK-BASED COMPENSATION - Adop

STOCK-BASED COMPENSATION - Adoption of ASU No. 2016-09 (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jan. 01, 2017
Prospective adoption
Provision for income taxes	$ (2,952)	$ (4,059)	$ (6,749)	$ (10,749)
ASU 2016-09
Prospective adoption
Provision for income taxes	$ 115	$ 122	$ 744	$ 463
Increase of basic and diluted earnings per share	$ 0.01	$ 0.01	$ 0.04	$ 0.03
Cumulative effect adjustment to retained earnings					$ 0

STOCK-BASED COMPENSATION - Repo

STOCK-BASED COMPENSATION - Reported Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Stock-based compensation expense
Total stock-based compensation, before taxes	$ 902	$ 569	$ 2,293	$ 1,527
Tax benefit	(189)	(199)	(481)	(534)
Total stock-based compensation, net of tax	713	370	1,812	993
Casino
Stock-based compensation expense
Total stock-based compensation, before taxes	17	32	98	100
Food and beverage
Stock-based compensation expense
Total stock-based compensation, before taxes	15	27	89	90
Hotel
Stock-based compensation expense
Total stock-based compensation, before taxes	17	8	38	24
Selling, general and administrative
Stock-based compensation expense
Total stock-based compensation, before taxes	$ 853	$ 502	$ 2,068	$ 1,313

EARNINGS PER SHARE - (Details)

EARNINGS PER SHARE - (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Shares
Basic (in shares)	17,886	17,616	17,826	17,541
Effect of dilutive stock options (in shares)	745	782	756	671
Diluted (in shares)	18,631	18,398	18,582	18,212
Per Share Amount
Basic (in dollars per share)	$ 0.61	$ 0.51	$ 1.51	$ 1.20
Effect of dilutive stock options (in dollars per share)	(0.03)	(0.02)	(0.07)	(0.04)
Diluted (in dollars per share)	$ 0.58	$ 0.49	$ 1.44	$ 1.16

EARNINGS PER SHARE - Anti-dilut

EARNINGS PER SHARE - Anti-dilutive Options (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Stock options
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted earnings per share (in shares)	473	150	367	229

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Aug. 28, 2015USD ($)ft²aitem	Sep. 30, 2004USD ($)	Sep. 30, 2018USD ($)ft²	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)ft²	Sep. 30, 2017USD ($)	Nov. 17, 2015USD ($)
Driveway Lease
RELATED PARTY TRANSACTIONS
Operating expenses related to lease		$ 1,350
Biggest Little Investments, L.P. (BLI) | Parking Lot Lease
RELATED PARTY TRANSACTIONS
Number of parking spaces | item	300
Minimum annual rent							$ 695
Anniversary years subject to cost of living adjustment rent increases	5 years
Lease renewal option additional term	10 years
Amount due to related party if lease is not renewed	$ 1,600
Operating expenses related to lease			$ 6	$ 15	$ 15	$ 23
Lease rent paid			$ 174	174	$ 522	522
Biggest Little Investments, L.P. (BLI) | Driveway Lease
RELATED PARTY TRANSACTIONS
Lease term		15 years
Area of property | ft²			37,400		37,400
Minimum annual rent		$ 300
Anniversary years subject to cost of living adjustment rent increases		5 years
Number of terms for which the lease can be renewed | item	3
Lease renewal option additional term	5 years
Operating expenses related to lease		$ 2,000	$ 6	8	$ 15	19
Cost of improvements, useful life		15 years
Lease rent paid			94	94	282	282
Affiliates | Billboard advertising, storage space and parking lot space
RELATED PARTY TRANSACTIONS
Lease rent paid			$ 42	$ 36	$ 109	$ 96
Golden Road | Biggest Little Investments, L.P. (BLI) | Parking Lot Lease
RELATED PARTY TRANSACTIONS
Lease term	20 years
Golden Road | Biggest Little Investments, L.P. (BLI) | Parking Lot Lease | Buildings
RELATED PARTY TRANSACTIONS
Area of property | ft²	46,000
Area of land | a	4.2

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Jul. 20, 2016USD ($)	Jun. 30, 2016USD ($)
Amended Credit Facility, July 20, 2021
Long-term debt
Maximum borrowing capacity	$ 250,000,000	$ 250,000,000	$ 250,000,000
Remaining available borrowings	$ 180,100,000	180,100,000
Amount in which the maximum borrowing capacity can be permanently reduced		500,000
Multiple which may be used to permanently reduce the maximum borrowing capacity under the credit facility		$ 50,000
Total leverage ratio		1.2
Fixed charge coverage ratio	37
Amended Credit Facility, July 20, 2021 | Completion of expansion project at Monarch Casino Black Hawk
Long-term debt
Maximum borrowing capacity	$ 50,000,000	$ 50,000,000
Amended Credit Facility, July 20, 2021 | LIBOR
Long-term debt
Margin added to variable rate (as a percent)		1.00%
Variable interest rate (as a percent)	2.25%	2.25%
Amended Credit Facility, July 20, 2021 | Minimum
Long-term debt
Fixed charge coverage ratio	1.15
Commitment fee as a percentage of daily average unused revolving commitment		0.175%
Amended Credit Facility, July 20, 2021 | Minimum | LIBOR
Long-term debt
Margin added to variable rate (as a percent)		1.00%
Amended Credit Facility, July 20, 2021 | Minimum | Base Rate
Long-term debt
Margin added to variable rate (as a percent)		0.00%
Amended Credit Facility, July 20, 2021 | Maximum
Long-term debt
Total leverage ratio		4.75
Commitment fee as a percentage of daily average unused revolving commitment		0.45%
Amended Credit Facility, July 20, 2021 | Maximum | Completion of expansion project at Monarch Casino Black Hawk
Long-term debt
Face amount of debt	$ 200,000,000	$ 200,000,000
Amended Credit Facility, July 20, 2021 | Maximum | LIBOR
Long-term debt
Margin added to variable rate (as a percent)		2.50%
Amended Credit Facility, July 20, 2021 | Maximum | Base Rate
Long-term debt
Margin added to variable rate (as a percent)		1.50%
Credit facility, November 15, 2016
Long-term debt
Maximum borrowing capacity				$ 100,000,000
Current borrowing capacity				45,500,000
Mandatory reductions in borrowing capacity				19,500,000
Voluntary reductions in borrowing capacity				$ 35,000,000
Amended Credit Facility, July 20, 2021 | Amended Credit Facility, July 20, 2021
Long-term debt
Amount outstanding	69,300,000	$ 69,300,000
Standby Letter of Credit
Long-term debt
Amount outstanding	$ 600,000	600,000
Standby Letter of Credit | Amended Credit Facility, July 20, 2021
Long-term debt
Amount drawn under the facility		$ 0

TAXES (Details)

TAXES (Details)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
TAXES
Effective tax rate (as a percent)	20.10%	33.70%
U.S. federal corporate tax rate (as a percent)	21.00%

STOCK REPURCHASE PLAN (Details)

STOCK REPURCHASE PLAN (Details) - Repurchase Plan - shares	9 Months Ended
	Sep. 30, 2018	Oct. 22, 2014
Stock repurchase plan
Shares authorized for repurchase under program		3,000,000
Stock repurchases made	0