UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): October 1, 2003
MONARCH CASINO & RESORT, INC.
(Exact name of registrant as specified in its charter)
NEVADA 0-22088 88-0300760
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1175 W. Moana Lane, Suite 200
Reno, NEVADA 89509
(Address of Principal Executive Offices) (Zip Code)
(775)825-3355
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(Registrant's telephone number, including area code)
NOT APPLICABLE
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(Former name or former address, if changed since last report)
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
(a) Dismissal of previous independent accountants
(i) On October 1, 2003, the Audit Committee of Monarch Casino &
Resort, Inc., or Monarch, elected not to engage Deloitte &
Touche LLP, or Deloitte, as Monarch's independent public
accountants for the current year's audit.
(ii) The reports of Deloitte on the financial statements of
Monarch for the past two fiscal years contained no
adverse opinion or disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope or
accounting principle.
(iii) The action not to engage Deloitte was taken by the Audit
Committee.
(iv) During the two most recent fiscal years and through October
1, 2003, there have been no disagreements between Monarch
and Deloitte on any matter of accounting principles or
practices, financial statement disclosure, or auditing
scope or procedure, which disagreements, if not resolved to
the satisfaction of Deloitte, would have caused Deloitte to
make reference to the subject matter thereof in its report
on Monarch's financial statements for such periods.
(v) During the two most recent fiscal years and through October
1, 2003, there have been no reportable events (as defined in
Item 304(a)(1)(v) of Regulation S-K).
(vi) At the request of Monarch, Deloitte furnished a letter
addressed to the SEC stating that it agrees with the above
statements. A copy of such letter, dated October 7, 2003, is
filed as Exhibit 16 to this Form 8-K.
(b) Engagement of new independent accountants.
(i) Monarch's Audit Committee engaged Ernst & Young LLP as
Monarch's new independent accountants as of October 1, 2003.
During the two most recent fiscal years and through October
1, 2003, Monarch has not consulted with Ernst & Young LLP
regarding the matters described in, and required to be
disclosed pursuant to, Item 304(a)(2)(i) or Item
304(a)(2)(ii) of Regulation S-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
16 (1) Deloitte & Touche LLP Letter Dated October 7, 2003
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
MONARCH CASINO & RESORT, INC.
Date: October 8, 2003 By: /s/ Ben Farahi
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Name: Ben Farahi
Title: Chief Financial Officer,
Treasurer and Secretary
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EXHIBIT 16
October 7, 2003
Securities and Exchange Commission
Mail Stop 11-3
450 5th Street, NW
Washington, DC 20549
Dear Sirs / Madams:
We have read Item 4(a) of Monarch Casino & Resort, Inc.'s Form 8-K, dated
October 1, 2003, and we agree with the statements made therein except for item
4(a)i and item 4(a)iii, to which we have no basis to agree or disagree.
Yours truly,
By: /S/ Deloitte & Touche LLP
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DELOITTE & TOUCHE LLP