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): April 15, 2005
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)
ITEM 8.01 Other Events
On April 14, 2005, Monarch Casino & Resort, Inc. (the "Company") issued a
press release announcing that the City of Reno denied the Company's
application for a master plan and zoning change on a parcel of land in South
Reno for possible development of a second hotel casino. A copy of the press
release is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
ITEM 9.01 Financial Statements and Exhibits
(c) EXHIBITS
99.1 Text of press release dated April 14, 2005.
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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: April 15, 2005 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
RENO CITY COUNCIL DENIES MONARCH BID FOR MASTER PLAN AND ZONING
CHANGE FOR PROPOSED SOUTH RENO PROPERTY
RENO, NV- April 14, 2005 - Monarch Casino & Resort, Inc. (Nasdaq: MCRI)
("Monarch" or the "Company") announced that the Reno City Council early
today voted to deny the Company's proposed master plan and zoning change that
would be required to allow the Company to develop a second hotel-casino on
South Virginia Street, in the south part of Reno, Nevada.
Monarch's proposal as presented to the Reno City Council included a
proposed 201-suite hotel-casino and spa and related amenities. The proposed
master plan amendment and zoning change had been recommended for approval by
the Reno Planning Commission.
Company Co-Chairman and Chief Executive officer John Farahi said: "We
are disappointed in the City Council's decision. We intend to evaluate our
development and other options, and we will decide on a future course of
action. Despite this setback for additional development, operations remain
strong at our Atlantis Casino Resort.
Monarch Casino & Resort, Inc., through its wholly-owned subsidiary, owns
and operates the tropically-themed Atlantis Casino Resort in Reno, Nevada. The
Atlantis is the closest hotel-casino to and is directly across the street from
the Reno-Sparks Convention Center. The Atlantis is recognizable due to its Sky
Terrace, a unique structure rising approximately 55 feet from street level and
spanning 160 feet across the street with no intermediate support pillars. The
Sky Terrace connects the Atlantis to a 16-acre parcel of land owned by the
Company, that is compliant with all casino zoning requirements, is suitable
and available for future expansion of the Atlantis facilities and is currently
being used by the Company as additional paved parking for the Atlantis. The
existing Atlantis site offers almost 1,000 guest rooms in three contiguous
high-rise hotel towers and a motor lodge. The tropically-themed Atlantis
features approximately 51,000 square feet of high-energy casino space with 37
table games and approximately 1,450 slot and video poker machines, a sports
book, Keno and a poker room, and offers a variety of dining choices in the
form of nine high-quality food outlets.
Statements in this release that are not historical fact are "forward
looking" statements under the Private Securities Litigation Reform Act of 1995
that involve risks and/or uncertainties that could cause actual results to
differ from expectations, including the risks and/or uncertainties as
described in the Company's public filings with the Securities and Exchange
Commission.
Contacts: Ben Farahi at (775) 825-3355 or benfarahi@monarchcasino.com
Karl G. Brokmann at (775) 825-3355 or kbrokmann@monarchcasino.com
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