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Monarch Casino to Increase Corporate Ownership
RENO, NV --
Monarch Casino and Resort Inc. (NASDAQ: MCRI), a company which is 71% institutionally owned, has announced the board approved a plan to buyback about 1 million outstanding shares of common stock from the public.
Back in September 2006, the company set-out to buy 1.1 million shares back. As of March 12th, only 985,000 shares were re-purchased. According to the SEC, Monarch has 18.5 million outstanding shares of common stock.
Monarch is a Reno, Nevada based casino and gaming outfit. They are widley known throughout the industry for their Atlantis Casino and Resort, a tropically-themed resort located in Reno.
The Atlantis features over 50,000 sq. feet of gaming space intermixed with waterfalls, huge artificial royal palm trees, naturally-appearing thatched-roof huts, and other tropical decor. It has a hotel and a motor lodge with 975 guest rooms, nine food outlets, and an enclosed year-round pool with waterfall.
Outside, there is a large pool, a beauty spa, several retail clothing outlets and gift stores, a full service salon for men and women; an 8,000-square-foot family entertainment center, and approximately 25,000 square feet of banquet, convention and meeting room area.
Monarch shares hit an all-time high of around $30 per share back in the middle of 2007, but like many of the companies in the Casino and Gaming sector, Monarch has seen quite a pullback recently. Shares will begin trading at around $16.82 when the NASDAQ opens today at 9:00am.
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