Approval to buy back common stock - September 28, 2006
MONARCH
ANNOUNCES STOCK REPURCHASE PROGRAM
RENO,
Nevada -- September 28, 2006 - Monarch Casino & Resort, Inc. (MCRI: Nasdaq)
(the Company) announced today that its Board of Directors has authorized a
program to repurchase shares of the Company’s common stock. The Board approved
the repurchase of up to 1,000,000 shares of the Company’s common
stock.
These
repurchases will be made in open market or in privately negotiated transactions
from time to time in compliance with Rule 10b-18 of the Securities Exchange
Act
of 1934, subject to market conditions, applicable legal requirements and other
factors. This plan does not obligate the Company to acquire any particular
amount of common stock and the plan may be suspended at any time at the
Company’s discretion.
Monarch’s
CEO and Co-Chairman, John Farahi, stated that, “The Board and management are
confident in the future of Monarch and in light of the state of our balance
sheet believe this repurchase program to be an effective use of the Company’s
growing cash balance.”
Monarch
Casino & Resort, Inc., through its wholly-owned subsidiary, owns and
operates the tropically-themed Atlantis Casino Resort Spa in Reno, Nevada (the
“Atlantis”). The Atlantis is the closest hotel-casino to, and is directly across
the street from, the Reno-Sparks Convention Center. The Atlantis is recognizable
due to its Sky Terrace, a unique structure rising approximately 55 feet above
street level and spanning 160 feet across Virginia Street with no intermediate
support pillars. The Sky Terrace connects the Atlantis to a 16-acre parcel
of
land owned by the Company that is
compliant with all casino zoning requirements and is suitable and available
for
future expansion or growth. Currently,
the Company uses it as additional paved parking for the Atlantis. The existing
Atlantis site offers almost 1,000 guest rooms in three contiguous high-rise
hotel towers and a motor lodge. The tropically-themed Atlantis features
approximately 51,000 square feet of high-energy casino space with 38 table
games
and approximately 1,450 slot and video poker machines,
a sports book, Keno and a poker room, and offers a variety of dining choices
in
the form of nine high-quality food outlets.
This
press release contains forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934 which are subject to change. The
actual results may differ materially from those described in any forward-looking
statements. Additional information concerning potential factors that could
affect the Company’s activities and financial results is included in the
Company’s Securities and Exchange Commission filings, which are available on the
Company's web site.
Contacts:
Ron
Rowan, CFO at 775-825-4700 or RRowan@monarchcasino.com
John
Farahi, CEO and Co-Chairman at 775-825-4700 or JohnFarahi@monarchcasino.com
For
additional information visit Monarch’s website at
monarchcasino.com