Monarch
Casino Ceases Efforts to Purchase Fitzgeralds
Reno
Monarch Casino & Resort,
Inc. (Nasdaq: MCRI), owner of the Atlantis Casino
Resort in Reno, Nevada, announced today that
the United States Bankruptcy Court denied its
newly acquired subsidiary's requested release
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.
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