Monarch Casino & Resort (MCRI) 10-Q7 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 30, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	0-22088
Entity Registrant Name	MONARCH CASINO & RESORT, INC
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	88-0300760
Entity Address, Address Line One	3800 S. Virginia St.
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89502
City Area Code	775
Local Phone Number	335-4600
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	MCRI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,524,061
Entity Central Index Key	0000907242
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Net revenues	$ 74,960	$ 51,011
Operating expenses
Selling, general and administrative	19,925	17,194
Depreciation and amortization	9,514	3,820
Other operating items, net	754	1,305
Total operating expenses	63,677	48,900
Income from operations	11,283	2,111
Other (expense) income
Interest expense, net of amounts capitalized	(1,619)
Income before income taxes	9,664	2,111
Provision for income taxes	(1,510)	(91)
Net income	$ 8,154	$ 2,020
Earnings per share of common stock
Basic	$ 0.44	$ 0.11
Diluted	$ 0.42	$ 0.11
Weighted average number of common shares and potential common shares outstanding
Basic	18,481	18,158
Diluted	19,283	18,874
Casino
Revenues
Net revenues	$ 46,911	$ 27,065
Operating expenses
Operating expenses	13,618	9,618
Food and beverage
Revenues
Net revenues	16,206	14,763
Operating expenses
Operating expenses	14,095	12,524
Hotel
Revenues
Net revenues	8,635	6,417
Operating expenses
Operating expenses	4,251	2,988
Other
Revenues
Net revenues	3,208	2,766
Operating expenses
Operating expenses	$ 1,520	$ 1,451

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 24,143	$ 28,310
Receivables, net	7,722	3,736
Income taxes receivable	23,383	24,894
Inventories	6,968	7,823
Prepaid expenses	7,322	8,393
Total current assets	69,538	73,156
Property and equipment, net	569,544	572,507
Goodwill	25,111	25,111
Intangible assets, net	651	973
Deferred income taxes	130	130
Total assets	664,974	671,877
Current liabilities
Current portion of long-term debt	15,000	12,500
Accounts payable	12,358	11,655
Construction accounts payable	50,268	49,771
Accrued expenses	37,167	34,705
Short-term lease liability	737	813
Total current liabilities	115,530	109,444
Deferred income taxes	13,221	13,220
Long-term lease liability	13,858	13,984
Long-term debt, net	142,455	167,162
Total liabilities	285,064	303,810
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; 18,517,961 outstanding at March 31, 2021; 18,426,130 outstanding at December 31, 2020	191	191
Additional paid-in capital	36,921	34,498
Treasury stock, 578,339 shares at March 31, 2021; 670,170 shares at December 31, 2020	(7,606)	(8,872)
Retained earnings	350,404	342,250
Total stockholders' equity	379,910	368,067
Total liabilities and stockholders' equity	$ 664,974	$ 671,877

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	18,517,961	18,426,130
Treasury stock, shares	578,339	670,170

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
Balance at Dec. 31, 2019	$ 191	$ 35,215	$ 318,572	$ (12,777)	$ 341,201
Balance (in shares) at Dec. 31, 2019	18,141,383
Increase (Decrease) in Stockholders' Equity
Exercise of stock options, net		(428)		428
Exercise of stock options, net (in shares)	30,545
Stock-based compensation expense		873			873
Net income			2,020		2,020
Balance at Mar. 31, 2020	$ 191	35,660	320,592	(12,349)	344,094
Balance (in shares) at Mar. 31, 2020	18,171,928
Balance at Dec. 31, 2020	$ 191	34,498	342,250	(8,872)	$ 368,067
Balance (in shares) at Dec. 31, 2020	18,426,130				18,426,130
Increase (Decrease) in Stockholders' Equity
Exercise of stock options, net		1,143		1,266	$ 2,409
Exercise of stock options, net (in shares)	91,831
Stock-based compensation expense		1,280			1,280
Net income			8,154		8,154
Balance at Mar. 31, 2021	$ 191	$ 36,921	$ 350,404	$ (7,606)	$ 379,910
Balance (in shares) at Mar. 31, 2021	18,517,961				18,517,961

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 8,154	$ 2,020
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,514	3,820
Amortization of deferred loan costs	293	134
Stock-based compensation	1,280	873
Provision for bad debts	(39)	(76)
Non cash operating lease expense	(4)
Deferred income taxes	1
Changes in operating assets and liabilities:
Receivables	(4,025)	1,188
Income taxes	1,511	91
Inventories	855	(154)
Prepaid expenses	1,071	845
Accounts payable	703	(10,458)
Accrued expenses	2,462	(5,901)
Net cash provided by (used in) operating activities	21,854	(7,466)
Cash flows from investing activities:
Change in construction payable	497	(2,876)
Acquisition of property and equipment	(6,427)	(10,839)
Net cash used in investing activities	(5,930)	(13,715)
Cash flows from financing activities:
Proceeds from exercise of stock options	2,409
Principal payments on long-term debt	(22,500)
Net cash (used in) provided by financing activities	(20,091)
Change in cash and cash equivalents	(4,167)	(21,181)
Cash and cash equivalents at beginning of period	28,310	60,539
Cash and cash equivalents at end of period	24,143	$ 39,358
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	$ 1,328

