FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

FARAHI JOHN		 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
(Last)          (First)          (Middle)

MONARCH CASINO & RESORT INC, 1175 MOANA LANE SUITE 200		 3. Date of Earliest Transaction (MM/DD/YYYY)

11/7/2022
(Street)

RENO, NV 89509
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
 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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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 11/7/2022  M  66666 A$21.71 565153 D  
Common Stock 11/7/2022  F  37276 D$79.49 565153 D  
Common Stock 9/23/2022  G  20185 D$0 565153 D  
Common Stock 9/23/2022  G  20185 A$0 2444798 I In trusts 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date7. 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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Options / Right to Buy $21.71 11/7/2022  M     66666  10/21/2016 10/21/2023 Common Stock 66666 $0 533334 D  
Options / Right to Buy $73.95           12/31/2024 12/31/2031 Common Stock 66666  533334 D  
Options / Right to Buy $61.22           12/31/2023 12/31/2030 Common Stock 66668  533334 D  
Options / Right to Buy $43.24           11/1/2022 11/1/2029 Common Stock 66666  533334 D  
Options / Right to Buy $39.82           11/1/2021 11/1/2028 Common Stock 66666  533334 D  
Options / Right to Buy $45.32           11/1/2020 11/1/2027 Common Stock 66668  533334 D  
Options / Right to Buy $23.08           11/1/2019 11/1/2026 Common Stock 66666  533334 D  
Options / Right to Buy $17.62           10/21/2018 10/21/2025 Common Stock 66666  533334 D  
Options / Right to Buy $12.32           10/21/2017 10/21/2024 Common Stock 66668  533334 D  
Explanation of Responses:

Remarks:
On November 7,2022, Mr. John Farahi did a "net exercise" of 66,666 shares of stock option, which vested on October 21,2016 and was due to expire on October 21, 2023.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
FARAHI JOHN
MONARCH CASINO & RESORT INC
1175 MOANA LANE SUITE 200
RENO, NV 89509		XXCEO
Signatures
John Farahi11/9/2022
**Signature of Reporting PersonDate
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).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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