We maintain our Hold rating on shares of Monarch Casino & Resort (MCRI) following the release of disappointing first quarter results. We continue to believe that shares of MCRI hold significant long-term value. That said, in light of the challenging operating environment faced by the company, we do not expect significant near-term share price appreciation. We believe that shares of Monarch are fairly valued at current levels, given the numerous challenges facing the company in the near-term. The company has a proven track record of delivering increasing revenues, earnings, and EBITDA from its... [More...]