Exhibit 99.3

Unaudited pro forma financial information of Monarch, after giving effect to the acquisition of Riviera Black Hawk, as of March 31, 2012 and for the three months ended March 31, 2012 and for the year ended December 31, 2011

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UNAUDITED PRO FORMA

BALANCE SHEET

March 31, 2012

See accompanying notes to this unaudited pro forma balance sheet.

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UNAUDITED PRO FORMA

STATEMENT OF OPERATIONS

For the Twelve Months Ended December 31, 2011

See accompanying notes to this unaudited pro forma statement of operations.

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See accompanying notes to this unaudited pro forma statement of operations.

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UNAUDITED PRO FORMA FINANCIAL DATA

Riviera Black Hawk, Inc. (the “Company”) owns and operates the Riviera Black Hawk Casino (“Riviera Black Hawk”) located in Black Hawk Colorado.

On September 29, 2011, Monarch Casino & Resort, Inc. (“Monarch”), entered into a definitive Stock Purchase Agreement (the “Purchase Agreement”) with Riviera Operating Corporation (“ROC”), a Nevada corporation, Riviera Holdings Corporation (“RHC”), a Nevada corporation (collectively the “Seller”) and Riviera Black Hawk, Inc., a Colorado corporation (“RBHI”).  Pursuant to the Agreement, the Seller agreed to sell all of the issued and outstanding shares of common stock of RBHI to Monarch.  On April 26, 2012 (the “Close Date”), the transaction (the “Acquisition”) was completed.

The following unaudited pro forma balance sheet of Monarch as of March 31, 2012 and unaudited pro forma statement of operations for the year ended December 31, 2011 and three months ended March 31, 2012, give effect to the Acquisition and the financing raised by Monarch (the “Acquisition Financing”) as if they occurred, for balance sheet purposes, on March 31, 2012 and, for statement of operations purposes, on January 1, 2011 and 2012. The unaudited pro forma financial statements are not necessarily indicative of the results that would have been reported had such transactions actually occurred on the date specified, nor are they indicative of Monarch’s future results of operations or financial condition.  The unaudited pro forma financial statements are based on and should be read in conjunction with, and are qualified in their entirety by, and the historical financial statements and notes thereto of the Company, the historical financial statements and notes thereto of Monarch appearing in Monarch’s report on Form 10-K for the year ended December 31, 2011.

NOTES TO UNAUDITED PRO FORMA FINANCIAL STATEMENTS

1.             The following tables set forth the determination of the preliminary allocation of the purchase price of the Company (in thousands):

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The final purchase price allocation will be based on appraisals and estimates by management and is expected to be completed by December 31, 2012.

2.             The following is a brief description of the pro forma adjustments to the balance sheet to reflect the Acquisition:

a.             Represents an adjustment required to adjust working capital requirements imposed on the Company by the Purchase Agreement.

b.             Reflects a $3.8 million deposit related to the Acquisition made by Monarch when it entered into the Purchase Agreement and $120 thousand is related to the reclassification of amounts to convert the Company’s presentation to match the historical presentation of Monarch.

c.             Reflects an increase representing a step-up in the basis at estimated fair value of the property and equipment, intangible assets and goodwill acquired.

d.             Represents the elimination of the Intercompany amount not acquired by Monarch.

e.             Reflects reclassification of amounts to convert the Company’s presentation to match Monarch’s.

f.               Reflects reclassification of $51 thousand from accounts payable to convert the Company’s presentation to match Monarch’s.  Also represents amounts accrued to reflect material non-recurring adjustments related to the accrual of a success fee to Monarch’s advisors, and other professional fees, of $1.4 million and approximately $90 thousand of which have been capitalized as deferred loan costs.

g.             Represents the Acquisition Financing consisting of a revolving line of credit secured by liens on substantially all of the real and personal property of Monarch and its subsidiaries.  The Acquisition Financing contains covenants requiring the preservation and maintenance of Monarch and its subsidiaries assets and covenants restricting our ability to merge, transfer ownership of Monarch, incur additional indebtedness, encumber assets and make certain investments.  The facility contains covenants requiring that Monarch maintain certain financial ratios and achieve a minimum level of Earnings-Before-Interest-Taxes-Depreciation and Amortization (EBITDA) on a trailing four-quarter basis.  It also contains provisions that restrict cash transfers between Monarch and its affiliates and contains provisions requiring the achievement of certain financial ratios before Monarch can repurchase common stock or pay dividends. Management does not consider the covenants to restrict normal functioning of day-to-day operations.

The maximum principal available under the Acquisition Financing is $100 million until the beginning of the first quarter of 2013 after which the maximum principal available is reduced by 1.5% per quarter.

The interest rate of the Acquisition Financing is LIBOR, or a base rate (as defined in the Acquisition Financing agreement), plus an interest rate margin ranging from 1.25% to 2.50% depending on Monarch’s leverage ratio.  The interest rate is adjusted quarterly based on Monarch’s leverage ratio calculated using operating results over the previous four quarters and borrowings at the end of the most recent quarter.  Calculated on a pro forma basis, at March 31, 2012 pricing was LIBOR plus 2.250%.  At March 31, 2012, the one-month LIBOR rate was 0.24%.

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h.             Represents the liability amount Due to Parent which was terminated in accordance with the Purchase Agreement.

i.                 Represents the elimination of the retained earnings of the Company and inclusion of material non-recurring adjustments related to the accrual of a success fee to Monarch’s advisors, and other professional fees, of $1.4 million.

3.             The following is a brief description of the pro forma adjustments to the statement of operations to reflect the Acquisition:

a.             Represents additional depreciation and amortization expense related to the step-up in the basis of the acquired assets and modification of their useful lives.

b.             Reflects elimination of the management fee to the Company’s parent prior to the Acquisition.

c.             Represents interest expense and amortization of deferred loan costs related to the Acquisition Financing.  See additional discussion of the Acquisition Financing at Note 2.g.

d.             Represents elimination of intercompany interest expense on amounts owed to the Company’s parent prior to the Acquisition.

e.             Represents tax expense of the Company.

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