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): August 23, 2012
Monarch Casino & Resort, Inc.
(Exact name of registrant as specified in its charter)
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Nevada |
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0-22088 |
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88-0300760 |
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(State or other jurisdiction |
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(Commission |
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(IRS Employer |
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of incorporation) |
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File Number) |
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Identification No.) |
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3800 South Virginia Street, Reno, Nevada |
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89502 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (775) 335-4600
Not applicable.
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On August 23, 2012, the Nevada Gaming Commission (“Commission”) approved the application of Monarch Casino & Resort, Inc. and its wholly-owned subsidiary, Monarch Interactive, Inc. (collectively, “Monarch”) for a license to conduct intrastate interactive gaming in the State of Nevada. Under the approval and before the license is issued, Monarch will still be required to meet the Commission’s conditions. In addition, before launching the interactive gaming business, Monarch will be required to enter into one or more contracts with licensed interactive gaming service providers, which contracts have not yet been consummated. Nevada law currently limits permissible interactive gaming to poker.
Monarch issued a press release dated August 23, 2012 which is attached hereto as Exhibit 99.1.
Monarch’s ability to offer interactive poker in the State of Nevada is subject to, among other things, the following:
· Satisfaction of all conditions imposed by the Commission, which include, approval of, and attestation by an independent accountant, of internal controls with respect to interactive gaming, adoption of a gaming compliance plan with respect to interactive gaming, and filing with, and approval of, a plan of operations with the Nevada Gaming Control Board;
· Payment of a license fee of $500,000, to cover a two-year period, or a pro-rata amount based upon the time of payment;
· Entry into one or more contracts with licensed interactive gaming service provider(s) that will provide the necessary hardware and software systems to conduct interactive gaming;
· Nevada regulatory approval of the interactive gaming systems, which, to date, have not yet been approved; and
· Market and economic conditions that will, in the opinion of Monarch’s management, justify launching interactive poker.
Monarch is unable to provide assurances of the date of completion of all such conditions described above, but is focused initially on selecting one or more interactive service providers. If Monarch does not commence interactive gaming operations within six (6) months of August 23, 2012, it must seek an extension of its approval from the Commission.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit 99.1. Press release dated August 23, 2012.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Monarch Casino and Resort, Inc. |
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Date: August 24, 2012 |
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/s/ John Farahi |
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John Farahi |
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Co-Chairman of the Board, Chief Executive Officer, and Secretary |
Exhibit 99.1
Monarch Casino & Resort Receives Interactive Gaming License
RENO, NV — (Marketwire) — 08/23/12 — Monarch Casino & Resort, Inc. (NASDAQ: MCRI) (“Monarch” or the “Company”), owner of the Atlantis Casino Resort Spa (the “Atlantis”) in Reno, Nevada, and the Riviera Black Hawk Casino in Black Hawk, Colorado, today announced that the Nevada State Gaming Commission (the “Commission”) approved the application of Monarch Casino & Resort, Inc. and its wholly-owned subsidiary, Monarch Interactive, Inc. (collectively, “Monarch”) for a license to conduct intrastate interactive gaming in the State of Nevada. Before launching the interactive gaming business, Monarch must enter into contracts with licensed interactive gaming service providers, which contracts have not yet been consummated. Nevada law currently limits permissible interactive gaming to poker.
David Farahi, Monarch Casino & Resort, Inc. Chief Operating Officer, Comment:
Monarch Casino & Resort, Inc.’s Chief Operating Officer David Farahi commented: “We are very pleased to have received one of the first two Nevada Interactive Gaming Operator licenses issued. We are evaluating several interactive poker software providers and intend to partner with the provider that can offer the best quality product to our guests.
“The Atlantis Casino Resort Spa is known as one of northern Nevada’s premier resorts and recently was awarded AAA’s prestigious Four Diamond rating. We believe that the potential for synergy between our land based and interactive gaming offerings is significant.”
About Monarch:
Monarch Casino & Resort, Inc., through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel/casino facility in Reno, Nevada and the Riviera Black Hawk casino in Black Hawk, Colorado. Black Hawk is approximately 40 miles west of Denver.
The Atlantis features approximately 61,000 square feet of casino space; 824 guest rooms; eight food outlets; two espresso and pastry bars; a 30,000-square-foot health spa and salon with an enclosed year-round pool; two retail outlets offering clothing and traditional gift shop merchandise; an 8,000-square-foot family entertainment center; and approximately 52,000 square feet of banquet, convention and meeting room space. The casino features approximately 1,450 slot and video poker machines; approximately 38 table games, including blackjack, craps, roulette, and others; a race and sports book; a 24-hour live keno lounge and a poker room. The Company and its predecessors have operated a facility on the Atlantis site since 1972.
The Riviera Black Hawk Casino, which opened in 2000, is the first casino encountered by visitors arriving from Denver on Highway 119 and features approximately 32,000 square feet of casino space, 750 slot machines, 10 table games, a 250-seat buffet-style restaurant, a snack bar and a parking structure with approximately 500 spaces. Monarch owns a 1.5-acre land parcel contiguous to the Riviera Black Hawk Casino which is zoned for gaming and can be utilized for future expansion.
Forward-Looking Information:
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, including, but not limited to, comments relating to (i) future operating performance; (ii) economic and market conditions, (iii) plans, objectives and expectations regarding the Acquisition, and (vi) integration of the Acquisition. Actual results and future events and conditions may differ materially from those described in any forward-looking statements. Additional information concerning potential factors that could affect the Company’s financial results is included in the Company’s Securities and Exchange Commission filings, which are available on the Company’s web site at www.monarchcasino.com.
For additional information visit Monarch’s website at MonarchCasino.com
Contacts:
Ron Rowan
CFO of Monarch
(775) 825-4700
Email Contact
David Farahi
COO of Monarch
720.406.3721
Email Contact
John Farahi
CEO of Monarch
(775) 825-4700
Email Contact