Monarch's CEO and Co-Chairman John Farahi commented on the Company's performance: "The challenging economic environment we experienced throughout 2008 continued into the first quarter of 2009. Even though we successfully increased our market share throughout the quarter, we could not overcome the erosion of the market as a whole, the result of which was lower revenue for each of our operating units compared to the first quarter of 2008."

Mr. Farahi continued: "Despite the disappointing decrease in revenue, we were pleased with the reduction in expenses we achieved. Through completion of our expansion and skybridge capital projects, and the implementation of numerous cost reduction programs, we were able to drive expenses down throughout the Company."

In July of 2008, the Company completed and opened several new phases of an expansion project which includes over 10,000 square feet, or approximately 20%, of new casino space comprised of a significantly upgraded and expanded race and sports book, an enlarged and upgraded poker room and additional general gaming space. The first floor expansion also includes a new "Manhattan Deli", a New York deli-style restaurant. The expanded facilities on the second floor include approximately 27,000 square feet of new ballroom and convention space incorporating fresh, new, upscale design and state-of-the-art audio-visual technology.

In November 2008, the Company completed and opened the Atlantis Convention Center Skybridge providing guests with a convenient, traffic-free stroll between the Atlantis and the 500,000 square-foot Reno-Sparks Convention Center. Next, in January 2009, the Company opened the final phase of the expansion project, the new Spa Atlantis featuring an atmosphere, amenities and treatments that are unique from any other offering in the Company's market. During construction of the expansion project, many of the pre-expansion areas of the Atlantis were remodeled to be consistent with the upgraded look and feel of the new facilities.

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) ongoing expansion and upgrade plans, and (iv) the liquidity requirements of the Company. 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.

Contacts:
Ron Rowan, CFO at (775) 825-4700 or RRowan@monarchcasino.com
John Farahi, CEO at (775) 825-4700 or JohnFarahi@monarchcasino.com

For additional information visit Monarch's web site at monarchcasino.com.

To view the financial information related to this press release, please download the PDF version.