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	MONARCH CASINO & RESORT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) QUARTERLY PERIOD ENDED MARCH 31, 2021 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Monarch Casino & Resort, Inc. was incorporated in 1993. Unless otherwise indicated, “Monarch,” “us,” “we,” 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 Resort Spa Black Hawk, a casino in Black Hawk, Colorado (the “Monarch Casino Black Hawk”). 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 licensure requirements for extended hours of liquor operation in Black Hawk, Colorado. The accompanying unaudited 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 months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The balance sheet at December 31, 2020 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, 2020. Impact of COVID-19 In March 2020, a global pandemic was declared due to an outbreak of a new strain of coronavirus (“COVID-19”). In an effort to contain the virus, on March 16, 2020 the state of Colorado mandated a temporary shutdown of all casinos including Monarch Casino Resort Spa Black Hawk and on March 17, 2020 the state of Nevada mandated the temporary closure of all casinos including Atlantis Casino Resort Spa in Reno. The COVID-19 outbreak has had, and may continue to have, an adverse effect on the Company's results of operations. Our Nevada and Colorado properties reopened with limited operations on June 4, 2020 and June 17, 2020, respectively. During the first quarter of 2021, we continued to operate under government-enforced capacity restrictions. Changes were made from routine operations relating to restrictions in occupancy and social distancing requirements, which include reduced seating at table games at and in all restaurants, and a decreased number of active slot machines on the casino floors. The convention business at Atlantis was adversely affected by the state-mandated gathering limits. We have experienced hotel stay and convention booking cancelations, and since the reopening, guest visitation and hotel and convention bookings have been lower than prior to the state-mandated closures, and are expected to remain lower for the near future. At the same time, however, our results of operation for the first quarter of 2021 benefited from pent-up demand with patrons across the gaming industry, particularly in regional gaming markets. The Company has taken steps to mitigate the effects of the COVID-19 pandemic and uncertainty by reducing the operating expenses taking advantage of federal and state government programs that support companies affected by the COVID-19 pandemic and their employees, and entering in an amended and restated credit agreement with its lender, which extended the maturity date of the Company’s credit facility to September 3, 2023 and increased the aggregated principal amount of the facility from $241.3 million to $270.0 million (consisting of a $200.0 million term loan and a $70.0 million revolving credit facility) with an option to increase the facility by up to an additional $75.0 million revolving line of credit. See NOTE 6. LONG-TERM DEBT. The Company believes that its anticipated cash flows from operating activities, combined with the $70.0 million available under its Fourth Amended Credit Facility, will be sufficient to fund its operations, meets its debt obligations and fulfill its capital expenditure plans for the next twelve months. Goodwill: The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles-Goodwill and Other (“ASC Topic 350”). ASC Topic 350 gives companies the option to perform a qualitative assessment that may allow them to skip the quantitative 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. Goodwill consists of the excess of the acquisition cost over the fair value of the net assets acquired in business combinations in April 2012. As of March 31, 2021, we had goodwill totaling $25.1 million related to the purchase of Monarch Casino Black Hawk, Inc. ASC Topic 350 requires goodwill be tested for impairment between annual tests if an even or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. We performed an assessment to determine whether events or circumstances such as those described in ASC 350-20-35-3C existed and we determined that they did not exist during the interim period; therefore, an interim impairment test was not performed. The Company believes that it has made reasonable estimates and judgments in performing its analysis in light of the risks and uncertainties surrounding the COVID-19 pandemic. However, if the excess of fair value over the carrying amount declines by a significant amount in the future as a result of changes in actual and projected operating results or other internal or external economic factors, the Company could be required to recognize goodwill impairment charges in future periods. Property and Equipment, net: Property and Equipment, net consist of the following (in thousands): March 31, 2021 December 31, 2020 Land $ 32,986 $ 32,986 Land improvements 9,848 9,847 Buildings 469,119 471,819 Buildings improvements 33,681 33,681 Furniture and equipment 233,939 229,052 Construction in progress 10,495 6,257 Right of use assets 14,586 14,784 Leasehold improvements 3,848 3,848 808,502 802,274 Less accumulated depreciation and amortization (238,958) (229,767) Property and equipment, net $ 569,544 $ 572,507 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, the 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 three-month periods ended March 31, 2021 and 2020, there were no impairment charges. 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 the Company’s two operating segments, Atlantis and Monarch Casino Black Hawk, meet 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 by the weighted average and specific identification methods. Net realizable value is defined by the Financial Accounting Standards Board (“FASB”) as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Debt Issuance Costs: Costs incurred in connection with the issuance of long-term debt are amortized to interest expense over the term of the related debt agreement utilizing the effective interest rate method. Unamortized amounts of debt issuance costs are recorded as a reduction of the outstanding debt and included in “Long-term debt, net”. As of March 31, 2021, debt issuance costs, net of amortization, were $2.5 million. 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 $1.8 million during the three months ended March 31, 2020. No capitalized interest was recognized in the first three months ending March 31, 2021, as the Monarch Black Hawk expansion project was substantially completed in the fourth quarter of 2020. Revenue Recognition: The majority of the Company’s revenue is recognized when products are delivered or services are performed. For certain revenue transactions (when a patron uses a club loyalty card), in accordance with accounting standard update No. 2014-09 (“ASC 606”), a portion of the revenue is deferred until the points earned by the patron are redeemed or expire. Casino revenue: Players’ Club Program: twelve As of March 31, 2021, the Company had estimated the obligations related to the players’ club program at $9.7 million, which is included in Accrued Expenses in the Liabilities and Stockholders’ Equity section in the Consolidated Balance Sheet. Food and Beverage, Hotel and Other (retail) Revenues: 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 Credit Losses 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 and convention groups and events, which are primarily secured with a credit card. An allowance for doubtful accounts is set up for all Company receivables based upon the Company’s historical collection and write-off experience and taking in consideration the current economic conditions and management’s expectations of future economic conditions. The allowance is applied even when the risk of credit loss is remote. When a situation warrants, the Company may create a specific identification reserve for a high collection risk receivables. The Company writes 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. Other Operating items, net: Other operating items, net, in general consist of miscellaneous operating charges or proceeds. For the three months ended March 31, 2021, Other operating items, net, was $0.7 Impact of Recently Adopted Accounting Standards: The Company has evaluated the recently issued or proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies accounting standards and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s Consolidated Financial Statements. In addition, 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, the Company has 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.

