form8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Date
of Report (Date of earliest event reported):
|
June
18, 2008
|
|
Monarch
Casino & Resort, Inc.
|
|
(Exact
name of registrant as specified in its
charter)
|
|
Nevada
|
0-22088
|
88-0300760
|
|
|
|
(State
or other jurisdiction of incorporation)
|
(Commission File
Number)
|
(IRS
Employer Identification No.)
|
|
3800
South Virginia Street, Reno, Nevada
|
89502
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
Registrant’s
telephone number, including area code:
|
(775)
335-4600
|
|
Not
applicable.
|
|
(Former
name or former address, if changed since last
report.)
|
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
£ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
£ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
5.02 Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On June
18, 2008, the Compensation Committee of the board of directors (the “Board”) of
Monarch Casino & Resort, Inc. (“Monarch”) recommended to the Board that for
performance for the year ended December 31, 2007, John Farahi, Monarch
Co-Chairman of the Board and Chief Executive Officer, be awarded a cash bonus of
$175,000 and that Bob Farahi, Monarch Co-Chairman of the Board, Secretary and
President, be awarded a cash bonus of $50,000. The Board approved the
recommendation. As a result, the total compensation awarded for 2007
for John Farahi and Bob Farahi as disclosed in the summary compensation table in
Monarch’s Schedule 14A filed with the SEC on April 29, 2008, and proxy statement
distributed to Monarch stockholders in connection with the annual meeting held
on June 18, 2008, is increased to $1,301,014 (consisting of $415,389 in salary,
$710,625 in option awards and $175,000 in cash bonus) for John Farahi and
$562,615 (consisting of $249,232 in salary, $263,383 in option awards and
$50,000 in cash bonus) for Bob Farahi.
Item
8.01 Other
Events.
As
previously reported, on September 28, 2006 the Board approved a stock repurchase
plan (the “Repurchase Plan”) and authorized the repurchase of up to 1 million
shares of Monarch’s common stock in the open market or in privately negotiated
transactions from time to time, in compliance with Rule 10b-18 of the Securities
and Exchange Act of 1934, subject to market conditions, applicable legal
requirements and other factors. Also as previously reported, on March
11, 2008, the Board increased the initial authorization by 1 million shares and
on April 22, 2008, the Board increased the authorization by another 1 million
shares, which increased the shares authorized to be repurchased to a total of 3
million shares. On June 19, 2008 Monarch completed the repurchase of
3 million shares under the Repurchase Plan at a weighted average purchase price
of $16.52. Through June 19, 2008, Monarch drew $31.5 million dollars
from its $50 million credit facility to pay for the share repurchases and to
fund ongoing capital projects.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
|
Monarch
Casino and Resort, Inc.
|
|
|
|
|
Date:
June 20, 2008
|
/s/
Ronald Rowan |
|
|
Ronald
Rowan
Chief
Financial Officer and Treasurer
|
-3-