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Monarch Casino Black Hawk completes interior redesign and upgrade

28 August 2015

BLACK HAWK, COLORADO -- (PRESS RELEASE) -- Monarch Casino & Resort, Inc. (NASDAQ: MCRI) will welcome guests to Monarch Casino Black Hawk on August 29-30, 2015, for a grand opening celebration marking the completion of the property's extensive redesign and upgrade. Reflecting the Company's efforts of the past three years, the facility's ambiance and finishes now feature the quality and atmosphere of its ongoing master planned expansion which will transform Monarch Casino Black Hawk into a full-scale casino resort. The weekend celebration will highlight this significant milestone and showcase the redesigned facility to guests.

"We are thrilled to announce the completion of the redesign and upgrade of our existing Black Hawk facility. Our work has resulted in an attractive new casino experience which we believe will benefit from the Denver metropolitan region's strong economy," said John Farahi, Co-Chairman and Chief Executive Officer of Monarch.

"After acquiring Riviera Black Hawk in 2012, we completed substantial analysis and detailed design work to develop a comprehensive master plan for both the existing and future resort facilities. Throughout the planning process we sought to maximize the entertainment and amenity value for our guests as well as the expected return on our investment. We also worked with various local, state and federal agencies to secure substantially all of the required regulatory, zoning and other approvals needed to move forward.

"An important first step of our master plan was to redesign and upgrade the existing facility to integrate it into the future hotel tower and casino expansion to create an enhanced yet seamless guest experience. That redesign construction work is now completed. We have upgraded every aspect of the property and the guest response has been extremely positive."

As part of the existing facility redesign, the Company began a three-phase upgrade of the casino in early 2014. Each phase required that one-third of the casino be closed at all times which significantly reduced the slot machine and table counts. With the casino work finished, the property's slot machine count has been increased to approximately 700 units from 565 while the number of table games has been increased from 9 to 14.

This casino redesign followed the completion of: i) a new buffet restaurant, ii) new restrooms, iii) the construction of a glass foyer with a towering stone fireplace and iv) installation of a 60 foot granite-top stage bar.

Work continues on the 9-story parking structure that will triple on-site parking from approximately 500 spaces to approximately 1,500 spaces. Following completion of the new parking structure, the Company will raze the original parking structure to create the site for the new expanded casino and hotel tower. This expansion will nearly double the existing casino space and will feature a 23 story hotel tower with over 500 guest rooms and suites, a full-service spa and roof-top swimming pool, new restaurants and bars, and 7,500 square feet of banquet facilities and convention/meeting rooms.

Monarch acquired Riviera Black Hawk with the belief that, relative to other gaming markets, Black Hawk is significantly under-served by quality casino entertainment product and hotel rooms. Through the addition of a quality casino resort, Monarch believes it can generate an attractive return on its investment by driving both hotel and gaming revenues while contributing to the growth of the entire market. Lodging demand in Black Hawk significantly exceeds the market's current base of 988 hotel rooms. Today, Monarch Black Hawk has no hotel rooms. The Company believes its expansion project will address pent-up demand, particularly with higher end players, expand the overall Black Hawk gaming market and be a substantial driver of the Company's future financial performance.

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