RENO, Nev., April 30 /PRNewswire-FirstCall/ -- Monarch Casino & Resort, Inc. (NASDAQ:MCRI) (the "Company"), owner and operator of Reno's Atlantis Casino Resort, today announced first quarter results for 2003. For the first quarter ended March 31, 2003 net income was $1,837,927, a 16.0% increase over net income of $1,585,084 during the same period last year. Net income per share (diluted) for the first quarter ended March 31, 2003 was $0.19, compared to last year's first quarter net income per share (diluted) of $0.17. Net revenue for the first quarter ended March 31, 2003 was $27,167,928, a 5.3% increase over the same period last year. EBITDA(1) for the first quarter ended March 31, 2003 was $6,115,358, an increase of 1.0% over the EBITDA of $6,053,300 for the first quarter ended March 31, 2002.

The Company's results were driven by increases in all four revenue centers: Casino revenue ($17.7 million) grew 7.0%, hotel revenue ($4.7 million) grew 7.7%, food and beverage revenue ($8.2 million) grew 2.6%, and other revenue ($886 thousand) grew 6.6% over the same period in 2002.

John Farahi, Monarch's Co-Chairman of the Board and Chief Executive Officer, said, "We are very pleased with our improvement over last year's first quarter numbers. These results speak for the quality of the Atlantis Casino Resort and our team members in a highly competitive environment. Additionally, we are encouraged that gaming revenues in the Reno market have shown modest growth through the first two months of 2003."

Mr. Farahi's comments reflect the Reno market's slight resurgence through the first two months of 2003. According to figures published by the Nevada Gaming Control Board, casino revenues in the Reno market for January and February 2003 are up 5.8% over the same period last year. Figures for March have not yet been released.

Monarch Casino & Resort, Inc. also announced today that the Company's 2003 Annual Meeting of Stockholders will be held on Thursday, June 12, 2003, at 10:00 a.m. local time, at the Company's Atlantis Casino Resort, 3800 South Virginia Street, Reno, Nevada 89502. The record date for stockholders entitled to vote at the Annual Meeting is Friday, May 2, 2003.

During the first quarter, the Company bought back 180,000 shares of its common stock pursuant to its stock repurchase program announced on March 10, 2003. The Company also paid down approximately a net amount of $4.3 million of its debt outstanding during the first quarter of 2003.

A conference call discussing the Company's first quarter results will be hosted by John Farahi and Ben Farahi, Co-chairman and Chief Financial Officer, at 4:30 P.M. Eastern Time today. To listen in on the call, please dial (800) 341-2312 and enter passcode 9075, approximately five minutes prior to the start of the call to register. A replay of the call will be available until May 7, and it can be accessed by dialing (800) 756-3819, passcode 009075. A script of the conference call will also be available on the Company's website, www.monarchcasino.com , until May 7, 2003.

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, which completed a $105-million expansion and renovation in August 2002. The Atlantis is recognizable due to its Sky Terrace, a unique structure rising approximately 55 feet from street level and spanning 160 feet across the 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, which offers almost 1,000 guest rooms in three contiguous high-rise hotel towers and a motor lodge, has been given city approval for an additional 500 hotel rooms with expansion of the casino and other amenities. The tropically-themed Atlantis features approximately 51,000 square feet of high-energy casino space with 37 table games and approximately 1,500 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, including, but not limited to, comments relating to (i) future operating performance, (ii) market share of the Company operations, (iii) the financial benefits that may result from future operations, (iv) the recent opening and impact on operations of the expanded convention center and (v) the improvement of the Reno gaming market. 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 financial results are included in the Company's Securities and Exchange Commission filings, which are available on the Company's web site.