UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                             ----------------------


                                   FORM 8-K

                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934



Date of Report (Date of earliest event reported):      January 9, 2006

                          MONARCH CASINO & RESORT, INC.
             (Exact name of registrant as specified in its charter)


          NEVADA                     0-22088                  88-0300760
(State or other jurisdiction       (Commission             (I.R.S. Employer
      of incorporation)             File Number)          Identification No.)


     1175 W. Moana Lane, Suite 200
            Reno, NEVADA                                          89509
- ----------------------------------------                        ----------
(Address of Principal Executive Offices)                        (Zip Code)



                                 (775)825-3355
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

                                 NOT APPLICABLE
              ----------------------------------------------------
          (Former name or former address, if changed since last report)





ITEM 8.01 Other Events

     On January 9, 2006, Monarch Casino & Resort, Inc. (the "Company"),
issued a press release announcing that the United States Bankruptcy Court
denied its newly acquired subsidiary's requested relief to extend the closing
date on a contract to purchase Fitzgeralds Reno Casino Hotel. As a result,
Monarch does not expect to continue its efforts to acquire Fitzgeralds Reno.

     A copy of the press release issued by the Company is attached to this
Current Report as Exhibit 99.1 and is incorporated herein by reference.

     In the opening paragraph of the attached press release, the word
"relief" replaces "release" from the original press release. The word
"release" was used in error in the original press release.

     In light of the ruling by the United States Bankruptcy Court above, the
Company does not currently intend to file the purchase agreement.


ITEM 9.01  Financial Statements and Exhibits

     (d) EXHIBITS


     Exhibit 99.1    Press release dated January 9, 2006.






























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                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.

                                          MONARCH CASINO & RESORT, INC.


Date:    January 10, 2006              By: /s/ Ben Farahi
                                              -------------------------
                                       Name:   Ben Farahi
                                       Title:  Chief Financial Officer,
                                               Treasurer and Secretary












































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Exhibit No.     Description
- -----------     -----------

Exhibit 99.1    Press release dated January 9, 2006.






















































                                   -4-



                                                                  Exhibit 99.1

                                PRESS RELEASE

                   MONARCH CASINO & RESORT, INC. CEASES EFFORTS
                         TO PURCHASE FITZGERALDS RENO

     RENO, NV-January 9, 2006- Monarch Casino & Resort, Inc. (Nasdaq: MCRI)
(the "Company"), owner of the Atlantis Casino Resort in Reno, Nevada,
announced today that the United States Bankruptcy Court denied its newly
acquired subsidiary's requested relief to extend the closing date on a
contract to purchase Fitzgeralds Reno Hotel Casino.  As a result, Monarch does
not expect to continue its efforts to acquire Fitzgeralds Reno.

     Monarch Casino & Resort, Inc., through its wholly-owned subsidiary, owns
and operates the tropically-themed Atlantis Casino Resort in Reno, Nevada.
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 from 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 of the
Atlantis facilities and is currently being used by the Company 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 certain forward-looking statements which are
subject to change.  Factors that could affect the forward looking-statements
contained herein are change of circumstances or other factors that could cause
Monarch to re-evaluate its efforts not to pursue Fitzgeralds Reno Casino
Hotel.  Other forward-looking factors will be set forth from time to time in
the Company's periodic filings under the Securities and Exchange Act of 1934.

Contacts: Ben Farahi at (775) 825-3355 or benfarahi@monarchcasino.com
          Karl G. Brokmann at (775) 825-3355 or kbrokmann@monarchcasino.com

















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