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.
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