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MONARCH CASINO & RESORT INC. ANNOUNCES RESULTS FOR SECOND QUARTER AND COMPLETION OF REFINANCING

 RENO, Nev., Aug. 18 /PRNewswire/ -- Monarch Casino & Resort Inc. (NASDAQ-NMS: MCRI) ("Monarch") today announced results for the quarter and six months ended June 30, 1993. Revenues for the first six months of 1993 increased by 14 percent to $12.8 million from $11.2 million during the first six months of 1992. Revenues for the second quarter of 1993 increased by 15 percent to $6.9 million from $6.0 million during the second quarter of 1992. Net income before pro forma adjustments for the second quarter 1993 was $544,000, or $0.08 per share. This compares to net income before pro forma adjustments of $544,000, or $0.08, for the second quarter ended June 30, 1992. Net income for the six months ended June 30, 1993, before pro forma adjustments, was $597,000, or $0.08 per share. This compares to net income before pro forma adjustments of $482,000, or $0.07 per share, for the six months ended June 30, 1992. For the six months ended June 30, 1993, income from operations was $1,748,000, compared to income from operations of $1,655,000 for the first six months of 1992, an increase of 6 percent.
 Monarch also announced that it had completed the refinancing of its bank financing facility through a new $27 million revolving credit facility which replaces the company's previously existing $18 million term loan facility. The new revolving credit facility, together with proceeds from Monarch's recently completed initial public offering of common stock, equipment vendor financing and cash flows from operations, will be sufficient to pay in full the $28 million estimated cost of its hotel-casino expansion, which management estimates groundbreaking will occur in October 1993.
 Monarch also noted that it completed the previously announced acquisition of a five-acre site immediately adjacent to the Clarion Hotel Casino which will be used for additional parking.
 Monarch Casino & Resort Inc., through its subsidiary, owns and operates the Clarion Hotel Casino in Reno.
 MONARCH CASINO & RESORT INC.
 Consolidated Statements of Operations
 (In thousands, except per share data)
 Quarter Quarter Six Months Six Months
 Ended Ended Ended Ended
 June 30, June 30, June 30, June 30,
 1993 1992 1993 1992
 Revenues $6,883 $6,011 $12,767 $11,244
 Operating expenses $5,757 $4,876 $11,019 $9,589
 Income from
 operations $1,126 $1,135 $1,748 $1,655
 Interest expense ($582) ($591) ($1,151) ($1,173)
 Income before pro
 forma adjustments $544 $544 $597 $482
 Pro forma compensation
 adjustment ($75) ($75) ($150) ($150)
 Pro forma income tax
 adjustment ($152) --- ($152) ---
 Net income after pro
 forma adj $317 $469 $295 $332
 Per share data(a):
 Income from
 operations $0.16 $0.16 $0.25 $0.23
 Net income before
 pro forma adj $0.08 $0.08 $0.08 $0.07
 Net income after pro
 forma adj $0.04 $0.07 $0.04 $0.05
 Shares used in
 calculation 7,100 7,100 7,100 7,100
 Earnings before
 depreciation, interest,
 amortization and income
 taxes (EBDITA) $1,565 $1,478 $2,556 $2,332
 EBDITA per share(a) $0.22 $0.21 $0.36 $0.33
 (a) Based on the 7,100,000 shares held by the current stockholders prior to the initial public offering on Aug. 6, 1993.
 -0- 8/19/93
 /CONTACT: Ben Farahi, co-chairman of the board and CFO of Monarch Casino & Resort, 702-825-3355/
 (MCRI)


CO: Monarch Casino & Resort Inc. ST: Nevada IN: CNO LEI SU: ERN FNC

JL-LM -- SD004 -- 4141 08/18/93 23:04 EDT
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Publication:PR Newswire
Date:Aug 18, 1993
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