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Correction -- Monarch Casino & Resort, Inc.

RENO, Nevada --(Press Release)--July 31, 2000-- Monarch Casino & Resort, Inc. (Nasdaq: MCRI - news) reported net revenues of $25.0 million, EBITDA of $6.0 million, net income of $829,820, and earnings per share of $0.09, for the three months ended June 30, 2000.

Net revenues, EBITDA and EBITDA per share were all-time quarterly records. Net revenues increased 34.5% from $18.6 million a year earlier.

EBITDA increased 94.4% from $3.1 million a year earlier. Net income increased 110.4% from $394,441 a year earlier.

EBITDA per share increased 90.9% from $0.33 a year earlier, and earnings per share increased 125.0% from $0.04 a year earlier.

For the six months ended June 30, 2000, the Company earned $923,025, or $0.10 per share, on net revenues of $47.6 million; compared with prior year net income of $606,480, or $0.06 per share, on net revenues of $33.5 million.

EBITDA for the six months ended June 30, 2000 totaled $10.7 million, an increase of 105.2% compared to the same period last year.

John Farahi, Co-chairman and Chief Executive Officer of Monarch noted, ``The nearly $1 million in net income we were able to report during the first half of this year was after an 83.6% increase in depreciation and amortization and a 173.9% increase in interest expense during this period when compared to last year. This strong first half cash flow has allowed us to reduce our total liabilities by nearly $4.8 million or 4.5% since December 31, 1999.

``Our goal remains to reduce our outstanding debt as quickly as possible. We anticipate our cash flows will remain strong and we remain confident that the current trends will continue. When one realizes that after tax interest expense was equivalent to $0.15 per share in this year's second quarter and $0.29 per share in this year's first half, it is apparent that earnings should improve as we reduce debt.''

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