ACCOUNTING FOR LEASES

ACCOUNTING FOR LEASES	3 Months Ended
ACCOUNTING FOR LEASES	Mar. 31, 2021
ACCOUNTING FOR LEASES
ACCOUNTING FOR LEASES	NOTE 2. ACCOUNTING FOR LEASES For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of the lease payments over the lease term. Many of the Company’s leases include rental escalation clauses, renewal options and/or termination options that are factored into its determination of lease payments when appropriate. As permitted by ASC 842, the Company elected not to separate non-lease components As of March 31, 2021, the Company’s right of use assets consisted of the Parking Lot Lease, the Driveway Lease (as defined and discussed in NOTE 5. RELATED PARTY TRANSACTIONS) Upon adoption of the new lease standard, incremental borrowing rates used for existing leases were established using the rates in effect as of the lease inception or modification date. The weighted-average incremental borrowing rate of the leases presented in the lease liability as of March 31, 2021 was 4.33%. The weighted-average remaining lease term of the leases presented in the lease liability as of March 31, 2021 was 21.1 years. Cash paid related to the operating leases presented in the lease liability for each of the three months ended March 31, 2021 and 2020, was $0.4 million.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Mar. 31, 2021
STOCK-BASED COMPENSATION.
STOCK-BASED COMPENSATION	NOTE 3. STOCK-BASED COMPENSATION In accordance with ASU No. 2016-09, 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. Reported stock-based compensation expense was classified as follows (in thousands): Three months ended March 31, 2021 2020 Casino $ 42 $ — Food and beverage 46 57 Hotel 32 28 Selling, general and administrative 1,160 788 Total stock-based compensation, before taxes 1,280 873 Tax benefit (269) (183) Total stock-based compensation, net of tax $ 1,011 $ 690

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2021
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 March 31, 2021 2020 Per Share Per Share Shares Amount Shares Amount Basic 18,481 $ 0.44 18,158 $ 0.11 Effect of dilutive stock options 802 (0.02) 716 — Diluted 19,283 $ 0.42 18,874 $ 0.11 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 March 31, 2021 and 2020, options for approximately 210 thousand and 1,036 thousand shares, respectively, were excluded from the computation.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 5. 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 have significant holdings (the “Farahi Family Stockholders”) in 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 Motor Inn, Inc., 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 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 the payment of property taxes, utilities and maintenance expenses related to the Leased Property. The Company has an option liability 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 is subject to a cost of living adjustment increase on each five-year anniversary of the Driveway Lease. 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 March 31 The Company occasionally leases billboard advertising, storage space and parking lot space from affiliates controlled by the Farahi Family Stockholders and paid $42 thousand and $36 thousand for the three-month periods ended March 31, 2021 and 2020 respectively, for such leases.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
LONG-TERM DEBT	Mar. 31, 2021
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 6. LONG-TERM DEBT On September 3, 2020, the Company entered into the Fourth Amended and Restated Credit Agreement with Wells Fargo Bank, N.A., as administrative agent and certain banks (the “Fourth Amended Credit Facility”). The Fourth Amended Credit Facility amends and restates the Company’s $250.0 million credit facility, dated as of July 20, 2016 (the “Prior Credit Facility”). The Fourth Amended Credit Facility extends the maturity date of the Amended Credit Facility from July 20, 2021 to September 3, 2023. In addition, the Fourth Amended Credit Facility increases the aggregate principal amount of the credit facilities to $270.0 million. The $270.0 million Fourth Amended Credit Facility consists of: $200 million term loan (“Term Loan Facility”) and $70 million revolving credit facility (“Revolving Credit Facility”), together with an option to increase the facility by up to an additional $75.0 million Revolving Credit Facility. . The Company is required to make quarterly principal payments under the Term Loan Facility on each Term Loan Installment Date, commencing on December 31, 2020, in an amount equal to (x) the percentage set forth opposite the applicable period during which such Term Loan Installment Date occurs (i.e., 1.25% for the period from December 31, 2020 to September 30, 2021, and 2.50% for the period from December 31, 2021 and thereafter) multiplied by (y) $200.0 million. The estimated amount of the mandatory principal payments due in the next twelve months is $15.0 million. Commencing with the delivery of the compliance certificate for fiscal year 2021, the Company may be required to prepay borrowings under the Fourth Amended Credit Facility using excess cash flows for each fiscal year, depending on the Company’s leverage ratio. As of March 31, 2021, the Company had an outstanding principal balance of $160.0 million under the Term Loan Facility, from which $15 million is expected to have a maturity date in next twelve months. As of March 31, 2021, the Company had no 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 March 31, 2021, the Company is required to maintain a Total Leverage Ratio (as defined in the Fourth Amended Credit Facility) of no more than 4.75:1 and Fixed Charge Coverage Ratio (as defined in the Fourth Amended Credit Facility) of at least 1.15:1. As of March 31, 2021, the Company’s Total Leverage Ratio and Fixed Charge Coverage Ratio were 2.1:1 and 4.6:1. As of March 31, 2021, the interest rate under the Fourth Amended Credit Facility is LIBOR plus a margin ranging from 1.75% to 3.25%, or a base rate (as defined in the Fourth Amended Credit Facility) plus a margin ranging from 0.75% to 2.25%, or the Prime Rate. The applicable margins vary depending on Company’s leverage ratio. Commitment fees are equal to the daily average unused revolving commitment multiplied by the commitment fee percentage, ranging from 0.35% to 0.575%, based on our leverage ratio. On the terms and subject to some conditions, the Company may, at any time before the Maturity Date, request an increase of Revolving Credit Facility, provided that each such increase is equal to $15.0 million or an integral multiple of $1.0 million in excess and, after giving effect to the requested increase, the aggregate amount of the increases in the total revolving loan commitment shall not exceed $75.0 million. The Company may prepay borrowings under the Fourth Amended Credit Facility revolving loan without penalty (subject to certain conditions and certain charges applicable to the prepayment of LIBOR borrowings prior to the end of the applicable interest period). Once reduced or cancelled, the Revolving Credit Facility may not be increased or reinstated without the prior written consent of all lenders. During the first quarter of 2021, the Company made a $20.0 million optional prepayment on its Term Loan Facility in addition to a $2.5 million mandatory payment. As of March 31, 2021, $142.5 million “Long-term debt, net” in the Company’s consolidated balance sheet represents the $160.0 million outstanding loan amount under the Fourth Amended Credit facility, net of $2.5 million unamortized debt issuance costs and $15.0 million mandatory principal payment that are due in next twelve months and are presented as “Current portion of long-term debt” in the Current liabilities section of the Company’s consolidated balance sheets. The Company believes that the expected cash flows from operating activities and the $70.0 million available under its Fourth Amended Credit Facility as of March 31, 2021 will be sufficient to support its current operations, meet its debt obligations and fulfill its capital expenditure plans for the twelve months from filing of Form 10-Q for the quarter ended March 31, 2021; however, the Company is surrounded by uncertainty about COVID-19 and the reopening of its operations, as well as financial, economic, competitive, regulatory, and other factors, many of which are beyond its control. If the Company is unable to generate sufficient cash flow in the upcoming months or if its cash needs exceed the Company’s borrowing capacity under the Fourth Amended Credit Facility, it could be required to adopt one or more alternatives, such as reducing, delaying or eliminating planned capital expenditures, selling assets, restructuring debt or issuing additional equity.

