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MONARCH CASINO & RESORT ANNOUNCES THIRD QUARTER NET REVENUES, SCHEDULE OF PHASE II EXPANSION

 RENO, Nev., Oct. 4 /PRNewswire/ -- Monarch Casino & Resort Inc. (NASDAQ-NMS: MCRI) announced today that, based upon a preliminary review, revenues for the quarter ended Sept. 30, 1993, showed an increase of 17.5 percent over the same period in 1992. Nine months revenues for the period ended Sept. 30, 1993, were also up by approximately 15 percent compared to the same period in 1992.
 As previously announced, in the third quarter of 1993, there will be two one-time non-cash charges against earnings aggregating approximately $704,000. The first charge of approximately $480,000 is an estimated additional income tax provision equal to the amount of deferred tax liability which has been reinstated due to the termination of the company's S corporation status. The second charge will be unamortized loan costs in the pre-tax amount of approximately $224,000 resulting from the refinancing of the company's bank financing. As a result of the foregoing, the company's reported net income for the third quarter of 1993 is expected to be lower than for the third quarter of 1992.
 The company expects to release detailed financial results for the periods ended Sept. 30, 1993, on or about Oct. 29, 1993.
 The company also announced that it expects to select its general contractor, based on bids received, for its $28 million 283-room hotel tower, casino, and public area expansion on Oct. 11, 1993. Groundbreaking for the expansion to the company's Clarion Hotel-Casino in Reno is presently scheduled for Oct. 13, 1993.
 Monarch announced that it had submitted a proposal to the city of Gary, Ind., for one of the two riverboat casino licenses to be issued for that city. The company has been advised that there are 11 other applicants. The City of Gary has indicated it will announce the successful applicants on or about Oct. 15, 1993.
 Monarch Casino & Resort Inc. owns and operates the Clarion Hotel Casino in Reno.
 -0- 10/4/93
 /CONTACT: Ben Farahi, co-chairman of board, 702-825-3355/
 (MCRI)


CO: Monarch Casino & Resort Inc. ST: Nevada IN: CNO SU: ERP

LS-MF -- SD007 -- 8620 10/04/93 19:44 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
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