pressreleaseforsharebuyback.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date
of Report (Date of earliest event reported):
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March
12, 2008
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Monarch
Casino & Resort, Inc.
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(Exact
name of registrant as specified in its
charter)
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Nevada
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0-22088
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88-0300760
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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3800
South Virginia Street, Reno, Nevada
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89502
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code:
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(775)
335-4600
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Not
applicable.
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(Former
name or former address, if changed since last
report.)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
8.01 Other Events
On March 12, 2008, Monarch Casino &
Resort, Inc. (the “Company) issued a press release announcing that its Board of
Directors authorized a new stock repurchase plan to repurchase up to 1,000,000
shares of the Company’s common stock. A copy of the press release is attached to
this Current Report as Exhibit 99.1.
Item
9.01 Financial Statements and Exhibits.
Exhibits.
99.1 Press
Release, dated March 12, 2008, issued by Monarch Casino & Resort,
Inc.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Monarch
Casino and Resort, Inc.
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Date:
March 17, 2008
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/s/
Ronald Rowan
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Ronald
Rowan
Chief
Financial Officer and Treasurer
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Exhibit
99.1
MONARCH
ANNOUNCES STOCK REPURCHASE PROGRAM
RENO,
Nevada – March 12, 2008 – Monarch Casino & Resort, Inc. (MCRI: Nasdaq) (the
“Company”) announced today that its Board of Directors (the “Board”) has
authorized a new stock repurchase plan to repurchase up to 1,000,000 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, subject to market conditions, applicable legal
requirements and other factors. The program 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.
In
September 2006, the Board authorized a plan (the “Previous Authorization”) to
repurchase up to 1,000,000 shares of the Company’s common
stock. Through March 12, 2008, the Company has purchased 985,000
shares pursuant to the Board’s Previous Authorization.
Monarch
Casino & Resort, Inc., through its wholly-owned subsidiary, owns and
operates the tropically-themed Atlantis Casino Resort Spa in Reno, Nevada (the
“Atlantis”). 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 above street level and spanning 160 feet
across Virginia 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 or growth. Currently, the Company uses it 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 38 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.
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. 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 activities and financial
results is included in the Company’s Securities and Exchange Commission filings,
which are available on the Company's web site.
Contacts:
Ron
Rowan, CFO at 775-825-4700 or RRowan@monarchcasino.com
John
Farahi, CEO and Co-Chairman at 775-825-4700 or JohnFarahi@monarchcasino.com
For
additional information visit Monarch’s website at monarchcasino.com