TAXES

TAXES	3 Months Ended
TAXES	Mar. 31, 2021
TAXES
TAXES	NOTE 7. TAXES For the three months ended March 31, 2021 and 2020, the Company’s effective tax rate was 15.6% and 4.3%, respectively. The effective tax rate for the three months ended March 31, 2021 was a result of the excess tax benefit on stock option exercises The effective tax rate for the three months ended March 31, 2020 was a result of the high weight of tax credits and excess tax benefit on stock option exercises on the provision for income taxes, as the quarterly income was negatively impacted by the suspension of the operations in mid-March of 2020. As of March 31, 2021, $23.4 million “Income taxes receivable” in the Company’s consolidated balance sheet represents the $24.9 million expected federal and state tax refund for 2020 tax year, net of $1.5 million provision for income tax for the first quarter of 2021. Deferred tax assets were evaluated by considering historical levels of income, estimates of future taxable income and the impact of tax planning strategies. No uncertain tax positions were recorded as of March 31, 2021 and 2020. No change in uncertain tax positions is anticipated over the next twelve months.

STOCK REPURCHASE PLAN

STOCK REPURCHASE PLAN	3 Months Ended
STOCK REPURCHASE PLAN	Mar. 31, 2021
STOCK REPURCHASE PLAN
STOCK REPURCHASE PLAN	NOTE 8. 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.

