[Form 4] Monarch Casino & Resort Inc Insider Trading Activity

Rhea-AI Filing Summary

On 21-Jul-2025, Monarch Casino & Resort Inc. (MCRI) CEO, director and 10 % owner John Farahi completed a net exercise of 66,666 stock options at a $17.62 strike. He surrendered 32,992 shares to cover the exercise price and taxes, receiving 33,674 new shares. Farahi’s direct ownership rises to 595,102 shares, while he continues to hold 2,507,609 shares indirectly in family trusts.

On 22-Jul-2025, a family foundation account sold 2,000 shares at $105.78, a reduction of less than 0.1 % of his total exposure. Farahi also retains 600,000 option rights spanning multiple grant years and exercise prices.

The large in-the-money option exercise coupled with retention of the resulting shares is generally viewed as a bullish insider-confidence signal, partially offset by the modest charitable-related sale.

Positive

• Direct holdings rise by 33,674 shares after net option exercise, signalling insider confidence.
• Exercise price of $17.62 is far below market (~$105), yet shares were kept, not flipped for profit.

Negative

• 2,000 shares sold from a family foundation account, slightly trimming indirect ownership.

Insights

Financial Analyst

TL;DR: Insider keeps 33.7k net shares after exercising cheap options; tiny sale immaterial—overall positive signal.

The $17.62 strike versus a ~$105 market price creates an immediate ~$5.9 m intrinsic gain, yet Farahi retained the shares rather than selling, indicating confidence in future appreciation. Direct ownership climbs 6 %, and total beneficial control remains above 3.1 m shares. The 2,000-share sale from the family foundation is negligible and appears portfolio-rebalancing rather than profit-taking. With 600k options still outstanding, Farahi’s incentives stay strongly aligned with shareholders. Overall impact: positive insider sentiment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

FARAHI JOHN

(Last) (First) (Middle)

MONARCH CASINO & RESORT INC

1175 MOANA LANE SUITE 200

(Street)

RENO NV 89509

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MONARCH CASINO & RESORT INC [ MCRI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/21/2025		M(1)		66,666	A	$17.62	595,102	D
Common Stock	07/21/2025		F(1)		32,992	D	$105.39	562,110	D
Common Stock	07/22/2025		S(2)		2,000	D	$105.78	560,110	D
Common Stock								2,507,609	I	In trusts

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Options / Right to Buy	$17.62	07/21/2025		A		66,666(1)		11/01/2018	11/01/2025	Common Stock	66,666	$0	600,000	D
Options / Right to Buy	$78.9							12/31/2027	12/31/2034	Common Stock	66,666		600,000	D
Options / Right to Buy	$69.15							12/31/2026	12/31/2033	Common Stock	66,668		600,000	D
Options / Right to Buy	$76.89							12/31/2025	12/31/2032	Common Stock	66,666		600,000	D
Options / Right to Buy	$73.95							12/31/2024	12/31/2031	Common Stock	66,666		600,000	D
Options / Right to Buy	$61.22							12/31/2023	12/31/2030	Common Stock	66,668		600,000	D
Options / Right to Buy	$43.24							11/01/2022	11/01/2029	Common Stock	66,666		600,000	D
Options / Right to Buy	$39.82							11/01/2021	11/01/2028	Common Stock	66,666		600,000	D
Options / Right to Buy	$45.32							11/01/2020	11/01/2027	Common Stock	66,668		600,000	D
Options / Right to Buy	$23.08							11/01/2019	11/01/2026	Common Stock	66,666		600,000	D

Explanation of Responses:

1. On July 21, 2025, Mr. Farahi completed "net" stock option exercise whereby he exercised 66,666 stock options with an expiration date 11/01/2025. The exercise price of the stock option and the required tax withholding were paid in the form of stock totaling 32,992 shares. As a result of this "net" stock exercise Mr. Farahi beneficial ownership increased by the balance of 33,674 shares.

2. The transaction represents sale of shares from Mr. Farahi's Family Foundation account.

	John Farahi	07/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

How many shares did MCRI CEO John Farahi acquire on 21-Jul-2025?

He netted 33,674 shares after exercising 66,666 options and withholding 32,992 shares for taxes.

What was the exercise price of the options Farahi redeemed?

The options were exercised at $17.62 per share.

What is Farahi’s direct MCRI share ownership after these transactions?

His direct holdings stand at 595,102 common shares.

Did Farahi sell any MCRI shares in July 2025?

Yes, a 2,000-share sale occurred on 22-Jul-2025 at $105.78 from a family foundation account.

How many option rights does Farahi still hold?

He retains 600,000 options across multiple grant vintages.