UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 14, 2002
MONARCH CASINO & RESORT, INC.
(Exact name of registrant as specified in its charter)
NEVADA 0-22088 88-0300760
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1175 W. Moana Lane, Suite 200
Reno, NEVADA 89509
(Address of Principal Executive Offices) (Zip Code)
(775)825-3355
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(Registrant's telephone number, including area code)
NOT APPLICABLE
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(Former name or former address, if changed since last report)
Certain information included in this report is forward-looking within the
meaning of Section 21E of the Securities Exchange Act of 1934, such as
statements relating to anticipated earnings and slot and table game play.
Such forward-looking information involves important risks and uncertainties
that could significantly affect anticipated results in the future and,
accordingly, such results may differ from those expressed in any forward-
looking statements made herein. These risks and uncertainties include, but
are not limited to, those relating to competitive industry conditions,
expansion of Native American gaming in California and the Pacific Northwest,
Reno area tourism conditions, economic conditions in California and the
Pacific Northwest, periodic fluctuations in casino win percentages, impacts
from Atlantis Casino Resort, refurbishments and improvement projects,
dependence on existing management, leverage and debt service (including
sensitivity to fluctuations in interest rates), the regulation of the gaming
industry (including actions affecting licensing), outcome of litigation,
terrorist attacks, domestic or global economic conditions, and changes in
federal or state tax laws or the administration of such laws.
ITEM 5. Other Events
On June 5, 2002, Monarch Casino & Resort, Inc. (the "Company") announced
its earnings estimates for the second quarter ending June 30, 2002, to be
between 22 and 23 cents per diluted Share.
For additional information concerning the foregoing, reference is made to
the Company's press release dated June 5, 2002, a copy of which is attached
and incorporated by reference herein.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Text of press release dated June 5, 2002.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
MONARCH CASINO & RESORT, INC.
Date: June 14, 2002 By: /s/ Ben Farahi
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Name: Ben Farahi
Title: Chief Financial Officer,
Treasurer and Secretary
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Exhibit 99.1
PRESS RELEASE
MONARCH CASINO & RESORT, INC. ANNOUNCES EXPECTED RESULTS FOR SECOND QUARTER
RENO, NV - (BUSINESS WIRE) - June 5, 2002 - Monarch Casino & Resort, Inc.
(Nasdaq: MCRI) (the "Company"), which, through a wholly-owned subsidiary, owns
and operates the Atlantis Casino Resort, today announced its earnings
estimates for the second quarter ending June 30 of this year to be between 22
and 23 cents per diluted share. During the same period last year, the Company
earned 18 cents per diluted share. This year represents an off year for the
American Bowling Congress (ABC) and Women's International Bowling Congress
(WIBC), which stage National Bowling Championships for men and women,
respectively in Reno every two out of three years. In 2001, the ABC and WIBC
tournaments had a substantial positive impact on the Company's results of
operations.
John Farahi, CEO and Co-Chairman of the Board of Directors of Monarch,
stated "our business volume remains strong; we see improvement in both our
slot and table game play for April and May of this year compared to the same
period last year (up 5.7% and 2.1%, respectively), and expect this trend to
continue despite our lack of bowlers. However, due to lower holds on both
slots and table games in the month of May, combined with the temporary
disruption caused by our renovations to certain of our hotel tower rooms and
additional one-time costs associated with the registration of stock for
employee options and the sale of stock by principal shareholders, our earnings
this quarter will be impacted."
Analysts had previously anticipated earnings of 28 to 30 cents per
diluted share for the second quarter of 2002.
The Atlantis features a 51,000 square foot casino with approximately
1,500 slot and video poker machines, 37 table games, a race and sports book,
keno and a poker room; 980 guest rooms; six restaurants including the aquatic-
themed, 135-seat Atlantis Seafood Steakhouse gourmet restaurant, the award-
winning, 640-seat Toucan Charlie's Buffet & Grille; the 230-seat MonteVigna
Italian Ristorante; and the 85-seat Oyster Bar restaurant in the Sky Terrace,
one snack bar, and two gourmet coffee bars; an 8,000 square foot family
entertainment center; and approximately 25,000 square feet of banquet and
meeting space. The Atlantis is the closest hotel-casino to the Reno Sparks
Convention Center. The convention center is in the construction phase of a
$105 million expansion and renovation scheduled to be completed in late July
of this year that will increase its exhibition, meeting, ballroom and lobby
space to approximately 600,000 square feet.
This press release contains forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934 which are subject to
change, including, but not limited to, comments relating to (i) future
operating performance and (ii) the financial benefits that may result from
future operations. The actual results may differ materially from those
described in any forward-looking statements. Additional information
concerning potential factors that could affect the Company's financial results
are included in the Company's Securities and Exchange Commission filings,
which are available on the Company's web site.
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Contacts: Ben Farahi at (775) 825-3355 or benfarahi@monarchcasino.com
Karl Brokmann at (775) 825-3355 or kbrokmann@monarchcasino.com
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