LEGAL MATTERS

LEGAL MATTERS	3 Months Ended
LEGAL MATTERS	Mar. 31, 2021
LEGAL MATTERS
LEGAL MATTERS	NOTE 9. LEGAL MATTERS On August 30, 2019, PCL Construction Services, Inc. (“PCL”) filed a complaint in District Court, City and County of Denver, Colorado, against the Company and its Colorado subsidiaries, in connection with the Company’s expansion plans for Monarch Casino Resort Spa Black Hawk. The complaint alleges, among other things, the defendants breached the construction contract with PCL and certain implied warranties. On December 5, 2019, the Company filed its answer and counterclaim, which alleges, among other items, that PCL breached the construction contract, duties of good faith and fair dealing, and implied and express warranties, made fraudulent or negligent misrepresentations on which the Company and its Colorado subsidiaries relied, and included claims for monetary damages as well as equitable and declaratory relief. The trial date for this matter has been rescheduled for March 21, 2022. Discovery in the action is ongoing, and we are currently unable to determine the probability of the outcome or reasonably estimate the loss or gain, if any. In connection with the expansion of the Monarch Black Hawk described above, our general contractor PCL and certain subcontractors have provided Monarch with purported notice of their intent to file a lien against the real property on which the Monarch Black Hawk is situated, for sums allegedly owed for construction of the expansion. Some of the subcontractors have recorded such liens in the property records of Gilpin County, Colorado. On March 26, 2021, PCL filed a mechanics’ lien foreclosure action in District Court, County of Gilpin, Colorado, against the Company and its Colorado subsidiaries, in connection with the Company’s expansion plans for Monarch Casino Resort Spa Black Hawk. The complaint essentially mirrors the claims and allegations made by PCL in the lawsuit it previously filed in the City and County of Denver, Colorado, as described above. The new lawsuit includes an additional claim, however, for foreclosure of PCL’s purported mechanics’ lien against the property on which the Monarch Casino Resort Spa Black Hawk is situated (the “Property”). PCL also joined additional parties who may claim a purported lien against the Property, as is typical. On April 16, 2021, PCL filed an amended complaint, joining more such parties. Because PCL’s mechanics’ lien action in the County of Gilpin mirrors the claims and allegations in the action PCL filed in the City and County of Denver, Monarch filed a motion to consolidate both actions into one action in the County of Gilpin. The motion was filed on April 19, 2021, before the Colorado Panel on Consolidated Multidistrict Litigation. The Panel has set the motion for hearing on June 11, 2021. Monarch has not yet filed an answer or otherwise responded to PCL’s amended complaint, nor has a trial of the matter been set. Monarch intends to defend against PCL’s claim and seek to expunge or reduce the liens. The Company recognized $0.6 million and $0.2 million in construction litigation expense relating to this lawsuit for the three months ended March 31, 2021 and 2020, respectively, which are included in Other operating items, net on the Consolidated Statements of Operations. From time to time, we may be subject to other legal proceedings and claims in the ordinary course of business. Management believes that the amount of any reasonably possible or probable loss for such other known matters would not have a material adverse impact on our financial conditions, cash flows or results of operations; however, the outcome of these actions is inherently difficult to predict.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2021
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	NOTE 10. SUBSEQUENT EVENT The Company entered into an amendment to the Fourth Amended Credit Facility with an effective date of April 30, 2021. Based on the amendment the Company is required to maintain a Total Leverage Ratio of no more than 4.00:1.00. The amendment removes the requirement for 0.50% LIBOR floor. As of the effective date of this amendment, the interest rate is LIBOR plus a margin ranging from 1.00% to 2.00%, or a base rate (as defined in the Fourth Amended Credit Facility) plus a margin ranging from 0.00% to 1.00%, or the Prime Rate. The applicable margins vary depending on the Company’s leverage ratio. Commitment fees are equal to the daily average unused revolving commitment multiplied by the commitment fee percentage, ranging from 0.175% to 0.325%, based on our leverage ratio.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation Monarch Casino & Resort, Inc. was incorporated in 1993. Unless otherwise indicated, “Monarch,” “us,” “we,” 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 Resort Spa Black Hawk, a casino in Black Hawk, Colorado (the “Monarch Casino Black Hawk”). 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 licensure requirements for extended hours of liquor operation in Black Hawk, Colorado. The accompanying unaudited 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 months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The balance sheet at December 31, 2020 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, 2020.
Impact of COVID-19	Impact of COVID-19 In March 2020, a global pandemic was declared due to an outbreak of a new strain of coronavirus (“COVID-19”). In an effort to contain the virus, on March 16, 2020 the state of Colorado mandated a temporary shutdown of all casinos including Monarch Casino Resort Spa Black Hawk and on March 17, 2020 the state of Nevada mandated the temporary closure of all casinos including Atlantis Casino Resort Spa in Reno. The COVID-19 outbreak has had, and may continue to have, an adverse effect on the Company's results of operations. Our Nevada and Colorado properties reopened with limited operations on June 4, 2020 and June 17, 2020, respectively. During the first quarter of 2021, we continued to operate under government-enforced capacity restrictions. Changes were made from routine operations relating to restrictions in occupancy and social distancing requirements, which include reduced seating at table games at and in all restaurants, and a decreased number of active slot machines on the casino floors. The convention business at Atlantis was adversely affected by the state-mandated gathering limits. We have experienced hotel stay and convention booking cancelations, and since the reopening, guest visitation and hotel and convention bookings have been lower than prior to the state-mandated closures, and are expected to remain lower for the near future. At the same time, however, our results of operation for the first quarter of 2021 benefited from pent-up demand with patrons across the gaming industry, particularly in regional gaming markets. The Company has taken steps to mitigate the effects of the COVID-19 pandemic and uncertainty by reducing the operating expenses taking advantage of federal and state government programs that support companies affected by the COVID-19 pandemic and their employees, and entering in an amended and restated credit agreement with its lender, which extended the maturity date of the Company’s credit facility to September 3, 2023 and increased the aggregated principal amount of the facility from $241.3 million to $270.0 million (consisting of a $200.0 million term loan and a $70.0 million revolving credit facility) with an option to increase the facility by up to an additional $75.0 million revolving line of credit. See NOTE 6. LONG-TERM DEBT. The Company believes that its anticipated cash flows from operating activities, combined with the $70.0 million available under its Fourth Amended Credit Facility, will be sufficient to fund its operations, meets its debt obligations and fulfill its capital expenditure plans for the next twelve months.
Goodwill	Goodwill: The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles-Goodwill and Other (“ASC Topic 350”). ASC Topic 350 gives companies the option to perform a qualitative assessment that may allow them to skip the quantitative 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. Goodwill consists of the excess of the acquisition cost over the fair value of the net assets acquired in business combinations in April 2012. As of March 31, 2021, we had goodwill totaling $25.1 million related to the purchase of Monarch Casino Black Hawk, Inc. ASC Topic 350 requires goodwill be tested for impairment between annual tests if an even or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. We performed an assessment to determine whether events or circumstances such as those described in ASC 350-20-35-3C existed and we determined that they did not exist during the interim period; therefore, an interim impairment test was not performed. The Company believes that it has made reasonable estimates and judgments in performing its analysis in light of the risks and uncertainties surrounding the COVID-19 pandemic. However, if the excess of fair value over the carrying amount declines by a significant amount in the future as a result of changes in actual and projected operating results or other internal or external economic factors, the Company could be required to recognize goodwill impairment charges in future periods.
Property and Equipment, net	Property and Equipment, net: Property and Equipment, net consist of the following (in thousands): March 31, 2021 December 31, 2020 Land $ 32,986 $ 32,986 Land improvements 9,848 9,847 Buildings 469,119 471,819 Buildings improvements 33,681 33,681 Furniture and equipment 233,939 229,052 Construction in progress 10,495 6,257 Right of use assets 14,586 14,784 Leasehold improvements 3,848 3,848 808,502 802,274 Less accumulated depreciation and amortization (238,958) (229,767) Property and equipment, net $ 569,544 $ 572,507 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, the 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 three-month periods ended March 31, 2021 and 2020, there were no impairment charges.
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 the Company’s two operating segments, Atlantis and Monarch Casino Black Hawk, meet 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 by the weighted average and specific identification methods. Net realizable value is defined by the Financial Accounting Standards Board (“FASB”) as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.
Debt Issuance Costs	Debt Issuance Costs: Costs incurred in connection with the issuance of long-term debt are amortized to interest expense over the term of the related debt agreement utilizing the effective interest rate method. Unamortized amounts of debt issuance costs are recorded as a reduction of the outstanding debt and included in “Long-term debt, net”. As of March 31, 2021, debt issuance costs, net of amortization, were $2.5 million.
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 $1.8 million during the three months ended March 31, 2020. No capitalized interest was recognized in the first three months ending March 31, 2021, as the Monarch Black Hawk expansion project was substantially completed in the fourth quarter of 2020.
Revenues Recognition	Revenue Recognition: The majority of the Company’s revenue is recognized when products are delivered or services are performed. For certain revenue transactions (when a patron uses a club loyalty card), in accordance with accounting standard update No. 2014-09 (“ASC 606”), a portion of the revenue is deferred until the points earned by the patron are redeemed or expire. Casino revenue: Players’ Club Program: twelve As of March 31, 2021, the Company had estimated the obligations related to the players’ club program at $9.7 million, which is included in Accrued Expenses in the Liabilities and Stockholders’ Equity section in the Consolidated Balance Sheet. Food and Beverage, Hotel and Other (retail) Revenues: 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 Credit Losses 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 and convention groups and events, which are primarily secured with a credit card. An allowance for doubtful accounts is set up for all Company receivables based upon the Company’s historical collection and write-off experience and taking in consideration the current economic conditions and management’s expectations of future economic conditions. The allowance is applied even when the risk of credit loss is remote. When a situation warrants, the Company may create a specific identification reserve for a high collection risk receivables. The Company writes 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.
Credit Losses	Credit Losses
Other Operating items, net	Other Operating items, net: Other operating items, net, in general consist of miscellaneous operating charges or proceeds. For the three months ended March 31, 2021, Other operating items, net, was $0.7
Impact of Recently Issued Accounting Standards	Impact of Recently Adopted Accounting Standards: The Company has evaluated the recently issued or proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies accounting standards and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s Consolidated Financial Statements. In addition, 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, the Company has 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.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Mar. 31, 2021
STOCK-BASED COMPENSATION.
Schedule of stock-based compensation expense	Reported stock-based compensation expense was classified as follows (in thousands): Three months ended March 31, 2021 2020 Casino $ 42 $ — Food and beverage 46 57 Hotel 32 28 Selling, general and administrative 1,160 788 Total stock-based compensation, before taxes 1,280 873 Tax benefit (269) (183) Total stock-based compensation, net of tax $ 1,011 $ 690

