Press Release: Monarch Casino & Resort, Inc.
June 7, 2002
RENO, NV -- 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.
SOURCE: Monarch Casino & Resort, Inc.