Hotel Online Press Releases 
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Atlantis Casino Resort in Reno 
to Receive $63 Million  Expansion
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RENO, Nev., June 22, 1998 -  Monarch Casino Resort, Inc. announced today that it has signed a contract with Perini Building Company for the construction of a major expansion of the Company's Atlantis Casino Resort in Reno (the "Atlantis"), with construction scheduled to begin today. Including the South Virginia street pedestrian skyway already under construction by Krump Construction, the Company expects the cost of these two projects (together, the "Expansion") to approximate $63 million. The Expansion, which the Company has been planning for more than two years, will substantially increase the Atlantis' guest accommodation capacity with an increase of nearly 90% in the number of hotel rooms at the Atlantis and a 50% increase in the amount of casino space, as well as substantial increases in the property's restaurant, banquet and convention capacity. The Company expects to complete construction of the skyway by late fall 1998, and to complete construction of the other elements of the Expansion by early summer 1999.

The Expansion will feature a new 27-story hotel tower with 392 high quality hotel rooms, including 45 deluxe suites and two 4,000 square foot super suites. Among its many innovative and unique features, the new hotel tower will be five feet wider on each side from the 21st through the 27th floor than it is at the lower floors, enlarging standard guest rooms on these floors by nearly 20% over the new 392 foot rooms on the lower floors.

The rooms in these top seven floors of the new tower will feature premium appointments in addition to their larger square footage, and be serviced by dedicated elevators and a dedicated concierge service in order to accommodate guests seeking more upscale accommodations, as well as convention and trade show visitors seeking upscale convention market amenities. All rooms in the new hotel tower will feature nine foot ceilings, as do all of the Atlantis' existing hotel rooms, creating a more spacious, open feel than hotel industry standard eight foot ceilings. All of the rooms in the new hotel tower will also contain premium features such as marble floors and vanities in the bathrooms, which are not commonly found in standard hotel rooms. New glass elevators will rise the full 27 stories of the new tower within a glass and space frame atrium, affording hotel guests stunning views of south Reno and the Sierra Nevada mountains.

The Expansion will also add elegant new recreation and leisure facilities to the Atlantis, including a 17,000 square foot expansion of the Atlantis' pool deck area with a dramatic new glass-enclosed swimming pool that will allow Atlantis guests to enjoy northern Nevada's 300 days of sun a year in a climate-controlled environment, as well as a large new state of the art health club.

The Atlantis' casino will be enlarged to approximately 48,000 square feet, with captivating new water features and tropical/aquatic interior design elements carrying the lost city of Atlantis theme through the new casino and public areas. The Company plans to add 500 additional slot and video poker machines and 10 additional table games with the Expansion, bringing the property's total to 1,500 machines and 45 tables. The Company will also build a new sports book and adjoining sports bar.

The Expansion will include additions to the Atlantis' highly popular and award-winning lineup of casual fine dining options with enticing new specialty substations and expanded seating capacity at Toucan Charlie's Buffet Grille, an upscale new 175-seat bistro-style restaurant with seasonal outdoor terrace seating, and a new coffee, pastry and dessert bar with incredible views of the Truckee Meadows and the Sierra Nevada mountains. The Company will also add an exotically-themed lounge at the base of the new hotel tower. The Atlantis' appeal to convention and meeting groups will be enhanced with the addition of approximately 15,000 square feet of convention, meeting and event space, including a 5,000 square foot expansion of the Atlantis' partitionable Grand Ballroom, 5,000 square feet of new event space and 2,500 square feet of new break-out meeting space, for a total of more than 25,000 square feet of flexible multipurpose space.

As previously announced, the Expansion will also feature an overhead pedestrian skyway connecting the Atlantis with a 16-acre site owned by the Company across South Virginia Street from the Atlantis. Anchored at each end by 100 foot Greek columns, the pyramid shaped glass skyway will span more than 200 feet with no support pillars. The Company believes the skyway will instantly become a northern Nevada landmark. The skyway is designed to connect the Atlantis with expanded parking and valet service on the west side of the property, effectively surrounding the Atlantis with convenient, easily accessible parking. The skyway will also allow the Atlantis to effectively utilize the Company's adjoining 16 acre site for outdoor festivals and special events without disrupting the Atlantis' primary parking areas.

Ben Farahi, Monarch's co-Chairman of the Board and Chief Financial Officer, who oversaw the planning and design of the Expansion and who will oversee construction of the project, commented that "This project represents the culmination of more than two years of planning and design work. We are confident this project will carry the very well received Atlantis theme to a spectacular new level, while providing the quality, amenities and capacity to allow us to satisfy growing customer demand with an even better product at a greater value." Farahi added that "Moreover, we believe we are putting our investment dollars to use wisely and getting a lot of value out of the construction budget, which we believe positions our Company well to continue to generate solid returns on its Atlantis investment."

Monarch Casino Resort, Inc., through a wholly-owned subsidiary, owns and operates the tropically-themed Atlantis in Reno, Nevada, which features a 32,000 square foot casino with 35 table games and approximately 1,000 slot and video poker machines; 592 guest rooms; five restaurants including the aquatic- themed, 135-seat Atlantis gourmet restaurant and the award-winning, 300-seat Toucan Charlie's Buffet Grille; an 8,000 square foot family entertainment center; and 10,500 square feet of banquet and meeting space. The Atlantis is the closest hotel casino to the 370,000 square foot Reno Sparks Convention Center.

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 comments relating to (i) future operating performance, and (ii) the Expansion of the Atlantis, the timing of the Expansion, and the financial benefits that may result from the Expansion. 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. For additional information, visit Monarch's web site at monarchcasino.com.

 

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Contact:
Ben Farahi, or John Bydalek, jbydalek@monarchcasino.com
702-825-3355, 
both of Monarch Casino
Resort, Inc.
Web site: http://www.monarchcasino.com
 
 

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