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2021
EARNINGS PER SHARE
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 (shares in thousands): Three months ended March 31, 2021 2020 Per Share Per Share Shares Amount Shares Amount Basic 18,481 $ 0.44 18,158 $ 0.11 Effect of dilutive stock options 802 (0.02) 716 — Diluted 19,283 $ 0.42 18,874 $ 0.11

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impact of COVID-19 (Details) - USD ($) $ in Millions	Mar. 31, 2021	Sep. 03, 2020	Mar. 31, 2020	Dec. 31, 2019	Jul. 20, 2016
Prior Credit Facility
Maximum borrowing capacity					$ 250
Prior Credit Facility \| COVID-19
Maximum borrowing capacity				$ 241.3
Fourth Amended Credit Facility
Maximum borrowing capacity		$ 270
Fourth Amended Credit Facility \| COVID-19
Maximum borrowing capacity		270
Revolving Credit Facility
Maximum borrowing capacity	$ 75	70
Remaining available borrowings			$ 70
Additional borrowing capacity		75
Revolving Credit Facility \| COVID-19
Maximum borrowing capacity		70
Additional borrowing capacity		75
Term Loan Facility
Face amount of debt		200
Term Loan Facility \| Fourth Amended Credit Facility \| COVID-19
Face amount of debt		$ 200

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Goodwill from business combinations
Goodwill	$ 25,111	$ 25,111

