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): March 10, 2003
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 5. Other Events and Regulation F-D Disclosure
On March 10, 2003, Monarch Casino & Resort, Inc. (the "Company") issued a
press release reporting that the Company's Board of Directors approved a stock
repurchase program authorizing the Company to repurchase up to 250,000 shares
of Monarch's common stock outstanding. A copy of the press release is attached
hereto as Exhibit 99 and incorporated herein by reference.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
99 Text of press release dated March 10, 2003.
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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.
(Registrant)
Date: March 10, 2003 By: /s/ Ben Farahi
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Name: Ben Farahi
Title: Chief Financial Officer,
Treasurer and Secretary
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Exhibit 99
PRESS RELEASE
MONARCH CASINO & RESORT, INC. ANNOUNCES STOCK REPURCHASE PROGRAM
RENO, NV-March 10, 2003- Monarch Casino & Resort, Inc. (Nasdaq: MCRI)
today announced that its Board of Directors approved a stock repurchase program
authorizing the Company to repurchase up to 250,000 shares, or approximately
2.6 percent, of Monarch's common stock outstanding. The repurchases will be
made in open market transactions or through negotiated transactions.
The transactions will be made from time to time depending on market
conditions and availability of funds. No time limit has been placed on the
duration of the stock repurchase program. The purchases will be made with the
Company's cash.
Monarch Casino & Resort, Inc., through its wholly-owned subsidiary, owns
and operates the tropically-themed Atlantis Casino Resort in Reno, Nevada. The
Atlantis is located in the more affluent and fast-growing south part of Reno.
The Atlantis is the closest hotel-casino to and is directly across the street
from the Reno Sparks Convention Center, which completed a $105-million
expansion and renovation in August, 2002. 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 and
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, which offers almost 1,000 guest rooms in
three contiguous high-rise hotel towers and a motor lodge, has been given city
approval for an additional 500 hotel rooms with expansion of the casino and
other amenities. The tropically-themed Atlantis features approximately 51,000
square feet of high-energy casino space with 37 table games and approximately
1,500 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.
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, (ii) future market conditions, (iii) availability of
company cash for stock repurchases, (iv) alternative uses of company cash, and
(v) future events or conditions that would otherwise restrict the company from
purchases of its common stock. The actual amount of shares repurchased may be
substantially less than the amount authorized, and there is no assurance that
any shares will be repurchased under this program. Additional information
concerning potential factors that could affect the company's stock repurchase
program may be included in the company's Securities and Exchange Commission
filings, which are available on the company's web site.
Contacts: Ben Farahi at (775) 825-3355 or benfarahi@monarchcasino.com
Karl G. Brokmann at (775) 825-3355 or kbrokmann@monarchcasino.com
For additional information, visit Monarch's web site at monarchcasino.com.
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