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Monarch Casino & Resort Reports Q2 Results

Net income for the three month period was $1,734,054, a 109.0% increase over the same period last year. Net income per share for the three months ended June 30, 2001, was $0.18, compared to net income per share of $0.09 for the same period last year. EBITDA for the three month period was $7,664,469, an increase of 28.3% over the same period in 2000. EBITDA per share for the three month period was $0.81, compared to $0.63 for the same period last year.

Casino revenue for the three months ended June 30, 2001, was $17,365,786, a 12.0% increase over the same period last year.

Net revenue for the three month period was $27,731,985, an 11.0% increase over the same period last year. EBITDA margin was 27.6% for the three months ended June 30, 2001, versus 23.9% in the same quarter of 2000, reflecting increased operating efficiencies.

Net income, casino revenue, net revenue, and EBITDA for the second quarter of 2001 are each the best respective quarterly results in company's history.

Net income for the six month period ended June 30, 2001, was $2,036,365, a 120.6% increase over the same period last year. Net income per share for the six months ended June 30, 2001, was $0.22, compared to net income per share of $0.10 for the same period last year. EBITDA for the six month period was $12,456,446, an increase of 17.9% over the same period in 2000. EBITDA per share for the six month period was $1.32, compared to $1.12 for the same period last year.

Casino revenue for the six months ended June 30, 2001, was $32,366,457, a 9.5% increase over the same period last year. Net revenue for the six month period was $51,482,166, an 8.1% increase over the same period last year. EBITDA margin was 24.2% for the six months ended June 30, 2001, versus 22.2% for the same period of 2000. Casino revenue, net revenue, and EBITDA for the first six months of 2001 were each the highest respective results in the company's history.

John Farahi, Co-chairman and Chief Executive Officer of Monarch noted, ``We are pleased with our results in the second quarter, as we continue to realize the potential of our expanded Atlantis Casino Resort. Our operating efficiencies are improving despite significant increases in our utility and energy costs as our team has focused on reducing controllable expenses throughout the company. At the same time, our gaming market share and customer counts have increased as new customers are introduced to the expanded property with our additional amenities. These factors have resulted in increased revenue and net income. With the resulting increase in cash flows, we have been able to continue our aggressive program of reducing our liabilities. In the second quarter of 2001, the company reduced its total bank debt by $1.8 million and its accounts payable by $2.3 million.''

Monarch Casino & Resort, Inc., through a wholly-owned subsidiary, owns and operates the tropically-themed Atlantis Casino Resort in Reno, Nevada. The Atlantis is the closest hotel-casino to the 370,000 square foot Reno Sparks Convention Center. The convention center is in the construction phase of a major renovation and expansion, which is scheduled for completion in October 2002. The expanded convention center will contain 500,000 square feet of exhibit and meeting space. For additional information visit www.monarchcasino.com

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