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property and Equipment
Gross property and equipment	$ 808,502	$ 802,274
Less accumulated depreciation and amortization	(238,958)	(229,767)
Property and equipment, net	569,544	572,507
Land
Property and Equipment
Gross property and equipment	32,986	32,986
Land improvements
Property and Equipment
Gross property and equipment	9,848	9,847
Buildings
Property and Equipment
Gross property and equipment	469,119	471,819
Building improvements
Property and Equipment
Gross property and equipment	33,681	33,681
Furniture
Property and Equipment
Gross property and equipment	233,939	229,052
Construction in progress
Property and Equipment
Gross property and equipment	10,495	6,257
Right of use assets
Property and Equipment
Gross property and equipment	14,586	14,784
Leasehold improvements
Property and Equipment
Gross property and equipment	$ 3,848	$ 3,848

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment Useful Lives and Impairment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property and Equipment
Impairment charge	$ 0	$ 0
Land improvements \| Minimum
Property and Equipment
Estimated useful life	15 years
Land improvements \| Maximum
Property and Equipment
Estimated useful life	40 years
Buildings \| Minimum
Property and Equipment
Estimated useful life	30 years
Buildings \| Maximum
Property and Equipment
Estimated useful life	40 years
Building improvements \| Minimum
Property and Equipment
Estimated useful life	5 years
Building improvements \| Maximum
Property and Equipment
Estimated useful life	40 years
Furniture \| Minimum
Property and Equipment
Estimated useful life	5 years
Furniture \| Maximum
Property and Equipment
Estimated useful life	10 years
Equipment \| Minimum
Property and Equipment
Estimated useful life	3 years
Equipment \| Maximum
Property and Equipment
Estimated useful life	20 years

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	3 Months Ended
	Mar. 31, 2021segment
Segment Reporting
Number of operating segments	2
Number of reportable segments	1

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Debt Issuance Costs and Capitalized Interest (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Debt Issuance Costs
Debt issuance costs, net of amortization	$ 2.5
Capitalized Interest
Capitalized interest	$ 1.8

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Players Club Program (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Analysis of redemption activity, preceding period	12 months
Obligations related to the players' club program	$ 9.7

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Operating items, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Other operating items, net	$ 754	$ 1,305
Professional service fees	600	100
Equipment, supplies and employee testing expenses due to the COVID-19 pandemic	$ 100
Pre-opening expenses relating to the Monarch Black Hawk Expansion project		800
Colorado legislation lobbying expenses		$ 400

ACCOUNTING FOR LEASES - Narrati

ACCOUNTING FOR LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
ACCOUNTING FOR LEASES
Lease, Practical Expedient, Lessor Single Lease Component [true false]	True
Weighted-average incremental borrowing rate of operating leases		4.33%
weighted-average remaining lease term	21 years 1 month 6 days
Cash paid related to operating leases	$ 0.4	$ 0.4

STOCK-BASED COMPENSATION - Repo

STOCK-BASED COMPENSATION - Reported Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock-based compensation expense
Total stock-based compensation, before taxes	$ 1,280	$ 873
Tax benefit	(269)	(183)
Total stock-based compensation, net of tax	1,011	690
Casino
Stock-based compensation expense
Total stock-based compensation, before taxes	42
Food and beverage
Stock-based compensation expense
Total stock-based compensation, before taxes	46	57
Hotel
Stock-based compensation expense
Total stock-based compensation, before taxes	32	28
Selling, general and administrative
Stock-based compensation expense
Total stock-based compensation, before taxes	$ 1,160	$ 788

EARNINGS PER SHARE - (Details)

EARNINGS PER SHARE - (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Shares
Basic (in shares)	18,481	18,158
Effect of dilutive stock options (in shares)	802	716
Diluted (in shares)	19,283	18,874
Per Share Amount
Basic (in dollars per share)	$ 0.44	$ 0.11
Effect of dilutive stock options (in dollars per share)	(0.02)
Diluted (in dollars per share)	$ 0.42	$ 0.11

EARNINGS PER SHARE - Anti-dilut

EARNINGS PER SHARE - Anti-dilutive Options (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock options
Options not included in the computation of diluted earnings per share:
Excluded from the computation of diluted earnings per share (in shares)	210	1,036

