Monarch Casino Borrows $7.5 Million From Revolving Credit Line

Monarch Casino & Resort Inc. (MCRI), owner of the Atlantis Casino in Reno, Nevada, said it drew down $7.5 million under its $50 million revolving credit facility during the fourth quarter.

The borrowing, which accounted for all the available funds at that time, was used for capital projects including expansion and remodeling, Reno-based Monarch said today in a statement. The casino operator had $42.5 million outstanding under the revolving credit line at the end of the third quarter, according to a previous statement.

In January, Monarch Casino amended the credit agreement to increase the borrowing limit to $60 million. The company will pay higher interest rates and face revised covenants in exchange for the additional capacity and an extension of the line to January 2012 from April 2009.

To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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