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Nov. 17, 2015USD ($)	Aug. 28, 2015aft²item	Sep. 30, 2004USD ($)	Mar. 31, 2021USD ($)ft²	Mar. 31, 2020USD ($)
Biggest Little Investments, L.P. (BLI) \| Parking Lot Lease
RELATED PARTY TRANSACTIONS
Rent paid				$ 174	$ 174
Operating expenses related to lease				7	7
Right of use asset					10,400
Operating lease liability				$ 10,400
Biggest Little Investments, L.P. (BLI) \| Driveway Lease
RELATED PARTY TRANSACTIONS
Lease term			15 years
Area of property \| ft²				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
Rent paid				$ 101	101
Operating expenses related to lease				8	8
Right of use asset				3,900
Operating lease liability				3,900
Affiliates \| Billboard advertising, storage space and parking lot space
RELATED PARTY TRANSACTIONS
Rent paid				$ 42	$ 36
Golden Road \| Parking Lot Lease \| Buildings
RELATED PARTY TRANSACTIONS
Area of land \| a		4.2
Golden Road \| Parking Lot Lease \| Land
RELATED PARTY TRANSACTIONS
Number of parking spaces \| item		300
Golden Road \| Biggest Little Investments, L.P. (BLI) \| Parking Lot Lease
RELATED PARTY TRANSACTIONS
Lease term		20 years
Minimum annual rent	$ 695
Anniversary years subject to cost of living adjustment rent increases	5 years
Lease renewal option additional term				10 years
Lessee, Operating Lease, Existence of Option to Extend [true false]				true
Amount due to related party if lease is not renewed				$ 1,600
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
LONG-TERM DEBT (Details)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Sep. 03, 2020USD ($)	Jul. 20, 2016USD ($)
Long-term debt
Long-term debt, net	$ 142,455,000		$ 167,162,000
Minimum
Long-term debt
Commitment fee percentage	0.35%
Maximum
Long-term debt
Commitment fee percentage	0.575%
Term Loan Facility
Long-term debt
Face amount of debt				$ 200,000,000
Amount outstanding	$ 160,000,000
Payment that are due in next twelve months	15,000,000
Term Loan Facility \| Period From December 31, 2020 To September 30, 2021
Long-term debt
Interest rate				1.25%
Term Loan Facility \| Period From December 31, 2021 And Thereafter
Long-term debt
Interest rate				2.50%
Term Loan Facility \| Due in the next twelve months
Long-term debt
Mandatory principal payment due in next twelve months				$ 15,000,000
Prior Credit Facility
Long-term debt
Maximum borrowing capacity					$ 250,000,000
Fourth Amended Credit Facility
Long-term debt
Maximum borrowing capacity				270,000,000
Long-term debt, net	$ 160,000,000
Total leverage ratio	2.1
Fixed charge coverage ratio	4.6
Unamortized debt issuance costs	$ 2,500,000
Fourth Amended Credit Facility \| COVID-19 Pandemic
Long-term debt
Maximum borrowing capacity	$ 70,000,000
Fourth Amended Credit Facility \| Minimum
Long-term debt
Fixed charge coverage ratio	1.15
Fourth Amended Credit Facility \| Maximum
Long-term debt
Total leverage ratio	4.75
Revolving Credit Facility
Long-term debt
Maximum borrowing capacity	$ 75,000,000			70,000,000
Remaining available borrowings		$ 70,000,000
Amount drawn under the facility		$ 0
Additional borrowing capacity				$ 75,000,000
Revolving Credit Facility \| Minimum
Long-term debt
Additional borrowing capacity	15,000,000
Integral multiple additional borrowing capacity	$ 1,000,000
Revolving Credit Facility \| Minimum \| LIBOR
Long-term debt
Percentage points added to the reference rate	1.75%
Revolving Credit Facility \| Minimum \| Base Rate
Long-term debt
Percentage points added to the reference rate	0.75%
Revolving Credit Facility \| Maximum \| LIBOR
Long-term debt
Percentage points added to the reference rate	3.25%
Revolving Credit Facility \| Maximum \| Base Rate
Long-term debt
Percentage points added to the reference rate	2.25%
Term Loan Facility
Long-term debt
Optional prepayment	$ 20,000,000
Mandatory payment	$ 2,500,000

TAXES (Details)

TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Effective tax rate (as a percent)	15.60%	4.30%
Income taxes receivable	$ 23,383		$ 24,894
Income tax provision	1,510	$ 91
Tax benefit for employee stock-based compensation	269	183
Liability for uncertain tax positions recorded	0	$ 0
Change in uncertain tax positions, increase	0
Change in uncertain tax positions, decrease	$ 12,000
Scenario, Plan
Expected federal and state tax refund			$ 24,900

STOCK REPURCHASE PLAN (Details)

STOCK REPURCHASE PLAN (Details) - Repurchase Plan - shares	3 Months Ended
STOCK REPURCHASE PLAN (Details) - Repurchase Plan - shares	Mar. 31, 2021	Oct. 22, 2014
Stock repurchase plan
Shares authorized for repurchase under program		3,000,000
Stock repurchases made	0

LEGAL MATTERS (Details)

LEGAL MATTERS (Details) - USD ($) $ in Millions	3 Months Ended
LEGAL MATTERS (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
LEGAL MATTERS
Professional service fees	$ 0.6	$ 0.1
professional service fees relating to our construction litigation	$ 0.6	$ 0.2

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Apr. 30, 2021	Mar. 31, 2021
Minimum
Subsequent Event [Line Items]
Commitment fee percentage		0.35%
Maximum
Subsequent Event [Line Items]
Commitment fee percentage		0.575%
Subsequent events \| LIBOR
Subsequent Event [Line Items]
Derivative, Floor Interest Rate	0.50%
Subsequent events \| Minimum
Subsequent Event [Line Items]
Commitment fee percentage	0.175%
Subsequent events \| Maximum
Subsequent Event [Line Items]
Total leverage ratio	4
Commitment fee percentage	0.325%
Fourth Amended Credit Facility
Subsequent Event [Line Items]
Total leverage ratio		2.1
Fourth Amended Credit Facility \| Maximum
Subsequent Event [Line Items]
Total leverage ratio		4.75
Fourth Amended Credit Facility \| Subsequent events \| Minimum
Subsequent Event [Line Items]
Percentage points added to the reference rate	0.00%
Fourth Amended Credit Facility \| Subsequent events \| Minimum \| LIBOR
Subsequent Event [Line Items]
Percentage points added to the reference rate	1.00%
Fourth Amended Credit Facility \| Subsequent events \| Maximum
Subsequent Event [Line Items]
Percentage points added to the reference rate	1.00%
Fourth Amended Credit Facility \| Subsequent events \| Maximum \| LIBOR
Subsequent Event [Line Items]
Percentage points added to the reference rate	2.00%